Document:

Credit Facility Agreement

 Exhibit 10.1 
 AGREEMENT 
 DATED 2 July 2008 
 €200,000,000 
 CREDIT FACILITY 
 FOR 
 U. S. Steel Košice, s.r.o.

 ARRANGED BY 
 COMMERZBANK
Aktiengesellschaft, pobočka zahraničnej banky, Bratislava, ING Bank N.V., 
 pobočka zahraničnej banky and Slovenská
sporitel’ňa, a.s. as Mandated Lead Arrangers 
 and 
 Citibank NA, Bahrain and HSBC Bank plc, pobočka zahraničnej banky as Lead Arrangers 
 WITH

 ING Bank N.V., London Branch 
 as Facility Agent 
 

 
 Allen & Overy Bratislava, s.r.o. 

 CONTENTS 
  

					
	 	  	 	  	Page
	Clause	  	 
			
	1.	  	Interpretation	  	1
	2.	  	Facility	  	13
	3.	  	Purpose	  	13
	4.	  	Conditions precedent	  	13
	5.	  	Utilisation - Loans	  	14
	6.	  	Optional Currencies	  	15
	7.	  	Repayment	  	17
	8.	  	Prepayment and cancellation	  	17
	9.	  	Interest	  	21
	10.	  	Terms	  	22
	11.	  	Market disruption	  	22
	12.	  	Taxes	  	23
	13.	  	Increased Costs	  	25
	14.	  	Mitigation	  	26
	15.	  	Payments	  	26
	16.	  	Representations and warranties	  	28
	17.	  	Information covenants	  	32
	18.	  	General covenants	  	34
	19.	  	Default	  	37
	20.	  	The Administrative Parties	  	39
	21.	  	Evidence and calculations	  	44
	22.	  	Fees	  	45
	23.	  	Indemnities and Break Costs	  	45
	24.	  	Expenses	  	46
	25.	  	Amendments and waivers	  	47
	26.	  	Changes to the Parties	  	48
	27.	  	Disclosure of information	  	51
	28.	  	Set-off	  	51
	29.	  	Pro Rata Sharing	  	52
	30.	  	Severability	  	53
	31.	  	Counterparts	  	53
	32.	  	Notices	  	53
	33.	  	Language	  	54
	34.	  	Governing law	  	54
	35.	  	Enforcement	  	54
		
	Schedules	  	
			
	1.	  	Original Parties	  	57
	2.	  	Conditions precedent documents	  	58
	3.	  	Form of Request	  	59
	4.	  	Form of Transfer Certificate	  	60
	5.	  	Form of Legal opinion of legal adviser to the Company	  	62
	6.	  	Form of English legal opinion	  	67
	7.	  	Form of Slovak Legal Opinion	  	69
		
	Signatories	  	74

 THIS AGREEMENT is dated 2 July 2008 
 BETWEEN: 
  

	(1)	U. S. Steel Košice, s.r.o. with its registered seat at Vstupný areál U. S. Steel, Košice, 044 54, Slovak Republic, registered in the Commercial
Register of District Court Košice I, inserted file No. 11711/V, section Sro, company identification number (IČO): 36 199 222 (the Company); 

  

	(2)	(i) COMMERZBANK Aktiengesellschaft, with its seat at Kaiserplatz 16, 603 11 Frankfurt am Main, Federal Republic Germany, entered in the Commercial Register at the District
Court Frankfurt am Main under Entry HR B 32000, acting through COMMERZBANK Aktiengesellschaft, pobočka zahraničnej banky, Bratislava, with its seat at Bratislava 1, Rajská 15/A, Postcode 811 08, Ident. No.: 30847737, entered
in the Commercial Register of the District Court Bratislava I, Sec. Po, Insert No. 1121/B; (ii) ING Bank N.V., Amstelveenseweg 500, 1081KL Amsterdam, The Netherlands, a company limited by shares, registered in the Trade Register of
Chamber of Commerce and Industry for Amsterdam under file No. 33031431 acting through ING Bank N.V., pobočka zahraničnej banky, Jesenského 4/C, 811 02 Bratislava, Identification No. 30 844 754, registered in the
Commercial register maintained by the District Court of Bratislava I, in Section Po, inserted file No. 130/B; and (iii) Slovenská sporitel’ňa, a.s., Suché mýto 4, 816 07 Bratislava, Slovak Republic,
Identification No. 00151 653, registered in the Commercial register maintained by the District Court of Bratislava I, in Section Sa, inserted file No. 601/B as mandated lead arrangers (in this capacity the Mandated Lead Arrangers)

  

	(3)	Citibank NA, Bahrain, Bab-Al-Bahrian Building, Government Avenue, PO BOX 548, Manama, Kingdom of Bahrain and HSBC Bank plc, with its registered office at 8 Canada
Square, London, E14 5HQ, United Kingdom of Great Britain and Northern Ireland, registered by the Companies House under number 14259 and acting through its organisational unit HSBC Bank plc, pobočka zahraničnej banky, with its registered
office at Europeum Business Center, Suché Mýto 1, 811 03 Bratislava, Identification number (IČO): 35 929 979, registered in the Commercial Register kept by the District Court Bratislava I, section: Po, insert No.: 1258/B as lead
arrangers (in this capacity the Lead Arrangers); 

 (the Mandated Lead Arrangers and the Lead Arrangers together the
Arrangers) 
  

	(4)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (Original Parties) as original lenders (the Original Lenders); and 

  

	(5)	ING Bank N.V., London Branch 60 London Wall, London EC2M 5TQ, United Kingdom (in this capacity the Facility Agent). 

 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 
 Administrative Party means the Arrangers or the Facility Agent. 
  

 1 

 Affiliate means a Subsidiary or a Holding Company of a person or any other Subsidiary of that
Holding Company. 
 Assets mean a person’s present and future business, undertaking, properties, assets and revenues (including
without limitation, any uncalled capital). 
 Availability Period means the period from and including the date of this Agreement to and
including the Final Maturity Date. 
 Break Costs means the amount (if any) that a Lender is entitled to receive under Clause 23.3
(Break Costs). 
 BRIBOR means for a Term of any Loan or overdue amount denominated in Slovak Koruna: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	if no Screen Rate is available for Slovak Koruna or the Term of that Loan or overdue amount, the arithmetic mean (rounded upward to four decimal places) of the rates, as supplied to
the Facility Agent at its request, quoted by the Reference Banks to leading banks in the Bratislava interbank market, 

 as of
11.00 a.m. on the Rate Fixing Day for the offering of deposits in Slovak Koruna for a period comparable to the Term of the Loan. 
 Business Day means a day (other than a Saturday or a Sunday) on which banks are open for general business in London, in New York and in Bratislava and: 
  

	 	(a)	if on that day a payment in or a purchase of a currency (other than euro) is to be made, the principal financial centre of the country of that currency; or 

 

	 	(b)	if on that day a payment in or a purchase of euro is to be made, which is also a TARGET Day. 

 Canadian Dollar means the lawful currency for the time being of Canada. 
 Central Bank means the National Bank of Slovakia. 
 Commitment means: 
  

	 	(a)	for an Original Lender, the amount set opposite its name in Schedule 1 (Original Parties) under the heading Commitments and the amount of any other Commitment it acquires;
and 

  

	 	(b)	for any other Lender, the amount of any Commitment it acquires, 

 to the extent not cancelled, transferred or reduced under this Agreement. 
 Default means: 
  

	 	(a)	an Event of Default; or 

  

	 	(b)	an event or circumstance which, with the giving of notice, lapse of time or fulfilment of any other applicable condition (or any combination of the foregoing) set out in Clause 19
(Default), would constitute an Event of Default. 

  

 2 

 Dollars and USD mean the lawful currency for the time being of the United States of
America. 
 ERISA means the United States Employee Retirement Income Security Act of 1974, to which the following definitions apply:

 - Code means the United States Internal Revenue Code of 1986. 
 - ERISA Affiliate means any person treated as a single employer with the Company for the purpose of section 414 of the Code. 
 - Plan means an employee benefit plan as defined in section 3(3) of ERISA: 
  

	 	(a)	maintained by the Company or any ERISA Affiliate; or 

  

	 	(b)	to which the Company or any ERISA Affiliate is required to make any payment or contribution. 

 - Reportable Event means: 
  

	 	(c)	an event specified as such in section 4043 of ERISA or any related regulation, other than an event in relation to which the requirement to give notice of that event is waived
by any regulation; or 

  

	 	(d)	a failure to meet the minimum funding standard under section 412 of the Code or section 302 of ERISA, whether or not there has been any waiver of notice or waiver of the
minimum funding standard under section 412 of the Code. 

 EURIBOR means for a Term of any Loan or overdue amount
denominated in euro: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	if no Screen Rate is available for the Term of that Loan or overdue amount, the arithmetic mean (rounded upward to four decimal places) of the rates as supplied to the Facility
Agent at its request quoted by the Reference Banks to leading banks in the European interbank market, 

 as of 11.00 a.m.
on the Rate Fixing Day for the offering of deposits in euro for a period comparable to the Term of that Loan. 
 euro or EUR or €
means the single currency of the Participating Member States. 
 Event of Default means an event specified as such in Clause 19
(Default). 
 Existing Facility means the credit facility made available under the Existing Facility Agreement. 
 Existing Facility Agreement means a facility agreement on EUR 40,000,000 credit facility dated 13 December 2006 and entered into between
(inter alia) the Company as a borrower, ING Bank N.V., pobočka zahraničnej banky, Citibank (Slovakia) a.s. and Slovenská sporitel’ňa, a.s. as arrangers and Citibank (Slovakia) a.s. as facility agent. 
 Facility means the credit facility made available under this Agreement. 
  

 3 

 Facility Office means the office(s) notified by a Lender to the Facility Agent: 
  

	 	(a)	on or before the date it becomes a Lender; or 

  

	 	(b)	by not less than five Business Days’ notice, 

 as the
office(s) through which it will perform its obligations under this Agreement. 
 Fee Letter means any letter entered into by reference
to this Agreement between one or more Administrative Parties and the Company setting out the amount of certain fees referred to in this Agreement. 
 Final Maturity Date means the third anniversary of the date of this Agreement. 
 Finance Document means: 

 

	 	(a)	this Agreement; 

  

	 	(b)	a Fee Letter; 

  

	 	(c)	a Transfer Certificate; or 

  

	 	(d)	any other document designated as such by the Facility Agent and the Company. 

 Finance Party means a Lender or an Administrative Party. 
 Financial Indebtedness means,
without duplication, Indebtedness (whether being principal, premium, interest or other amounts) for or in respect of: 
  

	 	(a)	money borrowed; 

  

	 	(b)	liabilities under or in respect of any acceptance or acceptance credit; 

  

	 	(c)	any notes, bonds, debentures, debenture stock, loan stock or other debt securities offered, issued or distributed whether by way of public offer, private placing, acquisition
consideration or otherwise and whether issued for cash or in whole or in part for a consideration other than cash; 

  

	 	(d)	any interest rate and/or currency swap, forward foreign exchange transaction, financial or commodity futures transaction, commodity swap or other derivative transaction (and, when
calculating the value of any of the foregoing transactions, only the net amount of the marked to market value shall be taken into account, to the extent such netting is permitted); 

  

	 	(e)	liabilities pursuant to any lease which are capitalised in accordance with USGAAP; or 

  

	 	(f)	liabilities under any guarantee, indemnity or other assurance against financial loss given in relation to any of the foregoing. 

 Fixed Assets means, in relation to the Group, those assets treated as Fixed Assets (e.g. property, plant and equipment) for the purposes of the
Latest Accounts. 
 Group means the Company and its Subsidiaries. 
  

 4 

 Holding Company of any other person, means an entity in respect of which that other person is a
Subsidiary. 
 IBOR means BRIBOR, EURIBOR or LIBOR. 
 IFRS means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. 
 Increased Cost means: 
  

	 	(a)	an additional or increased cost; 

  

	 	(b)	a reduction in the rate of return from a Facility or on a Finance Party’s (or its Holding Company’s) overall capital; or 

  

	 	(c)	a reduction of an amount due and payable under any Finance Document, 

 that is incurred or suffered by a Finance Party or its Holding Company but only to the extent attributable to that Finance Party having entered into any Finance Document or funding or performing its obligations under
any Finance Document. 
 Indebtedness means any obligation for the payment or repayment of money in whatever currency denominated,
whether as principal or as surety and whether present or future, actual, deferred or contingent. 
 Interest Payment Date has the
meaning in Clause 9.2 (Payment of Interest). 
 Latest Accounts means the audited consolidated financial statements of the Group last
delivered to the Facility Agent under Clause 17.2 (Financial information). 
 Lender means: 
  

	 	(a)	an Original Lender; or 

  

	 	(b)	any person that becomes a Lender after the date of this Agreement. 

 LIBOR means for a Term of any Loan or overdue amount denominated in US Dollars: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	if no Screen Rate is available for US Dollars or the Term of that Loan or overdue amount, the arithmetic mean (rounded upward to four decimal places) of the rates, as supplied to
the Facility Agent at its request, quoted by the Reference Banks to leading banks in the London interbank market, 

 as of noon
on the Rate Fixing Day for the offering of deposits in US Dollars for a period comparable to the Term of that Loan. 
 Loan means,
unless otherwise stated in this Agreement, the principal amount of each borrowing under this Agreement or the principal amount outstanding of that borrowing. 
 Majority Lenders means, at any time, Lenders: 
  

	 	 (a)
	 whose share in the outstanding Loans and whose undrawn Commitments then aggregate 662/3 per cent. or more of the aggregate of all the outstanding Loans and the
undrawn Commitments of all the Lenders; 

  

 5 

	 	 (b)
	 if there is no Loan then outstanding, whose undrawn Commitments then aggregate 662/3 per cent. or more of the Total Commitments; or

  

	 	 (c)
	 if there is no Loan then outstanding and the Total Commitments have been reduced to zero, whose Commitments aggregated
662/3 per cent. or more of the Total
Commitments immediately before the reduction. 

 Mandatory Cost means the cost as reasonably determined by a Lender,
imputed to that Lender of compliance with: 
  

	 	(a)	any banking supervision or other costs imposed by the Bank of England or the United Kingdom Financial Services Authority; and 

  

	 	(b)	any other applicable regulatory or central bank requirements relating to any Loan, including any reserve asset requirements of the European Central Bank or the Central Bank.

 Margin means 1.1 per cent. per annum. 
 Margin Regulations means Regulations U and X issued by the Board of Governors of the United States Federal Reserve System. 
 Margin Stock has the meaning given to it in the Margin Regulations. 
 Maturity Date means the last day of the Term of a Loan. 
 Participating Member State means a
member state of the European Communities that adopts or has adopted the euro as its lawful currency under the legislation of the European Community for Economic Monetary Union. 
 Party means a party to this Agreement. 
 Permitted Disposal means any of the following: 
  

	 	(a)	disposals of Assets in the ordinary course of trading at arms’ length; 

  

	 	(b)	disposals on normal commercial terms of obsolete Assets or Assets no longer used or useful in the Company’s business; 

  

	 	(c)	payment of cash as consideration for the acquisition of any Asset on normal commercial terms; 

  

	 	(d)	temporary application of funds not immediately required in the Company’s business for the purchase of investments or the realisation of such investments;

  

	 	(e)	exchange of Assets for other assets of a similar nature and value, or the sale of Assets on normal commercial terms for cash that is payable in full on completion of the sale and is
to be, and is, applied toward the purchase of similar Assets within six months; 

  

	 	(f)	disposals of Assets located outside the Republic; 

  

 6 

	 	(g)	any disposal that the Facility Agent agrees in writing is a Permitted Disposal; and 

  

	 	(h)	any disposal approved in writing by the Majority Lenders. 

 Permitted Merger means: 
  

	 	(a)	a merger of any Subsidiary of the Company into the Company, such that the Company acquires all the assets and liabilities of such Subsidiary and the Company is the surviving legal
entity, provided the Company’s post-merger consolidated net worth equals or exceeds the immediately preceding pre-merger consolidated net worth of the Company and that Subsidiary as determined on the basis of accounting principles and practices
consistent with the preparation of the Latest Accounts; 

  

	 	(b)	any other merger or corporate restructuring approved in advance in writing by the Facility Agent (acting on the instructions of the Majority Lenders); 

  

	 	(c)	a merger of any Subsidiary of U. S. Steel into the Company, such that the Company acquires all the assets and liabilities of such Subsidiary and the Company is the surviving legal
entity, provided the Company’s post-merger consolidated net worth equals or exceeds the immediately preceding pre-merger consolidated net worth of the Company and that Subsidiary as determined on the basis of accounting principles and practices
consistent with the preparation of the Latest Accounts. 

 Permitted Security Interest means any of the following:

  

	 	(a)	Security Interests existing on the date of this Agreement and disclosed to the Facility Agent in writing; 

  

	 	(b)	any Security Interests incurred in connection with the acquisition of any asset, the assumption of any Security Interest previously existing on such acquired asset or any Security
Interest existing on any asset of any person when it becomes a Subsidiary of the Company in each case provided that the Indebtedness secured by such Security Interest does not exceed the fair market value of that asset as at the date of that
acquisition; 

  

	 	(c)	easements, rights-of-way, minor defects or irregularities in title and other similar encumbrances on real property having no material adverse effect on the then current use or value
of such real property, or on the then current conduct of the business of any member of the Group; 

  

	 	(d)	unexercised liens for taxes not being delinquent or contested in good faith by appropriate proceedings and for which reserves, adequate under USGAAP, are being maintained;

  

	 	(e)	any Security Interest on equipment of the Company arising solely under leases of such equipment that, in accordance with USGAAP, are required to be capitalised, provided that any
such Security Interest extends to no other property and secures no other Indebtedness and the Indebtedness secured by any such Security Interest does not exceed the fair market value of such equipment; 

  

	 	(f)	purchase money Security Interests on equipment acquired by the Company after the date hereof incurred simultaneously with or within 180 days after the completion of installation
thereof solely to secure payment of all or part of the purchase price thereof provided that each such Security Interest secures no other Indebtedness and extends to no other property and the Indebtedness secured by any such Security Interest does
not exceed the fair market value of such equipment; 

  

 7 

	 	(g)	liens arising solely by operation of law (or by an agreement evidencing the same) in the ordinary course of Company’s business in respect of Indebtedness that either:
(i) has been due for less than 90 days; or (ii) is being contested in good faith by appropriate means and for which reserves, adequate under USGAAP, are being maintained; 

  

	 	(h)	Security Interests arising out of title retention provisions in a supplier’s standard conditions of supply of goods acquired by Company in the ordinary course of its business;

  

	 	(i)	any Security Interest approved by the Facility Agent with the approval of the Majority Lenders; 

  

	 	(j)	liens in favour of financial institutions arising from documentary letters of credit in the ordinary course of business; and 

  

	 	(k)	any renewal of or substitution for any Security Interest permitted under any preceding paragraph; and 

  

	 	(l)	liens arising in the ordinary course of business in connection with: (i) the performance of bids, trade contracts, (to the extent not covered by sub-clause (b) of this
definition), leases (to the extent a lease constitutes a finance lease and not an operating lease), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature; (ii) deposit accounts; and
(iii) deposits made in the ordinary course of business to cash collateralized letters of credit, provided that the aggregate book value of Assets to which the liens described in this sub-clause (l) are attached does not exceed euro
50,000,000 or its equivalent at any time; provided, however, the maximum amount under this sub-clause (l) does not apply to cash deposits that are subject to any bank’s general right of set-off but does apply in situations where a specific
security agreement exists, including, without limitation, any specific security interest providing a creditor with the treatment of a secured creditor with a right to separate satisfaction of its claim under the Slovak Act No. 7/2005 Coll., on
bankruptcy and restructuring (as amended) or any similar right to separate satisfaction in case of bankruptcy or similar proceedings under any applicable laws. 

 Pro Rata Share means: 
  

	 	(a)	for the purpose of determining a Lender’s share in a utilisation of the Facility, the proportion which its Commitment bears to the Total Commitments; and

  

	 	(b)	for any other purpose on a particular date: 

  

	 	(i)	the proportion which a Lender’s share of the Loans (if any) bears to all the Loans; 

  

	 	(ii)	if there is no Loan outstanding on that date, the proportion which its Commitment bears to the Total Commitments on that date; or 

  

 8 

	 	(iii)	if the Total Commitments have been cancelled, the proportion which its Commitment bore to the Total Commitments immediately before being cancelled. 

 Rate Fixing Day means: 
  

	 	(a)	the second Business Day before the first day of a Term for a Loan denominated in any other currency (other than euro); or 

  

	 	(b)	the second TARGET Day before the first day of a Term for a Loan denominated in euro, 

 or such other day as the Facility Agent determines is generally treated as the rate fixing day by market practice in the relevant interbank market. 
 Reference Banks means the Facility Agent, and any other bank or financial institution appointed as such by the Facility Agent under this Agreement.

 Relevant Taxes means Taxes imposed or levied by the Republic (or any political subdivision or taxing authority of the Republic) or
by any other jurisdiction from or through which any payment is made by the Company under the Finance Document, but excludes Taxes imposed by the Republic which are so imposed as a direct consequence of the relevant Finance Party maintaining a
permanent establishment in the Republic and of that establishment being directly involved in any Loan. 
 Repeating Representations
means the representations and warranties that are then made or deemed to be repeated under Clause 16.19 (Times for making representations and warranties). 
 Republic means the Slovak Republic. 
 Request means a request for a Loan, substantially in the
form of Schedule 3 (Form of Request). 
 Rollover Loan means one or more Loans: 
  

	 	(a)	to be made on the same day that a maturing Loan is due to be repaid; 

  

	 	(b)	the aggregate amount of which is equal to or less than the maturing Loan; 

  

	 	(c)	in the same currency as the maturing Loan; and 

  

	 	(d)	to be made for the purpose of refinancing a maturing Loan. 

 Screen Rate means, for the relevant currency and Term: 
  

	 	(a)	for LIBOR, the London Interbank Offered Rate as displayed on Reuter’s page LIBOR01; 

  

	 	(b)	for EURIBOR, the Euro Interbank Offered Rate as displayed on Reuter’s page LIBOR01; 

  

	 	(c)	for BRIBOR, the Bratislava Interbank Offered Rate as displayed on Reuter’s page BRIBOR01. 

  

 9 

 If the relevant page is replaced or the service ceases to be available, the Facility Agent (after
consultation with the Company and the Lenders) may specify another page or service displaying the appropriate rate. 
 Security Interest
means any mortgage, pledge, lien, charge (including a floating charge), assignment (whether conditional or otherwise), hypothecation or security interest or any other agreement or arrangement having the effect of conferring security, or any
other arrangement having a similar economic effect including (without limitation) total transfer, ‘flawed asset’, sale and repurchase, buyback or conditional transfer arrangements. 
 Slovak Koruna means the lawful currency for the time being of the Republic. 
 Subsidiary means an entity of which a person has direct or indirect control or owns directly or indirectly more than 50 per cent. of the
voting capital or similar right of ownership and control for this purpose means the power to direct the management and the policies of the entity whether through the ownership of voting capital, by contract or otherwise. 
 TARGET means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system that utilises interlinked national real time
gross settlement systems and the European Central Bank’s payment mechanism and which began operations on 4 January 1999. 
 TARGET2 means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007. 
 TARGET Day means: 
  

	 	(a)	until such time as TARGET is permanently closed down and ceases operations any day on which both TARGET and TARGET2 are; and 

  

	 	(b)	following such time as TARGET is permanently closed down and ceased operations, any day on which TARGET2 is, 

 open for the settlement of payment in euro. 
 Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any related penalty or interest). 
 Tax Deduction means a deduction or withholding for or on account of Tax from a payment under a Finance Document. 
 Tax Payment means a payment made by the Company to a Finance Party in any way relating to a Tax Deduction or under any indemnity given by the Company in respect of Tax under any Finance Document. 
 Term means each period determined under this Agreement by reference to which interest on a Loan or an overdue amount is calculated. 
 Total Commitments means the aggregate of the Commitments of all the Lenders. 
 Transfer Certificate means a certificate, substantially in the form of Schedule 5 (Form of Transfer Certificate), with such amendments as the
Facility Agent may approve or reasonably require or any other form agreed between the Facility Agent and the Company. 
  

 10 

 U.K. means the United Kingdom. 
 USGAAP means the generally accepted accounting principles and practices in the United States of America in effect from time to time. 
 U. S. Steel means United States Steel Corporation, currently a corporation organized under the laws of the State of Delaware, U.S.A., Delaware
registration number 3396733. 
 Utilisation Date means each date on which the Facility is utilised. 
  

	1.2	Construction 

  

	(a)	In this Agreement, unless the contrary intention appears, a reference to: 

  

	 	(i)	an amendment includes a supplement, novation, restatement or re-enactment and amended will be construed accordingly; 

  

	 	(ii)	assets means assets as defined in the Latest Accounts; 

  

	 	(iii)	an authorisation includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration or notarisation; 

  

	 	(iv)	disposal means a sale, transfer, grant, lease or other disposal, whether voluntary or involuntary, and dispose will be construed accordingly; 

 

	 	(v)	indebtedness includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money; 

  

	 	(vi)	know your customer requirements are the identification checks that a Finance Party requests in order to meet its obligations under any applicable law or regulation to
identify a person who is (or is to become) its customer; 

  

	 	(vii)	a person includes any individual, company, corporation, unincorporated association or body (including without limitation a partnership, trust, joint venture or consortium),
government, state, agency, organisation or other entity whether or not having separate legal personality; 

  

	 	(viii)	a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law, being of a
type with which any person to which it applies is accustomed to comply) of any governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

  

	 	(ix)	a currency is a reference to the lawful currency for the time being of the relevant country; 

  

	 	(x)	a Default being outstanding means that it has not been remedied or waived; 

  

	 	(xi)	a provision of law is a reference to that provision as extended, applied, amended or re-enacted and includes any subordinate legislation; 

  

	 	(xii)	a Clause, a Subclause or a Schedule is a reference to a clause or subclause of, or a schedule to, this Agreement; 

  

 11 

	 	(xiii)	a Party or any other person includes its successors in title, permitted assigns and permitted transferees; 

  

	 	(xiv)	a Finance Document or another document is a reference to that Finance Document or other document as amended; 

  

	 	(xv)	the word “will” shall be construed to have the same meaning and effect as the word “shall”; and 

  

	 	(xvi)	a time of day is a reference to Central European time (CET). 

  

	(b)	Unless the contrary intention appears, a reference to a month is a reference to a period starting on one day in a calendar month and ending on the numerically corresponding
day in the next calendar month or the calendar month in which it is to end, except that: 

  

	 	(i)	if the numerically corresponding day is not a Business Day, the period will end on the next Business Day in that month (if there is one) or the preceding Business Day (if there is
not); 

  

	 	(ii)	if there is no numerically corresponding day in that month, that period will end on the last Business Day in that month; and 

  

	 	(iii)	notwithstanding sub-paragraph (i) of this Clause 1.2(b), a period which commences on the last Business Day of a month will end on the last Business Day in the next month or the
calendar month in which it is to end, as appropriate. 

  

	(c)	Unless expressly provided to the contrary in a Finance Document, a person who is not a party to a Finance Document may not enforce any of its terms under the Contracts (Rights of
Third Parties) Act 1999 and, notwithstanding any term of any Finance Document, no consent of any third party is required for any amendment (including, without limitation, any release or compromise of any liability) or termination of any Finance
Document. 

  

	(d)	Unless the contrary intention appears: 

  

	 	(i)	a reference to a Party will not include that Party if it has ceased to be a Party under this Agreement; 

  

	 	(ii)	a word or expression used in any other Finance Document or in any notice given in connection with any Finance Document has the same meaning in that Finance Document or notice as in
this Agreement; 

  

	 	(iii)	if there is an inconsistency between this Agreement and any other Finance Document, this Agreement will prevail; 

  

	 	(iv)	any non-payment obligations of the Company under the Finance Documents remain in force for so long as any payment obligation of the Company is or may be outstanding under the
Finance Documents; and 

  

	 	(v)	an accounting term used in this Agreement is to be construed in accordance with international accounting standards within the meaning of the IAS Regulation 1606/2002 (IFRS).

  

	(e)	The headings in this Agreement do not affect its interpretation. 

  

 12 

	2.	FACILITY 

  

	2.1	Facility 

 Subject to the terms of this Agreement,
the Lenders make available to the Company a revolving credit facility in an aggregate amount equal to the Total Commitments. 
  

	2.2	Nature of a Finance Party’s rights and obligations 

 Unless all the Finance Parties agree otherwise: 
  

	 	(a)	the obligations of a Finance Party under the Finance Documents are several; 

  

	 	(b)	failure by a Finance Party to perform its obligations does not affect the obligations of any other person under the Finance Documents; 

  

	 	(c)	no Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents; 

  

	 	(d)	the rights of a Finance Party under the Finance Documents are separate and independent rights; 

  

	 	(e)	a Finance Party may, except as otherwise stated in the Finance Documents, separately enforce those rights; and 

  

	 	(f)	a debt arising under the Finance Documents to a Finance Party is a separate and independent debt. 

  

	3.	PURPOSE 

  

	3.1	Loans 

 Each Loan may be used for general corporate
purposes. 
  

	3.2	No obligation to monitor 

 No Finance Party is bound
to monitor or verify the utilisation of the Facility. 
  

	4.	CONDITIONS PRECEDENT 

  

	4.1	Conditions precedent documents 

 A Request may not
be given until the Facility Agent has notified the Company and the Lenders that it has received all of the documents and evidence set out in Schedule 2 (Conditions precedent documents) in form and substance satisfactory to the Facility Agent.
The Facility Agent must give this notification to the Company and the Lenders promptly upon being so satisfied. 
  

	4.2	Further conditions precedent 

 The obligations of
each Lender to participate in any Loan are subject to the further conditions precedent that on both the date of the Request and the Utilisation Date for that Loan: 
  

	 	(a)	the Repeating Representations are correct in all material respects; and 

  

 13 

	 	(b)	no Default or, in the case of a Rollover Loan, no Event of Default is outstanding or would result from the Loan. 

  

	4.3	Drawstop 

 A Request may not be made in any case
where the Company is in default under the Existing Facility of any payment obligation (or payment obligations in aggregate) in an amount equal to or in excess of EUR500,000 or its equivalent in other currencies (a Drawstop Event). Following a
Drawstop Event, no further Requests may be made until: such default or defaults: (i) are no longer outstanding; or (ii) are waived in accordance with the Existing Facility Agreement; or (iii) a combination of (i) and (ii),
whereby, following such waivers (if any), such default or defaults (if any) are in aggregate in an amount less than EUR500,000 or its equivalent in other currencies. 
  

	4.4	Maximum number of Loans 

 Unless the Facility Agent
agrees, a Request may not be given if, as a result, there would be more than five Loans outstanding. 
  

	5.	UTILISATION - LOANS 

  

	5.1	Giving of Requests 

  

	(a)	The Company may borrow a Loan by giving to the Facility Agent a duly completed Request. 

  

	(b)	Unless the Facility Agent otherwise agrees, the latest time for receipt by the Facility Agent of a duly completed Request is 11.00 a.m. one Business Day before the Rate Fixing Day
for the proposed borrowing. 

  

	(c)	Each Request is irrevocable unless otherwise agreed by the Facility Agent upon the approval of the Majority Lenders. 

  

	5.2	Completion of Requests 

 A Request for a Loan will
not be regarded as having been duly completed unless: 
  

	 	(a)	the Utilisation Date is a Business Day falling within the Availability Period; 

  

	 	(b)	the amount of the Loan requested is: 

  

	 	(i)	a minimum of €5,000,000 or an integral multiple of €250,000 or an amount which complies with Clause 6 (Optional Currencies); 

  

	 	(ii)	the maximum undrawn amount available under the Facility on the proposed Utilisation Date; or 

  

	 	(iii)	such other amount as the Facility Agent may agree; and 

  

	 	(c)	the proposed currency and Term comply with this Agreement. 

 Only one Loan may be requested in a Request. 
  

 14 

	5.3	Advance of Loan 

  

	(a)	The Facility Agent must promptly notify each Lender of the details of the requested Loan and the amount of its share in that Loan. 

  

	(b)	The amount of each Lender’s share of the requested Loan will be its Pro Rata Share on the proposed Utilisation Date. 

  

	(c)	No Lender is obliged to participate in a Loan if, as a result: 

  

	 	(i)	its share in the Loans would exceed its Commitment; or 

  

	 	(ii)	the Loans would exceed the Total Commitments. 

  

	(d)	If the conditions set out in this Agreement have been met, each Lender must make its share in the requested Loan available to the Facility Agent for the Company through its Facility
Office on the Utilisation Date. 

  

	6.	OPTIONAL CURRENCIES 

  

	6.1	General 

 In this Clause: 
 Agent’s Spot Rate of Exchange means the Facility Agent’s spot rate of exchange for the purchase of the relevant currency in the London
foreign exchange market with euros as of noon on a particular day. 
 euro amount of a Loan or part of a Loan means: 
  

	 	(a)	if the Loan is denominated in euros, its amount; or 

  

	 	(b)	if the Loan is denominated in an Optional Currency, its equivalent in euros calculated on the basis of the Facility Agent’s Spot Rate of Exchange one Business Day before the
Rate Fixing Day for that Term. 

 Optional Currency means any currency (other than euros) in which a Loan may be
denominated under this Agreement. 
  

	6.2	Selection 

  

	(a)	The Company must select the currency of a Loan in its Request. 

  

	(b)	The amount of a Loan requested in an Optional Currency must be a minimum amount of the equivalent of €5,000,000 in the Optional Currency and in integral multiples of the
equivalent of €250,000 in the Optional Currency. 

  

	(c)	Unless the Facility Agent otherwise agrees, the Loans may not be denominated at any one time in more than four currencies. 

  

	6.3	Conditions relating to Optional Currencies 

  

	(a)	A Loan may be denominated in an Optional Currency for a Term if: 

  

	 	(i)	that Optional Currency is readily available in the amount required and freely convertible into euros in the relevant interbank market on the Rate Fixing Day and the first day of
that Term; and 

  

 15 

	 	(ii)	that Optional Currency is Canadian Dollars, Slovak Koruna or US Dollars or has been previously approved by the Facility Agent (acting on the instructions of all the Lenders).

  

	(b)	If the Facility Agent has received a request from the Company for a currency (other than the Optional Currency specified in Clause 6.3(a)(ii)) to be approved as an Optional
Currency, the Facility Agent must, within five Business Days, confirm to the Company: 

  

	 	(i)	whether or not the Lenders have given their approval; and 

  

	 	(ii)	if approval has been given, the minimum amount (and, if required, integral multiples) for any Loan in that currency. 

  

	6.4	Revocation of currency 

  

	(a)	Notwithstanding any other term of this Agreement, if before 9.30 a.m. on any Rate Fixing Day the Facility Agent receives notice from a Lender that: 

  

	 	(i)	the Optional Currency requested is not readily available to it in the relevant interbank market in the amount and for the period required; or 

  

	 	(ii)	participating in a Loan in the proposed Optional Currency might contravene any law or regulation applicable to it, 

 the Facility Agent must give notice to the Company to that effect promptly and in any event before noon on that day. 
  

	(b)	In this event: 

  

	 	(i)	that Lender must participate in the Loan in euros; and 

  

	 	(ii)	the share of that Lender in the Loan and any other similarly affected Lender(s) will be treated as a separate Loan denominated in euros during that Term. 

 

	(c)	Any part of a Loan treated as a separate Loan under this Subclause will not be taken into account for the purposes of any limit on the number of Loans or currencies outstanding at
any one time. 

  

	(d)	A Loan will still be treated as a Rollover Loan if it is not denominated in the same currency as the maturing Loan by reason only of the operation of this Subclause.

  

	6.5	Optional Currency equivalents 

 The equivalent in
euros of a Loan or part of a Loan in an Optional Currency for the purposes of calculating: 
  

	 	(a)	whether any limit under this Agreement has been exceeded; 

  

	 	(b)	the amount of a Loan; 

  

	 	(c)	the share of a Lender in a Loan; 

  

 16 

	 	(d)	the amount of any repayment or prepayment of a Loan; or 

  

	 	(e)	the undrawn amount of a Lender’s Commitment, 

 is its
euro amount. 
  

	6.6	Notification 

 The Facility Agent must notify the
Lenders and the Company of the relevant euro amount (and the applicable Agent’s Spot Rate of Exchange) promptly after they are ascertained. 
  

	7.	REPAYMENT 

  

	(a)	The Company must repay each Loan made to it in full on its Maturity Date. 

  

	(b)	Where the Maturity Date for an outstanding Loan coincides with the Utilisation Date for a new Loan to be denominated in the same currency as the outstanding Loan, the Facility Agent
will apply the new Loan in or towards repayment of the outstanding Loan so that: 

  

	 	(i)	where the amount of the outstanding Loan exceeds the amount of the new Loan, the Company will only be required to repay the excess; 

  

	 	(ii)	where the amount of the outstanding Loan is exactly the same as the amount of the new Loan, the Company will not be required to make any payment; 

  

	 	(iii)	where the amount of the new Loan exceeds the amount of the outstanding Loan, the Company will not be required to make any payment and the excess will be advanced to the Company,

 provided that nothing in this paragraph (b) shall have the effect or be deemed to have the effect of converting the
whole of the Loan or any part of it into a term loan. 
  

	(c)	Subject to the other terms of this Agreement, any amounts repaid under paragraph 7(a) may be re-borrowed. 

  

	8.	PREPAYMENT AND CANCELLATION 

  

	8.1	Mandatory prepayment - illegality 

  

	(a)	If at any time: 

  

	 	(i)	it is necessary under the laws and constitution of the Republic: 

  

	 	(A)	in order to enable any Lender to enforce its rights under the Finance Documents; or 

  

	 	(B)	by reason only of the execution, delivery and performance of this Agreement by any Lender, 

 that any Lender should be licensed, qualified or otherwise entitled to carry on business in the Republic; 
  

	 	(ii)	a Lender is or will be deemed to be resident, domiciled or carrying on business in or subject to the laws of the Republic by reason only of the execution, delivery, performance
and/or enforcement of any Finance Document; 

  

 17 

	 	(iii)	in any proceedings taken in the Republic in respect of any Finance Document or for the enforcement of any Finance Document, the choice of English law as the governing law of the
Finance Document will not be recognised; or 

  

	 	(iv)	it is or becomes unlawful in any applicable jurisdiction for a Lender to give effect to any of its obligations as contemplated by this Agreement or to fund or maintain its
participation in any Loan, 

 and the occurrence of any of the foregoing causes a Lender (acting reasonably) to believe it is
materially prejudiced thereby then: 
  

	 	(I)	the relevant Lender must notify the Company (through the Facility Agent) accordingly; and 

  

	 	(II)	the Company shall prepay that Lender’s participation in all the Loans on the date specified in paragraph (b) of this Clause 8.1, together with all other amounts payable by
it to that Lender under the Finance Documents and the Commitment of that Lender shall forthwith be reduced to zero, 

 except
that paragraphs (i) and (ii) of this Clause 8.1 do not apply to any Lender acting through its Facility Office or having a permanently established office or branch in the Republic. 
  

	(b)	The date for repayment or prepayment of a Lender’s share in a Loan will be: 

  

	 	(i)	the last day of the current Term of that Loan; or 

  

	 	(ii)	if earlier, the date specified by the Lender in the notification under paragraph (a)(iv)(I) of this Clause 8.1 and which must not be earlier than the last day of any applicable
grace period allowed by law. 

  

	8.2	Mandatory prepayment - change of control 

  

	(a)	The Company shall, within one Business Day after the occurrence of a Change of Control notify such to the Facility Agent, and the Facility Agent shall promptly notify each Lender
thereof. Such notice shall describe in reasonable detail the facts and circumstances giving rise thereto and the date of such Change of Control and each Lender may, by notice to the Company and the Facility Agent given not later than ten days after
the date of such Change of Control, terminate its Commitment and declare any amounts payable by the Company under the Finance Documents for its account to be, and such amounts shall become, due and payable, in each case on the Business Day following
the date of delivery of the termination notice without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company. 

  

	(b)	For purposes of this Clause 8.2, the following terms have the following meanings: 

 A Change of Control shall occur if: 
  

	 	(i)	any “person” (as such term is used in Sections 13 (d) and 14(d) of the U.S. Securities Exchange Act of 1934, as amended, hereinafter, the “Exchange Act”) is
or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for the purposes of this sub-clause (i) such person shall be deemed to have “beneficial ownership” of all shares that
any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 35% of either the aggregate ordinary Voting Power or the aggregate equity value
represented by the issued and outstanding Equity Interests of U. S. Steel; 

  

 18 

	 	(ii)	during any period of twenty-five consecutive months, commencing before or after the date of this Agreement, individuals who at the beginning of such twenty-five month period were
directors of U. S. Steel (together with any replacement or additional directors whose election was recommended by the incumbent directors of U. S. Steel or who were elected by a majority of directors then in office) cease to constitute a majority of
the board of directors of U. S. Steel; 

  

	 	(iii)	the adoption of a plan relating to the liquidation or dissolution of U. S. Steel; 

  

	 	(iv)	the merger or consolidation of U. S. Steel with or into another entity, or the merger of another entity with or into U. S. Steel, other than a merger or consolidation transaction in
which holders of Equity Interests representing 100% of the ordinary Voting Power represented by the Equity Interests in U. S. Steel immediately prior to such transaction own directly or indirectly at least a majority of the ordinary Voting Power
represented by the Equity Interests (or other securities into which such securities are converted as part of such merger or consolidation transaction) in the surviving person resulting from such merger or consolidation transaction, and in
substantially the same proportion as before the transaction; or 

  

	 	(v)	the sale of all or substantially all the assets of U. S. Steel (determined on a consolidated basis) to another person. 

 Equity Interests means: (i) shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial
interests in a trust or other equity ownership interests in a Person; or (ii) any warrants, options or other rights to acquire such shares or interests. 
 Voting Power as applied to the stock of any corporation means the total voting power represented by all outstanding Voting Stock of such corporation. 
 Voting Stock as applied to the stock of any corporation means stock of any class or classes (however designated) having ordinary voting power for
the election of the directors of such corporation, other than stock having such power only by reason of the happening of a contingency. 
  

	8.3	Voluntary prepayment 

  

	(a)	The Company may, by giving not less than 30 Business Days’ prior notice to the Facility Agent, prepay any Loan at any time in whole or in part. 

  

	(b)	A prepayment of part of a Loan must be in a minimum amount of €5,000,000 and an integral multiple of €250,000 (or its equivalent in an Optional Currency).

  

	(c)	A prepayment of all or part of a Loan must be on an Interest Payment Date. 

  

	8.4	Automatic cancellation 

 The Commitment of each
Lender will be automatically cancelled at the close of business on the last day of the Availability Period. 
  

 19 

	8.5	Voluntary cancellation 

  

	(a)	The Company may, by giving not less than five Business Days’ prior notice to the Facility Agent, cancel the unutilised amount of the Total Commitments in whole or in part.

  

	(b)	Partial cancellation of the Total Commitments must be in a minimum amount of €5,000,000 and an integral multiple of €250,000. 

  

	(c)	Any cancellation in part will be applied against the Commitment of each Lender pro rata. 

  

	8.6	Right of repayment and cancellation of a single Lender 

  

	(a)	If the Company is, or will be, required to pay to a Lender: 

  

	 	(i)	a Tax Payment; or 

  

	 	(ii)	an Increased Cost, 

 the Company may, while the requirement
continues, give notice to the Facility Agent requesting prepayment and cancellation in respect of that Lender. 
  

	(b)	After notification under paragraph (a) of this Clause 8.6: 

  

	 	(i)	the Company must repay or prepay that Lender’s share in each Loan on the date specified in paragraph (c) of this Clause 8.6; and 

  

	 	(ii)	the Commitment of that Lender will be immediately cancelled. 

  

	(c)	The date for repayment or prepayment of a Lender’s share in a Loan will be: 

  

	 	(i)	the last day of the Term for that Loan; or 

  

	 	(ii)	if earlier, the date specified by the Company in its notification. 

  

	8.7	Re-borrowing of Loans 

 Any voluntary prepayment of
a Loan under Clause 8.3 (Voluntary prepayment) may be re-borrowed on the terms of this Agreement. Any other prepayment of a Loan may not be re-borrowed. 
  

	8.8	Miscellaneous provisions 

  

	(a)	Any notice of prepayment and/or cancellation under this Agreement is irrevocable and must specify the relevant date(s) and the affected Loans and Commitments. The Facility Agent
must notify the Lenders promptly of receipt of any such notice. 

  

	(b)	All prepayments under this Agreement must be made with accrued interest on the amount prepaid. No premium or penalty is payable in respect of any prepayment except for Break Costs.

  

	(c)	The Majority Lenders may agree a shorter notice period for a voluntary prepayment or a voluntary cancellation. 

  

	(d)	No prepayment or cancellation is allowed except in accordance with the express terms of this Agreement. 

  

 20 

	(e)	No amount of the Total Commitments cancelled under this Agreement may subsequently be reinstated. 

  

	9.	INTEREST 

  

	9.1	Calculation of interest 

 The rate of interest on
each Loan for its Term is the percentage rate per annum equal to the aggregate of the applicable: 
  

	 	(a)	Margin; 

  

	 	(b)	IBOR; and 

  

	 	(c)	Mandatory Cost. 

  

	9.2	Payment of interest 

 Except where it is provided to
the contrary in this Agreement, the Company must pay accrued interest on each Loan made to it on the last day of each Term and also, if the Term is longer than six months, on the dates falling at six-month intervals after the first day of that Term
(each an Interest Payment Date). 
  

	9.3	Interest on overdue amounts 

  

	(a)	If the Company fails to pay any amount payable by it under the Finance Documents, it must immediately on demand by the Facility Agent pay interest on the overdue amount from its due
date up to the date of actual payment, both before, on and after judgment. 

  

	(b)	Interest on an overdue amount is payable at a rate determined by the Facility Agent to be two per cent. per annum above the rate that would have been payable if the overdue amount
had, during the period of non-payment, constituted a Loan in the currency of the overdue amount. For this purpose, the Facility Agent may (acting reasonably): 

  

	 	(i)	select successive Terms of any duration of up to three months; and 

  

	 	(ii)	determine the appropriate Rate Fixing Day for that Term. 

  

	(c)	Notwithstanding paragraph (b), if the overdue amount is a principal amount of a Loan and becomes due and payable before the last day of its current Term, then:

  

	 	(i)	the first Term for that overdue amount will be the unexpired portion of that Term; and 

  

	 	(ii)	the rate of interest on the overdue amount for that first Term will be one per cent. per annum above the rate then payable on that Loan. 

 After the expiry of the first Term for that overdue amount, the rate on the overdue amount will be calculated in accordance with paragraph (b) of
this Clause 9.3. 
  

	(d)	Interest (if unpaid) on an overdue amount will be compounded with that overdue amount at the end of each of its Terms but will remain immediately due and payable.

  

 21 

	9.4	Notification of rates of interest 

 The Facility
Agent must promptly notify each relevant Party of the determination of a rate of interest under this Agreement. 
  

	9.5	Acknowledgement 

 The Company acknowledges and
confirms for the benefit of the Finance Parties who are banks or branches of foreign banks incorporated in the Slovak Republic that it has been informed about the amount of the annual percentage rate of interest of the Loan and on the fees that the
Company shall pay under the Finance Documents in compliance with section 37(2) of the Slovak Act No. 483/2001 Coll. as amended. 
  

	10.	TERMS 

  

	10.1	Selection 

  

	(a)	Each Loan has one Term only. 

  

	(b)	The Company must select the Term for a Loan in the relevant Request. 

  

	(c)	Subject to the following provisions of this Clause, each Term for a Loan will be one or two weeks, or one, two, three or six months. 

  

	10.2	No overrunning the Final Maturity Date 

 If a Term
would otherwise overrun the Final Maturity Date, it will be shortened so that it ends on the Final Maturity Date in which case the Company will have no obligation to pay Break Costs or other costs arising from the shortening. 
  

	10.3	Notification 

 The Facility Agent must notify each
relevant Party of the duration of each Term promptly after ascertaining its duration. 
  

	11.	MARKET DISRUPTION 

  

	11.1	Failure of a Reference Bank to supply a rate 

 If
IBOR is to be calculated by reference to the Reference Banks but a Reference Bank does not supply a rate by noon on a Rate Fixing Day, the applicable IBOR will, subject as hereinafter provided, be calculated on the basis of the rates of the
remaining Reference Banks. 
  

	11.2	Market disruption 

  

	(a)	In this Clause, each of the following events is a market disruption event: 

  

	 	(i)	IBOR is to be calculated by reference to the Reference Banks but no, or only one, Reference Bank supplies a rate by noon on the Rate Fixing Day; or 

  

	 	(ii)	the Facility Agent receives by close of business on the Rate Fixing Day notification from Lenders whose shares in the relevant Loan exceed 30 per cent. of that Loan that the
cost to them of obtaining matching deposits in the relevant interbank market is in excess of IBOR for the relevant Term. 

  

 22 

	(b)	The Facility Agent must promptly notify the Company and the Lenders of a market disruption event. 

  

	(c)	After notification under paragraph (b), the rate of interest on each Lender’s share in the affected Loan for the relevant Term will be the aggregate of the applicable:

  

	 	(i)	Margin; 

  

	 	(ii)	rate notified to the Facility Agent by that Lender as soon as practicable, and in any event before interest is due to be paid in respect of that Term, to be that which expresses as
a percentage rate per annum the cost to that Lender of funding its share in that Loan from whatever source it may reasonably select; and 

  

	 	(iii)	Mandatory Cost. 

  

	11.3	Alternative basis of interest or funding 

  

	(a)	If a market disruption event occurs and the Facility Agent or the Company so requires, the Company and the Facility Agent must enter into negotiations for a period of not more than
30 days with a view to agreeing an alternative basis for determining the rate of interest and/or funding for the affected Loan. 

  

	(b)	Any alternative basis agreed will be, with the prior consent of all the Lenders, binding on all the Parties. 

  

	12.	TAXES 

  

	12.1	Gross-up 

 All payments by the Company under the
Finance Documents shall be made without any deduction and free and clear of and without deduction for or on account of any Taxes, except to the extent that the Company is required by law to make payment subject to any Taxes. If any Relevant Tax or
amounts in respect of any Relevant Tax must be deducted from any amounts payable or paid by the Company, or paid or payable by the Facility Agent to a Lender, under the Finance Documents, the Company shall, subject to Clause 12.4 (Exception to the
gross-up), pay such additional amounts as may be necessary to ensure that the relevant Lender receives a net amount equal to the full amount which it would have received had payment not been made subject to Relevant Tax. 
  

	12.2	Tax receipts 

 All Taxes required by law to be
deducted or withheld by the Company from any amounts paid or payable under the Finance Documents shall be paid by the Company when due and the Company shall, within 15 days of receipt of evidence of the payment being made, deliver the same to the
Facility Agent. 
  

	12.3	Reimbursement of tax credit 

 If the Company pays
Tax Payment under Clause 12.1 (Gross-up) for the account of a Lender, and the Lender effectively obtains, or could have effectively obtained by taking reasonable action (in which case the Lender shall be treated as actually having obtained),
a refund of Tax, or credit against Tax, by reason of that Tax Payment (a Tax Credit), then the Lender shall reimburse to the Company such amount as the Lender shall reasonably determine to be the proportion of the Tax Credit as will leave the
Lender (after that reimbursement) in no better or worse position than it would have been in if the Tax Payment 

  

 23 

 
had not been required. Notwithstanding the foregoing, a Lender may choose not to make or to limit the amount or alter the timing of any Tax Credit if to do
otherwise would result in a material adverse effect to the Lender or on its relationship with the relevant Tax authority. Upon reasonable request from the Company, the Lender shall provide the Company with a certification concerning whether or not a
Tax Credit was obtained or was attempted to be obtained by the Lender as well as reasonable detail concerning the amount of the Tax Credit. No Finance Party is obliged to disclose any information regarding its Tax affairs or computations to any
other person. 
  

	12.4	Exception to the gross-up 

 The Company is not
required to pay an additional amount for the account of a Lender under Clause 12.1 (Gross-up): 
  

	 	(i)	to the extent that the obligation to pay the additional amount would not have arisen but for the failure by that Lender to provide (within a reasonable period after being requested
to do so by the Company or the Facility Agent and at the cost of the Company) any form, certificate or other documentation: 

  

	 	(A)	the provision of which would have relieved (in whole or in part) the Company from the relevant withholding obligation; and 

  

	 	(B)	which it is fully within the power of the Lender to provide; 

  

	 	(ii)	if that Lender has not complied with its obligations under Clause 12.5(a) (Tax confirmation) for a period of 90 days from the date that Lender became aware that it could not
give the confirmation referred to in Clause 12.5(a) (Tax confirmation); or 

  

	 	(iii)	the confirmation provided by that Lender under Clause 12.5(a) (Tax confirmation) is incorrect when made. 

  

	12.5	Tax confirmation 

  

	(a)	Each Lender (other than a Lender with its Facility Office situated in the Republic) confirms to the Company that on the date of this Agreement (or if it only subsequently becomes a
Party to this Agreement, on that date) under the terms of a double taxation treaty between the jurisdiction in which that Lender is resident and the Republic payments due to it under the Finance Documents may be made without deduction or withholding
on account of any Tax imposed or levied by the Republic (or any political subdivision or taxing authority of the Republic) under the laws of the Republic, as interpreted and applied at that time. 

  

	(b)	If a Lender becomes aware that it could not, on any particular day, give the confirmation referred to in paragraph (a) of this Clause 12.5, it shall promptly but in any event
within 90 days, notify such to the Company (through the Facility Agent). 

  

	12.6	Stamp taxes 

 The Company must pay and indemnify
each Finance Party against any stamp duty, registration or other similar Tax payable in connection with the entry into, performance or enforcement of any Finance Document, except for any such Tax payable in connection with the entry into a Transfer
Certificate. 
  

 24 

	12.7	Value added taxes 

  

	(a)	Any amount (including costs, fees and expenses) payable under a Finance Document by the Company is exclusive of any value added tax or similar tax that might be chargeable in
connection with that amount. If any such value added tax or similar tax is chargeable, the Company must pay (in addition to and at the same time as it pays that amount) an amount equal to the amount of that value added tax or similar tax.

  

	(b)	The obligation of the Company under paragraph (a) of this Clause 12.7 will be reduced to the extent that the Finance Party is entitled to repayment or a credit in respect of
the relevant value added tax or similar tax. 

  

	13.	INCREASED COSTS 

  

	13.1	Increased Costs 

 Except as hereinafter provided in
this Clause, the Company must pay to a Finance Party the amount of any Increased Cost incurred by that Finance Party or its Holding Company as a result of: 
  

	 	(a)	the introduction of, or any change in, or any change in the interpretation, or application of, any law or regulation; or 

  

	 	(b)	compliance with any law or regulation made after the date of this Agreement. 

 Each Finance Party agrees to notify the Company promptly upon becoming aware that this Clause 13.1 applies. 
  

	13.2	Exceptions 

 The Company need not make any payment
for an Increased Cost to the extent that the Increased Cost is: 
  

	 	(a)	compensated for under another Clause or would have been but for an exception to that Clause; 

  

	 	(b)	a tax on the overall net income of a Finance Party or its Holding Company; 

  

	 	(c)	attributable to a Finance Party or its Holding Company wilfully failing to comply with any law or regulation; or 

  

	 	(d)	attributable to the failure of the relevant Finance Party or its Holding Company to notify the Company of that increased cost within 45 days of becoming aware of it.

  

	13.3	Claims 

  

	(a)	A Finance Party intending to make a claim for an Increased Cost must notify the Facility Agent of the circumstances giving rise to and the amount of the claim, following which the
Facility Agent will promptly notify the Company. 

  

	(b)	Each Finance Party must, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Increased Cost. 

  

 25 

	14.	MITIGATION 

  

	14.1	Mitigation 

 If circumstances arise that would, or
would on the giving of notice, result in: 
  

	 	(a)	any additional amounts becoming payable under Clause 12 (Taxes); or 

  

	 	(b)	any amount becoming payable under Clause 13 (Increased costs); or 

  

	 	(c)	any prepayment or cancellation under Clause 8 (Prepayment and Cancellation); or 

  

	 	(d)	a Finance Party incurring any cost of complying with the minimum reserve requirements of its supervising and regulating entity, 

 then, without limiting the obligations of the Company under this Agreement and without prejudice to the terms of Clauses 12 (Taxes), 13 (Increased costs)
and 10 (Prepayment and Cancellation), the relevant Lender shall, in consultation with the Company, take such reasonable steps as may be open to it to mitigate or remove the relevant circumstance, including (without limitation) changing its Facility
Office to one in another jurisdiction or the transfer of its rights and obligations under this Agreement to another person, unless to do so might (in the reasonable opinion of the Lender) be materially prejudicial to it. 
  

	15.	PAYMENTS 

  

	15.1	Place 

 Unless a Finance Document specifies that
payments under it are to be made in another manner, all payments by a Party (other than the Facility Agent) under the Finance Documents must be made to the Facility Agent to its account at such office or bank: 
  

	 	(a)	in the principal financial centre of the country of the relevant currency; or 

  

	 	(b)	in the case of euro, in the principal financial centre of a Participating Member State or London, 

 as it may notify to that Party for this purpose by not less than ten Business Days’ prior notice. 
  

	15.2	Funds 

 Payments under the Finance Documents to the
Facility Agent must be made for value on the due date at such times and in such funds as the Facility Agent may acting reasonably specify to the Party concerned as being customary at the time for the settlement of transactions in the relevant
currency in the place for payment. 
  

	15.3	Distribution 

  

	(a)	Each payment received by the Facility Agent under the Finance Documents for another Party must, except as hereinafter provided, be made available by the Facility Agent to that Party
by payment (as soon as practicable after receipt) to its account with such office or bank: 

  

	 	(i)	in the principal financial centre of the country of the relevant currency; or 

  

	 	(ii)	in the case of euro, in the principal financial centre of a Participating Member State or London, 

  

 26 

 as it may notify to the Facility Agent for this purpose by not less than ten Business Days’ prior
notice. 
  

	(b)	The Facility Agent may apply any amount received by it for the Company in or towards payment (as soon as practicable after receipt) of any amount due from the Company under the
Finance Documents or in or towards the purchase of any amount of any currency to be so applied. 

  

	(c)	Where a sum is paid to the Facility Agent under this Agreement for another Party, the Facility Agent is not obliged to pay that sum to that Party until it has established that it
has actually received it. However, the Facility Agent may assume that the sum has been paid to it, and, in reliance on that assumption, make available to that Party a corresponding amount. If it transpires that the sum has not been received by the
Facility Agent, that Party must immediately on demand by the Facility Agent refund any corresponding amount made available to it together with interest on that amount from the date of payment to the date of receipt by the Facility Agent at a rate
calculated by the Facility Agent to reflect its cost of funds. 

  

	15.4	Currency 

  

	(a)	Unless a Finance Document specifies that payments under it are to be made in a different manner, the currency of each amount payable under the Finance Documents is determined under
this Subclause. 

  

	(b)	Interest is payable in the currency in which the relevant amount in respect of which it is payable is denominated. 

  

	(c)	A repayment or prepayment of any principal amount is payable in the currency in which that principal amount is denominated on its due date. 

  

	(d)	Amounts payable in respect of Taxes, fees, costs and expenses are payable in the currency in which they are incurred. 

  

	(e)	Each other amount payable under the Finance Documents is payable in euros. 

  

	15.5	No set-off or counterclaim 

 All payments made by
the Company under the Finance Documents must be calculated and made without (and free and clear of any deduction for) set-off or counterclaim. 
  

	15.6	Business Days 

  

	(a)	If a payment under the Finance Documents is due on a day that is not a Business Day, the due date for that payment will instead be the next Business Day. 

 

	(b)	During any extension of the due date for payment of any principal under this Agreement interest is payable on that principal at the rate payable on the original due date.

  

	15.7	Partial payments 

  

	(a)	If any Administrative Party receives a payment insufficient to discharge all the amounts then due and payable by the Company under the Finance Documents, the Administrative Party
must apply that payment towards the obligations of the Company under the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Administrative Parties under the Finance Documents; 

  

 27 

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest or fee due but unpaid under this Agreement; 

  

	 	(iii)	thirdly, in or towards payment pro rata of any principal amount due but unpaid under this Agreement; and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	(b)	The Facility Agent must, if so directed by all the Lenders, vary the order set out in sub-paragraphs (a)(ii) to (iv) of this Clause 15.7. 

  

	(c)	This Sub-clause will override any appropriation made by the Company. 

  

	15.8	Timing of payments 

 If a Finance Document does not
provide for when a particular payment is due, that payment will be due 30 days after receipt by the Company of a claim (accompanied by, if available, separate invoices) signed on behalf of the relevant Finance Party specifying the amount due, the
provision of the Finance Document under which the Company’s liability to pay arises and setting out in reasonable detail a calculation of the amount due. 
  

	16.	REPRESENTATIONS AND WARRANTIES 

  

	16.1	Representations and warranties 

 The Company makes
the representations and warranties set out in this Clause 16 (Representations and warranties) to each Finance Party. 
  

	16.2	Status 

  

	(a)	It is a limited liability company duly organised and validly existing under the laws of the Republic. 

  

	(b)	It has the power to own its property and Assets. 

  

	(c)	It has power to carry on its business as it is now being conducted. 

  

	16.3	Powers and authority 

 It has the power to enter
into and perform, and has taken all necessary action to authorise, the execution, delivery and performance of the Finance Documents to which it is or will be a party and the transactions contemplated by those Finance Documents. 
  

	16.4	Legal validity 

 Each Finance Document to which it
is a party: 
  

	 	(a)	constitutes, or when executed will constitute, its legal, valid and binding obligation enforceable in accordance with its terms; and 

  

 28 

	 	(b)	is in proper form for its enforcement in the Republic if accompanied by a certified Slovak translation; 

 save that enforcement of the Company’s obligations under the Finance Documents may be affected by insolvency, bankruptcy and similar laws affecting
the rights of creditors generally. 
  

	16.5	Non-conflict 

 The execution, delivery and
performance of the Finance Documents to which it is or will be a party by it will not: 
  

	 	(a)	violate in any respect any provision of: 

  

	 	(i)	any applicable law or regulation of the Republic or any order of any governmental, judicial or public body or authority in the Republic binding on the Company; or

  

	 	(ii)	the laws and documents incorporating and constituting the Company; or 

  

	 	(iii)	any mortgage, agreement or other financial undertaking or instrument to which the Company is a party or which is binding upon or any Assets of the Company; or

  

	 	(b)	to the best of the Company’s knowledge result in the creation or imposition of any Security Interest on any Assets of the Company pursuant to the provisions of any mortgage,
agreement or other undertaking or instrument to which the Company is a party or which is binding upon it. 

  

	16.6	No default 

 No Default is outstanding. 

 

	16.7	Authorisations 

 All authorisations and other
requirements of governmental, judicial and public bodies and authorities required by any member of the Group or advisable in connection with the execution, delivery, performance, validity and enforceability of the Finance Documents have been
obtained or effected and are in full force and effect. 
  

	16.8	Litigation 

 Except to the extent as disclosed in
writing to the Facility Agent: 
  

	 	(a)	there is no litigation, arbitration or administrative proceedings relating to any member of the Group that is material to the Company, the same are not current or pending or, to the
knowledge of the Company, threatened; and 

  

	 	(b)	no litigation, arbitration or administrative proceedings are current or pending or, to the knowledge of the Company, threatened, which would reasonably be expected to have a
material adverse effect on the ability of the Company to perform its obligations under the Finance Documents. 

  

 29 

	16.9	Title 

 Except to the extent disclosed in writing to
the Facility Agent, it has valid leases or good and marketable title to all its material Fixed Assets which are reflected in the most recent audited consolidated financial statements of the Group delivered to the Facility Agent under
Clause 16.15 (Financial statements), subject to any disposal permitted under Clause 18.6 (Disposals) and to no Security Interest securing Financial Indebtedness over such Fixed Assets, except any Permitted Security Interest. 
  

	16.10	Borrowing limits 

 The borrowing of the full amount
available under this Agreement will not cause any limit on its borrowing or other powers or on the exercise of such powers by its board of directors whether imposed by the Company’s Articles of Association or similar document or by statute,
regulation, or agreement, to be exceeded. 
  

	16.11	Immunity 

 Subject to any general provisions of law
with respect to immunity of certain assets from attachment and from execution, referred to in any legal opinion required under this Agreement, it is not entitled to claim immunity from suit, attachment, enforcement or other legal process in the
Republic. 
  

	16.12	Solvency 

  

	(a)	It is not insolvent (in Slovak, v úpadku); and 

  

	(b)	it has not taken any action nor, so far as it is aware have any steps been taken or legal proceedings been started or threatened against it for winding-up, dissolution,
reorganisation, or bankruptcy the enforcement of any encumbrance over its assets or for the appointment of a receiver, administrative receiver or administrator, trustee or similar officer of it or of any or all of its assets or revenues.

  

	16.13	Information 

  

	(a)	All factual information provided in writing by an officer of any member of the Group, U. S. Steel or any Subsidiary of U. S. Steel to the Finance Parties in connection with the
Finance Documents was true and accurate in all material respects as at its date or (if appropriate) as at the date (if any) at which it is stated to be given by that person. 

  

	(b)	Nothing was omitted from the information referred to in paragraph (a) of this Clause 16.13 that, if disclosed, would make that information untrue or misleading in any material
respect. 

  

	(c)	Nothing has occurred since the date of the information referred to in paragraph (a) of this Clause 16.13 that, if disclosed, would make that information untrue or mislead in
any material respect. 

  

	16.14	No notarial deed 

 No member of the Group has
created any notarial deed (as referred to in section 41(2) of the Slovak Act No. 233/1995 Coll. as amended or section 274(e) of the Slovak Act No. 99/1963 Coll., in its wording up to 31 August 2005 respectively) in relation to any
Financial Indebtedness. 
  

 30 

	16.15	Financial statements 

 Its audited consolidated
financial statements most recently delivered to the Facility Agent (which, at the date of this Agreement, are the financial statements of the Company for the year ended 31 December 2007): 
  

	 	(a)	have been prepared in accordance with accounting principles and practices generally accepted in its jurisdiction of incorporation, consistently applied; and

  

	 	(b)	fairly represent its consolidated financial condition as at the date to which they were drawn up, 

 except, in each case, as disclosed to the contrary in those financial statements. 
  

	16.16	Slovak Banking Act 

  

	 	(a)	It represents that it is not a person having any special relationship (osobitný vzt’ah) as defined in the Slovak Act No. 483/2001 Coll., as amended, to any
Lender. 

  

	 	(b)	When making any payment under or in connection with any Finance Document, it will use solely the funds owned by it. 

  

	 	(c)	It is entering into each Finance Document as a principal and not as agent and, in its own name on its own account. 

  

	16.17	ERISA 

 Each Plan of the Company and of each ERISA
Affiliate of the Company complies in all material respects with all applicable requirements of law and regulation. No Reportable Event has occurred with respect to any Plan, and no steps have been taken to terminate any Plan. Neither the Company nor
any of its ERISA Affiliates has had a complete or partial withdrawal from any Multiemployer Plan (as defined by ERISA) or initiated any steps to do so. 
  

	16.18	Margin Regulations 

 Neither the Company nor any of
its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock. 
  

	16.19	Material adverse change 

 Since 31 December
2007, there has not been any material adverse change in the business, Assets, regulation or financial condition of the Company that would reasonably be expected to have a material adverse effect on the Company’s ability to perform its
obligations under the Finance Documents. 
  

	16.20	Times for making representations and warranties 

  

	(a)	The Company makes the representations and warranties set out in this Clause on the date of this Agreement. 

  

	(b)	Unless a representation and warranty is expressed to be given at a specific date, each representation and warranty is deemed to be repeated by the Company on the date of each
Request and the first day of each Term except that the representations and warranties in Clause 16.5(a)(iii) and (b) (Non-conflict), 16.8(a) (Litigation) and 16.17 (ERISA) shall not be repeated by the Company. 

  

 31 

	(c)	When the representation and warranty in Clause 16.6 (No default) is repeated on a Request for a Rollover Loan or the first day of a Term for a Loan (other than the first Term for
that Loan), the reference to a Default will be construed as a reference to an Event of Default. 

  

	(d)	When a representation and warranty is repeated, it is applied to the circumstances existing at the time of repetition. 

  

	17.	INFORMATION COVENANTS 

  

	17.1	Duration 

 The undertakings in this Clause 17
(Information Covenants) remain in force from the date of this Agreement for so long as any amount is or may be outstanding under any Finance Document. 
  

	17.2	Financial Information 

 The Company shall furnish to the Facility
Agent in sufficient copies for all Lenders: 
  

	(a)	the audited unconsolidated financial statements of the Company including the report of independent auditors and accompanying notes for each of its financial years as soon as
practicable (and in any event within 30 days from the date when the consolidated financial statements are required to be prepared by law), 

 and 
 the audited consolidated financial statements of the Group including the report of independent auditors
and accompanying notes for each of its financial years as soon as practicable (and in any event within 210 days after the end of each of its financial years), 
 such financial statements: 
  

	 	(i)	to be prepared in accordance with International Financial Reporting Standards consistently applied; 

  

	 	(ii)	to be audited by an internationally recognised firm of accountants; 

  

	 	(iii)	to give a true and fair view of the financial condition of the Group and the result of its operations for the period ended on the date to which such financial statements were
prepared; and 

  

	 	(iv)	signed by the Chief Financial Officer, or by two senior officers of the Company; 

  

	(b)	the unaudited consolidated balance sheet and income statements of the Group to be prepared in accordance with USGAAP consistently applied, semi-annually, i.e.:

  

	 	(i)	for each of its financial years as soon as practicable (and in any event within 120 days after the end of each of its financial years) certified by the chief financial officer (or
equivalent) of the Company; and 

  

 32 

	 	(ii)	for the first half of each of its financial years as soon as practicable (and in any event within 60 days after the end of the first half of each of its financial years) certified
by the chief financial officer (or equivalent) of the Company; and 

  

	(c)	together with the financial statements referred to in paragraph (a) of this Clause 17.2, a certificate of the Company signed by the chief financial officer (or equivalent) of
the Company certifying: 

  

	 	(i)	that no Event of Default has occurred (or, if it has, specifying it and the steps being taken to remedy it); and 

  

	 	(ii)	the identity of its all Subsidiaries. 

  

	 	(A)	whose total assets (being the total of fixed assets and current assets) (consolidated in the case of a Subsidiary which itself has one or more Subsidiaries) represent not less than
7.5 per cent, of the Company’s total consolidated fixed assets: and/or 

  

	 	(B)	whose gross revenues (being gross revenues less internal revenues (excluding exceptionals), before operating expenses and depreciation) (consolidated in the case of a Subsidiary
which itself has one or more Subsidiaries) represent not less than 7.5 per cent, of the consolidated gross revenues of the Group (being gross revenues (excluding exceptionals) before operating expenses and depreciation on a consolidated basis
as shown in the Latest Accounts). 

  

	17.3	Information - miscellaneous 

  

	(a)	The Company shall furnish to the Facility Agent from time to time with reasonable promptness, such further information regarding the business and financial condition of the Company
as the Facility Agent may reasonably request. 

  

	(b)	The Company shall promptly notify the Facility Agent of any material business or financial event, including without limitation, any litigation, arbitration, administrative or other
proceedings being commenced, which would reasonably be expected to adversely affect its ability to perform its obligations under the Finance Documents. 

  

	(c)	Subject to paragraph (d) of this Clause 17.3, the Company must promptly on the request of any Finance Party supply to that Finance Party any documentation or other evidence
that is reasonably requested by that Finance Party (whether for itself, on behalf of any Finance Party or any prospective new Lender) to enable a Finance Party or prospective new Lender to carry out and be satisfied with the results of all
applicable know your customer requirements. 

  

	(d)	The Company is only required to supply any information under paragraph (a) of this Clause 17.3, if the necessary information is not already available to the relevant Finance
Party and the requirement arises as a result of: 

  

	 	(i)	the introduction of any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement; 

 

	 	(ii)	any change in the status of the Company or any change in the composition of shareholders of the Company after the date of this Agreement; or 

  

 33 

	 	(iii)	a proposed assignment or transfer by the Lender of any of its rights and/or obligations under this Agreement to a person that is not a Lender before that assignment or transfer.

  

	(e)	Each Lender must promptly on the request of the Facility Agent supply to the Facility Agent any documentation or other evidence that is reasonably required by the Facility Agent to
carry out and be satisfied with the results of all know your customer requirements. 

  

	(f)	The Company shall promptly, but no later than on 30th day after the date of the Agreement, deliver to the Facility Agent a copy of a resolution of the executives of the Company
approving the terms of, and the transactions contemplated by, this Agreement, certified by an authorised signatory of the Company to be true, correct and complete and in full force and effect at its date. 

  

	17.4	Notification of Default 

  

	(a)	The Company must notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence. 

 

	17.5	Slovak banking regulations 

  

	(a)	Subject to paragraph (b) of this Clause 17.5, in case of any change to: (i) the amount of the Company’s registered capital; or (ii) the participation interest(s)
in the Company; or (iii) the voting rights attached to any and all participation interest(s) in the Company, the Company must supply to the Facility Agent in sufficient copies for all Lenders a list of its participants reflecting the situation
after such change, promptly after the effectiveness of such change but in each case no later than within five Business Days after the effectiveness of such change. 

  

	(b)	The Company is not obliged to supply the list of participants under paragraph (a) of this Clause 17.5 if any such change concerns a participant (in Slovak,
spoločník) holding: (i) a participation interest not exceeding 10 per cent. of the registered capital of the Company; or (ii) voting rights not exceeding 10 per cent. of all voting rights in the Company.

  

	(c)	For the purposes of this Clause, a list of participants means a list of persons (whether individuals or legal entities) holding: (i) a participation interest exceeding
10 per cent. of the registered capital of the Company; or (ii) voting rights exceeding 10 per cent. of all voting rights in the Company, containing: 

  

	 	(A)	in case of individuals, the name, family name, business name, identification number or birth certificate number, permanent address or place of business (if different from the
permanent address) of that participant; and 

  

	 	(B)	in case of legal entities, the business name, the legal form, identification number and the registered seat of that participant. 

  

	18.	GENERAL COVENANTS 

  

	18.1	Authorisations 

 The Company shall obtain and
promptly renew from time to time all authorisations as may be required under any applicable law or regulation to enable it to perform its obligations under the Finance Documents, or required for the validity or enforceability of any Finance
Document, shall comply with the terms of the same and will ensure the availability and transferability of sufficient foreign exchange to enable it to comply with its obligations under the Finance Documents. 
  

 34 

	18.2	Corporate existence 

  

	(a)	The Company shall maintain its corporate existence and its right to carry on its operations and will acquire, maintain and renew all rights, licences, concessions, contracts,
powers, privileges, leases, lands, sanctions and franchises necessary or useful for the conduct of its operations except, in each case, where the failure to do so would not reasonably be expected to materially adversely affect the Company’s
ability to perform its obligations under the Finance Documents. 

  

	(b)	The Company shall not: 

  

	 	(i)	change its name; or 

  

	 	(ii)	change its financial year end from 31 December. 

  

	18.3	Insurance 

 The Company shall effect and maintain
such insurance over and in respect of its Assets and business covering such risks and in such amounts as U. S. Steel maintains from time to time with respect to other similar steel-making facilities owned by U. S. Steel, subject to such deductibles
and other forms of self-insurance as from time to time are generally applicable to such other steel-making facilities provided such coverage is available to the Company on similar or better terms. 
  

	18.4	Pari passu 

 The Company shall procure that its
obligations under the Finance Documents do and will constitute its direct, unconditional, unsecured, unsubordinated and general obligations and do and will rank at least pari passu with all other present and future unsecured and
unsubordinated Financial Indebtedness issued, created or assumed by it other than amounts which are afforded priority by applicable law. 
  

	18.5	Negative pledge 

 The Company shall not without the
prior consent of the Facility Agent in writing, create, assume or permit to exist any Security Interest over all or any of its Assets to secure Financial Indebtedness other than a Permitted Security Interest. 
  

	18.6	Disposals 

  

	(a)	Except with the prior consent of the Facility Agent in writing or as provided in paragraph (b) of this Clause 18.6, the Company shall not either in a single transaction or in a
series of transactions whether related or not and whether voluntary or involuntary, sell, transfer, grant or lease or otherwise dispose of (in each case whether conditionally or otherwise) any of its Fixed Assets other than Permitted Disposals.

  

	(b)	Notwithstanding paragraph (a) of this Clause 18.6, in any financial year of the Company, Fixed Assets having an aggregate book value in, or included for the purposes of,
the Latest Accounts, not exceeding the aggregate of 30 per cent. of all Fixed Assets (as shown in or included for the purposes of the Latest Accounts) may be disposed of where the disposal is on arm’s length commercial terms; provided,
however, that in no case shall the Company be permitted to dispose of more than 50 per cent of all Fixed Assets (as shown in or included for purpose of the consolidated financial statement of the Company for the one year period ended
31 December 2007). 

  

 35 

	18.7	Mergers 

 The Company shall not, without the prior
consent of the Facility Agent in writing, enter into any merger or other arrangement of a similar nature other than a Permitted Merger. 
  

	18.8	Change of business 

 Except with the prior consent
of the Facility Agent in writing, the Company shall not make or threaten to make any substantial change in its business as conducted on the date of this Agreement. 
  

	18.9	Environmental compliance 

 Except to the extent
disclosed in writing to the Facility Agent, the Company shall comply with applicable Environmental Law except where failure to do so would not reasonably be expected to have a material adverse effect on the ability of the Company to perform its
obligations under the Finance Documents. For this purpose, Environmental Law means: 
  

	 	(a)	all environmental authorisations applicable to the Company; and 

  

	 	(b)	all other applicable environmental laws, rules and regulations concerning the protection of human health or the environment or the transportation of any substance capable of causing
harm to man or any other living organism or the environment or public health or welfare, including, without limitation, hazardous, toxic, radioactive or dangerous waste. 

  

	18.10	Borrowing 

 The Company shall not, and the Company
shall procure that no member of the Group shall incur any Financial Indebtedness other than: 
  

	 	(a)	Financial Indebtedness not exceeding €600,000,000 (or its equivalent) in aggregate (including amounts borrowed under the Finance Documents); 

  

	 	(b)	Financial Indebtedness upon terms approved by the Facility Agent acting on the instructions of the Majority Lenders; 

  

	 	(c)	currency and commodity hedging used only to mitigate the risks relating to fluctuations in currencies and commodity prices, provided each such hedging arrangement is entered into
for a period no longer than 18 months; 

  

	 	(d)	for the avoidance of doubt, operating lease obligations; 

  

	 	(e)	for the avoidance of doubt, trade payables and other contractual obligations to suppliers and customers in the ordinary course of trading; 

  

	 	(f)	debt subordinated to the Loans under subordination agreements acceptable to the Facility Agent; and 

  

	 	(g)	any refinancing of any of the foregoing up to the same principal amount. 

  

 36 

	18.11	No notarial deed 

 The Company shall not and the
Company shall procure that no other member of the Group will, create any notarial deed (as referred to in section 41(2) of the Slovak Act No. 233/1995 Coll., as amended) in relation to any Financial Indebtedness. 
  

	18.12	No Margin Stock 

 The Company may not: 

 

	 	(a)	extend credit for the purpose, directly or indirectly, of buying or carrying Margin Stock; or 

  

	 	(b)	use any Loan or allow any Loan to be used, directly or indirectly, to buy or carry Margin Stock or for any other purpose in violation of the Margin Regulations.

  

	19.	DEFAULT 

  

	19.1	Events of Default 

 Each of the events set out in
Clauses 19.2 (Non-payment) to 19.10 (Ownership of the Company) (inclusive) is an Event of Default (whether or not caused by any reason whatsoever outside the control of the Company or any other person). 
  

	19.2	Non-payment 

 The Company does not pay on the due
date any amount payable by it under the Finance Documents at the place at and in the currency in which it is expressed to be payable and (if the failure to pay is caused solely by technical or administrative error) it is not remedied within five
Business Days of its due date. 
  

	19.3	Breach of other obligations 

 The Company fails to
comply with any of its obligations under the Finance Documents (other than those referred to in Clause 19.2 (Non-payment)) and the failure to comply (if it is capable of remedy) remains unremedied for 30 days after the Facility Agent gives the
Company notice of the failure to comply. 
  

	19.4	Misrepresentation 

 Any representation, warranty or
statement made or repeated in the Finance Documents or in any written certificate or statement delivered, made or issued by or on behalf of the Company under the Finance Documents or in connection with the Finance Documents shall at any time be
incorrect in any respect when so made or repeated or deemed to be made or repeated and the circumstances giving rise to such misrepresentation would reasonably be expected to have a material adverse effect on the ability of the Company to perform
its obligations under the Finance Documents. 
  

	19.5	Insolvency/enforcement 

  

	(a)	Any action shall be taken by the Company or one of its Affiliates for the dissolution or termination of existence or liquidation of the Company; or 

  

 37 

	(b)	an application by the Company for bankruptcy (konkurz), restructuring (reštrukturalizácia) or moratorium, or an arrangement with creditors of the Company
is entered into, or any other proceeding or arrangement by which the Assets of the Company are submitted to the control of its creditors occurs or is entered into; or 

  

	(c)	the Company is adjudged a bankrupt pursuant to a final non-appealable order; or 

  

	(d)	there shall be appointed a liquidator, trustee, administrator, receiver or similar officer of the Company or a receiver of all or substantially all of the Assets of the Company; or

  

	(e)	all or substantially all of the Assets of the Company shall be attached or distrained upon or the same shall become subject at any time to any order of a court or other process and
such attachment, distraint, order or process shall remain in effect and shall not be discharged within thirty days; or 

  

	(f)	the Company shall become insolvent (in Slovak, v úpadku) or be declared insolvent by a competent governmental or judicial authority or shall admit in writing its
inability to pay its debts as they fall due; or 

  

	(g)	a moratorium shall be made or declared in respect of all or any Financial Indebtedness of the Company. 

  

	19.6	Cessation of business 

 The Company ceases or
threatens to cease to carry on the whole or a substantial part of its business, save as permitted by Clause 18.6 (Disposals) and Clause 18.7 (Mergers). 
  

	19.7	Revocation of authorisation 

  

	(a)	Any authorisation or other requirement of any governmental, judicial or public body or authority necessary to enable the Company under any applicable law or regulation to perform
its obligations under the Finance Documents or for its businesses or required for the validity or enforceability of the Finance Documents shall be modified, revoked, withdrawn or withheld in any material respect or shall fail to remain in full force
and effect for more than 30 days. 

  

	(b)	The Company fails to comply with any authorisation or other requirement set out in paragraph (a) of this Clause 19.7. 

  

	19.8	Expropriation 

 All or any substantial part of the
Assets of the Company shall be seized or expropriated by any authority. 
  

	19.9	Unlawfulness 

 At any time it is unlawful for the
Company to perform such of its obligations under the Finance Document as are, in the reasonable opinion of the Facility Agent, material. 
  

	19.10	Ownership of the Company 

 The entire commercial
participation of the Company (as determined on an annualised basis for the financial year ended 31 December 2007) after the date of this Agreement ceases to be directly or indirectly beneficially owned by U. S. Steel, unless such cessation
results from a Permitted Merger. 
  

 38 

	19.11	Acceleration 

 If an Event of Default is
outstanding, the Facility Agent may, and must if so instructed by the Majority Lenders, by notice to the Company: 
  

	 	(a)	cancel all or any part of the Total Commitments; and/or 

  

	 	(b)	declare that all or part of any amounts outstanding under the Finance Documents are: 

  

	 	(i)	immediately due and payable; and/or 

  

	 	(ii)	payable on demand by the Facility Agent acting on the instructions of the Majority Lenders. 

 Any notice given under this Subclause will take effect in accordance with its terms. 
  

	20.	THE ADMINISTRATIVE PARTIES 

  

	20.1	Appointment and duties of the Facility Agent 

  

	(a)	Each Finance Party (other than the Facility Agent) irrevocably appoints the Facility Agent to act as its agent under and in connection with the Finance Documents.

  

	(b)	Each Finance Party irrevocably authorises the Facility Agent to: 

  

	 	(i)	perform the duties and to exercise the rights, powers and discretions that are specifically given to it under the Finance Documents, together with any other incidental rights,
powers and discretions; and 

  

	 	(ii)	enter into and deliver each Finance Document expressed to be entered into by the Facility Agent. 

  

	(c)	The Facility Agent has only those duties that are expressly specified in the Finance Documents. Those duties are solely of a mechanical and administrative nature.

  

	20.2	Role of the Arranger 

 Except as specifically
provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party in connection with any Finance Document. 
  

	20.3	No fiduciary duties 

  

	(a)	Nothing in the Finance Documents makes an Administrative Party a trustee or fiduciary for any other Party or any other person. 

  

	(b)	No Administrative Party need hold in trust any moneys paid to it or recovered by it for a Party in connection with the Finance Documents or be liable to account for interest on
those moneys. 

  

 39 

	20.4	Individual position of an Administrative Party 

  

	(a)	If it is also a Lender, each Administrative Party has the same rights and powers under the Finance Documents as any other Lender and may exercise those rights and powers as though
it were not an Administrative Party. 

  

	(b)	Each Administrative Party may: 

  

	 	(i)	carry on any business with the Company or its related entities (including acting as an agent or a trustee for any other financing); and 

  

	 	(ii)	retain any profits or remuneration it receives under the Finance Documents or in relation to any other business it carries on with the Company or its related entities.

  

	20.5	Reliance 

 The Facility Agent may: 
  

	 	(a)	rely on any notice or document believed by it to be genuine and correct and to have been signed by, or with the authority of, the proper person; 

  

	 	(b)	rely on any statement made by any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify; 

  

	 	(c)	engage, pay for and rely on professional advisers selected by it (including those representing a Party other than the Facility Agent); and 

  

	 	(d)	act under the Finance Documents through its personnel and agents. 

  

	20.6	Majority Lenders’ instructions 

  

	(a)	The Facility Agent is fully protected if it acts on the instructions of the Majority Lenders in the exercise of any right, power or discretion or any matter not expressly provided
for in the Finance Documents. Any such instructions given by the Majority Lenders will be binding on all the Lenders. In the absence of instructions, the Facility Agent may act as it considers to be in the best interests of all the Lenders.

  

	(b)	The Facility Agent may assume that unless it has received notice to the contrary, any right, power, authority or discretion vested in any Party or the Majority Lenders has not been
exercised. 

  

	(c)	The Facility Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received security satisfactory
to it, whether by way of payment in advance or otherwise, against any liability or loss which it may incur in complying with the instructions. 

  

	(d)	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings in connection with any
Finance Document. 

  

 40 

	20.7	Responsibility 

  

	(a)	No Administrative Party is responsible for the adequacy, accuracy or completeness of any statement or information (whether written or oral) made in or supplied in connection with
any Finance Document. 

  

	(b)	No Administrative Party is responsible for the legality, validity, effectiveness, adequacy, completeness or enforceability of any Finance Document or any other document.

  

	(c)	Without affecting the responsibility of the Company for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms that it:

  

	 	(i)	has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Finance Documents (including, without limitation, the
financial condition and affairs of the Company and its related entities and the nature and extent of any recourse against any Party or its assets); and 

  

	 	(ii)	has not relied exclusively on any information provided to it by any Administrative Party in connection with any Finance Document or agreement entered into in anticipation of or in
connection with any Finance Document. 

  

	20.8	Exclusion of liability 

  

	(a)	The Facility Agent is not liable or responsible to any other Finance Party for any action taken or not taken by it in connection with any Finance Document, unless directly caused by
its gross negligence or wilful misconduct. 

  

	(b)	No Party (other than the relevant Administrative Party) may take any proceedings against any officers, employees or agents of an Administrative Party in respect of any claim it
might have against that Administrative Party or in respect of any act or omission of any kind by that officer, employee or agent in connection with any Finance Document. Any officer, employee or agent of an Administrative Party may rely on this
Subclause and enforce its terms under the Contracts (Rights of Third Parties) Act 1999. 

  

	(c)	The Facility Agent is not liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Facility
Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that purpose.

  

	(d)        (i)	Nothing in this Agreement will oblige any Administrative Party to satisfy any know your customer requirement in relation to the identity of any person on behalf of any Finance
Party. 

  

	 	(ii)	Each Finance Party confirms to each Administrative Party that it is solely responsible for any know your customer requirements it is required to carry out and that it may not rely
on any statement in relation to those requirements made by any other person. 

  

	20.9	Default 

  

	(a)	The Facility Agent is not obliged to monitor or enquire whether a Default has occurred. The Facility Agent is not deemed to have knowledge of the occurrence of a Default.

  

	(b)	If the Facility Agent: 

  

	 	(i)	receives notice from a Party referring to this Agreement, describing a Default and stating that the event is a Default; or 

  

 41 

	 	(ii)	is aware of the non-payment of any principal, interest or fee payable to a Finance Party (other than the Facility Agent or an Arranger) under this Agreement,

 it must promptly notify the other Finance Parties. 
  

	20.10	Information 

  

	(a)	The Facility Agent must promptly forward to the person concerned the original or a copy of any document that is delivered to the Facility Agent by a Party for that person.

  

	(b)	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it
forwards to another Party. 

  

	(c)	Except as provided in paragraphs (a) and (b) of this Clause 20.10, the Facility Agent has no duty: 

  

	 	(i)	either initially or on a continuing basis to provide any Lender with any credit or other information concerning the risks arising under or in connection with the Finance Documents
(including, without limitation, any information relating to the financial condition or affairs of the Company or its related entities or the nature or extent of recourse against any Party or its assets) whether coming into its possession before, on
or after the date of this Agreement; or 

  

	 	(ii)	unless specifically requested to do so by a Lender in accordance with a Finance Document, to request any certificate or other document from the Company. 

  

	(d)	In acting as the Facility Agent, the Facility Agent will be regarded as acting through its agency division which will be treated as a separate entity from its other divisions and
departments. Any information acquired by the Facility Agent which, in its opinion, is acquired by another division or department or otherwise than in its capacity as the Facility Agent may be treated as confidential by the Facility Agent and will
not be treated as information possessed by the Facility Agent in its capacity as such. 

  

	(e)	The Facility Agent is not obliged to disclose to any person any confidential information supplied to it by or on behalf of a member of the Group which was supplied to it solely for
the purpose of evaluating whether any waiver or amendment is required in respect of any term of the Finance Documents. 

  

	(f)	The Company irrevocably authorises the Facility Agent to disclose to the other Finance Parties any information that, in its opinion, is received by it in its capacity as the
Facility Agent. 

  

	20.11	Indemnities 

  

	(a)	Without limiting the liability of the Company under the Finance Documents, each Lender must indemnify the Facility Agent for that Lender’s Pro Rata Share of any loss or
liability incurred by the Facility Agent in acting as the Facility Agent (unless the Facility Agent has been reimbursed by the Company under a Finance Document), except to the extent that the loss or liability is caused by the Facility Agent’s
gross negligence or wilful misconduct. 

  

 42 

	(b)	If a Party owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party: 

  

	 	(i)	deduct from any amount received by it for that Party any amount due to the Facility Agent from that Party under a Finance Document but unpaid; and 

  

	 	(ii)	apply that amount in or towards satisfaction of the owed amount. 

 That Party will be regarded as having received the amount so deducted. 
  

	20.12	Compliance 

 Each Administrative Party may refrain
from doing anything (including, without limitation, disclosing any information) which might, in its opinion, constitute a breach of any law or regulation or be otherwise actionable at the suit of any person, and may do anything which, in its
opinion, is necessary or desirable to comply with any law or regulation. 
  

	20.13	Resignation of the Facility Agent 

  

	(a)	The Facility Agent may resign and appoint any of its Affiliates as successor Facility Agent by giving notice to the other Finance Parties and the Company. 

 

	(b)	Alternatively, the Facility Agent may resign by giving notice to the Finance Parties and the Company, in which case the Majority Lenders may appoint a successor Facility Agent.

  

	(c)	If no successor Facility Agent has been appointed under paragraph (b) of this Clause 20.13 within 30 days after notice of resignation was given, the Facility Agent may
appoint a successor Facility Agent. 

  

	(d)	The person(s) appointing a successor Facility Agent must, if practicable, consult with the Company prior to the appointment. Any successor Facility Agent must have an office in the
Republic. 

  

	(e)	The resignation of the Facility Agent and the appointment of any successor Facility Agent will both become effective only when the successor Facility Agent notifies all the Parties
that it accepts its appointment. On giving the notification the successor Facility Agent will succeed to the position of the Facility Agent and the term Facility Agent will thereafter mean the successor Facility Agent.

  

	(f)	The retiring Facility Agent must, at its own cost: 

  

	 	(i)	make available to the successor Facility Agent those documents and records and provide any assistance as the successor Facility Agent may reasonably request for the purposes of
performing its functions as the Facility Agent under the Finance Documents; and 

  

	 	(ii)	enter into and deliver to the successor Facility Agent those documents and effect any registrations as may be required for the transfer or assignment of all of its rights and
benefits under the Finance Documents to the successor Facility Agent. 

  

	(g)	Upon its resignation becoming effective, this Clause will continue to benefit the retiring Facility Agent in respect of any action taken or not taken by it in connection with
the Finance Documents while it was the Facility Agent, and, subject to paragraph (f) of this Clause 20.13, it will have no further obligations under any Finance Document. 

  

 43 

	(h)	The Majority Lenders may, by notice to the Facility Agent, require it to resign under paragraph (b) of this Clause 20.13. 

  

	20.14	Relationship with Lenders 

  

	(a)	The Facility Agent may treat each Lender as a Lender, entitled to payments under this Agreement and as acting through its Facility Office(s) until it has received not less than five
Business Days’ prior notice from that Lender to the contrary. 

  

	(b)	The Facility Agent may at any time, and must if requested to do so by the Majority Lenders, convene a meeting of the Lenders. 

  

	(c)	The Facility Agent must keep a record of all the Parties and supply any other Party with a copy of the record on request. The record will include each Lender’s Facility
Office(s) and contact details for the purposes of this Agreement. 

  

	20.15	Facility Agent’s management time 

 If the
Facility Agent requires, any amount payable to the Facility Agent by any Party under any indemnity or in respect of any costs or expenses incurred by the Facility Agent under the Finance Documents after the date of this Agreement may include the
cost of using its management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Facility Agent may notify to the relevant Party. This is in addition to any amount in respect of fees or
expenses paid or payable to the Facility Agent under any other term of the Finance Documents. 
  

	20.16	Notice period 

 Where this Agreement specifies a
minimum period of notice to be given to the Facility Agent, the Facility Agent may, at its discretion, accept a shorter notice period. 
  

	21.	EVIDENCE AND CALCULATIONS 

  

	21.1	Accounts 

 Accounts maintained by a Finance Party in
connection with this Agreement are prima facie evidence of the matters to which they relate for the purpose of any litigation or arbitration proceedings. 
  

	21.2	Certificates and determinations 

 Any certification
or determination by a Finance Party of a rate or amount under the Finance Documents will be, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	21.3	Calculations 

 Any interest or fee accruing under
this Agreement accrues from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or otherwise, depending on what the Facility Agent determines is market practice. 
  

 44 

	22.	FEES 

  

	22.1	Facility Agent’s fee 

 The Company must pay to
the Facility Agent for its own account an agency fee in the amount and manner agreed in the Fee Letter between the Facility Agent and the Company. 
  

	22.2	Arrangement fee 

 The Company must pay to the
Arrangers for their own account an arrangement fee in the amount and manner agreed in the Fee Letter between the Arrangers and the Company. 
  

	22.3	Commitment fee 

  

	(a)	The Company must pay to the Facility Agent for each Lender a commitment fee computed at the rate of 0.30 per cent. per annum on the unutilised, uncancelled amount of each
Lender’s Commitment. 

  

	(b)	Accrued commitment fee is payable quarterly in arrear. Accrued commitment fee is also payable to the Facility Agent for a Lender on the date its Commitment is cancelled in full.

  

	23.	INDEMNITIES AND BREAK COSTS 

  

	23.1	Currency indemnity 

  

	 	(a)	If a Finance Party receives an amount in respect of the Company’s liability under the Finance Documents (other than by reason of the Facility Agent not performing its
obligations under this Agreement) or if that liability is converted into a claim, proof, judgement or order in a currency other than the currency (the contractual currency) in which the liability is expressed to be payable under the relevant Finance
Document: 

  

	 	(i)	the Company shall indemnify that Finance Party as an independent obligation against any loss or liability arising out of or as a result of the conversion; 

 

	 	(ii)	if the amount received by that Finance Party, when converted into the contractual currency at a market rate in the usual course of its business is less than the amount owed in the
contractual currency, the Company concerned shall pay to that Finance Party an amount in the contractual currency equal to the deficit; and 

  

	 	(iii)	the Company shall pay to the Finance Party concerned any exchange costs and taxes payable in connection with any such conversion. 

  

	 	(b)	The Company waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency other than that in which it is expressed to be payable.

  

	23.2	Other indemnities 

  

	(a)	The Company must indemnify each Finance Party against any loss or liability which that Finance Party incurs as a consequence of: 

  

	 	(i)	the occurrence of any Event of Default; 

  

 45 

	 	(ii)	Clause 19.11 (Acceleration); 

  

	 	(iii)	any failure by the Company to pay any amount due under a Finance Document on its due date, including any resulting from any distribution or redistribution of any amount among the
Lenders under this Agreement; 

  

	 	(iv)	(other than by reason of negligence or default by that Finance Party) a Loan not being made after a Request has been delivered for that Loan; or 

  

	 	(v)	a Loan (or part of a Loan) not being prepaid in accordance with this Agreement. 

 The Company’s liability in each case includes any loss or expense on account of funds borrowed, contracted for or utilised to fund any amount payable under any Finance Document or any Loan. 
  

	(b)	The Company must indemnify the Facility Agent against any loss or liability incurred by the Facility Agent as a result of: 

  

	 	(i)	investigating any event which the Facility Agent reasonably believes to be a Default; or 

  

	 	(ii)	acting or relying on any notice that the Facility Agent reasonably believes to be genuine, correct and appropriately authorised. 

  

	23.3	Break Costs 

  

	(a)	The Company must pay to each Lender its Break Costs as compensation if any part of a Loan is prepaid. 

  

	(b)	Break Costs are the amount (if any) reasonably determined by the relevant Lender by which: 

  

	 	(i)	the interest which that Lender would have received for the period from the date of receipt of any part of its share in a Loan to the last day of the applicable Term for that Loan if
the principal received had been paid on the last day of that Term; 

 exceeds 
  

	 	(ii)	the amount which that Lender would be able to obtain by placing an amount equal to the amount received by it on deposit with a leading bank in the appropriate interbank market for a
period starting on the Business Day following receipt and ending on the last day of the applicable Term. 

  

	(c)	Each Lender must promptly supply to the Facility Agent for the Company details of the amount of any Break Costs claimed by it under this Clause 23.3. 

  

	24.	EXPENSES 

  

	24.1	Initial costs 

 The Company must pay to or reimburse
on demand each Administrative Party the amount of all reasonable and documented costs and expenses (including without limitation reasonable legal fees) reasonably incurred by it in connection with the negotiation, preparation, printing, entry into
and syndication of the Finance Documents, whether incurred before or after the date of this Agreement, and regardless of whether the Company utilises the facility under this Agreement. In relation to the negotiation, preparation, printing, and entry
into of the Finance Documents up until the date of this Agreement, there shall be a cap on legal fees of USD20,000 (excluding VAT). 
  

 46 

	24.2	Subsequent costs 

 The Company must pay to or
reimburse on demand the Facility Agent the amount of all costs and expenses (including legal fees) reasonably incurred by it in connection with: 
  

	 	(a)	the negotiation, preparation, printing and entry into of any Finance Document (other than a Transfer Certificate) executed after the date of this Agreement; and

  

	 	(b)	any amendment, waiver or consent requested by or on behalf of the Company or specifically allowed by this Agreement. 

  

	24.3	Enforcement costs 

 The Company must pay to each
Finance Party the amount of all costs and expenses (including reasonable legal fees) reasonably incurred by it in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 
  

	25.	AMENDMENTS AND WAIVERS 

  

	25.1	Procedure 

  

	(a)	Except as provided in this Clause, any term of the Finance Documents may be amended or waived with the agreement of the Company and the Majority Lenders. The Facility Agent may
effect, on behalf of any Finance Party, an amendment or waiver allowed under this Clause. 

  

	(b)	The Facility Agent must promptly notify the other Parties of any amendment or waiver effected by it under paragraph (a) of this Clause 25.1. Any such amendment or waiver is
binding on all the Parties. 

  

	25.2	Exceptions 

  

	(a)	An amendment or waiver which relates to: 

  

	 	(i)	the definition of Majority Lenders in Clause 1.1 (Definitions); 

  

	 	(ii)	an extension of the date of payment of any amount to a Lender under the Finance Documents; 

  

	 	(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fee or other amount payable to a Lender under the Finance Documents;

  

	 	(iv)	an increase in, or an extension of, a Commitment or the Total Commitments; 

  

	 	(v)	a term of a Finance Document which expressly requires the consent of each Lender; 

  

	 	(vi)	the right of a Lender to assign or transfer its rights or obligations under the Finance Documents; or 

  

	 	(vii)	this Clause 25.2, 

  

 47 

 may only be made with the consent of all the Lenders. 
  

	(b)	An amendment or waiver that relates to the rights or obligations of an Administrative Party may only be made with the consent of that Administrative Party. 

 

	(c)	A Fee Letter may be amended or waived with the agreement of the Administrative Party that is a party to that Fee Letter and the Company. 

  

	25.3	Change of currency 

 If a change in any currency of
a country occurs (including where there is more than one currency or currency unit recognised at the same time as the lawful currency of a country), the Finance Documents will be amended to the extent the Facility Agent (acting reasonably and after
consultation with the Company) determines is necessary to reflect the change. 
  

	25.4	Waivers and remedies cumulative 

 The rights of each
Finance Party under the Finance Documents: 
  

	 	(a)	may be exercised as often as necessary; 

  

	 	(b)	are cumulative and not exclusive of its rights under the general law; and 

  

	 	(c)	may be waived only in writing and specifically. 

 Delay in
exercising or non-exercise of any right is not a waiver of that right. 
  

	26.	CHANGES TO THE PARTIES 

  

	26.1	Assignments and transfers by the Company 

 The
Company may not assign or transfer any of its rights and obligations under the Finance Documents without the prior consent of all the Lenders. 
  

	26.2	Assignments and transfers by Lenders 

  

	 	(a)	Subject to paragraph (b) of this Clause 26.2, a Lender (the Existing Lender) may, with the consent of the Company (such consent not to be unreasonably withheld or
delayed), at any time assign or transfer (including by way of novation) any of its rights and obligations under this Agreement to another bank or financial institution (the New Lender). No consent of the Company is required if an Event of
Default has occurred and is outstanding. 

  

	 	(b)	No consent shall be required from the Company if the proposed New Lender is an Affiliate of the Existing Lender or another Existing Lender. 

  

	 	(c)	A transfer of obligations will be effective only if either: 

  

	 	(i)	the obligations are novated in accordance with the following provisions of this Clause; or 

  

	 	(ii)	the New Lender confirms to the Facility Agent and the Company in form and substance satisfactory to the Facility Agent that it is bound by the terms of this Agreement as a Lender.
On the transfer becoming effective in this manner the Existing Lender will be released from its obligations under this Agreement to the extent that they are transferred to the New Lender. 

  

 48 

	 	(d)	Unless the Facility Agent otherwise agrees, the New Lender must pay to the Facility Agent for its own account, on or before the date any assignment or transfer occurs, a fee of
EUR2,000. 

  

	 	(e)	Any reference in this Agreement to a Lender includes a New Lender but excludes a Lender if no amount is or may be owed to or by it under this Agreement. 

  

	26.3	Procedure for transfer by way of novations 

  

	(a)	In this Subclause: 

 Transfer Date means, for a
Transfer Certificate, the later of: 
  

	 	(i)	the proposed Transfer Date specified in that Transfer Certificate; and 

  

	 	(ii)	the date on which the Facility Agent executes that Transfer Certificate. 

  

	(b)	A novation is effected if: 

  

	 	(i)	the Existing Lender and the New Lender deliver to the Facility Agent a duly completed Transfer Certificate; and 

  

	 	(ii)	the Facility Agent executes it. 

 The Facility Agent must
execute as soon as reasonably practicable a Transfer Certificate delivered to it and which appears on its face to be in order. 
  

	(c)	Each Party (other than the Existing Lender and the New Lender) irrevocably authorises the Facility Agent to execute any duly completed Transfer Certificate on its behalf.

  

	(d)	On the Transfer Date: 

  

	 	(i)	the New Lender will assume the rights and obligations of the Existing Lender expressed to be the subject of the novation in the Transfer Certificate in substitution for the Existing
Lender; and 

  

	 	(ii)	the Existing Lender will be released from those obligations and cease to have those rights. 

  

	(e)	The Facility Agent must, as soon as reasonably practicable after it has executed a Transfer Certificate, send a copy of that Transfer Certificate to the Company.

  

	26.4	Limitation of responsibility of Existing Lender 

  

	(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 

  

	 	(i)	the financial condition of the Company; or 

  

	 	(ii)	the legality, validity, effectiveness, enforceability, adequacy, accuracy, completeness or performance of: 

  

	 	(A)	any Finance Document or any other document; 

  

 49 

	 	(B)	any statement or information (whether written or oral) made in or supplied in connection with any Finance Document, or 

  

	 	(C)	any observance by the Company of its obligations under any Finance Document or other document, 

 and any representations or warranties implied by law are excluded. 
  

	(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	(i)	has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Finance Documents (including, without limitation, the
financial condition and affairs of the Company and its related entities and the nature and extent of any recourse against any Party or its assets) in connection with its participation in this Agreement; and 

  

	 	(ii)	has not relied exclusively on any information supplied to it by the Existing Lender in connection with any Finance Document. 

  

	(c)	Nothing in any Finance Document requires an Existing Lender to: 

  

	 	(i)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause; or 

  

	 	(ii)	support any losses incurred by the New Lender by reason of the non-performance by the Company of its obligations under any Finance Document or otherwise. 

 

	26.5	Costs resulting from change of Lender or Facility Office 

 If: 
  

	 	(a)	a Lender assigns or transfers any of its rights and obligations under the Finance Documents or changes its Facility Office; and 

  

	 	(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs, the Company would be obliged to pay a Tax Payment or an Increased Cost,

 then, unless the assignment, transfer or change is made by a Lender to mitigate any circumstances giving rise to the Tax
Payment, Increased Cost or right to be prepaid and/or cancelled by reason of illegality, the Company need only pay that Tax Payment or Increased Cost to the same extent that it would have been obliged to if no assignment, transfer or change had
occurred. 
  

	26.6	Changes to the Reference Banks 

 If a Reference Bank
(or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Facility Agent must (in consultation with the Company) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.

  

 50 

	27.	DISCLOSURE OF INFORMATION 

  

	(a)	Each Finance Party must keep confidential any information supplied to it by or on behalf of the Company in connection with the Finance Documents. However, a Finance Party is
entitled to disclose information: 

  

	 	(i)	which is publicly available, other than as a result of a breach by that Finance Party of this Clause; 

  

	 	(ii)	in connection with any legal or arbitration proceedings; 

  

	 	(iii)	if required to do so under any law or regulation; 

  

	 	(iv)	to a governmental, banking, taxation or other regulatory authority; 

  

	 	(v)	to its professional advisers; 

  

	 	(vi)	to the extent allowed under paragraph (b) of this Clause 27; or 

  

	 	(vii)	with the agreement of the Company. 

  

	(b)	A Finance Party may disclose to an Affiliate or any person with whom it may enter, or has entered into, any kind of transfer, participation or other agreement in relation to this
Agreement (a participant): 

  

	 	(i)	a copy of any Finance Document; and 

  

	 	(ii)	any information that that Finance Party has acquired under or in connection with any Finance Document. 

 However, before a participant may receive any confidential information, it must agree with the relevant Finance Party to keep that information
confidential on the terms of paragraph (a) of this Clause 27 . 
  

	(c)	This Clause supersedes any previous confidentiality undertaking given by a Finance Party in connection with this Agreement prior to it becoming a Party. 

  

	28.	SET-OFF 

  

	(a)	A Finance Party may set off any matured obligation owed to it by the Company under the Finance Documents (to the extent beneficially owned by that Finance Party) against any
obligation (whether or not matured) owed by that Finance Party to the Company, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either
obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. If either obligation is unliquidated or unascertained, the Finance Party may set off in an amount estimated by it in good faith to be the amount
of that obligation. 

  

	(b)	The Company agrees to and confirms a Lender’s rights of banker’s lien and set-off under applicable law and nothing herein shall be deemed a waiver or prohibition of such
right. Each Finance Party agrees to exercise such rights only after the Company’s failure to pay following proper demand and to promptly notify the Company after any such set off and application; provided, however, that the failure to give such
notice shall not affect the validity of such set-off and application. 

  

 51 

	29.	PRO RATA SHARING 

  

	29.1	Redistribution 

 If any amount owing by the Company
under this Agreement to a Finance Party (the recovering Finance Party) is discharged by payment, set-off or any other manner other than in accordance with this Agreement (a recovery), then: 
  

	 	(a)	the recovering Finance Party must, within three Business Days, supply details of the recovery to the Facility Agent; 

  

	 	(b)	the Facility Agent must calculate whether the recovery is in excess of the amount which the recovering Finance Party would have received if the recovery had been received and
distributed by the Facility Agent under this Agreement; and 

  

	 	(c)	the recovering Finance Party must pay to the Facility Agent an amount equal to the excess (the redistribution). 

  

	29.2	Effect of redistribution 

  

	 	(a)	The Facility Agent must treat a redistribution as if it were a payment by the Company under this Agreement and distribute it among the Finance Parties, other than the recovering
Finance Party, accordingly. 

  

	 	(b)	When the Facility Agent makes a distribution under paragraph (a) of this Clause 29.2, the recovering Finance Party will be subrogated to the rights of the Finance Parties that
have shared in that redistribution. 

  

	 	(c)	If and to the extent that the recovering Finance Party is not able to rely on any rights of subrogation under paragraph (b) of this Clause 29.2, the Company will owe the
recovering Finance Party a debt that is equal to the redistribution, immediately payable and of the type originally discharged. 

  

	 	(d)	If: 

  

	 	(i)	a recovering Finance Party must subsequently return a recovery, or an amount measured by reference to a recovery, to the Company; and 

  

	 	(ii)	the recovering Finance Party has paid a redistribution in relation to that recovery, 

 each Finance Party, on the request of the Facility Agent, must reimburse the recovering Finance Party all or the appropriate portion of the redistribution paid to that Finance Party, together with interest for the
period while it held the redistribution. In this event, the subrogation in paragraph (b) of this Clause 29.2 will operate in reverse to the extent of the reimbursement. 
  

	29.3	Exceptions 

 Notwithstanding any other term of this
Clause, a recovering Finance Party need not pay a redistribution to the extent that: 
  

	 	(a)	it would not, after the payment, have a valid claim against the Company in the amount of the redistribution; or 

  

 52 

	 	(b)	it would be sharing with another Finance Party any amount which the recovering Finance Party has received or recovered as a result of legal or arbitration proceedings, where:

  

	 	(i)	the recovering Finance Party notified the Facility Agent of those proceedings; and 

  

	 	(ii)	the other Finance Party had an opportunity to participate in those proceedings but did not do so or did not take separate legal or arbitration proceedings as soon as reasonably
practicable after receiving notice of them. 

  

	30.	SEVERABILITY 

 If a term of a Finance Document is or
becomes illegal, invalid or unenforceable in any respect under any jurisdiction, that will not affect: 
  

	 	(a)	the legality, validity or enforceability in that jurisdiction of any other term of the Finance Documents; or 

  

	 	(b)	the legality, validity or enforceability in other jurisdictions of that or any other term of the Finance Documents. 

  

	31.	COUNTERPARTS 

 Each Finance Document may be executed
in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 
  

	32.	NOTICES 

  

	32.1	Giving of notices 

 All notices or other
communications under or in connection with this Agreement shall be given in writing and, unless otherwise stated, may be made by letter or facsimile. Any such notice will be deemed to be given as follows: 
  

	 	(a)	if by letter, when delivered personally or on actual receipt; and 

  

	 	(b)	if by facsimile, when received in legible form. 

 However,
a notice given in accordance with this Clause 32.1 but received on a non-working day or after business hours in the place of receipt will only be deemed to be given on the next working day in that place. 
  

	32.2	Addresses for notices 

  

	(a)	The address and facsimile number of the Company are: 

 U. S. Steel Košice, s.r.o. 
 Vstupný areál U. S. Steel 
 04454 Košice, 
 The Slovak Republic

			
	Attention:	  	Chief Financial Officer
	Fax:	  	421-95-673-0858

  

 53 

 and copied to: 
 United States Steel Corporation 
 600 Grant Street 
 Pittsburgh, PA 15219 

			
	Attention:	 	Assistant Treasurer - Finance & Risk Management
	Fax	 	001 412 433 4756

 or such other as the Company may notify to the Facility Agent by not less than five Business
Days’ notice. 
  

	(b)	The address and facsimile number of the Facility Agent are: 

 ING Bank N. V., London Branch 
 60 London Wall 
 London EC2M 5TQ 
 United Kingdom 
  

			
	Attention:	 	Magdalena Pabich/Craig Baker
	Tel number:	 	+44 207 767 5616/5617
	Fax number:	 	+44 207 767 7324
	E-mail:	 	magdalena.pabich@uk.ing.com/craig.baker@uk.ing.com

 or such other as the Facility Agent may notify to the other Parties by not less than five Business
Days’ notice. 
  

	32.3	The Company 

 All formal communication under the
Finance Documents to or from the Company must be sent through the Facility Agent. 
  

	33.	LANGUAGE 

  

	(a)	Any notice given in connection with a Finance Document must be in English. 

  

	(b)	Any other document provided in connection with a Finance Document must be: 

  

	 	(i)	in English; or 

  

	 	(ii)	(unless the Facility Agent otherwise agrees) accompanied by a certified English translation. In this case, the English translation prevails unless the document is a statutory or
other official document. 

  

	34.	GOVERNING LAW 

 This Agreement is governed by
English law. 
  

	35.	ENFORCEMENT 

  

	35.1	Jurisdiction 

  

	(a)	The English courts have jurisdiction to settle any dispute in connection with any Finance Document. 

  

 54 

	(b)	This Clause is for the benefit of the Finance Parties only. To the extent allowed by law, the Finance Parties may take: 

  

	 	(i)	proceedings in any other court; and 

  

	 	(ii)	concurrent proceedings in any number of jurisdictions. 

  

	(c)	References in this Clause to a dispute in connection with a Finance Document include any dispute as to the existence, validity or termination of that Finance Document.

  

	35.2	Service of process 

 Without prejudice to any other
mode of service, the Company: 
  

	 	(a)	irrevocably appoints The London Law Agency Limited 69 Southampton Row, London WC1B 4ET, England as its agent for service of process in relation to any proceedings before the English
courts in connection with any Finance Document; 

  

	 	(b)	agrees to maintain such an agent for service of process in England for so long as any amount is outstanding under this Agreement; 

  

	 	(c)	agrees that failure by the process agent to notify the Company of the process will not invalidate the proceedings concerned; 

  

	 	(d)	consents to the service of process relating to any such proceedings by the delivery a copy of the process at its address for the time being applying under Clause 32.2
(Addresses for notices); and 

  

	 	(e)	agrees that if the appointment of any person mentioned in paragraph (a) of this Clause 35.2 ceases to be effective, the Company shall immediately appoint a further person in
England to accept service of process on its behalf in England and, failing such appointment within 15 days, the Facility Agent is entitled to appoint such a person by notice to the Company. 

  

	35.3	Forum convenience and enforcement abroad 

 The
Company: 
  

	 	(a)	waives objection to the English courts on grounds of inconvenient forum or otherwise as regards proceedings in connection with a Finance Document; and 

  

	 	(b)	agrees that a judgement or order of an English court in connection with a Finance Document is conclusive and binding on it and may be enforced against it in the courts of any other
jurisdiction. 

  

	35.4	Non-exclusivity 

 Nothing in this Clause 35 limits
the right of a Finance Party to bring proceedings against the Company in connection with any Finance Document: 
  

	 	(a)	in any other court of competent jurisdiction; or 

  

	 	(b)	concurrently in more than one jurisdiction. 

  

 55 

	35.5	Waiver of immunity 

 The Company irrevocably and
unconditionally:- 
  

	 	(a)	agrees not to claim any immunity from proceedings brought by a Finance Party against the Company in relation to a Finance Document and to ensure that no such claim is made on its
behalf; 

  

	 	(b)	consents generally to the giving of any relief or the issue of any process in connection with those proceedings; and 

  

	 	(c)	waives all rights of immunity in respect of it or its assets. 

  

	35.6	Waiver of trial by jury 

 EACH PARTY WAIVES ANY
RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN CONNECTION WITH ANY FINANCE DOCUMENT OR ANY TRANSACTION CONTEMPLATED BY ANY FINANCE DOCUMENT. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY COURT. 
 This Agreement has been entered into on the date stated at the beginning of this Agreement. 
  

 56 

 SCHEDULE 1 
 ORIGINAL PARTIES 
  

				
	 Name of Original Lender
	  	Commitments
	 COMMERZBANK Aktiengesellschaft, pobočka zahraničnej banky, Bratislava
	  	€	50,000,000
		
	 ING Bank N.V., pobočka zahraničnej banky
	  	€	50,000,000
		
	 Slovenská sporitel’ňa
	  	€	50,000,000
		
	 Citibank NA, Bahrain
	  	€	25,000,000
		
	 HSBC Bank plc, pobočka zahraničnej banky ]1
	  	€	25,000,000
		
		  	 	 
		
	 Total Commitments
	  	€	200,000,000
		  	 	 

  

	 1
	 If there is a U.K. Non-Bank Lender, this should be expressly stated. 

  

 57 

 SCHEDULE 2 
 CONDITIONS PRECEDENT DOCUMENTS 
  

	1.	A copy of the constitutional documents of the Company. 

  

	2.	A specimen of the signature of each person authorised to sign this Agreement on behalf of the Company and to sign and/or despatch all documents and notices to be signed and/or
despatched by the Company under or in connection with this Agreement. 

  

	3.	Evidence that the process agent referred to in Clause 35.2 (Service of process) has accepted its appointment under that Clause. 

  

	4.	An extract from the Company’s entry in the Commercial Registry, sealed/stamped by the Košice Commercial Registry, as at a date no earlier than one week prior to the date
of the Agreement and certified by an authorised signatory of the Company, as at a date no earlier than the date of this Agreement, confirming the accuracy of all facts shown in the extract, except with respect to the attached amendments which have
been filed with the Commercial Registry. 

  

	5.	A copy of any other authorisation or other document, opinion or assurance that the Facility Agent, acting reasonably, considers to be necessary or desirable in connection with the
entry into and performance of, and the transactions contemplated by, any Finance Document or for the validity and enforceability of any Finance Document. 

  

	6.	A certificate of an authorised signatory of U. S. Steel certifying that the Company is a 100% owned Subsidiary of U. S. Steel. 

  

	7.	A certificate of an authorised signatory of the Company certifying that each copy document delivered under this Schedule 2 is correct, complete and in full force and effect as at a
date no earlier than the date of this Agreement. 

  

	8.          (a)	A legal opinion of a legal adviser in the Republic, substantially in the form of Schedule 5, addressed to the Facility Agent; 

  

	 	(b)	a legal opinion of Allen & Overy, legal advisers to the Lenders in relation to the laws of the Republic, substantially in the form of Schedule 6, addressed to the Facility
Agent; and 

  

	 	(c)	a legal opinion of Allen & Overy, legal advisers to the Lenders in relation to the laws of England, substantially in the form of Schedule 7, addressed to the Facility
Agent. 

  

	9.	Evidence that all fees and expenses then due and payable from the Company under this Agreement have been or will be paid by the first Utilisation Date. 

  

 58 

 SCHEDULE 3 
 FORM OF REQUEST 
  

			
	To:	 	ING Bank N.V., London Branch as Facility Agent
	From:	 	[                    ]
	Date:	 	[                    ]

 U. S. Steel Košice, s.r.o. - €200,000,000 Credit Agreement 
 dated [            ], 2008 (the Agreement) 
  

	1.	We refer to the Agreement. This is a Request. 

  

	2.	We wish to borrow a Loan on the following terms: 

  

	 	(a)	Utilisation Date: [                    ]; 

  

	 	(b)	Amount/currency: [                    ]; 

  

	 	(c)	Term: [                    ]. 

  

	3.	Our payment instructions are: [                    ]. 

 

	4.	We confirm that each condition precedent under the Agreement that must be satisfied on the date of this Request is so satisfied. 

  

	5.	This Request is irrevocable. 

  

	 6.
	 With reference to Clause 17.5, we [confirm that no change referred to in Clause 17.5 has occurred since [the date of the
Agreement/the date of our preceding Request]2/attach the up-to-date list of participants of the Company].3 

 By: 
 [                    ] 
  

	 2
	 Delete as applicable. 

	 3
	 Delete as applicable. 

  

 59 

 SCHEDULE 4 
 FORM OF TRANSFER CERTIFICATE 
  

			
	To:	 	ING Bank N.V., London Branch as Facility Agent
	From:	 	[EXISTING LENDER] (the Existing Lender) and [NEW LENDER] (the New Lender)
	Date:	 	[                    ]

 U. S. Steel Košice, s.r.o. - €200,000,000 Credit Agreement 
 dated [                    ], 2008 (the
Agreement) 
 We refer to the Agreement. This is a Transfer Certificate. 
  

	1.	The Existing Lender transfers by novation to the New Lender the Existing Lender’s rights and obligations referred to in the following Schedule in accordance with the terms of
the Agreement. 

  

	2.	The proposed Transfer Date is [                    ]. 

 

	3.	The administrative details of the New Lender for the purposes of the Agreement are set out in the Schedule. 

  

	4.	[The New Lender is a UK Non-Bank Lender.] 

  

	5.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations in respect of this Transfer Certificate contained in the Agreement.

  

	6.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of the Transfer
Certificate. 

  

	7.	This Transfer Certificate is governed by English law. 

  

 60 

 THE SCHEDULE 
 Rights and obligations to be transferred by novation 
 [insert relevant details, including applicable
Commitment (or part)] 
 Administrative details of the New Lender 
 [insert details of Facility Office, address for notices and payment details etc.] 
  

			
	[EXISTING LENDER]	 	[NEW LENDER]
		
	By:	 	By:

 The Transfer Date is confirmed by the Facility Agent as
[                    ]. 
 ING Bank N.V., London Branch

 By: 
  

			
	Accepted:
	
	U. S. Steel Košice, s.r.o.
		
	By:	 	  

		
	By:	 	  

 Note: It is the responsibility of each New Lender to ascertain whether any other document or formality is
required to perfect the transfer contemplated by this Transfer Certificate or to take the benefit of any interest in any security. 
  

 61 

 SCHEDULE 5 
 FORM OF LEGAL OPINION OF LEGAL ADVISER TO THE COMPANY 
 2 July 2008 
  

			
	 United States Steel
 Corporation
	 	 Elena Petrášková
 General Attorney

	Law Department	 	
	600 Grant Street	 	
	Pittsburgh, PA 15219-2800	 	

 The Finance Parties named 
 as original parties to the Facility 
 Agreement (hereinafter defined) 
 Ladies and Gentlemen: 
  

			
	Re:	 	€200,000,000 Credit Agreement dated 2 July 2008 with U. S. Steel Košice, s.r.o. as the borrower

 I am currently a General Attorney of United States Steel Corporation and have been educated and practice in the
Slovak Republic. My previous position was Assistant General Counsel of U. S. Steel Košice, s.r.o., a company organized and existing under the laws of the Slovak Republic (the “Company”). This opinion is being delivered in connection
with the execution and delivery of the €200,000,000 Credit Agreement dated 2 July 2008 entered into (inter alia) between the Company as borrower and Commerzbank Aktiengesellschaft, pobočka zahraničnej banky, Bratislava,
ING Bank N.V., pobočka zahraničnej banky and Slovenská sporitel’ňa, a.s. as mandated lead arrangers (the “Agreement”). 
 Capitalized terms that are used in this opinion letter that are not defined have the same meanings given to them in the Agreement. 
 In giving this
opinion I have examined the following documents: 
  

	 	1.	an executed copy of the Agreement; and 

  

	 	2.	the following corporate documents of the Company: 

  

	 	a.	an extract of the Company Register of the District Court Košice 1, Section Sro, insert No. 11711/V of 30 June, 2008 in respect of the Company;

  

	 	b.	a copy of the foundation agreement of the Company dated 7th June, 2000; and 

  

	 	c.	a copy of the Memorandum of Association of the Company in full wording dated 11 June 2008. 

 I or persons under my supervision have examined originals or copies of such documents, corporate records, certificates of public officials and other instruments and have conducted such other investigations of fact and
law as they and I have deemed necessary or advisable for purposes of this opinion 
 In rendering this opinion I made the following assumptions: 

 

	 	1.	that the Agreement has been duly authorised, executed and delivered by or on behalf of each of the parties thereto other than the Company; 

  

 62 

	 	2.	the genuineness of all signatures on all documents, the authenticity and completeness of all documents submitted to me as originals and the completeness and conformity to the
original documents of all documents submitted to me as copies; and 

  

	 	3.	that the Agreement constitutes a legal, valid, binding and enforceable obligation of the Company in accordance with its terms under English law, and is binding on the Parties.

 This opinion is limited to the laws of the Slovak Republic currently in force and I have made no investigation and no opinion is expressed
or implied as to the laws of any other jurisdiction. I express no opinion as to matters of fact. This opinion is given subject to matters not disclosed to me and about which I have no knowledge. I assume that there are no facts that would affect the
conclusions in this opinion. 
 Based on the foregoing and subject to the foregoing assumptions and the following qualifications, I am of the opinion that,
so far as the laws of the Slovak Republic is concerned at the date of this opinion: 
  

	1.	Status. The Company is a limited liability company organised under the laws of the Slovak Republic. 

  

	2.	Powers and authority. The Company has the corporate power and authority to enter into and perform the obligations expressed to be assumed by it under the Agreement and to
borrow thereunder and, has taken all necessary corporate action to authorise the execution and performance by the Company of the Agreement and the borrowing by the Company of the Loans. According to Section 13(4) and 133(3) of the Slovak
Commercial Code (Act No. 513/1991 Coll., as amended), any restriction of the authority of a company’s statutory body to act for the company shall be ineffective vis-à-vis third parties (any disclosure of that restriction
notwithstanding). 

  

	3.	Execution. The Agreement has been duly executed and delivered by the Company. 

  

	4.	Legal validity. The Agreement constitutes a legal, valid, binding and enforceable obligation of the Company in accordance with its terms and (subject to the preparation of
the official translation into the Slovak language) is in the proper form for its enforcement in the courts of the Slovak Republic. 

  

	5.	Non-conflict. The execution by the Company of the Agreement does not, and its performance of that agreement will not, violate: (i) any mandatory provision of any Slovak
law or regulation or the Constitution of the Slovak Republic; (ii) the constitutional documents of the Company or (iii) any other agreement, document or obligation that is binding upon the Company or any of its Assets.

  

	6.	Consents. No authorisations, approvals, consents, licences, exemptions, filings, registrations, notarisations or other requirements of governmental, judicial or public bodies
and authorities of the Slovak Republic are required in connection with the Company’s entry into or performance of the Agreement, or for its validity or enforceability against the Company. 

  

 63 

	7.	Signatories. Miroslav Kiral’varga and William C. King have the right and power to execute the Agreement and to give any notices to the Facility Agent thereunder.

  

	8.	Pari passu ranking. The obligations of the Company under the Agreement rank at least pari passu with all its other present or future unsecured and unsubordinated
obligations save as provided under mandatory provisions of Slovak law. 

  

	9.	Borrowing limits. The borrowing of the full amount available under the Agreement will not cause any limit on the Company’s borrowing or other powers or on the exercise
of such powers by its executives, whether imposed by the Company’s Memorandum of Association or similar document or by statute, regulation, or agreement, to be exceeded. 

  

	10.	Stamp duties. Except for court fees and sworn translators’ fees payable in connection with proceedings to enforce the Agreement and for any applicable notarial charges,
there are no stamp, transfer or registration fees or similar taxes, charges or duties payable in the Slovak Republic in connection with the execution or enforcement of the Agreement. 

  

	11.	No immunity. 

  

	 	a.	the Company is subject to civil and commercial law with respect to its obligations under the Agreement, and its entry into and performance of the Agreement constitutes private and
commercial acts; and 

  

	 	b.	neither the Company nor any of its assets located in the Slovak Republic enjoys any right of immunity from suit, attachment prior to judgement or other legal process in respect of
its obligations under the Agreement. 

  

	12.	Bankruptcy. The Company has not been declared bankrupt and no step has been or is being taken by the Company nor am I aware of any other step being taken in respect of the
Company, for bankruptcy or any similar proceedings in relation to the Company or any of its Assets. 

  

	13.	Application of governing law. The choice of English law as the governing law of the Agreement would be upheld as a valid choice of law by the courts of the Slovak Republic.

  

	14.	Jurisdiction. The submission by the Company to the jurisdiction of the English courts under Clause 37 of the Agreement is a valid and binding submission to jurisdiction in
respect of the Agreement and not subject to revocation. 

  

	15.	Enforcement of foreign judgements awards. 

 A
judgement duly obtained in the English courts shall be recognised and enforced in the Slovak Republic unless: 
  

	 	a.	the matter is one within the exclusive jurisdiction of the courts of a Member State of the European Union other than the courts of England pursuant to the Council Regulation (EC)
No. 44/2001 of 22 December 2000 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters, as amended; or 

  

 64 

	 	b.	the decision is not final or enforceable in the state where it has been issued; or 

  

	 	c.	the party against whom such judgement is sought to be enforced has been deprived of an opportunity to participate in the foreign proceedings, especially if the summons or notice of
the commencement of the foreign proceedings has not been duly served on the party; this exception does not apply if the party has not filed an appeal against the foreign judgement that has been duly served on it or if the party has waived the
applicability of this exception; or 

  

	 	d.	a final decision in the same matter has previously been reached by a court of the Slovak Republic or by a foreign authority if that foreign authority’s decision has been, or
would be, enforced in the Slovak Republic; or 

  

	 	e.	recognition of the foreign judgement would be contrary to public policy (ordre public) of the Slovak Republic. 

  

	16.	Foreign currency judgements awards. A judgement duly obtained in the courts of England in respect of the Agreement given in Euros, Canadian Dollars or USD, and being enforced
in the Slovak Republic in Euros, Canadian Dollars or USD respectively, would be implemented in Euros, Canadian Dollars or USD respectively. 

 This opinion is subject to the following qualifications: 
  

	 	1.	The validity, enforceability and effectiveness of the Agreement against the Company are limited by all bankruptcy, insolvency, moratorium and other laws affecting creditors’
rights generally. 

  

	 	2.	References in this opinion to the term “enforceable” mean that each obligation or document is of a type and form that the Slovak courts would enforce. It is not certain,
however, that each obligation or document will be enforced in accordance with its terms in every circumstance, enforcement being subject to inter alia the nature of the remedies available in the Slovak courts, the acceptance by such courts of
jurisdiction, the power of such courts to stay proceedings, the provisions of other principles of law of general application (such as e.g. the concept of fair business conduct) and all limitations resulting from the laws of bankruptcy, insolvency,
liquidation, forced administration, any statutes of limitation and lapse of time or other laws affecting generally the enforcement of creditors’ rights. 

  

	 	3.	Any subsidies or other funds obtained by the Company from the state budget or from the budget of the European Union or any assets purchased from funds originated from the state
budget are immune from attachment and from execution and would not be available to creditors in any enforcement proceedings. 

  

	 	4.	Under the Foreign Exchange Act No. 202/1995 Coll., as amended, if the Government of the Slovak Republic declares a foreign exchange emergency, payments in foreign currency or
abroad generally may be suspended for the duration of such emergency (not to exceed three months at any one time). 

  

	 	5.	The effectiveness of terms exculpating a party from a liability or duty otherwise owed is limited by law. 

  

	 	6.	Slovak courts may not give effect to any indemnity for legal costs incurred by a litigant in proceedings before Slovak courts. 

  

 65 

 This opinion expresses Slovak legal concepts in English. Such concepts are not always capable of precise expression in
English without an extensive comparative law analysis that would not be appropriate for an opinion of this kind. 
 This opinion is given exclusively in
connection with the Agreement and for no other purpose. It is strictly limited to the matters set forth herein and no opinion may be inferred or implied beyond that expressly stated herein. 
 This opinion is given solely to the Finance Parties that are the original parties to the Agreement and may not be given to or relied upon, by any other person.

 Yours faithfully, 
 Elena Petrášková

 General Attorney 
  

 66 

 SCHEDULE 6 
 FORM OF ENGLISH LEGAL OPINION 
  

	To:	The Finance Parties named 

 original parties to the
Agreement 
 (as defined below). 
 [DATE] 
 Dear Sirs, 
 U. S. Steel
Košice, s.r.o. - €200,000,000 Credit Agreement 
 dated
[            ], 2008 (the Agreement) 
 We have acted as legal advisers as to the laws of
England to ING Bank N.V., Amstelveenseweg 500, 1081KL Amsterdam, The Netherlands, a company limited by shares, registered in the Trade Register of Chamber of Commerce and Industry for Amsterdam under file No. 33031431 acting through
ING Bank N.V., pobočka zahraničnej banky, Jesenského 4/C, 811 02 Bratislava, Identification No. 30 844 754, registered in the Commercial register maintained by the District Court of Bratislava I, in Section Po, inserted
file No. 130/B (the Client) in connection with the Agreement entered into between the Company, the Mandated Lead Arrangers, the Lead Arrangers, the Facility Agent and the Original Lenders, as specified in the Agreement. In this matter we
have taken instructions solely from the Client. 
 Words defined in the Agreement have the same meaning when used in this opinion. 
 We have examined an executed copy of the Agreement and the legal opinions referred to in Schedule 2 to the Agreement (contained in Schedules 5 and 7 to the Agreement).

 We have not examined any other document entered into by or affecting the Company or any corporate or other records of the Company and have not made any
other inquiries concerning it. 
 This opinion is limited to the substantive laws of England currently in force and we have made no investigation and no
opinion is expressed or implied as to the laws of any other jurisdiction. We express no opinion as to matters of fact. This opinion is given subject to matters not disclosed to use and about which we have no knowledge. We assume that there are no
facts that would affect the conclusions in this opinion. 
 Subject to the qualifications set out below and to any matters not disclosed to us, we are of the
opinion that, so far as the present laws of England are concerned: 
  

	1.	Legal validity: The Agreement constitutes a legally binding, valid and enforceable obligation of the Company. 

  

	2.	Consents: No authorisations of governmental, judicial or public bodies or authorities in England are required by the Company in connection with the performance, validity or
enforceability of its payment obligations under the Agreement. 

  

	3.	Registration requirements: It is not necessary or advisable to file, register or record the Agreement in any public place or elsewhere in England. 

 

	4.	Stamp duties: No stamp, registration or similar tax or charge is payable in England in respect of the execution or delivery of the Agreement. 

  

 67 

	5.	Choice of law: The choice of English law as the governing law of the Agreement would be upheld as a valid choice by the courts of England except that where all the other
elements relevant to the Agreement at the time of the choice are connected with one country only, the fact that the parties have chosen English law will not prejudice the application of any mandatory rules under the laws of that other country which
cannot be derogated from by contract. 

 The qualifications to which this opinion is subject are as follows: 
  

	(a)	We assume that the Agreement has been duly authorised and entered into by each party to it. 

  

	(b)	We assume the genuineness of all signatures on all documents, the authenticity and completeness of all documents submitted to us as originals, and the completeness and conformity to
the original documents of all documents submitted to us as copies 

  

	(c)	This opinion is subject to all insolvency and other laws affecting the rights of creditors generally. 

  

	(d)	We assume that no foreign law affects the conclusions stated above. We assume, in particular, that, so far as the laws of Slovakia are concerned, the Agreement is a legal, valid,
binding and enforceable obligation of the Company. In this regard we have relied on copies of the legal opinions referred to in Schedule 2 to the Agreement (contained in Schedules 5 and 7 to the Agreement), subject to any limitations or
qualifications expressed therein. 

  

	(e)	An English court may stay proceedings if concurrent proceedings are being brought elsewhere. 

  

	(f)	The term enforceable means that a document is of a type and form enforced by the English courts. It does not mean that each obligation will be enforced in accordance with its
terms. Certain rights and obligations of the Company may be qualified by the non-conclusivity of certificates, doctrines of good faith and fair conduct, the availability of equitable remedies and other matters, but in our view these qualifications
would not defeat your legitimate expectations in any material respect. 

 This opinion is given for the sole benefit of: 
  

	(a)	the persons to whom the opinion is addressed; and 

  

	(b)	any person that becomes a Lender as part of primary syndication within [x] months of the date of this letter. 

 This opinion may not be disclosed to anyone else except that it may be disclosed, but only on the express basis that they may not rely on it, to any professional adviser
or to any potential assignee, transferee and sub-participant of the Facility or as required by law or regulation. 
 Yours faithfully, 
  

 68 

 SCHEDULE 7 
 FORM OF SLOVAK LEGAL OPINION 
  

	To:	The Finance Parties named 

 as original parties to the
Agreement 
 (as defined below) 
 [DATE]

 Dear Sirs, 
 U. S. Steel Košice,
s.r.o. - €200,000,000 Credit Agreement 
 dated [            ], 2008
(the Agreement) 
 We have acted as legal advisers as to the laws of the Slovak Republic to ING Bank N.V., Amstelveenseweg 500, 1081KL Amsterdam,
The Netherlands, a company limited by shares, registered in the Trade Register of Chamber of Commerce and Industry for Amsterdam under file No. 33031431 acting through ING Bank N.V., pobočka zahraničnej banky, Jesenského
4/C, 811 02 Bratislava, Identification No. 30 844 754, registered in the Commercial register maintained by the District Court of Bratislava I, in Section Po, inserted file No. 130/B (the Client) in connection with the Agreement
entered into between the Company, the Mandated Lead Arrangers, the Lead Arrangers, the Facility Agent and the Original Lenders, as specified in the Agreement. In this matter we have taken instructions solely from the Client. 
 Terms defined in the Agreement and not defined otherwise herein shall have the same meanings when used herein as therein. 
 DOCUMENTS 
 For the purposes of this opinion, we have examined the
copies of following documents: 
  

	1.	the Agreement; 

  

	2.	the following corporate documents of the Company, certified by an authorised signatory for and on behalf of the Company as being true, correct and complete and in full force and
effect as at a date no earlier than the date of the Agreement: 

  

	 	(a)	an extract of the Company Register of the District Court Košice 1, Section Sro, insert No. 11711/V dated 30 June 2008 in respect of the Company;

  

	 	(b)	a copy of the Memorandum of Association of the Company dated 7 June 2000 (original wording); and 

  

	 	(c)	a copy of the Memorandum of Association of the Company in full wording dated 11 June 2008. 

 Except as stated above, we have not examined any other contracts or documents or any corporate or other records. 
 ASSUMPTIONS 
 In giving this opinion we have assumed: 
  

	(a)	that the Parties (other than the Company) have taken all necessary actions (including corporate action) to authorise the entry into and performance of the Agreement and that the
Agreement has been duly authorised, executed and delivered by or on behalf of the Parties (other than the Company) in accordance with all applicable laws and their respective constitutional documents; 

  

 69 

	(b)	the genuineness of all signatures on all documents, the authenticity and completeness of all documents submitted to us as originals and the completeness and conformity to the
original documents of all documents submitted to us as copies; 

  

	(c)	that the documents referred to in paragraph 2 above were at their date, and remain, accurate and are in full force and effect; 

  

	(d)	that the Agreement, and the transactions contemplated thereby, constitutes a legal, valid, binding and enforceable obligation of the Parties (including the Company) in accordance
with its terms under English law; 

  

	(e)	that the Parties (other than the Company) have the requisite power, capacity and authority to enter into and perform the Agreement; 

  

	(f)	that the authorisation, execution, delivery and performance of the Agreement will not contravene any of the provisions of the constitutional documents of any Party (other than the
Company); 

  

	(g)	that no provision of the laws of any jurisdiction other than the Slovak Republic affects the conclusions of the opinion (e.g. insofar as any obligation is to be performed in any
jurisdiction outside the Slovak Republic, its performance will not be illegal or ineffective by virtue of the law of, or contrary to public policy in, that jurisdiction); 

  

	(h)	that no petition has been filed to declare bankruptcy with respect to the Company or over its assets or to permit restructuring of the Company and that the Company is not insolvent
(in Slovak, v úpadku); and 

  

	(i)	that all relevant documents for the purposes of our giving this opinion have been properly disclosed to us and that the Parties have acted in good faith whilst entering into the
Agreement. 

 This opinion is limited to the law of the Slovak Republic currently in force and we have made no investigation and no opinion is
expressed or implied as to the laws of any other jurisdiction. We express no opinion on any EU Directives not implemented in the Slovak domestic law. We express no opinion as to matters of fact and/or commercial facts. This opinion is given subject
to matters not disclosed to us and about which we have no knowledge. We assume that there are no matters of fact that would affect the conclusions in this opinion. 
 We have not advised as to matters of taxation law and practice. 
 OPINION 
 Based on the foregoing and subject to the assumptions set out above and the qualifications set out below, we are of the opinion that, so far as the laws of the Slovak Republic are concerned at the date of this
opinion: 
  

	1.	Status. The Company is a limited liability company (in Slovak, spoločnost’ s ručením obmedzeným), incorporated with limited liability
under the laws of the Slovak Republic. 

  

 70 

	2.	Powers and authority. The Company has the corporate power to enter into and perform the obligations expressed to be assumed by it under the Agreement and to borrow under the
Agreement and, subject to a duly passed resolution of the executives of the Company approving the terms of, and the transactions contemplated by the Agreement and authorising the relevant members of the Company’s statutory body to execute the
Agreement on behalf of the Company, has taken all necessary corporate action to authorise the execution and performance of the Agreement. According to Section 13(4) and 133(3) of the Slovak Commercial Code (Act No. 513/1991 Coll., as
amended), any restriction of the authority of a company’s statutory body to act for the company shall be ineffective vis-à-vis third parties (any disclosure of that restriction notwithstanding). 

  

	3.	Legal validity. The Agreement constitutes legal, valid, binding and enforceable obligations of the Company in accordance with its terms and (subject to the preparation of the
official translation into the Slovak language) is in the proper form for its enforcement in the courts of the Slovak Republic. 

  

	4.	Non-conflict. The execution by the Company of the Agreement does not, and its performance of the Agreement will not, violate: (i) any mandatory provision of any Slovak
law or regulation or the Constitution of the Slovak Republic; or (ii) the constitutional documents of the Company referred to in paragraphs 2(a) to (c) above. 

  

	5.	Consents. No authorisations, approvals, consents, licences, exemptions, filings, registrations, notarisations or other requirements of governmental, judicial or public bodies
and authorities of the Slovak Republic are required in connection with the Company’s entry into or performance of the Agreement, or for its validity or enforceability against the Company. 

  

	6.	No immunity. Neither the Company nor any of its assets located in the Slovak Republic enjoys any right of immunity from suit, attachment prior to judgement or other legal
process in respect of its obligations under the Agreement. 

  

	7.	Stamp duties. Except for court fees and sworn translators’ fees payable in connection with proceedings to enforce the Agreement and for any applicable notarial charges,
there are no stamp, transfer or registration fees or similar taxes, charges or duties payable in the Slovak Republic in connection with the execution or enforcement of the Agreement. 

  

	8.	Governing law. The choice of English law as the governing law of the Agreement would be upheld as a valid choice of law by the courts of the Slovak Republic.

  

	9.	Enforcement of foreign judgments. A judgement duly obtained in the English courts shall be recognised and enforced in the Slovak Republic unless: 

  

	 	(a)	the matter is one within the exclusive jurisdiction of the courts of a Member State of the European Union other than the courts of England pursuant to the Council Regulation (EC)
No. 44/2001 of 22 December 2000 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters, as amended; or 

  

	 	(b)	the decision is not final or enforceable in the state where it has been issued; or 

  

	 	(c)	the party against whom such judgment is sought to be enforced has been deprived of an opportunity to participate in the foreign proceedings, especially if the summons or notice of
the commencement of the foreign proceedings has not been duly served on the party; this exception does not apply if the party has not filed an appeal against the foreign judgment which has been duly served on it or if the party has waived the
applicability of this exception; or 

  

 71 

	 	(d)	a final decision in the same matter has previously been reached by a court of the Slovak Republic or by a foreign authority if that foreign authority’s decision has been, or
would be, enforced in the Slovak Republic; or 

  

	 	(e)	recognition of the foreign judgment would be contrary to public policy (ordre public) of the Slovak Republic. 

  

	10.	Foreign currency judgements. A judgement duly obtained in the courts of England in respect of the Agreement given in Canadian Dollars, US Dollars, or euros and being enforced
in the Slovak Republic in Canadian Dollars, US Dollars or euros respectively, would be implemented in Canadian Dollars, US Dollars or euros respectively. 

  

	11.	Submission to jurisdiction. The submission by the Company to the jurisdiction of English courts will be recognised as a valid and binding submission to jurisdiction in
respect of the Agreement. 

 QUALIFICATIONS 
 The qualifications to which this opinion is subject are as follows: 
  

	(a)	The validity, enforceability and effectiveness of the Agreement against the Company are limited by all bankruptcy, insolvency, moratorium and other laws affecting creditors’
rights generally. 

  

	(b)	References in this opinion to the term “enforceable” mean that each obligation or document is of a type and form which the Slovak courts would enforce. It is not certain,
however, that each obligation or document will be enforced in accordance with its terms in every circumstance, enforcement being subject to inter alia the nature of the remedies available in the Slovak courts, the acceptance by such courts of
jurisdiction, the power of such courts to stay proceedings, the provisions of other principles of law of general application (such as e.g. the concept of fair business conduct) and all limitations resulting from the laws of bankruptcy, insolvency,
restructuring, liquidation, forced administration, any statutes of limitation and lapse of time or other laws affecting generally the enforcement of creditors’ rights. 

  

	(c)	Any subsidies or other funds obtained from the state budget or from the budget of European Union or any assets purchased from funds originated from the state budget or from the
budget of European Union are immune from attachment and from execution and would not be available to creditors in any enforcement proceedings. 

  

	(d)	Under the Foreign Exchange Act No. 202/1995 Coll., as amended, if a foreign exchange emergency is declared by the Government of the Slovak Republic, payments in foreign
currency or abroad generally may be suspended for the duration of such emergency (not to exceed three months at any one time). 

  

	(e)	The effectiveness of terms exculpating a party from a liability or duty otherwise owed is limited by law. 

  

	(f)	Slovak courts may not give effect to any indemnity for legal costs incurred by a litigant in proceedings before Slovak courts. 

  

 72 

	(g)	There could be circumstances in which a Slovak court would not treat as conclusive those certificates and determinations which the Agreement states to be so treated.

  

	(h)	Slovak court may declare that it does not have jurisdiction if the civil proceedings concerning the same or a similar matter have already been commenced by a foreign court or an
arbitration tribunal. 

  

	(i)	Under the provisions of the Slovak Act No. 97/1963 Coll. on Private and Procedural International Law, as amended, a foreign law may not be applied as the governing law of the
Agreement agreed to be governed by a foreign law, or enforced, if such application or enforcement would create a result that would be, contrary to the basic principles of Slovak law including, but not limited to, public order (in Slovak
verejný poriadok). 

 GENERAL 
 This opinion expresses Slovak legal concepts in English. Such concepts are not always capable of precise expression in English without the extensive comparative law analysis which would not be appropriate for an opinion of this kind.

 This opinion is given exclusively in connection with the Agreement and for no other purpose. It is strictly limited to the matters set forth herein and no
opinion may be inferred or implied beyond that expressly stated herein. This opinion is issued in understanding that we have no duty to notify any addressees of this opinion or any other person of any changes in Slovak law or its interpretation
after the date of this opinion. 
 This opinion is given solely to the Finance Parties that are named as original parties to the Agreement and may not be
given to or relied upon by any other person. You may not give copies of this opinion to others without our prior written permission. 
 Yours faithfully,

 Igor Pálka 
 Advocate 
 Allen & Overy Bratislava, s.r.o. 
  

 73 

 SIGNATORIES 
  

			
	Company
	
	U.S. Steel Košice, s.r.o.
		
	By:	 	 /s/ William C. King

		 	William C. King, Executive
		
	By:	 	 /s/ Miroslav Kiral’varga

		 	Miroslav Kiral’varga, Executive

  

			
	Mandated Lead Arrangers
	
	COMMERZBANK Aktiengesellschaft, pobočka zahraničnej banky, Bratislava
		
	By:	 	 /s/ Peter Dávid

		 	Peter Dávid, Branch Manager
		
	By:	 	 /s/ Renáta Nagyová

		 	Renáta Nagyová, Head of Trade Finance and Transaction Services

  

			
	ING Bank N.V., pobočka zahraničnej banky
		
	By:	 	 /s/ Robert Sunderman

		 	Robert Sunderman, General Manager
		
	By:	 	 /s/ Katarína Kurucová

		 	Katarína Kurucová, Senior Relationship Manager

  

 74 

			
	Slovenská sporitel’ňa, a.s.
		
	By:	 	 /s/ Samuel Vlčan

		 	Samuel Vlčan, Member of the Board of Directors and Deputy Managing Director
		
	By:	 	 /s/ Zlata Smolková

		 	Zlata Smolková, Director of Large Corporate Client Unit

  

			
	Lead Arrangers
	
	Citibank NA, Bahrain
		
	By:	 	 /s/ Julia Lachka

		 	Julia Lachka, under a power of attorney
		
	By:	 	 /s/ Zuzana Zemlova

		 	Zuzana Zemlova, under a power of attorney

  

			
	HSBC Bank plc, pobočka zahraničnej banky
		
	By:	 	 /s/ Maroš Turek

		 	Maroš Turek, Head of Corporate Banking Centre
		
	By:	 	 /s/ Radoslav Ratkovský

		 	Radoslav Ratkovský, Head of SME

  

 75 

			
	Original Lenders
	
	COMMERZBANK Aktiengesellschaft, pobočka zahraničnej banky, Bratislava
		
	By:	 	 /s/ Peter Dávid

		 	Peter Dávid, Branch Manager
		
	By:	 	 /s/ Renáta Nagyová

		 	Renáta Nagyová, Head of Trade Finance and Transaction Services

  

			
	ING Bank N.V., pobočka zahraničnej banky
		
	By:	 	 /s/ Robert Sunderman

		 	Robert Sunderman, General Manager
		
	By:	 	 /s/ Katarína Kurucová

		 	Katarína Kurucová, Senior Relationship Manager

  

			
	Slovenská sporitel’ňa, a.s.
		
	By:	 	 /s/ Samuel Vlčan

		 	Samuel Vlčan, Member of the Board of Directors and Deputy Managing Director
		
	By:	 	 /s/ Zlata Smolková

		 	Zlata Smolková, Director of Large Corporate Client Unit

  

 76 

			
	Citibank NA, Bahrain
		
	By:	 	 /s/ Julia Lachka

		 	Julia Lachka, under a power of attorney
		
	By:	 	 /s/ Zuzana Zemlova

		 	Zuzana Zemlova, under a power of attorney

  

			
	HSBC Bank plc, pobočka zahraničnej banky
		
	By:	 	 /s/ Maroš Turek

		 	Maroš Turek, Head of Corporate Banking Centre
		
	By:	 	 /s/ Radoslav Ratkovský

		 	Radoslav Ratkovský, Head of SME

  

			
	Facility Agent
	
	ING Bank N.V., London Branch
		
	By:	 	 /s/ Jean-Maurice Elkouby

		 	Jean-Maurice Elkouby
		 	under a power of attorney

  

 77Form of Senior Indenture

 Exhibit 4.1 
  
  
  
 ROPER INDUSTRIES, INC. 
 and

 WELLS FARGO BANK, NATIONAL ASSOCIATION, Trustee 
 [FORM OF] INDENTURE 
 Dated as of
            , 20     
  
  
  

 TABLE OF CONTENTS 
  

			
	 	  	Page
	ARTICLE 1	  	
	DEFINITIONS	  	
		
	 Section 1.01.     Certain Terms Defined; Rules of Construction
	  	1
		
	ARTICLE 2	  	
	SECURITIES	  	
		
	 Section 2.01.     Forms Generally
	  	8
	 Section 2.02.     Form of Trustee’s Certification of Authentication
	  	9
	 Section 2.03.     Amount Unlimited; Issuable in Series
	  	9
	 Section 2.04.     Authentication and Delivery of Securities
	  	12
	 Section 2.05.     Execution of Securities
	  	13
	 Section 2.06.     Certificate of Authentication
	  	13
	 Section 2.07.     Denomination and Date of Securities; Payments of Interest
	  	13
	 Section 2.08.     Registration, Transfer and Exchange
	  	14
	 Section 2.09.     Mutilated, Defaced, Destroyed, Lost and Stolen Securities
	  	15
	 Section 2.10.     Cancellation of Securities; Destruction Thereof
	  	16
	 Section 2.11.     Temporary Securities
	  	17
	 Section 2.12.     Authenticating Agent
	  	17
	 Section 2.13.     Global Securities
	  	18
	 Section 2.14.     CUSIP Numbers
	  	20
		
	ARTICLE 3	  	
	COVENANTS OF THE ISSUER	  	
		
	 Section 3.01.     Payment of Principal and Interest
	  	20
	 Section 3.02.     Offices for Payments, etc.
	  	21
	 Section 3.03.     Paying Agents
	  	21
	 Section 3.04.     Certificate of the Issuer
	  	22
	 Section 3.05.     Reports by the Issuer
	  	22
	 Section 3.06.     Limitation on Liens
	  	22
	 Section 3.07.     Limitation on Sale and Leaseback Transactions
	  	24
	 Section 3.08.     Existence
	  	25
		
	ARTICLE 4	  	
	REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT
OF DEFAULT	  	
		
	 Section 4.01.     Event of Default; Acceleration of Maturity; Waiver of Default
	  	25
	 Section 4.02.     Collection of Indebtedness by Trustee; Trustee May Prove Debt
	  	28

			
	 	  	Page
	 Section 4.03.     Application of Proceeds
	  	30
	 Section 4.04.     Suits for Enforcement
	  	31
	 Section 4.05.     Restoration of Rights on Abandonment of Proceedings
	  	31
	 Section 4.06.     Limitations on Suits by Holder
	  	31
	 Section 4.07.     Unconditional Right of Holders to Institute Certain Suits
	  	32
	 Section 4.08.     Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default
	  	32
	 Section 4.09.     Control by Holders
	  	33
	 Section 4.10.     Waiver of Past Defaults
	  	33
	 Section 4.11.     Trustee to Give Notice of Default, But May Withhold in Certain Circumstances
	  	33
	 Section 4.12.     Right of Court to Require Filing of Undertaking to Pay Costs
	  	34
		
	ARTICLE 5	  	
	CONCERNING THE TRUSTEE	  	
		
	 Section 5.01.     Duties and Responsibilities of the Trustee; During Default; Prior to Default
	  	34
	 Section 5.02.     Trustee’s Obligations with Respect to the Covenants
	  	34
	 Section 5.03.     Moneys Held by Trustee
	  	35
	 Section 5.04.     Reports by the Trustee to Holders
	  	35
	 Section 5.05.     Certain Rights of the Trustee
	  	35
	 Section 5.06.     Trustee and Agents May Hold Securities; Collections, etc.
	  	37
	 Section 5.07.     Compensation and Indemnification of Trustee and Its Prior Claim
	  	37
	 Section 5.08.     Right of Trustee to Rely on Officer’s Certificate, etc.
	  	38
	 Section 5.09.     Disqualification; Conflicting Interests
	  	38
	 Section 5.10.     Persons Eligible for Appointment as Trustee
	  	38
	 Section 5.11.     Resignation and Removal; Appointment of Successor Trustee
	  	38
	 Section 5.12.     Acceptance of Appointment by Successor
	  	39
	 Section 5.13.     Merger, Conversion, Consolidation or Succession to Business of Trustee
	  	40
	 Section 5.14.     Preferential Collection of Claims Against the Issuer
	  	41
	 Section 5.15.     Trustee’s Disclaimer
	  	41
		
	ARTICLE 6	  	
	CONCERNING THE HOLDERS	  	
		
	 Section 6.01.     Evidence of Action Taken by Holders
	  	41
	 Section 6.02.     Proof of Execution of Instruments and of Holding of Securities; Record Date
	  	42
	 Section 6.03.     Holders to Be Treated as Owners
	  	42
	 Section 6.04.     Securities Owned by Issuer Deemed Not Outstanding
	  	42
	 Section 6.05.     Right of Revocation of Action Taken
	  	43

  

 ii 

			
	 	  	Page
	ARTICLE 7	  	
	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	
		
	 Section 7.01.     Supplemental Indentures without Consent of Holders
	  	44
	 Section 7.02.     Supplemental Indentures with Consent of Holders
	  	45
	 Section 7.03.     Execution of Amendments or Supplemental Indentures or Waivers
	  	46
	 Section 7.04.     Effect of Amendment, Supplemental Indenture or Waiver
	  	46
	 Section 7.05.     Effect of Consent
	  	47
	 Section 7.06.     Notation on Securities in Respect of Amendments, Supplemental Indentures or
Waivers
	  	47
	 Section 7.07.     Conformity with the Trust Indenture Act
	  	47
		
	ARTICLE 8	  	
	CONSOLIDATION, MERGER, SALE OR CONVEYANCE	  	
		
	 Section 8.01.     Consolidation, Merger or Sale of Assets by the Issuer
	  	47
	 Section 8.02.     Successor Substituted
	  	48
		
	ARTICLE 9	  	
	DEFEASANCE AND DISCHARGE; UNCLAIMED MONEYS	  	
		
	 Section 9.01.     Satisfaction and Discharge of Indenture
	  	49
	 Section 9.02.     Legal Defeasance
	  	50
	 Section 9.03.     Covenant Defeasance
	  	51
	 Section 9.04.     Application by Trustee of Funds Deposited for Payment of Securities
	  	52
	 Section 9.05.     Repayment of Moneys Held by Paying Agent
	  	52
	 Section 9.06.     Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years
	  	52
		
	ARTICLE 10	  	
	MISCELLANEOUS PROVISIONS	  	
		
	 Section 10.01.     Incorporators, Stockholders, Employees, Officers and
Directors of Issuer Exempt from Individual
                             Liability
	  	52
	 Section 10.02.     Provisions of Indenture for the Sole Benefit of Parties and Holders
	  	53
	 Section 10.03.     Successors and Assigns of Issuer Bound by Indenture
	  	53
	 Section 10.04.     Notices and Demands on Issuer, Trustee and Holders
	  	53
	 Section 10.05.     Officer’s Certificates and Opinions of Counsel; Statements to Be Contained Therein

	  	54
	 Section 10.06.     Payments Due on Saturdays, Sundays and Holidays
	  	55
	 Section 10.07.     Trust Indenture Act of 1939
	  	55
	 Section 10.08.     New York Law to Govern
	  	55

  

 iii 

			
	 	  	Page
	 Section 10.09.     Counterparts
	  	55
	 Section 10.10.     Effect of Headings
	  	55
	 Section 10.11.     Separability
	  	55
		
	ARTICLE 11	  	
	REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	  	
		
	 Section 11.01.     Applicability of Article
	  	55
	 Section 11.02.     Notice of Redemption; Partial Redemptions
	  	56
	 Section 11.03.     Payment of Securities Called for Redemption
	  	57
	 Section 11.04.     Exclusion of Certain Securities from Eligibility for Selection for
Redemption
	  	57
	 Section 11.05.     Mandatory and Optional Sinking Funds
	  	58

  

 iv 

 THIS INDENTURE, dated as of
                     between ROPER INDUSTRIES, INC. (the “Issuer”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national
banking association (the “Trustee”), 
 W I T N E S S E T H: 
 WHEREAS, for its lawful corporate purposes, the Issuer has duly authorized the execution and delivery of the Indenture to provide for the issuance of
unsecured debt securities in one or more series (the “Securities”) up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of the Indenture and to provide, among other things, for
the authentication, delivery and administration thereof; 
 WHEREAS, all things necessary to make the Indenture a valid indenture and
agreement according to its terms have been done; 
 WHEREAS, the Indenture is subject to, and will be governed by, the provisions of the
Trust Indenture Act of 1939 (the “Trust Indenture Act”) that are required to be a part of and govern indentures qualified under the Trust Indenture Act; and 
 NOW, THEREFORE, in consideration of the premises and the purchases of the Securities by the holders thereof, the Issuer and the Trustee mutually covenant
and agree for the equal and proportionate benefit of the respective holders from time to time of the Securities as follows: 
 ARTICLE 1

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

 
singular. Except as otherwise expressly provided or unless the context otherwise clearly requires, references to agreements or instruments, or to statutes or
regulations, are to such agreements or instruments, or statutes or regulations, as amended from time to time (or to successor statutes and regulations). 
 “Agent Member” means a member of, or a participant in, the Depositary. 
 “Attributable Debt” with regard to a Sale and Lease-Back Transaction with respect to any Principal Property means, at the time of determination, the present value of the total net amount of rent required to be paid under
such lease during the remaining term thereof (including any period for which such lease has been extended), discounted at the rate of interest set forth or implicit in the terms of such lease (or, if not practicable to determine such rate, the
weighted average interest rate per annum borne by the Securities then outstanding under this Indenture) compounded semi-annually. In the case of any lease which is terminable by the lessee upon the payment of a penalty, such net amount shall be the
lesser of (x) the net amount determined assuming termination upon the first date such lease may be terminated (in which case the net amount shall also include the amount of the penalty, but shall not include any rent that would be required to
be paid under such lease subsequent to the first date upon which it may be so terminated) or (y) the net amount determined assuming no such termination. 
 “Authenticating Agent” means an authenticating agent with respect to any of the series of Securities appointed with respect to all or any series of the Securities by the Trustee pursuant to Section
2.12. 
 “Bankruptcy Law” means Title 11 of the United States Code or any similar Federal or State law for the relief of
debtors. 
 “Board of Directors” means either the Board of Directors of the Issuer or any committee of such Board duly
authorized to act hereunder. 
 “Business Day” means, with respect to any Security, a day that in the Borough of Manhattan,
City of New York is not a day on which banking institutions are authorized by law or regulation to close. 
 “Capital Stock”
means: 
 (a) with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents (however
designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person, and all options, warrants or other rights to purchase or acquire any of the foregoing; and 
  

 2 

 (b) with respect to any Person that is not a corporation, any and all partnership, membership or other
equity interests of such Person, and all options, warrants or other rights to purchase or acquire any of the foregoing. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or if at any time after the execution and delivery of the Indenture such Commission is not
existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date. 
 “Common Stock” of any Person means any and all shares, interests or other participations in, and other equivalents (however designated and whether voting or non-voting) of, such Person’s common stock, whether
outstanding on the Issue Date or issued after the Issue Date, and includes, without limitation, all series and classes of such common stock. 
 “Consolidated Net Tangible Assets” means, as of any date on which the Issuer effects a transaction requiring such Consolidated Net Tangible Assets to be measured hereunder, the aggregate amount of assets (less applicable
reserves) after deducting therefrom: (a) all current liabilities, except for current maturities of long-term debt and obligations under capital leases; and (b) intangible assets (including goodwill), to the extent included in said
aggregate amount of assets, all as set forth on the Issuer’s most recent consolidated balance sheet and computed in accordance with generally accepted accounting principles in the United States of America applied on a consistent basis.

 “company” means a corporation or a limited liability company. 
 “Corporate Trust Office” means the office of the Trustee (i) for bond transfer purposes and for purposes of presentment and
surrender of the Securities for the final distributions thereon is                     , Attention:
                     and (ii) for all other purposes is _______________, Attention: Agency and Trust, Roper Industries, Inc. 

“Depositary” means, with respect to Securities of any series, for which the Issuer shall determine that such Securities will be
issued as a Global Security, the Depository Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other applicable statute or regulation, which, in each case, shall be
designated by the Issuer pursuant to either Section 2.01 or 2.13. 
 “Event of Default” has the meaning assigned to
such term in Section 4.01. 
 “Exchange Act” means the Securities Exchange Act of 1934 and any successor thereto, in each
case as amended from time to time. 
  

 3 

 “Global Security” means, with respect to any series of Securities, a Security executed
by the Issuer and delivered by the Trustee to the Depositary or pursuant to a safekeeping agreement with the Depositary, all in accordance with the Indenture, which shall be registered in global form without interest coupons in the name of the
Depositary or its nominee. 
 “Governmental Obligations” means securities that are (i) direct obligations of the United
States of America for the 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 payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank
(as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of
the holder of such depositary 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 depositary receipt from any amount received by the
custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt. 
 “Hedging Obligations” means: 
 (a) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements; 
 (b) other agreements or arrangements designed to manage interest rates or interest rate risk; 
 (c) other
agreements or arrangements designed to protect against fluctuations in currency exchange rates or commodity prices; and 
 (d) other
agreements or arrangements designed to protect against fluctuations in equity prices. 
 “Holder” means the registered
holder of any Security. 
 “Holding Company Reorganization” shall mean a merger of the Issuer with and into a newly formed
wholly-owned, indirect Subsidiary (“MergerCo”) of the Issuer, all of the equity interest of which shall be held by a newly formed, wholly-owned, direct Subsidiary of the Issuer (“New HoldCo”). Such merger shall be
effected pursuant to Section 251(g) of the General Corporation Law of the State of Delaware (or comparable provisions of the laws of the Issuer’s state of incorporation) and shall not require the vote 

  

 4 

 
of our stockholders. Each share of Common Stock of the Issuer shall be converted in such merger into a right to receive one share of the Common Stock of New
HoldCo, with identical terms and rights as the Issuer’s Common Stock immediately prior to such conversion. 
 “Indebtedness” means with respect to any Person, without duplication: 
 (a) all obligations of such person for
borrowed money; and 
 (b) all obligations of such person evidenced by bonds, debentures, notes or other similar instruments. 
 “Indenture” means this instrument as originally executed and delivered or, if amended or supplemented as herein provided, as so amended
or supplemented or both, and shall include the forms and terms of particular series of Securities established as contemplated hereunder. 
 “Interest Payment Date”, when used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in a Resolution of the Board of Directors or in an indenture
supplemental hereto with respect to such series as the fixed date on which an installment of interest with respect to Securities of that series is due and payable. 
 “Issue Date” means the date of original issuance of Securities. 
 “Issuer”
means, unless otherwise explicitly provided herein, the Person named as the “Issuer” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and
thereafter “Issuer” shall mean such successor Person. 
 “Issuer Order” has the meaning assigned to such
term in Section 2.04. 
 “Lien” means any lien, mortgage, deed of trust, hypothecation, pledge, security interest, charge or
encumbrance of any kind. 
 “Officer” means the Chairman of the Board, the Chief Executive Officer, the Chief Financial
Officer, the Chief Accounting Officer, the Chief Legal Officer, the Chief Administrative Officer, any President, any Vice President, the Controller, the Secretary or any Assistant Secretary, of the Issuer. 
 “Officer’s Certificate” means a certificate signed on behalf of the Issuer by an Officer of the Issuer. 
 “Opinion of Counsel” means an opinion in writing signed by legal counsel who may be an employee of or counsel to the Issuer. 

 

 5 

 “Original Issue Discount Security” means any Security that provides for an amount less
than the principal amount thereof to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01. 
 “Outstanding”, when used with reference to Securities, shall, subject to the provisions of Section 6.04, mean, as of any particular time, all Securities authenticated and delivered by the Trustee under the Indenture,
except: 
 (a) Securities cancelled by the Trustee or accepted by the Trustee for cancellation; 
 (b) Securities, or portions thereof, for the payment or redemption of which moneys in the necessary amount to pay all amounts then due shall have been
deposited in trust with the Trustee or with any paying agent (other than the Issuer) or shall have been set aside, segregated and held in trust by the Issuer for the holders of such Securities (if the Issuer shall act as its own paying agent),
provided that if such Securities, or portions thereof, are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as herein provided, or provision satisfactory to the Trustee shall have been made for
giving such notice; and 
 (c) Securities in substitution for which other Securities shall have been authenticated and delivered, or which
shall have been paid, pursuant to the terms of Section 2.09 unless and until the Trustee and the Issuer receive proof satisfactory to them that the substituted Security is held by a bona fide purchaser. 
 In determining whether the holders of the requisite principal amount of Outstanding Securities of any or all series have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof that would be due and
payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01. 
 “Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, or any other entity, including any government or any
agency or political subdivision thereof. 
 “principal” whenever used with reference to the Securities or any Security or
any portion thereof, shall be deemed to include “and premium, if any”. 
  

 6 

 “Preferred Stock” of any Person means any Capital Stock of such Person that has
preferential rights to any other Capital Stock of such Person with respect to dividends or redemptions or upon liquidation. 
 “Principal Property” means the land, improvements, buildings, fixtures and equipment (including any leasehold interest therein) constituting the principal corporate office of the Issuer, any manufacturing plant, or any
manufacturing, distribution or research facility (in each case, whether now owned or hereafter acquired) which is owned or leased by the Issuer, unless the Board of Directors of the Issuer has determined in good faith that such office, plant or
facility is not of material importance to the total business conducted by the Issuer and the Subsidiaries of the Issuer taken as a whole. With respect to any Sale and Lease-Back Transaction or series of related Sale and Lease-Back Transactions, the
determination of whether any property is a Principal Property shall be determined by reference to all properties affected by such transaction or series of transactions. 
 “Register” has the meaning assigned to it in Section 2.08. 
 “Registrar”
means a Person engaged to maintain the Register. 
 “Resolution of the Board of Directors” means a copy of the resolution
certified by the secretary or an assistant secretary of the Issuer to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification. 
 “Responsible Officer” when used with respect to the Trustee means any officer of the Trustee within the Corporate Trust Office of the
Trustee with direct responsibility for the administration of the Indenture and also, with respect to a particular matter, any other officer of the Trustee to whom such matter is referred because of such officer’s knowledge and familiarity with
the particular subject. 
 “Sale and Lease-Back Transaction” means any arrangement with any Person providing for the leasing
by the Issuer of any Principal Property, whether now owned or hereafter acquired, which Principal Property has been or is to be sold or transferred by the Issuer to such Person. 
 “Securities Act” means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 “Security” or “Securities” has the meaning stated in the first recital of the Indenture, or, as the case
may be, Securities that have been authenticated and delivered under the Indenture. 
 “Significant Subsidiary,” with respect
to any Person, means any Subsidiary of such Person that satisfies the criteria for a “significant subsidiary” as set forth in Rule 1-02(w) of Regulation S-X under the Exchange Act. 
  

 7 

 “Subsidiary” means any corporation, limited liability company, limited partnership or
other similar type of business entity in which the Issuer and/or one or more of its Subsidiaries together own 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 the Board of Directors or similar governing body of such corporation, limited liability company, limited partnership or other similar type of business entity, directly or indirectly. 
 “Trustee” means the Person identified as “Trustee” in the first paragraph hereof and any successor trustee under the Indenture
pursuant to Article 5. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which
this instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so
amended. 
 “vice president” when used with respect to the Issuer, means any vice president, whether or not designated by a
number or a word or words added before or after the title of “vice president”. 
 “Yield to Maturity” means the
yield to maturity on a series of securities, calculated at the time of issuance of such series, or, if applicable, at the most recent redetermination of interest on such series, and calculated in accordance with accepted financial practice.

 ARTICLE 2 
 SECURITIES 
 Section 2.01. Forms Generally. The Securities of each series shall be substantially in such form
(not inconsistent with the Indenture) as shall be established by or pursuant to a Resolution of the Board of Directors and set forth in an Officer’s Certificate, or in one or more indentures supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture and may have imprinted or otherwise reproduced thereon such legends, notations or endorsements as may be required to comply with any
law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or to conform to general usage, all as may be determined by the officers executing such Securities, as evidenced by their execution of the
Securities. 
 The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other
manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
  

 8 

 Section 2.02. Form of Trustee’s Certification of Authentication. The Trustee’s
certificate of authentication on all Securities shall be in substantially the following form: 
 This is one of the Securities of the series
designated herein and referred to in the within-mentioned Indenture. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	by:	 	 
		 	Authorized Officer

 Section 2.03. Amount Unlimited; Issuable in Series. Subject to compliance with the
representations, warranties and covenants set forth herein, in the Officer’s Certificate, in any indenture supplemental hereto and in any amendment hereto or thereto, the aggregate principal amount of Securities which may be authenticated and
delivered under the Indenture is unlimited. 
 The Securities may be issued in one or more series. There shall be established in or pursuant
to a Resolution of the Board of Directors and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series: 
 (a) the title of the Securities of the series (which shall distinguish the Securities of the series from all other Securities); 
 (b) any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under the Indenture (except for
Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 2.08, 2.09, 2.11 or 11.03); 
 (c) the date or dates on which the principal of the Securities of the series is payable; 
 (d) the rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate shall be determined, the date
or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the record dates for the determination of Holders to whom interest is payable on such Interest Payment Dates; 
 (e) the right, if any, to extend the interest payment periods and the duration of such extension; 
  

 9 

 (f) the place or places where the principal of and any interest on Securities of the series shall be
payable (if other than as provided in Section 3.02); 
 (g) the price or prices at which, the period or periods within which and the terms
and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Issuer, pursuant to any sinking fund or otherwise; 
 (h) the obligation, if any, of the Issuer to redeem, purchase or repay Securities of the series pursuant to any sinking fund or otherwise or at the option of a Holder thereof and the price or prices at which and the
period or periods within which and the terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; 
 (i) if other than denominations of $2,000 and any multiple of $1,000 in excess thereof, the denominations in which Securities of the series shall be
issuable; 
 (j) the percentage of the principal amount at which the Securities will be issued, and, if other than the principal amount
thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 4.01 or provable in bankruptcy pursuant to Section 4.02; 
 (k) whether the Securities are issuable under Rule 144A or Regulation S and, in such case, any provisions unique to such form of issuance including any
transfer restrictions or exchange and registration rights; 
 (l) any and all other terms of the series (which terms shall not be
inconsistent with the provisions of the Indenture) including any terms which may be required by or advisable under U.S. law or regulations or advisable in connection with the marketing of Securities in that series; 
 (m) whether the Securities are issuable as a Global Security and, in such case, the identity for the Depositary for such series; 
 (n) any deletion from, modification of or addition to the Events of Default or covenants provided for with respect to the Securities of the series;

 (o) any provisions granting special rights to holders when a specified event occurs; 
 (p) whether and under what circumstances the Issuer will pay additional amounts on the Securities of the series held by a person who is not a U.S. person

  

 10 

 
in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Issuer will have the option to redeem the Securities of
the series rather than pay such additional amounts; 
 (q) any special tax implications of the notes, including provisions for Original Issue
Discount Securities; 
 (r) any trustees, authenticating or paying agents, transfer agents or registrars or any other agents with respect to
the Securities of such series; 
 (s) any guarantor or co-issuer of the Securities of the series; 
 (t) any special interest premium or other premium; 
 (u) whether the Securities are convertible or exchangeable into common stock or other equity securities of the Issuer or a combination thereof and the terms and conditions upon which such conversion or exchange shall be effected; and

 (v) the currency in which payments shall be made, if other than U.S. dollars. 
 All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to
such Resolution of the Board of Directors and set forth in an Officer’s Certificate, or in any indenture supplemental hereto. All Securities of any one series need not be issued at the same time, and unless otherwise provided, a series may be
reopened for issuance of additional Securities of such series. Additional Securities of such series will be consolidated with, and form a single series with, Securities then Outstanding of such series. 
 Any additional Securities shall be established in or pursuant to a Resolution of the Board of Directors and set forth in an Officer’s Certificate,
or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series the following information: 
 (i) the aggregate principal amount of such additional Securities to be authenticated and delivered pursuant to the Indenture 
 (ii) the issue price, issue date and CUSIP number, if any, of such additional Securities; and 
 (iii) whether such additional Securities shall be transfer restricted Securities or have any registration or exchange rights. 

 

 11 

 Section 2.04. Authentication and Delivery of Securities. At any time and from time to time after
the execution and delivery of the Indenture, the Issuer may deliver Securities of any series executed by the Issuer to the Trustee for authentication, together with a written order of the Issuer, signed in the name of the Issuer by its Chairman of
the Board, its President, any Vice President, its Controller, its Secretary or any Assistant Secretary, and delivered to the Trustee (an “Issuer Order”). The Trustee, in accordance with such written order, shall authenticate and
deliver such Securities. 
 In authenticating such Securities and accepting the additional responsibilities under the Indenture in relation
to such Securities, the Trustee shall be entitled to receive and (subject to Section 5.01) shall be fully protected in relying upon: 
 (a) a
certified copy of any resolution or resolutions of the Board of Directors authorizing the action taken pursuant to the resolution or resolutions delivered under clause 2.04(b) below; 
 (b) a copy of any resolution or resolutions of the Board of Directors relating to such series, in each case certified by the secretary or an assistant
secretary of the Issuer; 
 (c) an executed supplemental indenture, if any; 
 (d) in lieu of a supplemental indenture, an Officer’s Certificate setting forth the form and terms of the Securities as required pursuant to Section
2.01 and 2.03, respectively, and prepared in accordance with Section 10.05; 
 (e) an Opinion of Counsel, prepared in accordance with Section
10.05, to the effect that 
 (i) that the form or forms and terms of such Securities have been established by or pursuant to a Resolution of
the Board of Directors and set forth in an Officer’s Certificate, or by a supplemental indenture as permitted by Section 2.01 and 2.03 in conformity with the provisions of the Indenture; and 
 (ii) that such Securities, when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any conditions specified
in such Opinion of Counsel, will constitute valid and binding obligations of the Issuer entitled to the benefits of the Indenture, and enforceable against the Issuer in accordance with their terms, except to the extent that enforcement thereof may
be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws now or hereafter in effect relating to creditor’s rights generally, and general principles of equity (regardless of whether enforceability
is considered in a proceeding in equity or at law). 
  

 12 

 The Trustee shall have the right to decline to authenticate and deliver any Securities under this section
if the Trustee, being advised by counsel, determines that such action may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors or board of trustees, executive committee, or a trust committee of directors or
trustees or Responsible Officers shall determine that such action would expose the Trustee to personal liability. 
 Section 2.05.
Execution of Securities. The Securities shall be signed in the name of the Issuer by any two of the following officers: the chairman of the Board of Directors, the chief executive officer, the chief financial officer, any president, any
executive vice president, the treasurer or the secretary of the Issuer. Such signatures may be the manual or facsimile signatures of the present or any future such officers. Typographical and other minor errors or defects in any such signature shall
not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. 
 In case any
officer of the Issuer who shall have signed any of the Securities shall cease to be such officer before the Security so signed shall be authenticated and delivered by the Trustee or disposed of by the Issuer, such Security nevertheless may be
authenticated and delivered or disposed of as though the person who signed such Security had not ceased to be such officer of the Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual date of the execution
of such Security, shall be the proper officers of the Issuer, although at the date of the execution and delivery of the Indenture any such person was not such an officer. 
 Section 2.06. Certificate of Authentication. Only such Securities as shall bear thereon a certificate of authentication substantially in the form recited herein, executed by the Trustee by the manual signature
of one of its authorized officers, shall be entitled to the benefits of the Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the Issuer shall be conclusive evidence that the Security
so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of the Indenture. 
 Section 2.07. Denomination and Date of Securities; Payments of Interest. The Securities shall be issuable as registered securities without coupons and in denominations as shall be specified as contemplated by Section 2.03. In the
absence of any such specification with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $2,000 and any multiple of $1,000 in excess thereof. The Securities shall be numbered, lettered, or
otherwise distinguished in such manner or in accordance with such plan as the officers of the Issuer executing the same may determine with the approval of the Trustee as evidenced by the execution and authentication thereof. 
  

 13 

 The principal of and the interest on the Securities of any series, shall be payable in the coin or
currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Issuer maintained for that purpose. 
 Each Security shall be dated the date of its authentication, shall bear interest, if any, from the date and shall be payable on the dates, in each case, established as contemplated by Section 2.03. 
 The person in whose name any Security of any series is registered at the close of business on any record date applicable to a particular series with
respect to any interest payment date for such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding any transfer or exchange of such Security subsequent to the record date and prior to such
interest payment date, except if and to the extent the Issuer shall default in the payment of the interest due on such interest payment date for such series, in which case such defaulted interest shall be paid to the persons in whose names
Outstanding Securities for such series are registered at the close of business on a subsequent record date (which shall be not less than five Business Days prior to the date of payment of such defaulted interest) established by notice given by mail
by or on behalf of the Issuer to the Holders not less than 15 days preceding such subsequent record date. The term “record date” as used with respect to any interest payment date (except a date for payment of defaulted interest)
shall mean the date specified as such in the terms of the Securities of any particular series, or, if no such date is so specified, if such interest payment date is the first day of a calendar month, the fifteenth day of the next preceding calendar
month or, if such interest payment date is the fifteenth day of a calendar month, the first day of such calendar month, whether or not such record date is a Business Day. 
 Section 2.08. Registration, Transfer and Exchange. The Issuer may appoint one or more Registrars. The Issuer initially appoints the Trustee as Registrar. The Issuer will keep or cause to be kept at each office
or agency to be maintained for the purpose as provided in Section 3.02 a register or registers (the “Register”) in which, subject to such reasonable regulations as it may prescribe, it will register, and will register the transfer
of, Securities as in this Article provided. The Register shall be in written form in the English language or in any other form capable of being converted into such form within a reasonable time. At all reasonable times the Register shall be open for
inspection by the Trustee. 
 Upon due presentation for registration of transfer of any Security of any series at any such office or agency
to be maintained for the purpose as provided in Section 3.02, the Issuer shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Security or Securities of the same series in authorized
denominations for a like aggregate principal amount. 
  

 14 

 Any Security or Securities of any series may be exchanged for a Security or Securities of the same series
in other authorized denominations, in an equal aggregate principal amount. Securities of any series to be exchanged shall be surrendered at any office or agency to be maintained by the Issuer for the purpose as provided in Section 3.02, and the
Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor the Security or Securities of the same series which the Holder making the exchange shall be entitled to receive, bearing numbers not contemporaneously
Outstanding. 
 All Securities presented for registration of transfer, exchange, redemption or payment shall (if so required by the Issuer or
the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the holder or his attorney duly authorized in writing, together with
signature guarantees for such holder or attorney. 
 The Issuer or the Trustee may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any exchange or registration of transfer of Securities. No service charge shall be made for any such transaction. 
 Neither the Issuer nor the Trustee shall be required to exchange or register a transfer of (a) any Securities of any series for a period of 15 days
preceding the first mailing of notice of redemption of Securities of such series to be redeemed, or (b) any Securities selected, called or being called for redemption except, in the case of any Security where public notice has been given that
such Security is to be redeemed in part, the portion thereof not so to be redeemed. 
 In addition to the transfer requirements provided in
this Section 2.08, any Security or Securities will be subject to such further transfer restrictions as may be contained in an Officer’s Certificate or indenture supplemental hereto applicable to such series of Securities. 
 All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Issuer, evidencing the same debt, and entitled to the
same benefits under the Indenture, as the Securities surrendered upon such transfer or exchange. 
 Section 2.09. Mutilated, Defaced,
Destroyed, Lost and Stolen Securities. In case any temporary or definitive Security shall become mutilated, defaced or be destroyed, lost or stolen, the Issuer in its discretion may execute, and upon the receipt of an Issuer Order, the Trustee
shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously Outstanding, in exchange and substitution for the mutilated or defaced Security, or in lieu of and substitution for the Security so destroyed,
lost or stolen. In every case the applicant for a substitute Security shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as may be required by them to indemnify and defend and to save
each of them harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof. 
  

 15 

 Upon the issuance of any substitute Security, the Issuer or the Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. In case any Security which has matured or is about to
mature or has been called for redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer may instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except
in the case of a mutilated or defaced Security), if the applicant for such payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as any of them may require to save each of them
harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee and any agent of the Issuer or the Trustee evidence to their satisfaction of the destruction, loss or theft of such Security
and of the ownership thereof. In case the mutilated, deleted, destroyed, or lost or stolen Security has become or is about to become due and payable, the Issuer in its discretion may pay the Security instead of issuing a substitute Security.

 Every substitute Security of any series issued pursuant to the provisions of this section by virtue of the fact that any such Security is
destroyed, lost or stolen shall constitute an additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone and shall be entitled to all the benefits of (but shall
be subject to all the limitations of rights set forth in) the Indenture equally and proportionately with any and all other Securities of such series duly authenticated and delivered hereunder. All Securities shall be held and owned upon the express
condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, defaced or destroyed, lost or stolen Securities and shall preclude any and all other rights or remedies
notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 
 Section 2.10. Cancellation of Securities; Destruction Thereof. All Securities surrendered for payment, redemption, registration of transfer or
exchange, or for credit against any payment in respect of a sinking or analogous fund, if surrendered to the Issuer or any agent of the Issuer or the Trustee, shall be delivered to the Trustee for cancellation or, if surrendered to the Trustee,
shall be cancelled by it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of the Indenture. On written request of the Issuer at the time of such surrender, the Trustee shall deliver to the
Issuer the Securities cancelled by the Trustee. In the absence of such request, the Trustee shall destroy cancelled Securities held by it and deliver a certificate of destruction to the Issuer. If the Issuer shall acquire any of the Securities, such
acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 
  

 16 

 Section 2.11. Temporary Securities. Pending the preparation of definitive Securities for any
series, the Issuer may execute and the Trustee shall, upon receipt of an Issuer Order, authenticate and deliver temporary Securities for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to
the Trustee). Temporary Securities of any series shall be issuable as registered Securities without coupons, of any authorized denomination, and substantially in the form of the definitive Securities of such series but with such omissions,
insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Issuer with the concurrence of the Trustee. Temporary Securities may contain such reference to any provisions of the Indenture as may be
appropriate. Every temporary Security shall be executed by the Issuer and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities. Without unreasonable delay
the Issuer shall execute and shall furnish definitive Securities of such series and thereupon temporary Securities of such series may be surrendered in exchange therefor without charge at each office or agency to be maintained by the Issuer for that
purpose pursuant to Section 3.02, and the Trustee shall, upon receipt of an Issuer Order, authenticate and deliver in exchange for such temporary Securities of such series a like aggregate principal amount of definitive Securities of the same series
of authorized denominations. Until so exchanged, the temporary Securities of any series shall be entitled to the same benefits under the Indenture as definitive Securities of such series. 
 Section 2.12. Authenticating Agent. So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any
or all such series of Securities which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial
redemption thereof, and Securities so authenticated shall be entitled to the benefits of the Indenture and shall be valid and binding for all purposes as if authenticated by the Trustee hereunder. All references in the Indenture to the
authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Issuer and shall be a corporation that has a combined capital and
surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to
conduct such business and is subject to supervision or examination by Federal or State authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately. Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Issuer. The Trustee may at any time (and upon written request by the Issuer shall) terminate the agency of any Authenticating Agent by
giving written notice of termination to such Authenticating Agent and to the Issuer. Upon resignation, termination or 

  

 17 

 
cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Issuer. Any
successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto. 
 Section 2.13. Global Securities. If the Issuer shall establish pursuant to Section 2.01 that the Securities of a particular series are to be
issued as a Global Security, then the Issuer shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that shall (i) represent, and be issued in a denomination or aggregate denominations
equal to the aggregate principal amount of all the Securities to be represented by a Global Security, (ii) be registered in the name of the Depositary or its nominee, (iii) be delivered by the Trustee to the Depositary or pursuant to the
Depositary’s instruction and (iv) bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.13 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee
of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.” 
 Notwithstanding the provisions of
Section 2.08, the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.08, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected
or approved by the Issuer or to a nominee of such successor Depositary. 
 Ownership of beneficial interests in a registered global security
will be limited to Agent Members that have accounts with the Depositary or persons that may hold interests through Agent Members. Upon the issuance of a registered Global Security, the Depositary will credit, on its book-entry registration and
transfer system, the Agent Members accounts with the respective principal or face amounts of the securities beneficially owned by the participants. Any dealers, underwriters or agents participating in the distribution of the Securities will
designate the accounts to be credited. Ownership of beneficial interests in a Global Security will be shown on, and the transfer of ownership interests will be effected only through, records maintained by the Depositary, with respect to interests of
Agent Members, and on the records of Agent Members, with respect to interests of persons holding through Agent Members. 
 So long as the
Depositary, or its nominee, is the registered owner of a registered Global Security, that Depositary or its nominee, as the case may be, will be considered the sole owner or Holder of the Securities represented by the Global Security for all
purposes under the Indenture. Except as described in this Section 2.13, Agent Members will not be entitled to have the Securities represented by the Global Security registered in their names, will not receive or be entitled to receive physical
delivery of the Securities in definitive form and will not be considered the owners or Holders of the Securities under the Indenture. Accordingly, each Agent Member owning a beneficial interest in a 

  

 18 

 
registered Global Security must rely on the procedures of the Depositary for that registered Global Security and, if that person is not an Agent Member, on
the procedures of the Agent Member through which the person owns its interest, to exercise any rights of a Holder under the Indenture. Notwithstanding the foregoing, the Depositary or its nominee may grant proxies and otherwise authorize any Person
(including any Agent Member and any Person that holds a beneficial interest in a Global Security through an Agent Member) to take any action which a Holder is entitled to take under the Indenture or the Securities, and nothing herein will impair, as
between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Security. 
 Principal, premium, if any, and interest payments on Securities represented by a Global Security registered in the name of the Depositary or its nominee will be made to the Depositary or its nominee, as the case may
be, as the registered owner of the registered Global Security. None of the Issuer, the Trustee or any other agent of the Issuer, or any agent of the Trustee will have any responsibility or liability for any aspect of the records relating to payments
made on account of beneficial ownership interests in the registered Global Security or for maintaining, supervising or reviewing any records relating to those beneficial ownership interests. 
 If at any time the Depositary for a series of the Securities notifies the Issuer that it is unwilling or unable to continue as Depositary for such series
or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Issuer within 90
days after the Issuer receives such notice or becomes aware of such condition, as the case may be, this Section 2.13 shall no longer be applicable to the Securities of such series and the Issuer will execute, and subject to Section 2.08, the Trustee
will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in
exchange for such Global Security. In addition, the Issuer may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.13 shall no longer apply to the
Securities of such series. In such event the Issuer will execute and subject to Section 2.08, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Issuer, will authenticate and deliver the Securities of
such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange
of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be cancelled by the Trustee. Such Securities in definitive registered form issued in exchange for the
Global Security pursuant to this Section 2.13 shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct 

  

 19 

 
the Trustee in writing. The Issuer and the Trustee shall be entitled to conclusively rely on such instructions from the Depositary. The Trustee shall deliver
such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered. 
 Section 2.14. CUSIP
Numbers. The Issuer in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed
on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 
 ARTICLE 3 
 COVENANTS
OF THE ISSUER 
 Section 3.01. Payment of Principal and Interest. (a) The Issuer
covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay or cause to be paid the principal of, and interest on, each of the Securities of such series at the place or places, at the respective times and
in the manner provided in such Securities. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal on each series of Securities at the rate specified in the terms of such
series of Securities to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to
the extent lawful. Unless otherwise provided in the Securities of any series, not later than 10:00 A.M. (New York City time) on the due date of any principal of or interest on any Securities, the Issuer will deposit with the Trustee (or paying
agent) money in immediately available funds sufficient to pay such amounts, provided that if the Issuer or any affiliate of the Issuer is acting as paying agent, it will, on or before each due date, segregate and hold in a separate trust fund
for the benefit of the Holders a sum of money sufficient to pay such amounts until paid to such Holders or otherwise disposed of as provided in the Indenture. In each case the Issuer will promptly notify the Trustee of its compliance with this
paragraph. 
 (b) An installment of principal or interest will be considered paid on the date due if the Trustee (or paying agent, other than
the Issuer or any affiliate of the Issuer) holds on that date money designated for and sufficient to pay the installment. If the Issuer or any affiliate of the Issuer acts as paying agent, an installment of principal or interest will be considered
paid on the due date only if paid to the Holders. 
  

 20 

 (c) Payments in respect of the Securities represented by the Global Security are to be made by wire
transfer of immediately available funds to the accounts specified by the Holder of the Global Security. With respect to certificated Securities, the Issuer will make all payments by wire transfer of immediately available funds to the accounts
specified by the Holders thereof or, if no such account is specified, by mailing a check to each Holder’s registered address. 
 Section
3.02. Offices for Payments, etc. So long as any of the Securities remain Outstanding, the Issuer will maintain in New York City, the following for each series: an office or agency (a) where the Securities may be presented for payment,
(b) where the Securities may be presented for registration of transfer and for exchange as in the Indenture provided and (c) where notices and demands to or upon the Issuer in respect of the Securities or of the Indenture may be given or
served. The Issuer will give to the Trustee written notice of the location of any such office or agency and of any change of location thereof. Unless otherwise specified in accordance with Section 2.03, the Issuer hereby initially designates the
Corporate Trust Office of Wells Fargo Bank, National Association at ____________, Attention: _________________, as the office to be maintained by it for each such purpose. In case the Issuer shall fail to so designate or maintain any such office or
agency or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made and notices may be served at the applicable Corporate Trust Office of the Trustee and the Issuer hereby appoints
the Trustee as its agent to receive all such presentations, notices and demands. 
 Section 3.03. Paying Agents. Whenever the Issuer
shall appoint a paying agent other than the Trustee with respect to the Securities of any series, it will cause such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the
provisions of this Section, 
 (a) that it will hold all sums received by it as such agent for the payment of the principal of or interest on
the Securities of such series (whether such sums have been paid to it by the Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the holders of the Securities of such series or of the Trustee, 
 (b) that it will give the Trustee notice of any failure by the Issuer (or by any other obligor on the Securities of such series) to make any payment of
the principal of or interest on the Securities of such series when the same shall be due and payable, 
 (c) pay any such sums so held in
trust by it to the Trustee upon the Trustee’s written request at any time during the continuance of the failure referred to in clause 3.03(b) above, and 
 (d) that it will perform all other duties of paying agent as set forth in the Indenture. 
  

 21 

 The Issuer shall, on or prior to each due date of the principal of or interest on the Securities of such
series, deposit with the paying agent a sum sufficient to pay such principal or interest so becoming due, and (unless such paying agent is the Trustee) the Issuer shall promptly notify the Trustee of any failure to take such action. 
 If an Issuer shall act as its own paying agent with respect to the Securities of any series, it will, on or before each due date of the principal of or
interest on the Securities of such series, set aside, segregate and hold in trust for the benefit of the holders of the Securities of such series a sum sufficient to pay such principal or interest so becoming due. The Issuer will promptly notify the
Trustee of any failure to take such action. 
 Anything in this section to the contrary notwithstanding, the Issuer may at any time, for the
purpose of obtaining a satisfaction and discharge with respect to one or more or all series of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for any such series by the Issuer or any
paying agent hereunder, as required by this Section, such sums to be held by the Trustee upon the trusts herein contained. 
 Anything in
this section to the contrary notwithstanding, the agreement to hold sums in trust as provided in this section is subject to the provisions of Section 9.05 and 9.06. 
 Section 3.04. Certificate of the Issuer. The Issuer will furnish to the Trustee on or before 120 days after the end of each fiscal year (beginning with the fiscal year ended December 31, 2008) a brief
certificate (which need not comply with Section 10.05) from the principal executive, financial or accounting officer or the Treasurer of the Issuer as to his or her knowledge of the Issuer’s compliance with all conditions and covenants under
the Indenture (such compliance to be determined without regard to any period of grace or requirement of notice provided under the Indenture), or if there has been a default, specifying the default and its nature and status. 
 Section 3.05. Reports by the Issuer. The Issuer will furnish to the Trustee any document or report the Issuer is required to file with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act within 15 days after such document or report is filed with the Commission. 
 Section 3.06. Limitation on Liens. With respect to each series of Securities, the Issuer shall not issue, incur, create, assume or guarantee any Indebtedness secured by a Lien upon any Principal Property or upon any of the Capital
Stock or Indebtedness of any of its Significant Subsidiaries (whether such Principal Property, or Capital Stock or Indebtedness is then existing or owed or is thereafter created or acquired) without in any such case effectively providing,
concurrently with the issuance, incurrence, creation, assumption or guaranty of any such secured Indebtedness, or the grant of such Lien, that the Securities of such series (together, if the Issuer shall so determine, with any other 

  

 22 

 
Indebtedness of or guarantee by the Issuer ranking equally with the Securities) shall be secured equally and ratably with (or, at the option of the Issuer,
prior to) such secured Indebtedness, except: 
 (a) Liens existing on the Issue Date; 
 (b) Liens on assets or property of a Person at the time it becomes a Subsidiary, securing Indebtedness of such Person, provided such Indebtedness was not
incurred in connection with such Person or entity becoming a Subsidiary and such Liens do not extend to any assets other than those of the person becoming a Subsidiary; 
 (c) Liens on property or assets of a Person existing at the time such person is merged into or consolidated with the Issuer or any of its Subsidiaries, or at the time of a sale, lease or other disposition of all or
substantially all of the properties or assets of a person to the Issuer or any of its Subsidiaries, provided that such Lien was not incurred in anticipation of the merger, consolidation, or sale, lease, other disposition or other such transaction by
which such Person was merged into or consolidated with the Issuer or any of its Subsidiaries; 
 (d) Liens existing on assets created at the
time of, or within the 12 months following, the acquisition, purchase, lease, improvement or development of such assets to secure all or a portion of the purchase price or lease for, or the costs of improvement or development of (in each case
including related costs and expenses), such assets; 
 (e) Liens to secure any extension, renewal, refinancing or refunding (or successive
extensions, renewals, refinancings or refundings), in whole or in part, of any Indebtedness secured by Liens referred to in this Section 3.06, so long as such Lien is limited to all or part of substantially the same property which secured the Lien
extended, renewed or replaced, and the amount of Indebtedness secured is not increased (other than by the amount equal to any costs and expenses (including any premiums, fees or penalties) incurred in connection with any extension, renewal,
refinancing or refunding); 
 (f) Liens for taxes not yet due or that are being contested in good faith by appropriate proceedings, provided
that adequate reserves with respect thereto are maintained on our books in conformity with generally accepted accounting principles; 
 (g)
Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business that are not overdue for a period of more than 30 days or that
are being contested in good faith by appropriate proceedings; 
 (h) Liens to secure the performance of bids, trade contracts, leases,
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
  

 23 

 (i) Liens in favor of only the Issuer or one or more of its Subsidiaries; 
 (j) Liens in favor of the Trustee securing Indebtedness owed under the Indenture to the Trustee and granted in accordance with the Indenture; and

 (k) Liens to secure Hedging Obligations. 
 Notwithstanding the restrictions in this Section 3.06, the Issuer will be permitted to incur Indebtedness, secured by Liens otherwise prohibited by this Section 3.06, which, together with the value of Attributable
Debt outstanding pursuant to Sale and Lease-Back Transactions permitted pursuant to Section 3.07(c) hereof, do not exceed 15% of Consolidated Net Tangible Assets measured at the date of incurrence of the Lien. 
 Section 3.07. Limitation on Sale and Leaseback Transactions. With respect to each series of notes, The Issuer shall not enter into any Sale and
Lease-Back Transaction with respect to any Principal Property, other than any such Sale and Lease-Back Transaction involving a lease for a term of not more than three years or any such Sale and Lease-Back Transaction between the Issuer and one of
its Subsidiaries or between its Subsidiaries, unless: 
 (a) the Issuer or such Subsidiary, as applicable, could have incurred Indebtedness
secured by a Lien on the Principal Property involved in such Sale and Lease-Back Transaction in an amount at least equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction, without equally and ratably securing the
Securities, pursuant to Section 3.06 hereto; or 
 (b) the proceeds of such Sale and Lease-Back Transaction are at least equal to the fair
market value of the affected Principal Property (as determined in good faith by the Board of Directors of the Issuer) and the Issuer applies an amount equal to the net proceeds of such Sale and Lease-Back Transaction within 365 days of such Sale and
Lease-Back Transaction to any of (or a combination of): 
 (i) the prepayment or retirement of the Securities; 
 (ii) the prepayment or retirement (other than any mandatory retirement or mandatory prepayment or by payment at maturity) of other
Indebtedness of the Issuer or of one of its Subsidiaries (other than Indebtedness that is subordinated to the Securities or Indebtedness owed to the Issuer or one of its Subsidiaries) that matures more than 12 months after its creation; or

 (iii) the purchase, construction, development, expansion or improvement of other comparable property. 
  

 24 

 (c) Notwithstanding the restrictions in subsection (a) above, the Issuer will be permitted to enter into
Sale and Lease-Back Transactions otherwise prohibited by Section 3.07(a) hereof, which, together with all of the Indebtedness outstanding pursuant to the second paragraph of Section 3.06, do not exceed 15% of Consolidated Net Tangible Assets
measured at the closing date of the Sale and Lease-Back Transaction. 
 Section 3.08. Existence. Except as permitted under Article 8,
the Issuer covenants to do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights and franchises; provided, however, that the Issuer shall not be required to preserve any right or
franchise if it determines that its preservation is no longer desirable in the conduct of business. 
 ARTICLE 4 
 REMEDIES OF THE TRUSTEE AND HOLDERS ON
EVENT OF DEFAULT 
 Section 4.01. Event of Default; Acceleration of Maturity; Waiver
of Default. An “Event of Default” with respect to Securities of any series means the occurrence of one or more of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) the failure to pay interest on any Security of such series when the same becomes due and payable and the default continues for a period of 30 days or
more; 
 (b) the failure to pay the principal or premium, if any, of any Security of such series, when the same becomes due and payable, at
maturity, upon acceleration, upon redemption or otherwise; 
 (c) a default in the performance, or breach, of the obligations of the Issuer
under Section 8.01 of this Indenture; 
 (d) a default in the observance or performance of any other covenant or agreement contained in this
Indenture which default continues for a period of 60 days after the Issuer receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the Outstanding aggregate
principal amount of each series of Securities affected, voting together as a single class; 
 (e) (i) a failure by the Issuer to make any
payment, at the stated maturity, on any Indebtedness of the Issuer (other than Indebtedness owing to any of its Subsidiaries) in an amount in excess of $50.0 million or its foreign currency equivalent at the time outstanding under or evidenced by
any single indenture or instrument, whether such Indebtedness now exists or shall hereafter be created, and such failure shall have continued after any applicable grace period or (ii) a default on any Indebtedness of the 

  

 25 

 
Issuer (other than Indebtedness owing to any of its Subsidiaries), whether such Indebtedness now exists or shall hereafter be created, which default results
in such Indebtedness being accelerated or otherwise declared due and payable prior to the stated maturity thereof in an amount in excess of $50.0 million or its foreign currency equivalent at the time, in the case of each of clauses (i) and (ii)
above, without such Indebtedness having been discharged or the acceleration having been cured, waived, rescinded or annulled; provided, however, that if any failure, default or acceleration referred to in clauses (i) or (ii) ceases or is cured,
waived, rescinded or annulled, then the Event of Default shall be deemed cured; 
 (f) the Issuer or any Significant Subsidiary of the
Issuer: 
 (i) commences a voluntary case under any Bankruptcy Law; 
 (ii) consents to the entry of an order for relief against it in an involuntary case; 
 (iii) consents to the appointment of a custodian or receiver of it or for all or substantially all of its property; 
 (iv) makes a general assignment for the benefit of its creditors; or 
 (v) admits in writing its inability to pay its debts as they become due; 
 (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (i) is for relief in an involuntary case against the Issuer or any Significant Subsidiary of the Issuer; 
 (ii) appoints a custodian or receiver of the Issuer or any Significant Subsidiary or for all or substantially all of the property of any
of the foregoing; 
 (iii) orders the liquidation of the Issuer or any of its Significant Subsidiaries; or 
 (iv) and the order or decree remains unstayed and in effect for 60 consecutive days; or 
 (h) any other Event of Default provided in the Officer’s Certificate, supplemental indenture or Resolution of the Board of Directors under which
such series of Securities is issued or in the form of Security for such series. 
  

 26 

 If an Event of Default described in clauses 4.01(a), (b) above Section 4.01(b) above, (c), (d), (e), or
(h) above (if the Event of Default under clause (d) above is with respect to less than all series of Securities then Outstanding) occurs and is continuing, then, and in each and every such case, unless the principal of all of the Securities of such
series shall have already become due and payable, the Trustee may, and at the direction of the holders of not less than 25% in aggregate principal amount of the Securities of each such series affected that is then Outstanding hereunder (voting
together as a single class) by notice in writing to the Issuer (and to the Trustee if given by Holders), shall declare the entire principal (or, if the Securities of such series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of such series) of all Outstanding Securities of each such series, together with all accrued and unpaid interest and premium, if any, to be due and payable immediately, and upon any such declaration the same
shall become immediately due and payable. 
 If an Event of Default described in clauses Section 4.01(f) or Section 4.01(g) above occurs and
is continuing, then the entire principal amount of the Outstanding Securities will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any Holder. 
 Notwithstanding the foregoing, the Holders of a majority in principal amount of the Outstanding Securities of one or more series (voting together as a
single class) by written notice to the Issuer and to the Trustee may on behalf of the Holders of all Securities of each such series affected waive all past defaults and rescind and annul a declaration of acceleration and its consequences if:

 (i) the rescission would not conflict with any judgment or decree; 
 (ii) all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely
because of the acceleration; 
 (iii) to the extent the payment of such interest is lawful, if interest on overdue
installments of interest and overdue principal (and premium, if any), which has become due otherwise than by such declaration of acceleration, has been paid; 
 (iv) the Issuer 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 an Event of Default of the type described in Sections 4.01(f) or 4.01(g), the
Trustee shall have received an Officer’s Certificate and an Opinion of Counsel that such Event of Default has been cured or waived. 
 No such rescission shall affect any subsequent Event of Default or impair any right consequent thereto. 
  

 27 

 For all purposes under the Indenture, if a portion of the principal of any Original Issue Discount
Securities shall have been accelerated and declared due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the principal amount of such Original Issue
Discount Securities shall be deemed, for all purposes hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal thereof as shall be due and
payable as a result of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 
 Section 4.02. Collection of Indebtedness by Trustee; Trustee May Prove Debt. The Issuer covenants that (a) in case default shall be made in
the payment of any installment of interest on any of the Securities of any series when such interest shall have become due and payable, and such default shall have continued for a period of 30 days or (b) in case default shall be made in the
payment of all or any part of the principal of any of the Securities of any series when the same shall have become due and payable, whether upon maturity of the Securities of such series or upon any redemption or by declaration or
otherwise—then upon demand of the Trustee, the Issuer will pay to the Trustee for the benefit of the Holders of the Securities of such series the whole amount that then shall have become due and payable on all Securities of such series for
principal or interest, as the case may be (with interest to the date of such payment upon the overdue principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest at the same
rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series); and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including reasonable compensation to the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and any expenses and liabilities incurred by the Trustee and each predecessor Trustee except as a result of
its negligence or bad faith. 
 Until such demand is made by the Trustee, the Issuer may pay the principal of and interest on the Securities
of any series to the registered holders, whether or not the principal of and interest on the Securities of such series be overdue. 
 In case
the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of
the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against the Issuer or other obligor upon such Securities and collect in the manner provided
by law out of the property of the Issuer or other obligor upon such Securities, wherever situated, the moneys adjudged or decreed to be payable. 
  

 28 

 In case there shall be pending proceedings relative to the Issuer or any other obligor upon the
Securities under Bankruptcy Law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other
obligor, or in case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Securities of any series, or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the
principal of any Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and
empowered, by intervention in such proceedings or otherwise: 
 (a) to file and prove a claim or claims for the whole amount of principal and
interest (or, if the Securities of any series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) owing and unpaid in respect of the Securities of any series, and to file such
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel,
and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence or bad faith) and of the Holders allowed in any judicial proceedings relative to the
Issuer or other obligor upon the Securities of any series, or to the creditors or property of the Issuer or such other obligor, 
 (b) unless
prohibited by applicable law and regulations, to vote on behalf of the holders of the Securities of any series in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency
proceedings or person performing similar functions in comparable proceedings, and 
 (c) to collect and receive any moneys or other property
payable or deliverable on any such claims, and to distribute all amounts received with respect to the claims of the Holders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar official is hereby
authorized by each of the Holders to make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Holders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of
negligence or bad faith and all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 5.07. 
  

 29 

 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for
or accept or adopt on behalf of any Holder any plan or reorganization, arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of
any Holder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 
 All rights
of action and of asserting claims under the Indenture, or under any of the Securities, may be enforced by the Trustee without the possession of any of the Securities or the production thereof on any trial or other proceedings relative thereto, and
any such action or proceedings instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the reasonable expenses, disbursements and compensation of the Trustee,
each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the holders of the Securities in respect of which such action was taken. 
 In any proceedings brought by the Trustee (and also any proceedings involving the interpretation of any provision of the Indenture to which the Trustee
shall be a party) the Trustee shall be held to represent all the holders of the Securities in respect to which such action was taken, and it shall not be necessary to make any holders of such Securities parties to any such proceedings. 

Section 4.03. Application of Proceeds. Any moneys collected by the Trustee pursuant to this Article in respect of any series shall be applied
in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal or interest, upon presentation of the several Securities in respect of which moneys have been collected and
stamping (or otherwise noting) thereon the payment, or issuing Securities of such series in reduced principal amounts in exchange for the presented Securities of like series if only partially paid, or upon surrender thereof if fully paid:

 FIRST: To the payment of costs and expenses applicable to such series in respect of which moneys have been collected,
including reasonable compensation to the Trustee and each predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred by the Trustee and each predecessor Trustee except as a result of negligence or bad
faith, and all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 5.07; 
 SECOND: In case the
principal of the Securities of such series in respect of which moneys have been collected shall not have become and be then due and payable, to the payment of interest on the Securities of such series in default in the order of the maturity of the
installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest at the same rate as the rate of interest or Yield to Maturity 

  

 30 

 
(in the case of Original Issue Discount Securities) specified in such Securities, such payments to be made ratably to the persons entitled thereto, without
discrimination or preference; 
 THIRD: In case the principal of the Securities of such series in respect of which moneys have
been collected shall have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with interest upon the overdue principal, and (to the
extent that such interest has been collected by the Trustee) upon overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such
series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities of such series, then to the payment of such principal and interest or yield to maturity, without preference or priority of
principal over interest or yield to maturity, or of interest or yield to maturity over principal, or of any installment of interest over any other installment of interest, or of any Security of such series over any other Security of such series,
ratably to the aggregate of such principal and accrued and unpaid interest or yield to maturity; and 
 FOURTH: To the payment
of the remainder, if any, to the Issuer or any other person lawfully entitled thereto. 
 Section 4.04. Suits for Enforcement. In case
an Event of Default has occurred, has not been waived and is continuing, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by the Indenture by such appropriate judicial proceedings as the Trustee shall deem
most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power
granted in the Indenture or to enforce any other legal or equitable right vested in the Trustee by the Indenture or by law. 
 Section
4.05. Restoration of Rights on Abandonment of Proceedings. In case the Trustee shall have proceeded to enforce any right under the Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been
determined adversely to the Trustee, then and in every such case the Issuer and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Issuer, the Trustee and the Holders
shall continue as though no such proceedings had been taken. 
 Section 4.06. Limitations on Suits by Holder. No Holder of any
Security of any series shall have any right by virtue or by availing of any provision of the Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to the Indenture, or for the
appointment of a trustee, receiver, 

  

 31 

 
liquidator, custodian or other similar official or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee
written notice of default and of the continuance thereof, as hereinbefore provided; (ii) the Holders of not less than 25% in aggregate principal amount of the Securities of each such series affected that is then Outstanding (voting together as
a single class) shall have made written request upon the Trustee to institute such action or proceedings in its own name as trustee hereunder; (iii) such Holder or Holders shall have offered to the Trustee such indemnity as it may reasonably
require against the costs, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action or
proceeding; and (v) no direction inconsistent with such written request shall have been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Securities of each series affected then
Outstanding. It is understood and intended, and expressly covenanted by the taker and Holder of every Security with every other taker and Holder and the Trustee, that no one or more Holders of any series shall have any right in any manner whatever
by virtue or by availing of any provision of the Indenture to affect, disturb or prejudice the rights of any other such Holder, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under the
Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of the applicable series. For the protection and enforcement of the provisions of this Section, each and every Holder and the Trustee shall
be entitled to such relief as can be given either at law or in equity. 
 Section 4.07. Unconditional Right of Holders to Institute
Certain Suits. Notwithstanding any other provision in the Indenture and any provision of any Security, the right of any Holder of any Security to receive payment of the principal of and interest on such Security on or after the respective due
dates expressed in such Security, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 4.08. Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default. Except as provided in Section 4.06, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy. 
 No delay or omission of the Trustee or of any Holder to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to Section 4.06, every power and remedy 

  

 32 

 
given by the Indenture or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the
Trustee or by the Holders. 
 Section 4.09. Control by Holders. The Holders of a majority in aggregate principal amount of the
Securities of each series affected (voting together as a single class) at the time Outstanding shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred on the Trustee with respect to the Securities of each such series by the Indenture; provided, however, that such direction shall not be otherwise than in accordance with law and the provisions of the Indenture.
Subject to the provisions of Section 5.01, the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, shall determine that the action or proceeding so directed may not lawfully be taken or if
the Trustee in good faith shall determine that the action or proceedings so directed would involve the Trustee in personal liability or if the Trustee in good faith shall determine that the actions or forbearances specified in or pursuant to such
direction would be unduly prejudicial to the interests of Holders of the Securities of all series so affected not joining in the giving of said direction, it being understood that (subject to Section 5.01) the Trustee shall have no duty to ascertain
whether or not such actions or forbearances are unduly prejudicial to such Holders. 
 Nothing in the Indenture shall impair the right of the
Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction or directions by Holders. 
 Section 4.10. Waiver of Past Defaults. Except as otherwise provided in Sections 4.01, 4.07 and Section 7.02, the Holders of a majority in aggregate principal amount of the Outstanding Securities of one or
more series (voting together as a single class) may, by notice to the Trustee, on behalf of the Holders of all Securities of each such series waive an existing default and its consequences. Upon such waiver, the default will cease to exist, and any
Event of Default arising therefrom will be deemed to have been cured, but no such waiver will extend to any subsequent or other default or impair any right consequent thereon. 
 Section 4.11. Trustee to Give Notice of Default, But May Withhold in Certain Circumstances. The Trustee shall give to the Holders of any series,
as the names and addresses of such Holders appear on the registry books, notice by mail of all defaults known to the Trustee which have occurred with respect to such series, such notice to be transmitted within 45 days after the occurrence thereof,
unless such defaults shall have been cured before the giving of such notice (the term “default” or “defaults” for the purposes of this section being hereby defined to mean any event or condition which is, or with notice or lapse
of time or both would become, an Event of Default); provided that, except in the case of default in the payment of the principal of or interest on any of the Securities of such series, or in the payment of any sinking or purchase fund installment
with respect to the Securities of such series, the Trustee shall be protected in withholding 

  

 33 

 
such notice if and so long as the board of directors, the executive committee, or a trust committee of directors or trustees and/or responsible officers of
the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of such series. 
 Section
4.12. Right of Court to Require Filing of Undertaking to Pay Costs. In any suit for the enforcement of any right or remedy under the Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court may
require any party litigant in such suit (other than the Trustee) to file an undertaking to pay the costs of the suit, and the court may assess reasonable costs, including reasonable attorneys fees, against any party litigant (other than the Trustee)
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 a Holder to enforce payment of principal of or interest on any Security on the respective due
dates. 
 ARTICLE 5 
 CONCERNING THE TRUSTEE 
 Section 5.01. Duties and Responsibilities of the Trustee;
During Default; Prior to Default. (a) The duties and responsibilities of the Trustee are as provided by the Trust Indenture Act and as set forth herein. Whether or not expressly so provided, every provision of the Indenture relating to the
conduct or affecting the liability of or affording protection to the Trustee is subject to this Article. 
 (b) Except during the continuance
of an Event of Default, the Trustee need perform only those duties that are specifically set forth in the Indenture and no others, and no implied covenants or obligations will be read into the Indenture against the Trustee. In case an Event of
Default of which a Responsible Officer shall have actual knowledge or shall have received written notice from the Issuer or any holder of Securities of any series has occurred and is continuing, the Trustee shall exercise those rights and powers
vested in it by the Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
 (c) No provision of the Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act
or its own willful misconduct. 
 Section 5.02. Trustee’s Obligations with Respect to the Covenants. The Trustee shall not
be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s compliance with the covenants contained in Article 4 or with respect to any reports or other documents filed under the Indenture; provided,
however, that nothing herein shall relieve the Trustee of any obligations to monitor the Issuer’s timely delivery 

  

 34 

 
of all reports and certificates required under Section 3.04 and Section 3.05 of the Indenture and to fulfill its obligations under Article 5 hereof.

 Section 5.03. Moneys Held by Trustee. Subject to the provisions of Section 9.06 hereof, all moneys received by the Trustee shall,
until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. Neither the Trustee nor any agent of the Issuer or the
Trustee shall be liable for interest on any money received by it hereunder except such as it may agree with the Issuer in writing to pay thereon. 
 Section 5.04. Reports by the Trustee to Holders. Within 60 days after each May 15, beginning with May 15, 2009, the Trustee will mail to each Holder, as provided in Trust Indenture Act Section 313(c), a brief report
dated as of such May 15, if required by Trust Indenture Act Section 313(a), and file such reports with each stock exchange upon which its Securities are listed and with the Commission if, and to the extent, required by Trust Indenture Act
Section 313(d). 
 The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act. 
 A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with the Issuer, with each stock exchange upon
which any Securities are listed (if so listed) and also with the Commission. 
 Section 5.05. Certain Rights of the Trustee. Subject
to Trust Indenture Act Sections 315(a) through (d): 
 (a) In the absence of bad faith on its part, the Trustee may rely, and will be
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 or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but, in the case of any document which is specifically required to be furnished to
the Trustee pursuant to any provision hereof, the Trustee shall examine the document to determine whether it conforms to the requirements of the Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts
stated therein). The Trustee, in its discretion, may make further inquiry or investigation into such facts or matters as it sees fit. 
 (b)
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel conforming to Section 10.05 and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance
on the certificate or opinion. 
  

 35 

 (c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct
or negligence of any attorney or agent appointed by the Trustee with due care. 
 (d) The Trustee will be under no obligation to exercise any
of the rights or powers vested in it by the Indenture or to institute, conduct or defend any litigation hereunder or in relation hereto at the request or direction of any of the Holders, unless such Holders have offered to the Trustee security or
indemnity as it may reasonably require against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 
 (e) The Trustee will not be liable in its individual capacity for any action it takes, suffers or omits to take in good faith that it believes to be authorized or within its rights or powers or for any action it takes
or omits to take in accordance with the direction of the Holders in accordance with Section 4.09 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under the Indenture. 
 (f) The Trustee may consult with counsel, and any advice of such counsel or any Opinion of Counsel
will be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (g) No provision of the Indenture will require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder, or in the exercise of its rights or
powers, unless it receives indemnity satisfactory to it against any loss, liability or expense. 
 (h) The Trustee shall not be liable in its
individual capacity for an error in judgment made in good faith by a Responsible Officer or other officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts. 
 (i) The Trustee shall not be personally liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by the Indenture. 
 (j) The Trustee shall have no duty to see to any recording,
filing or depositing of the Indenture or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such re-recording or re-filing or re-depositing
thereof. 
 (k) The Trustee shall not be required to take notice or be deemed to have notice or knowledge of any default or Event of Default
unless a Responsible Officer of the Trustee shall have received written notice from the Issuer or any holder of the Securities 

  

 36 

 
or obtained actual knowledge thereof. In the absence of receipt of such notice or actual knowledge, the Trustee may conclusively assume that there is no
default or Event of Default. 
 Section 5.06. Trustee and Agents May Hold Securities; Collections, etc. The Trustee or any agent of
the Issuer or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not the Trustee or such agent and may otherwise deal with the Issuer and receive,
collect, hold and retain collections from the Issuer with the same rights it would have if it were not the Trustee or such agent. 
 Section
5.07. Compensation and Indemnification of Trustee and Its Prior Claim. (a) The Issuer will pay the Trustee compensation as agreed upon in writing for its services. The compensation of the Trustee is not limited by any law on compensation
of a Trustee of an express trust. The Issuer will reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee, (including the reasonable compensation and the expenses and
disbursements of its counsel and of all agents and other persons not regularly in its employ) except to the extent any such expense, disbursement or advance may arise from its negligence or bad faith. The Issuer also covenants to indemnify the
Trustee, its directors, officers, employees and agents and each predecessor Trustee, its directors, officers, employees and agents for, and to hold each of them harmless against, any loss, liability or expense arising out of or in connection with
the acceptance or administration of the Indenture or the trusts hereunder and the performance of its duties hereunder and under the Securities, including the costs and expenses of defending itself against or investigating any claim of liability in
the premises and the costs and expenses of defending itself against any claim or liability and of complying with any process served upon it or any of its officers, except to the extent such loss liability or expense is due to the negligence or bad
faith of the Trustee or such predecessor Trustee. 
 Anything in the Indenture to the contrary notwithstanding, in no event shall the Trustee
be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits) unless it shall be proved that the Trustee acted in bad faith or was grossly negligent in acting or failing to act.

 (b) To secure the Issuer’s payment obligations in this Section, the Trustee will have a lien prior to the Securities on all money or
property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal of, and interest on particular Securities. 
 The obligations of the Issuer under this Section 5.07 shall survive the resignation and removal of the Trustee and payment of the Securities, and shall extend to any co-trustee or separate trustee. 
  

 37 

 Section 5.08. Right of Trustee to Rely on Officer’s Certificate, etc. Subject to Sections
5.01 and Section 5.05, whenever in the administration of the trusts of the Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting any action hereunder, such matter
(unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to
the Trustee, and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of the Indenture upon the faith
thereof. 
 Section 5.09. Disqualification; Conflicting Interests. If the Trustee has or shall acquire any “conflicting
interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Issuer shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.  
 Section 5.10. Persons Eligible for Appointment as Trustee. The Indenture must always have a Trustee that satisfies the requirements of Trust
Indenture Act Section 310(a) and has a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. 
 Section 5.11. Resignation and Removal; Appointment of Successor Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all series of
Securities by giving written notice of resignation to the Issuer and by mailing notice thereof by first class mail to Holders of the applicable series of Securities at their last addresses as they shall appear on the Register. Upon receiving such
notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees with respect to the applicable series by written instrument in duplicate, executed by authority of the Board of Directors, one copy of which instrument shall be
delivered to the resigning Trustee and one copy to the successor trustee or trustees. If no successor trustee shall have been so appointed with respect to any series and have accepted appointment within 30 days after the mailing of such notice of
resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide Holder of a Security or Securities of the applicable series for at least
six months may, subject to the provisions of Section 4.12, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may
deem proper and prescribe, appoint a successor trustee. 
 (b) In case at any time any of the following shall occur: 
 (i) the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act with respect to any series of
Securities after 

  

 38 

 
written request therefor by the Issuer or by any Holder who has been a bona fide Holder of a Security or Securities of such series for at least six
months; or 
 (ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 310(a) of the
Trust Indenture Act and shall fail to resign after written request therefor by the Issuer or by any Holder; or 
 (iii) the
Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
 then, in any such case, the
Issuer may remove the Trustee with respect to the applicable series of Securities and appoint a successor trustee for such series by written instrument, in duplicate, executed by order of the Board of Directors of the Issuer, one copy of which
instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or any Holder who has been a bona fide Holder of a Security or Securities of such series for at least six months may on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper
and prescribe, remove the Trustee and appoint a successor trustee. 
 (c) The Holders of a majority in aggregate principal amount of the
Securities of each series at the time Outstanding may at any time remove the Trustee with respect to Securities of such series and appoint a successor trustee with respect to the Securities of such series with the consent of the Issuer by delivering
to the Trustee so removed, to the successor trustee so appointed and to the Issuer the evidence provided for in Section 6.01 of the action in that regard taken by the Holders. 
 (d) Any resignation or removal of the Trustee with respect to any series and any appointment of a successor trustee with respect to such series pursuant
to any of the provisions of this Section 5.11 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 5.12. 
 (e) Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such series, and at any time there shall be only one Trustee with respect to
the Securities of any particular series. 
 Section 5.12. Acceptance of Appointment by Successor. Any successor trustee appointed as
provided in Section 5.11 shall execute and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to all or any
applicable 

  

 39 

 
series shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties
and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named as trustee for such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor trustee, upon payment
of its charges then unpaid, the trustee ceasing to act shall, subject to Section 9.06, pay over to the successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee
all such rights, powers, duties and obligations. 
 If a successor trustee is appointed with respect to the Securities of one or more (but
not all) series, the Issuer, the predecessor Trustee and each successor trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto prepared by and at the expense of the Issuer which
(1) shall contain such provisions as shall be deemed 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 Securities of
that or those series to which the appointment of such successor trustee relates, (2) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor Trustee
with respect to the Securities of any series as to which the predecessor Trustee is not retiring shall continue to be vested in the predecessor Trustee, and (3) shall add to or change any of the provisions of the Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such trustees co-trustees of the same trust and that each
such trustee shall be trustee of a trust or trusts under separate indentures. 
 Upon acceptance of appointment by any successor trustee as
provided in this Section 5.12, the Issuer shall mail notice thereof by first-class mail to the Holders of any series for which such successor trustee is acting as trustee at their last addresses as they shall appear in the Register. If the
acceptance of appointment is substantially contemporaneous with the resignation, then the notice called for by the preceding sentence may be combined with the notice called for by Section 5.11. If the Issuer fails to mail such notice within ten days
after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Issuer. 
 Section 5.13. Merger, Conversion, Consolidation or Succession to Business of Trustee. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation or national banking association, the resulting, surviving or transferee corporation or national banking association without any further act will be the successor Trustee with the same effect as if the successor Trustee had been named as
the Trustee in the Indenture. 
  

 40 

 In case at the time such successor to the Trustee shall succeed to the trusts created by the Indenture
any of the Securities of any series shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and deliver such Securities so authenticated; and, in case
at that time any of the Securities of any series shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor Trustee; and in all
such cases such certificate shall have the full force which it is anywhere in the Securities of such series or in the Indenture provided that the certificate of the Trustee shall have; provided, that the right to adopt the certificate of
authentication of any predecessor Trustee or to authenticate Securities of any series in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 
 Section 5.14. Preferential Collection of Claims Against the Issuer. The Trustees shall comply with Section 311(a) of the Trust Indenture Act,
excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.

 Section 5.15. Trustee’s Disclaimer. The Trustee (i) makes no representation as to the validity or adequacy of the
Indenture or the Securities, (ii) is not accountable for the Issuer’s use or application of the proceeds from the Securities and (iii) is not responsible for any statement in the Securities other than its certificate of
authentication. 
 ARTICLE 6 
 CONCERNING THE HOLDERS 
 Section 6.01. Evidence of Action Taken by Holders. Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by the Indenture to be given or taken by a specified percentage in principal amount of the Holders of any or all series may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such specified percentage of Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such
instrument or instruments are delivered to the Trustee. 
 If the Issuer shall solicit from the Holders of any series any request, demand,
authorization, direction, notice, consent, waiver or other action, the Issuer may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Holders entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other action, but the Issuer shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other
action, may be given before or after the record 

  

 41 

 
date, but only the Holders of the requisite proportion of Outstanding Securities of that series who have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however, that no such authorization, agreement
or consent by such Holders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of the Indenture not later than six months after the record date. 
 Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of the Indenture and (subject to
Section 5.01 and Section 5.05) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Article. 
 Section
6.02. Proof of Execution of Instruments and of Holding of Securities; Record Date. Subject to Section 5.01 and Section 5.05, the execution of any instrument by a Holder or his agent or proxy may be proved in accordance with such reasonable
rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Securities shall be proved by the Register or by a certificate of the registrar thereof. The Issuer may set a record
date for purposes of determining the identity of Holders of any series entitled to vote or consent to any action referred to in Section 6.01, which record date may be set at any time or from time to time by notice to the Trustee, for any date or
dates (in the case of any adjournment or reconsideration) not more than 60 days nor less than five days prior to the proposed date of such vote or consent, and thereafter, notwithstanding any other provisions hereof, only Holders of such series of
record on such record date shall be entitled to so vote or give such consent or revoke such vote or consent. Notice of such record date may be given before or after any request for any action referred to in Section 6.01 is made by the Issuer.

 Section 6.03. Holders to Be Treated as Owners. Prior to the due presentment for registration of transfer of any Security, the
Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Register for such series as the absolute owner of such Security (whether or not such Security shall
be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of, and, subject to the provisions of the Indenture, interest on such Security and for all
other purposes; and neither the Issuer, the Trustee, nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such person, or upon his order, shall be valid, and, to the extent of
the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security. 
 Section 6.04.
Securities Owned by Issuer Deemed Not Outstanding. In determining whether the Holders of the requisite aggregate principal amount of 

  

 42 

 
Outstanding Securities of any or all series have concurred in any direction, consent or waiver under the Indenture, Securities which are owned by the Issuer
or any other obligor on the Securities with respect to which such determination is being made or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the
Securities with respect to which such determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver only Securities which a Responsible Officer of the Trustee actually knows are so owned, or has received written notice that such Securities are so owned, shall be so disregarded. Securities so owned
which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Issuer or any other
obligor upon the Securities or any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the Securities. In case of a dispute as to such right, the advice of
counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all
Securities, if any, known by the Issuer to be owned or held by or for the account of any of the above-described persons; and, subject to Section 5.01 and Section 5.05, the Trustee shall be entitled to accept such Officer’s Certificate as
conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any such determination. 
 Section 6.05. Right of Revocation of Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 6.01, of the taking of any action by the Holders of the percentage
in aggregate principal amount of the Securities of any or all series, as the case may be, specified in the Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the evidence to be included among
the serial numbers of the Securities the Holders of which have consented to such action may, by filing written notice at the applicable Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action so far as
concerns such Security. Except as aforesaid any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in exchange or
substitution therefor, irrespective of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case
may be, specified in the Indenture in connection with such action shall be conclusively binding upon the Issuer, the Trustee and the Holders of all the Securities affected by such action. 
  

 43 

 ARTICLE 7 
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
 Section
7.01. Supplemental Indentures without Consent of Holders. The Issuer and the Trustee may amend the Indenture or the Securities or enter into an indenture supplemental hereto without notice to or the consent of any Holder to 
 (a) to cure any ambiguity, defect or inconsistency; 
 (b) to provide for uncertificated Securities of any series in addition to or in place of certificated Securities of the applicable series; 
 (c) to comply with Article 8 in the case of a merger or consolidation; 
 (d) to maintain the qualification of the Indenture under
the Trust Indenture Act; 
 (e) to evidence and provide for the acceptance of appointment by a successor Trustee; 
 (f) to conform the text of this Indenture or the terms of the Securities of any series to any prospectus, offering memorandum, offering circular or any
other document pursuant to which the Securities of such series were offered; 
 (g) to establish the form or terms of Securities of any
series; 
 (h) to provide for the assumption by a successor corporation, partnership, trust or limited liability company of the Issuer’s
obligations to the Holders of the Securities of any series, in each case in compliance with the applicable provisions of the Indenture; or 
 (i) to make any change that would provide any additional rights or benefits to the Holders of Securities of any series (including to secure Securities of any series, add guarantees with respect thereto, to add to the covenants of the Issuer
for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of the
applicable series), or to surrender any right or power herein conferred upon the Issuer, or that does not adversely affect the legal rights under this Indenture of any Holder of Securities of any series in any material respect. 
 The Trustee is hereby authorized to join with the Issuer in the execution of any such amendment or supplemental indenture, to make any further
appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such amendment or
supplemental indenture which affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise. 
  

 44 

 Any amendment or supplemental indenture authorized by the provisions of this section may be executed
without notice to and without the consent of the Holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 7.02. 
 Section 7.02. Supplemental Indentures with Consent of Holders. (a) With the consent (evidenced as provided in Article 6) of the Holders of not less than a majority in aggregate principal amount of the
Securities at the time Outstanding of all series affected by such amendment or supplemental indenture (voting together as a single class), the Issuer, when authorized by a resolution of its Board of Directors, and the Trustee may, from time to time
and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying
in any manner the rights of the Holders of the Securities of each such series and such Holders may waive future compliance by the Issuer with a provision of the Indenture or the Securities. 
 (b) Notwithstanding the provisions of paragraph (a), without the consent of each affected Holder of a particular series, an amendment, supplement or
waiver may not 
 (i) reduce the aggregate principal amount of Securities of any series at maturity whose Holders must consent
to an amendment; 
 (ii) reduce the rate of or change or have the effect of changing the time for payment of interest,
including defaulted interest, on Securities of any series; 
 (iii) reduce the principal of or change or have the effect of
changing the fixed maturity of Securities of any series, or change the date on which Securities of any series may be subject to redemption or repurchase or reduce the redemption price therefor; 
 (iv) make Securities of any series payable in money other than that stated in the Securities of the applicable series or change the place
of payment of the Securities of any series from that stated in the Securities of such series or in the Indenture; 
 (v) make
any change in provisions of the Indenture protecting the right of each Holder to receive payment of principal of and interest on such Holder’s Security or Securities on or after the due date thereof or to bring suit to enforce such payment, or
permitting Holders of a majority in aggregate principal amount of Securities of each series affected (voting together as a single class) to waive defaults or Events of Default; 
 (vi) make any change in these amendment and waiver provisions; or 
  

 45 

 (vii) make any change or modification to the ranking of the Securities of any series that
would adversely affect the Holders. 
 It shall not be necessary for the consent of the Holders under this section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 Section
7.03. Execution of Amendments or Supplemental Indentures or Waivers. Upon the request of the Issuer, accompanied by a copy of a Resolution of the Board of Directors certified by the secretary or an assistant secretary of the Issuer
authorizing the execution of any such amendment, supplemental indenture or waiver and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and other documents, if any, required by Section 6.01, the Trustee shall join
with the Issuer in the execution of such amendment, supplemental indenture or waiver unless such supplemental indenture or waiver affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise, in which case the Trustee
may in its discretion, but shall not be obligated to, enter into such amendment, supplemental indenture or waiver. 
 The Trustee, subject to
the provisions of Sections 5.01 and 5.05, may receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any amendment, supplemental indenture or waiver executed pursuant to this Article 7 complies with the
applicable provisions of the Indenture; provided, however, that such Officer’s Certificate and Opinion of Counsel need not be provided in connection with the execution of an amendment, supplemental indenture or waiver that
establishes the terms of a series of Securities pursuant to Section 2.01 hereof. 
 Promptly after the execution by the Issuer and the
Trustee of any amendment, supplemental indenture or waiver pursuant to the provisions of this Section, the Issuer shall mail a notice thereof by first class mail to the Holders of each series affected thereby at their addresses as they shall appear
on the registry books of the Issuer, setting forth in general terms the substance of such amendment, supplemental indenture or waiver. Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such amendment, supplemental indenture or waiver. 
 Section 7.04. Effect of Amendment, Supplemental Indenture
or Waiver. Upon the execution of any amendment, supplemental indenture or waiver pursuant to the provisions hereof, the Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of
rights, obligations, duties and immunities under the Indenture of the Trustee, the Issuer and the Holders of each series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of any such amendment, supplemental indenture or waiver shall be and be deemed to be part of the terms and conditions of the Indenture for any and all purposes. 
  

 46 

 Section 7.05. Effect of Consent. After an amendment, supplement or waiver becomes effective, it
will bind every Holder unless it is of the type requiring the consent of each Holder affected. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment, supplement or waiver will bind each
Holder that has consented to it and every subsequent Holder of a Security that evidences the same debt as the Security of the consenting Holder. 
 Section 7.06. Notation on Securities in Respect of Amendments, Supplemental Indentures or Waivers. Securities of any series authenticated and delivered after the execution of any amendment, supplemental indenture or waiver pursuant
to the provisions of this Article may bear a notation in form approved by the Trustee for such series, as to any matter provided for by such amendment, supplemental indenture or waiver or as to any action taken at any such meeting. If the Trustee
shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Board of Directors of the Issuer, to any modification of the Indenture contained in any such amendment, supplemental indenture or
waiver may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange for the Securities of such series then Outstanding. 
 Section 7.07. Conformity with the Trust Indenture Act. Every amendment, supplemental indenture or waiver executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 
 ARTICLE 8 
 CONSOLIDATION, MERGER, SALE OR CONVEYANCE 
 Section
8.01. Consolidation, Merger or Sale of Assets by the Issuer. (a) The Issuer shall not merge into or consolidate with any other Person or Persons (whether or not affiliated with the Issuer) or sell, convey, transfer, lease or otherwise
dispose of all or substantially all of its property or assets to any other Person or Persons (whether or not affiliated with the Issuer), and the Issuer shall not permit any Person to consolidate with or merge into the Issuer or convey, transfer or
lease substantially all of its property or assets to the Issuer, unless: 
 (i) either (a) the transaction is a merger or
consolidation and the Issuer is the surviving entity; or (b) the successor Person (or the Person which acquires by sale, conveyance, transfer or lease all or substantially all of the property or assets of the Issuer) is organized under the laws
of the United States, any state thereof or the District of Columbia and expressly assumes, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the Issuer’s obligation for the due and
punctual payment of the principal of (and premium, if any, on) and interest on all the Outstanding Securities of any series and the performance and observance of every covenant of 

  

 47 

 
the Outstanding Securities of such series and this Indenture on the part of the Issuer to be performed or observed; 
 (ii) immediately after giving effect to such transaction and treating any Indebtedness which becomes an obligation of the Issuer or any
Subsidiary as a result of such transaction as having been incurred by the Issuer or such Subsidiary at the time of such transaction, no Event of Default shall have occurred and be continuing; and 
 (iii) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with. 
 (b) The restrictions in Sections 8.01(ii) and 8.01(iii) hereof shall not be
applicable to: 
 (i) the merger or consolidation of the Issuer with an affiliate of the Issuer if the Board of Directors
determines in good faith that the purpose of such transaction is principally to change the state of incorporation of the Issuer or convert the form of organization of the Issuer to another form; or 
 (ii) the merger of the Issuer with or into a single direct or indirect wholly owned subsidiary of the Issuer pursuant to
Section 251(g) (or any successor provision) of the General Corporation Law of the State of Delaware (or similar provision of the Issuer’s state of incorporation). 
 Section 8.02. Successor Substituted. Upon any consolidation of the Issuer with, or merger of the Issuer into, any other Person or any sale,
transfer or other conveyance of substantially all of the properties and assets of the Issuer in accordance with Section 8.01, but not in the case of a lease, the successor Person formed by such consolidation or into which the Issuer is merged or to
which such sale, transfer or other conveyance is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under the Indenture with the same effect as if such successor Person had been named as the Issuer
herein, and thereafter, the predecessor Person shall be released of all obligations to pay principal and interest on the Securities and all other obligations and covenants under the Indenture and the Securities. For purposes of the foregoing, if the
Issuer consummates a Holding Company Reorganization, New HoldCo shall be treated as the “successor Person” and the Holding Company Reorganization shall constitute the transfer to New HoldCo of substantially all of the Issuer’s assets.

  

 48 

 ARTICLE 9 
 DEFEASANCE AND DISCHARGE; UNCLAIMED MONEYS 
 Section 9.01. Satisfaction and Discharge of Indenture. The Issuer may terminate its obligations under the Indenture, when: 
 (a) either (i) all the Securities of any series issued that have been authenticated and delivered have been delivered to the Trustee for cancellation (other than any Securities of such series which shall have
been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09); or (ii) all the Securities of any series issued that have not been delivered to the Trustee for cancellation shall have (A) become due
and payable, or (B) are by their terms to become due and payable within one year, or are to be called for redemption within one year and the Issuer shall have made irrevocable arrangements satisfactory to the Trustee for the giving of notice of
redemption by such Trustee in the Issuer’s name, and at the Issuer’s expense and the Issuer have irrevocably deposited or caused to be deposited with the Trustee sufficient funds to pay and discharge the entire indebtedness on the
applicable series of Securities not theretofore delivered to the Trustee for cancellation, for principal, premium, if any, and interest to the date of such deposit (in the case of Securities that have become due and payable) or to the applicable
maturity or redemption date, as the case may be, together with irrevocable instructions from the Issuer directing the Trustee to apply such funds to the payment thereof at the applicable maturity or redemption date, as the case may be; 

(b) The Issuer shall have paid or caused to be paid all other sums then due and payable under the Indenture; and 
 (c) The Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all conditions precedent
under the Indenture relating to the satisfaction and discharge of the indenture have been complied with. 
 If the foregoing conditions are
met, the Trustee, on demand of the Issuer accompanied by an Officer’s Certificate and an Opinion of counsel and at the cost and expense of the Issuer, shall execute proper instruments prepared by the Issuer acknowledging such satisfaction of
and discharging the Indenture with respect to such series except as to: 
 (1) rights of Holders to receive payments when due
of principal thereof and interest thereon, and remaining rights of the holders to receive mandatory sinking fund payments, if any; 
 (2) obligations of the Issuer in respect of issuing temporary Securities, registration of Securities, substitution of mutilated, defaced, destroyed, lost or stolen Securities and the maintenance of an office or agency for payment on
Securities; 
  

 49 

 (3) rights of registration of transfer and exchange of Securities of such series, and the
Issuer’s right of optional redemption, if any; 
 (4) the rights, powers, trusts, duties and immunities of the Trustee
hereunder and the obligations of the Issuer in connection therewith; 
 (5) the rights of the Holders of such series as
beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them; 
 (6) the
defeasance provisions of Section 9.02; and 
 (7) the rights of the Issuer to be repaid any money pursuant to Sections 9.05
and 9.06. 
 Section 9.02. Legal Defeasance. After the 91st day following the deposit referred to in Section 9.01, the Issuer will be
deemed to have paid the entire indebtedness represented by, and will be discharged from its obligations in respect of, the Securities of any series and the Indenture, other than its obligations in Article 2 and Section 3.01, Section 3.02, Section
5.07, Section 5.11, and listed in clauses (1), (2), (3), (4), (5), (6) and (7) of Section 9.01, provided the following conditions have been satisfied: 
 (a) The Issuer has irrevocably deposited or caused to be deposited with the Trustee as trust funds for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to the
benefits of the holders of the Securities of a series in cash or Governmental Obligations or a combination thereof (other than moneys repaid by the Trustee or any paying agent to the Issuer in accordance with Section 9.06) in each case sufficient
without reinvestment, in the written opinion of a nationally recognized firm of independent public accountants to pay and discharge, and which shall be applied by the Trustee to pay and discharge, all of the principal, interest and any premium at
due date or maturity or if the Issuer has made irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the trustee in the Issuer’s name and at the Issuer’s expense, the redemption date; 
 (b) The Issuer has delivered to the Trustee an Opinion of Counsel stating that, as a result of an IRS ruling or a change in applicable federal income tax
law, the holders of the Securities of that series will not recognize gain or loss for federal income tax purposes as a result of the deposit, defeasance and discharge to be effected and will be subject to the same federal income tax as would be the
case if the deposit, defeasance and discharge did not occur; 
 (c) No default with respect to the outstanding Securities of that series has
occurred and is continuing at the time of such deposit after giving effect to the deposit or, in the case of legal defeasance, no default relating to bankruptcy or insolvency has occurred and is continuing at any time on or before the 91st day after
the date of such 

  

 50 

 
deposit (other than an Event of Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such
borrowings), it being understood that this condition is not deemed satisfied until after the 91st day; 
 (d) The defeasance will not cause
the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act, assuming all Securities of a series were in default within the meaning of such Act; 
 (e) The defeasance will not result in a breach or violation of, or constitute a default under the Indenture (other than an Event of Default resulting
from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings), or any other material agreement or instrument to which the Issuer or any of its Subsidiaries is a party or by which it or any of its
Subsidiaries is bound; 
 (f) The defeasance will not result in the trust arising from such deposit constituting an investment company within
the meaning of the Investment Company Act of 1940, as amended, unless the trust is registered under such Act or exempt from registration; 
 (g) The Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to the defeasance have been complied with; and 

(h) the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that, assuming no intervening bankruptcy of the Issuer between
the date of deposit and the 91st day following the date of deposit and that no Holder of such Securities is an insider of the Issuer, after the 91st day following the date of deposit, the trust funds will not be subject to the effect of any
applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally. 
 Prior to the end of the
91-day period, none of the Issuer’s obligations under the Indenture will be discharged. Thereafter, the Trustee upon request will acknowledge in writing the discharge of the Issuer’s obligations under the Securities and the Indenture
except for the surviving obligations specified above. 
 Section 9.03 . Covenant Defeasance. After the 91st day following the deposit
referred to in Section 9.01, the Issuer’s obligations set forth in Section 3.04, Section 3.05 and Section 8.01 will terminate and Section 4.01(d) will no longer constitute an Event of Default, provided the following conditions have been
satisfied: 
 (a) The Issuer has complied with clauses (a), (c), (d), (e), (f) and (g) of Section 9.02; and 
 (b) the Issuer has delivered to the Trustee an Opinion of Counsel to the effect that the holders of the Securities of that series will not recognize gain
or loss for U.S. 

  

 51 

 
federal income tax purposes as a result of the deposit and covenant defeasance to be effected and will be subject to the same federal income tax as would be
the case if the deposit and covenant defeasance did not occur. 
 Except as specifically stated above, none of the Issuer’s obligations
under the Indenture will be discharged. 
 Section 9.04. Application by Trustee of Funds Deposited for Payment of Securities. Subject
to Section 9.06, all moneys deposited with the Trustee pursuant to Section 9.01 shall be held in trust and applied by it to the payment, either directly or through any paying agent (including the Issuer acting as its own paying agent), to the
Holders of the particular Securities of such series for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest. Such money
need not be segregated from other funds except to the extent required by law. 
 Section 9.05. Repayment of Moneys Held by Paying Agent.
In connection with the satisfaction and discharge of the Indenture with respect to Securities of any series, all moneys then held by any paying agent under the provisions of the Indenture with respect to such series of Securities shall, upon
demand of the Issuer, be repaid to the Issuer or paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys or Governmental Obligations. 
 Section 9.06. Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years. Any moneys or Governmental Obligations deposited with or
paid to the Trustee or any paying agent for the payment of the principal of or interest on any Security of any series and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due
and payable, shall, upon the written request of the Issuer and unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the Issuer by the Trustee for such series or such paying
agent, and the Holder of the Security of such series shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only to the Issuer for any payment which such Holder may be
entitled to collect, and all liability of the Trustee or any paying agent with respect to such moneys shall thereupon cease. 
 ARTICLE 10

 MISCELLANEOUS PROVISIONS 
 Section 10.01. Incorporators, Stockholders, Employees, Officers and Directors of Issuer Exempt from Individual Liability. No past, present or future director, officer, employee, incorporator, agent, stockholder
or Affiliate of the Issuer or any of its Subsidiaries, as applicable, shall have any liability for any obligations of the Issuer or any 

  

 52 

 
of its Subsidiaries under the Securities, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder by accepting a Security waives and releases all such liabilities. The waiver and release are part of the consideration for issuance of the Securities. 
 Section 10.02. Provisions of Indenture for the Sole Benefit of Parties and Holders. Nothing in the Indenture or in the Securities, expressed or implied, shall give or be construed to give to any person, firm or
corporation, other than the parties hereto and their successors and the Holders, any legal or equitable right, remedy or claim under the Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the
sole benefit of the parties hereto and their successors and of the Holders. 
 Section 10.03. Successors and Assigns of Issuer Bound by
Indenture. All the agreements of the Issuer in the Indenture and the Securities shall bind its successors and assigns. 
 Section 10.04.
Notices and Demands on Issuer, Trustee and Holders. Any notice or demand which by any provision of the Indenture is required or permitted to be given or served by the Trustee or by the Holders to or on the Issuer may be given or served by
being deposited postage prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until another address of the Issuer is filed by the Issuer with the Trustee) to Roper Industries, Inc., 6901 Professional Parkway East,
Suite 200, Sarasota, Florida 34240 Attention: Chief Financial Officer and a copy of such notice or demand shall be sent to the Issuer’s General Counsel at the same address. Any notice, direction, request or demand by the Issuer or any Holder to
or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made at the applicable Corporate Trust Office of the Trustee. 
 Where the Indenture provides for notice to Holders, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder entitled
thereto, at his last address as it appears in the Register. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency
of such notice with respect to other Holders. Where the Indenture provides for notice in any manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer and Holders
when such notice is required to be given pursuant to any provision of the Indenture, then any manner of 

  

 53 

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

 54 

 Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall
contain a statement that such firm is independent. 
 Section 10.06. Payments Due on Saturdays, Sundays and Holidays. Except as
provided pursuant to Section 2.01 pursuant to a Resolution of the Board of Directors, and as set forth in an Officer’s Certificate, or established in one or more indentures supplemental to the Indenture, if the date of maturity of interest on
or principal of the Securities of any series or the date fixed for redemption or repayment of any such Security shall not be a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue for the period after such date. 
 Section 10.07. Trust Indenture Act of 1939. The Indenture shall incorporate and be governed by the provisions of the Trust Indenture Act that are
required to be part of and to govern indentures qualified under the Trust Indenture Act. 
 Section 10.08. New York Law to Govern. The
Indenture and each Security shall be governed by and construed in accordance with the laws of the State of New York. 
 Section 10.09.
Counterparts. The Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 
 Section 10.10. Effect of Headings. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect
the construction hereof. 
 Section 10.11. Separability. In case any one or more of the provisions contained in the Indenture or in
the Securities of any series shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect or impair any other provisions of the Indenture or of such
Securities, but the Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 
 ARTICLE 11 
 REDEMPTION OF SECURITIES AND
SINKING FUND PROVISIONS 
 Section 11.01. Applicability of Article. The provisions of
this Article shall be applicable to the Securities of any series which are redeemable before their maturity or to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 2.03 for
Securities of such series. 
  

 55 

 Section 11.02. Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of
any series to be redeemed as a whole or in part at the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, at least 30 days and not more than 60 days prior to the date fixed for redemption
to such Holders of such series at their last addresses as they shall appear upon the registry books. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives
the notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other
Security of such series. 
 The notice of redemption to each such Holder shall specify the principal amount of each Security of such series
held by such Holder to be redeemed, the date fixed for redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and surrender of such Securities, that such redemption is pursuant to the mandatory
or optional sinking fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will
cease to accrue. In case any Security of a series is to be redeemed in part only the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon
surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 
 The notice of redemption of Securities of any series to be redeemed shall be prepared and given by the Issuer or, at the Issuer’s request, prepared by the Issuer and given by the Trustee in the name and at the expense of the Issuer.

 If less than all the Securities of any series are to be redeemed, the Trustee shall select Securities of such series to be redeemed in
whole or in part in compliance with the requirements of the principal national securities exchange, if any, on which the Securities of the applicable series are listed or, if the Securities of such series are not so listed, on a pro rata
basis, by lot or by such method as it shall deem fair and appropriate. Securities may be redeemed in part in multiples equal to the minimum authorized denomination for Securities of such series or any multiple thereof. The Trustee shall promptly
notify the Issuer in writing of the Securities of such series selected for redemption and, in the case of any Securities of such series selected for partial redemption, the principal amount thereof to be redeemed. For all purposes of the Indenture,
unless the context otherwise requires, all provisions relating to the redemption of Securities of any series shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security
which has been or is to be redeemed. 
  

 56 

 At least one Business Day prior to the redemption date specified in the notice of redemption given as
provided in this Section, the Issuer will deposit with the Trustee or with one or more paying agents (or, if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided in Section 3.03) an amount of money
sufficient to redeem on the redemption date all the Securities of such series so called for redemption at the appropriate redemption price, together with accrued interest to the date fixed for redemption. 
 Section 11.03. Payment of Securities Called for Redemption. If notice of redemption has been given as above provided, the Securities or portions
of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption, and on and after said date
(unless the Issuer shall default in the payment of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities or portions of Securities so called for redemption shall cease to accrue and such
Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under the Indenture, and the Holders thereof shall have no right in respect of such Securities except the right to receive the redemption
price thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment specified in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the
Issuer at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption; provided that any payment of interest becoming due on or before the date fixed for redemption shall be payable to the Holders of such
Securities registered as such on the relevant record date. 
 If any Security called for redemption shall not be so paid upon surrender
thereof for redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne by the Security.

 Upon presentation of any Security redeemed in part only, the Issuer shall execute and the Trustee shall authenticate and deliver to or on
the order of the Holder thereof, at the expense of the Issuer, a new Security or Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion of the Security so presented. 
 Section 11.04. Exclusion of Certain Securities from Eligibility for Selection for Redemption. Securities shall be excluded from eligibility for
selection for redemption if they are identified by registration and certificate number in a written statement signed by an authorized officer of the Issuer and delivered to the Trustee at least 15 days prior to the last date on which notice of
redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such written statement directly or indirectly controlling or
controlled by or under direct or indirect common control with the Issuer. 
  

 57 

 Section 11.05. Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund
payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of Securities of any series is
herein referred to as an “optional sinking fund payment”. The date on which a sinking fund payment is to be made is herein referred to as the “sinking fund payment date”. 
 In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, the Issuer may at its option
(a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not previously so
credited) theretofore purchased or otherwise acquired (except as aforesaid) by the Issuer and delivered to the Trustee for cancellation pursuant to Section 2.10, (b) receive credit for optional sinking fund payments (not previously so credited)
made pursuant to this Section, or (c) receive credit for Securities of such series (not previously so credited) redeemed by the Issuer through any optional redemption provision contained in the terms of such series. Securities so delivered or
credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. 
 Not less than 60
days prior to each sinking fund payment date for any series, the Issuer will deliver to the Trustee a written statement (which need not contain the statements required by Section 10.05) signed by an authorized officer of the Issuer
(a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series, (b) stating that none of the Securities of such series has
theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or cured) and are continuing and (d) stating whether or not
the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which the Issuer intends to pay on or before the next succeeding
sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall
be delivered for cancellation pursuant to Section 2.10 to the Trustee with such written statement (or reasonably promptly thereafter if acceptable to the Trustee). Such written statement shall be irrevocable and upon its receipt by the Trustee the
Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure of the Issuer, at least 60 days prior to such sinking fund
payment date, to deliver such written statement and Securities specified in this paragraph, if any, shall not constitute a default but shall 

  

 58 

 
constitute, on and as of such date, the irrevocable election of the Issuer (i) that the mandatory sinking fund payment for such series due on the next
succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof and (ii) that the Issuer will make no optional sinking fund payment with respect to such
series as provided in this Section. 
 The Trustee shall select, in the manner provided in Section 11.02, for redemption on such sinking fund
payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by the Issuer) inform the Issuer of the serial numbers of the Securities of such series (or portions
thereof) so selected. Securities of any series which are (a) owned by the Issuer or an entity known by the Trustee to be directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer, as shown by
the Register, and not known to the Trustee to have been pledged or hypothecated by the Issuer or any such entity or (b) identified in an Officer’s Certificate at least 60 days prior to the sinking fund payment date as being beneficially
owned by, and not pledged or hypothecated by, the Issuer or an entity directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer shall be excluded from Securities of such series eligible for
selection for redemption. The Trustee, in the name and at the expense of the Issuer (or the Issuer, if they shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the
manner provided in Section 11.02 (and with the effect provided in Section 11.03) for the redemption of Securities of such series in part at the option of the Issuer. The amount of any sinking fund payments not so applied or allocated to the
redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this Section. Any and all sinking fund moneys held on
the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series, shall be applied, together with other
moneys, if necessary, sufficient for the purpose, to the payment of the principal of, and interest on, the Securities of such series at maturity. 
 At least one Business Day before each sinking fund payment date, the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all interest accrued to the date fixed for redemption on Securities to be redeemed on
the next following sinking fund payment date. 
 The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking
fund moneys or mail any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default except that, where the mailing of
notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Issuer a sum sufficient for such redemption. Except as
aforesaid, any moneys in the 

  

 59 

 
sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall,
during the continuance of such default or Event of Default, be deemed to have been collected under Article 4 and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 4.09 or the
default cured on or before the 60th day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this section to the redemption of such
Securities. 
 [Signature Page Follows] 
  

 60 

 IN WITNESS WHEREOF, the parties hereto have caused the Indenture to be duly executed as of the date set
forth above. 
  

					
	ROPER INDUSTRIES, INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

 61 

					
	 STATE OF NEW YORK
	  	)	  	
		  	)	  	ss.:
	 COUNTY OF ____________
	  	)	  	

 On this ___ day of ________ before me personally came _____________ to me personally known, who,
being by me duly sworn, did depose and say that s/he resides at _____________ that s/he is a ___________ of Roper Industries, Inc., one of the corporations described in and which executed the above instrument and that s/he signed his name thereto by
like authority. 
 [NOTARIAL SEAL] 
  

	
	
	  
	Notary Public

  

 62 

					
	 STATE OF GEORGIA
	  	)	  	
		  	)	  	ss.:
	 COUNTY OF ____________
	  	)	  	

 On this ___ day of January before me personally came ____________ to me personally known, who,
being by me duly sworn, did depose and say that s/he resides at __________________ that s/he is a _________________ of Wells Fargo Bank, National Association, one of the corporations described in and which executed the above instrument; and that
s/he signed his name thereto by like authority. 
 [NOTARIAL SEAL] 
  

	
	
	  
	Notary Public

  

 63

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00145-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00145-of-00352.parquet"}]]