Document:

EXHIBIT 10.1

 

	
BARCLAYS

745 Seventh Avenue

New York, New York 10019
    	
 
    	
CREDIT SUISSE AG
   CREDIT SUISSE LOAN FUNDING LLC
    Eleven Madison   Avenue
   New York, New York  10010
    	
 
    	
DEUTSCHE   BANK AG NEW YORK BRANCH

DEUTSCHE   BANK AG CAYMAN ISLANDS BRANCH

DEUTSCHE   BANK SECURITIES INC.

60 Wall Street

New York, New York 10005
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
GOLDMAN   SACHS LENDING PARTNERS LLC

GOLDMAN   SACHS BANK USA
    200 West Street
   New York, New York  10282

 

BNP   PARIBAS

BNP   PARIBAS SECURITIES CORP.

787 Seventh   Avenue

New York, New   York 10019

 

TD   SECURITIES (USA) LLC

THE   TORONTO-DOMINION BANK, NEW YORK BRANCH

31 West 52nd Street

New York, New   York 10019
    	
 
    	
MORGAN   STANLEY SENIOR FUNDING, INC.
    1585 Broadway

New York, New   York 10036

 

 

COMMERZBANK   AG, NEW YORK BRANCH

225 Liberty Street

New York, New York 10281

 

WELLS   FARGO BANK, NATIONAL ASSOCIATION

WELLS   FARGO SECURITIES, LLC

550 S. Tryon   Street

Charlotte, North   Carolina 28202
    	
 
    	
ROYAL   BANK OF CANADA

200 Vesey Street

New York, New York 10281

 

 

 

CREDIT   AGRICOLE CORPORATE AND INVESTMENT BANK

1301 Avenue of the Americas

New York, New York 10019

 

BANCO   SANTANDER, S.A., NEW YORK BRANCH

45 East 53rd Street

New York, New York 10022
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SG   AMERICAS SECURITIES, LLC

SOCIETÉ   GENERALE

245 Park Avenue

New York, New   York 10167
    	
 
    	
SUNTRUST   BANK

SUNTRUST   ROBINSON HUMPHREY, INC.

3333 Peachtree   Road

Atlanta, Georgia   30326
    	
 
    	
NATIONAL   WESTMINSTER BANK PLC

NATWEST   MARKETS PLC

250 Bishopsgate

London, EC2M 4AA
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
U.S.   BANK NATIONAL ASSOCIATION

1095 Avenue of   the Americas

New York, New   York 10036
    	
 
    	
 
    	
 
    	
 
    

 

CONFIDENTIAL

 

May 15, 2018

 

 

PROJECT LAKES
 US$11.0 Billion Senior Secured Credit Facilities 
 US$19.0 Billion Senior Secured Bridge Loan Facility(1)

US$8.0 Billion Senior Unsecured Bridge Loan Facility

Amended and Restated Commitment Letter

 

T-Mobile USA, Inc.

12920 SE 38th Street

Bellevue, Washington 98006

Attention:  J. Braxton Carter, Chief Financial Officer

 

Ladies and Gentlemen:

 

This amended and restated commitment letter (this “Commitment Letter”) amends, restates and supersedes in its entirety that certain commitment letter (the “Original Commitment Letter”) dated as of April 29, 2018 (the “Original Signing Date”) by and among T-Mobile USA, Inc., a Delaware corporation (the “Company” or “you”), Barclays Bank PLC (“Barclays”), Credit Suisse Loan Funding LLC (“CSLF”), Credit Suisse AG (acting through such of its affiliates and branches as it deems appropriate, “CS”), Deutsche Bank Securities Inc. (“DBSI”), Deutsche Bank AG New York Branch (“DBNY”), Deutsche Bank AG Cayman Islands Branch (“DBCI” and, together with DBSI and DBNY, “DB”),  Goldman Sachs Bank USA (“GS Bank”), Goldman Sachs Lending Partners LLC (“GSLP” and, together with GS Bank, “Goldman Sachs”), Morgan Stanley Senior Funding, Inc. (“MSSF”), RBC Capital Markets(2) (“RBCCM”) and Royal Bank of Canada (“RBC” and, together with Barclays, CSLF, CS, DB, Goldman Sachs, MSSF and RBCCM, the “Original Commitment Parties”).

 

The Company has advised (x) Barclays, CSLF, DBSI, GS Bank, MSSF and RBCCM (RBCCM, together with Barclays, CSLF, DBSI, GS Bank and MSSF, the “Lead Arrangers”), (y) BNP Paribas Securities Corp. (“BNPPSC”), Commerzbank AG, New York Branch (or any of its affiliates designated by it to act in such capacity “Commerzbank”), Credit Agricole Corporate and Investment Bank (“CACIB”), TD Securities (USA) LLC (“TD Securities”), Wells Fargo Securities, LLC (“Wells Fargo Securities”), Banco Santander, S.A., New York Branch (“Banco Santander”), SG Americas Securities, LLC (“SGAS”), SunTrust Robinson Humphrey, Inc. (“STRH”), National Westminster Bank plc (“NatWest Bank”), NatWest Markets Plc (“NatWest Markets” and, together with NatWest Bank, “NatWest”) and U.S. Bank National Association (or any of its affiliates designated to act in such capacity, “U.S. Bank” and, together with BNPPSC, Commerzbank, CACIB, TD Securities, Wells Fargo Securities, Banco Santander, SGAS, STRH and NatWest, the “Other Arrangers” and, together with the Lead Arrangers, the “Arrangers”) and (z) Barclays, CS, DBNY, DBCI, Goldman Sachs, MSSF, RBC, BNP Paribas Corp. (“BNP”), Commerzbank, CACIB, The Toronto-Dominion Bank, New York Branch (“TD Bank”), Wells Fargo Bank, National Association (“Wells Fargo Bank”), Banco Santander, Societé Generale (“SG”), SunTrust Bank (“SunTrust”), NatWest and U.S. Bank (U.S. Bank together with Barclays, CS, DBNY, DBCI, Goldman Sachs, MSSF, RBC, BNP, Commerzbank, CACIB, TD Bank, Wells Fargo Bank, Banco Santander, SG, SunTrust and NatWest, the “Initial Lenders”; the Initial Lenders and the Arrangers are collectively referred to herein as the “Commitment Parties”, “we” or “us”) that it intends to acquire (the “Acquisition”) all the issued and outstanding equity interests of Sprint Corporation

 

(1)                                 Subject to increase per Reallocation Notice.

(2)                                 RBC Capital Markets is a brand name for the capital markets activities of Royal Bank of Canada and its affiliates.

 

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(“Sprint”) and to consummate the other Transactions (such term and each other capitalized term used but not defined herein having the meaning assigned to it in the Summary of Terms and Conditions attached hereto as Exhibit A (the “Credit Facilities Term Sheet”) or Exhibit B (the “Secured Bridge Facility Term Sheet”) or Exhibit C (the “Unsecured Bridge Facility Term Sheet”), and together with the Credit Facilities Term Sheet and the Secured Bridge Facility Term Sheet, the “Term Sheets”), as applicable).  In that connection, the Company has requested that the Arrangers agree to structure and arrange (I) senior secured credit facilities in the aggregate amount of US$11.0 billion, comprised of a US$4.0 billion five-year revolving credit facility (the “Revolving Credit Facility”) and a US$7.0 billion seven-year term loan facility (the “Term Loan Facility”, and together with the Revolving Credit Facility, the “Senior Credit Facilities”; and the Senior Credit Facilities together with the Secured Bridge Facility and the Unsecured Bridge Facility, the “Facilities”), and (II) a senior secured 364-day bridge loan facility in the amount of US$19.0 billion (which may (or as required by the Fee Letter, shall) be increased by the Borrower upon delivery of a Reallocation Notice (as defined below)) (the “Secured Bridge Facility”) and (III) a senior unsecured bridge loan facility in the amount of US$8.0 billion (the “Unsecured Bridge Facility” and, together with the Secured Bridge Facility, the “Bridge Facilities”), in each case, to finance the Acquisition and the other Transactions, and the Initial Lenders commit to provide the entire amount of the Facilities as set forth below.

 

In connection with the foregoing, (a) Barclays is pleased to advise you of its commitment to provide (w) 115/6% of the aggregate principal amount of the Unsecured Bridge Facility, (x) 115/6% of the aggregate principal amount of the Secured Bridge Facility, (y) 9.375% of the aggregate principal amount of the Revolving Credit Facility and (z) 115/6% of the aggregate principal amount of the Term Loan Facility, (b) CS is pleased to advise you of its commitment to provide (w) 115/6% of the aggregate principal amount of the Unsecured Bridge Facility, (x) 115/6% of the aggregate principal amount of the Secured Bridge Facility, (y) 9.375% of the aggregate principal amount of the Revolving Credit Facility and (z) 115/6% of the aggregate principal amount of the Term Loan Facility, (c)(i) DBCI is pleased to advise you of its commitment to provide (x) 115/6% of the aggregate principal amount of the Unsecured Bridge Facility and (y) 115/6% of the aggregate principal amount of the Secured Bridge Facility and (ii) DBNY is pleased to advise you of its commitment to provide (x) 9.375% of the aggregate principal amount of the Revolving Credit Facility and (y) 115/6% of the aggregate principal amount of the Term Loan Facility, (d)(i) GSLP is pleased to advise you of its commitment to provide (w) 115/6% of the aggregate principal amount of the Unsecured Bridge Facility, (x) 11/3% of the aggregate principal amount of the Secured Bridge Facility and (y) 115/6% of the aggregate principal amount of the Term Loan Facility and (ii) GS Bank is pleased to advise you of its commitment to provide (x) 101/2% of the aggregate principal amount of the Secured Bridge Facility and (y) 9.375% of the aggregate principal amount of the Revolving Credit Facility, (e) MSSF is pleased to advise you of its commitment to provide (w) 115/6% of the aggregate principal amount of the Unsecured Bridge Facility, (x) 115/6% of the aggregate principal amount of the Secured Bridge Facility, (y) 9.375% of the aggregate principal amount of the Revolving Credit Facility and (z) 115/6% of the aggregate principal amount of the Term Loan Facility, (f) RBC is pleased to advise you of its commitment to provide (w) 115/6% of the aggregate principal amount of the Unsecured Bridge Facility, (x) 115/6% of the aggregate principal amount of the Secured Bridge Facility, (y) 9.375% of the aggregate principal amount of the Revolving Credit Facility and (z) 115/6% of the aggregate principal amount of the Term Loan Facility, (g) BNP is pleased to advise you of its commitment to provide (w) 4.80% of the aggregate principal amount of the Unsecured Bridge Facility, (x) 4.80% of the aggregate principal amount of the Secured Bridge Facility, (y) 6.25% of the aggregate principal amount of the Revolving Credit Facility and (z) 4.80% of the aggregate principal amount of the Term Loan Facility, (h) Commerzbank is pleased to advise you of its commitment to provide (w) 4.80% of the aggregate principal amount of the Unsecured Bridge Facility, (x) 4.80% of the aggregate principal amount of the Secured Bridge Facility, (y) 6.25% of the aggregate principal amount of the Revolving Credit Facility and (z) 4.80% of the aggregate principal amount of the Term Loan Facility, (i) CACIB is pleased to advise you of its commitment to provide (w) 4.80% of the aggregate principal amount of the 

 

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Unsecured Bridge Facility, (x) 4.80% of the aggregate principal amount of the Secured Bridge Facility, (y) 6.25% of the aggregate principal amount of the Revolving Credit Facility and (z) 4.80% of the aggregate principal amount of the Term Loan Facility, (j) TD Bank is pleased to advise you of its commitment to provide (w) 4.80% of the aggregate principal amount of the Unsecured Bridge Facility, (x) 4.80% of the aggregate principal amount of the Secured Bridge Facility, (y) 6.25% of the aggregate principal amount of the Revolving Credit Facility and (z) 4.80% of the aggregate principal amount of the Term Loan Facility, (k) Wells Fargo Bank is pleased to advise you of its commitment to provide (w) 4.80% of the aggregate principal amount of the Unsecured Bridge Facility, (x) 4.80% of the aggregate principal amount of the Secured Bridge Facility, (y) 6.25% of the aggregate principal amount of the Revolving Credit Facility and (z) 4.80% of the aggregate principal amount of the Term Loan Facility, (l) Banco Santander is pleased to advise you of its commitment to provide (w) 1.00% of the aggregate principal amount of the Unsecured Bridge Facility, (x) 1.00% of the aggregate principal amount of the Secured Bridge Facility, (y) 2.50% of the aggregate principal amount of the Revolving Credit Facility and (z) 1.00% of the aggregate principal amount of the Term Loan Facility, (m) SG is pleased to advise you of its commitment to provide (w) 1.00% of the aggregate principal amount of the Unsecured Bridge Facility, (x) 1.00% of the aggregate principal amount of the Secured Bridge Facility, (y) 2.50% of the aggregate principal amount of the Revolving Credit Facility and (z) 1.00% of the aggregate principal amount of the Term Loan Facility, (n) SunTrust is pleased to advise you of its commitment to provide (w) 1.00% of the aggregate principal amount of the Unsecured Bridge Facility, (x) 1.00% of the aggregate principal amount of the Secured Bridge Facility, (y) 2.50% of the aggregate principal amount of the Revolving Credit Facility and (z) 1.00% of the aggregate principal amount of the Term Loan Facility, (o)(i) NatWest Markets is pleased to advise you of its commitment to provide (x) 1.00% of the aggregate principal amount of the Unsecured Bridge Facility and (y) 1.00% of the aggregate principal amount of the Term Loan Facility and (ii) NatWest Bank is pleased to advise you of its commitment to provide (x) 2.50% of the aggregate principal amount of the Revolving Credit Facility and (y) 1.00% of the aggregate principal amount of the Secured Bridge Facility and (p) U.S. Bank is pleased to advise you of its commitment to provide (w) 1.00% of the aggregate principal amount of the Unsecured Bridge Facility, (x) 1.00% of the aggregate principal amount of the Secured Bridge Facility, (y) 2.50% of the aggregate principal amount of the Revolving Credit Facility and (z) 1.00% of the aggregate principal amount of the Term Loan Facility, in each case upon the terms and subject to the conditions set forth or referred to in this Commitment Letter and the Term Sheets. The commitments hereunder of the Initial Lenders are several and not joint. You and the Arrangers further agree that no other titles will be awarded, and no other compensation will be paid (other than as expressly contemplated by this Commitment Letter and the Fee Letter referred to below) in connection with the Facilities unless you and the Arrangers shall so agree.

 

It is agreed that (i) each of the Lead Arrangers will act as a joint lead arranger and joint bookrunner for the Facilities, (ii) DBNY will act as administrative agent and collateral agent for the Senior Credit Facilities, (iii) GS Bank will act as administrative agent and collateral agent for the Secured Bridge Facility, (iv) an affiliate of an Original Commitment Party appointed by the Company will act as administrative agent for the Unsecured Bridge Facility, (v) each of BNPPSC, Commerzbank, CACIB, TD Securities and Wells Fargo Securities will act as a bookrunner for the Revolving Credit Facility and the Secured Bridge Facility and as a co-manager for the Term Loan Facility and (vi) each of Banco Santander, SGAS, STRH, NatWest and U.S. Bank will act as a co-manager for the Senior Credit Facilities and the Secured Bridge Facility, and each of them will, in such capacities, perform the duties and exercise the authority customarily performed and exercised by it in such roles.  It is further agreed that (i) DBSI shall have “left” placement in any and all marketing materials and documentation used in connection with the Revolving Credit Facility, (ii) CSLF shall have “left” placement in any and all marketing materials and documentation used in connection with the Term Loan Facility and (iii) Goldman, Sachs & Co. will act as global coordinator with respect to the Facilities.  All other financial institutions and any Arranger will be listed in customary fashion (as mutually agreed to by the Original

 

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Commitment Parties on the Original Signing Date and you) on any offering or marketing materials in respect of the Facilities.

 

Each Initial Lender reserves the right, prior to or after the execution of definitive documentation for any Facility, to syndicate all or a portion of its commitments in respect of such Facility hereunder to one or more financial institutions identified by the Arrangers in consultation with you and reasonably acceptable to the Arrangers and you (your consent not to be unreasonably withheld), including, without limitation, any relationship lenders designated by you and reasonably acceptable to the Arrangers, that will become parties to such definitive documentation or to this Commitment Letter as set forth herein pursuant to a syndication to be managed by the Arrangers (the Initial Lenders and other the financial institutions becoming parties to such definitive documentation or this Commitment Letter being collectively referred to as the “Lenders”).  You agree until the date that is the earlier of (i) 60 days after the Closing Date and (ii) the date on which a Senior Successful Syndication (as defined in the Fee Letter) is achieved (such earlier date referred to in clauses (i) and (ii), the “Syndication Date”) actively to assist, and to use commercially reasonable efforts (consistent with the terms of the Business Combination Agreement) to cause Sprint to assist, the Arrangers in completing an orderly and Senior Successful Syndication of each Facility.  In that regard, you agree promptly to prepare and provide to the Arrangers such information with respect to the Company and its subsidiaries, and to use commercially reasonable efforts (consistent with the terms of the Business Combination Agreement) to cause Sprint promptly to prepare and provide to the Arrangers such information with respect to Sprint and its subsidiaries, in each case including financial information, as the Arrangers may reasonably request in connection with the arrangement and syndication of each Facility; provided that the only financial statements that you or Sprint shall be required to deliver are those financial statements described in paragraphs 2 and 3 of Exhibit D attached hereto.  Your assistance shall also include (a) your using commercially reasonable efforts to ensure that the syndication efforts benefit materially from your existing lending and investment banking relationships and (consistent with the terms of the Business Combination Agreement) the existing lending and investment banking relationships of Sprint, (b) direct contact between appropriate senior management of the Company and the proposed Lenders (and your using commercially reasonable efforts (consistent with the terms of the Business Combination Agreement) to arrange such contact between appropriate senior management of Sprint and the proposed Lenders), (c) your assistance, and your using commercially reasonable efforts (consistent with the terms of the Business Combination Agreement) to cause Sprint to assist, in the preparation of a confidential information memorandum and other marketing materials to be used in connection with the syndication of each Facility (collectively, “Information Materials”), (d) your using commercially reasonable efforts to obtain, prior to the launch of general syndication, indicative pro forma ratings of each Facility and corporate/family ratings for each of the Company and Sprint from each of Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s Financial Services LLC (“S&P”), and (e) the hosting, with the Arrangers, of a single lender meeting and a reasonable number of conference calls with prospective Lenders at times to be mutually agreed.  In addition, to facilitate an orderly and successful syndication of each Facility, you agree that, until the later of the Closing Date and the completion of a successful syndication of each Facility (as defined in the Fee Letter referred to below) you and your subsidiaries will not (and you will use commercially reasonable efforts (consistent with the terms of the Business Combination Agreement) to cause Sprint and its subsidiaries not to) issue, sell, offer, place or arrange any debt securities or commercial bank or other credit facilities of the Company, Sprint or their respective subsidiaries that could reasonably be expected to materially and adversely impair the primary syndication of such Facility, other than (i) the Facilities, (ii) the Permanent Financing, (iii) any Debt Offers (as defined in the Business Combination Agreement) and (iv) any debt excluded from the definition of the term “Debt Incurrence” as defined in the Secured Bridge Facility Term Sheet, in each case without the written consent of the Arrangers, such consent not to be unreasonably withheld or delayed.  Without limiting your obligations to assist with the syndication efforts as set forth herein and notwithstanding anything to the contrary contained in this Commitment Letter, the Term Sheets, the Fee Letter or the definitive documentation for

 

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the Facilities, each Initial Lender agrees that neither the commencement nor the completion of a successful syndication nor the obtaining of ratings nor your compliance with this paragraph in any other manner shall constitute a condition to the funding under any Facility on the Closing Date.

 

You agree, at the request of the Arrangers, to assist, and to use commercially reasonable efforts (consistent with the terms of the Business Combination Agreement) to cause Sprint to assist, in the preparation of an additional version of the Information Materials to be used by prospective Lenders’ public-side employees and representatives who do not wish to receive material non-public information (within the meaning of United States Federal securities laws) with respect to the Company, Sprint, their respective subsidiaries and any securities of any of the foregoing (“MNPI”) and who may be engaged in investment and other market related activities with respect to the Company, Sprint, their respective subsidiaries or any securities of any of the foregoing.  It is understood that, in connection with your assistance described above, you will provide customary authorization letters (and you will use commercially reasonable efforts, consistent with the terms of the Business Combination Agreement, to have Sprint provide such letter) to the Arrangers authorizing the distribution of the Information Materials to prospective Lenders and, in the case of any distribution of any Information Materials, to “public-siders”, containing a representation that such Information Materials do not contain MNPI and a customary “10b-5” representation.  You agree that the following documents may be distributed to both “private-siders” and “public-siders” unless you advise the Arrangers in writing (including by email) within a reasonable time prior to their intended distribution that such materials should only be distributed to “private-siders” and provided that you shall have been given a reasonable opportunity to review such documents: (a) the Term Sheets, (b) administrative materials prepared by any Arranger for prospective Lenders (such as lender meeting invitations, lender allocations and funding and closing memoranda), (c) notifications of changes in the terms of the Facilities, and (d) drafts of the definitive documentation for the Facilities.  If you advise us that any of the foregoing should be distributed only to “private-siders”, then “public-siders” will not receive such materials without further discussions with you.

 

You hereby represent and covenant that (a) all written information, other than the Projections (as defined below) and information of a general economic or industry nature, that has been or will be made available to any of the Initial Lenders or Arrangers by or on behalf of you in connection with the Transactions (the “Information”) is or, when furnished, will be, in each case when taken as a whole and in light of the circumstances when furnished, correct in all material respects at the time furnished and does not or will not at the time furnished contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein, taken as a whole, not materially misleading in light of the circumstances under which such statements are made and (b) the projections, financial estimates, forecasts and other forward-looking information that have been or will be made available to any of the Initial Lenders or Arrangers by or on behalf of you in connection with the Transactions (the “Projections”) have been or will be prepared in good faith based upon assumptions believed by you to be reasonable at the time made and at the time the Projections are so made available (it being understood that the Projections, by their nature, are inherently uncertain and no assurances are being given that the results reflected in the Projections will be achieved); provided that, with respect to any Information or Projections prepared by or relating to Sprint or its subsidiaries, the foregoing representations are made only to the best of your knowledge.  You agree that if at any time until the later of the Syndication Date and the Closing Date you become aware that the representations in the immediately preceding sentence would not be true in any material respect if the Information and Projections were being furnished, and such representations were being made, at such time, then you will (and with respect to Sprint, use your commercially reasonable efforts to cause Sprint to) promptly supplement the Information and the Projections so that such representations or warranties would be true in all material respects under those circumstances.  You understand that in connection with the syndication of the Facilities we will use and rely on the Information without independent verification thereof. Notwithstanding the foregoing, it is understood that each Initial Lender’s commitments hereunder

 

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are not subject to or conditioned upon the accuracy of the representations set forth in this paragraph, and notwithstanding anything to the contrary contained in this Commitment Letter, the Term Sheets, the Fee Letter or the definitive documentation for the Facilities, the accuracy of such representations shall not constitute a condition to the funding under any Facility on the Closing Date.

 

The Arrangers will, in consultation with you, manage all aspects of the syndication of the Facilities, including decisions as to the selection of institutions to be approached and when they will be approached, when their commitments will be accepted, which institutions will participate, the allocations of the commitments among the Lenders, the allocation of any title or role to any Lender and the amount and distribution of fees among the Lenders; it being understood and agreed that we will not syndicate to those persons identified in writing to the Original Commitment Parties on or prior to the Original Signing Date and, with respect to persons who are competitors of you or your subsidiaries or Sprint or its subsidiaries, identified in writing from time to time after the Original Signing Date (but without retroactive effect) and, in each case, their affiliates (other than bona fide debt fund affiliates of competitors) to the extent such affiliates are identified in writing or are otherwise clearly identifiable on the basis of name (collectively, the “Disqualified Lenders).  Notwithstanding the Arrangers’ right to syndicate the Facilities (other than in the case of an assignment of commitments under the Secured Bridge Facility with your consent pursuant to a customary joinder agreement to this Commitment Letter), no Initial Lender shall be relieved or released from its commitment hereunder prior to the funding thereof on the Closing Date in connection with any syndication, assignment or participation of such Facility (and unless you otherwise agree in writing, each Initial Lender and each Arranger shall at all times retain exclusive control over all its rights and obligations with respect to such Facility and its commitments in respect thereof, including all rights with respect to consents, modifications, supplements, waivers and amendments of this Commitment Letter and the definitive documentation with respect to such Facility, and each Initial Lender and each Arranger shall notify you of any participation of its commitments in respect of the Revolving Credit Facility hereunder). You acknowledge and agree that the amount of the Secured Bridge Facility will be reduced as provided under the “Mandatory Commitment Reduction and Prepayment” section of the Secured Bridge Facility Term Sheet upon the occurrence of any of the events described therein at any time after the date hereof, and that any such reduction will be allocated on a pro rata basis among the commitments of the Initial Lenders in respect of the Secured Bridge Facility or, to the extent permitted in the Secured Bridge Facility Term Sheet, the other Facilities. You acknowledge and agree that the amount of the Unsecured Bridge Facility will be reduced as provided under the “Mandatory Commitment Reduction and Prepayment” section of the Unsecured Bridge Facility Term Sheet upon the occurrence of any of the events described therein at any time after the date hereof, and that any such reduction will be allocated on a pro rata basis among the commitments of the Initial Lenders in respect of the Unsecured Bridge Facility or, to the extent permitted in the Secured Bridge Facility Term Sheet, the other Facilities.

 

As consideration for the Initial Lenders’ commitments hereunder and our agreements to perform the services described herein, you agree to pay to us the fees as set forth in the amended and restated arranger fee letter dated the date hereof and delivered herewith and any other fees as set forth in any fee letter dated the date hereof and delivered herewith (collectively, the “Fee Letter”).

 

The commitments of the Initial Lenders and the agreements of the Initial Lenders and the Arrangers hereunder in respect of each Facility are subject only to the following conditions (collectively, the “Funding Conditions”, and the date on which such conditions are satisfied or waived, the “Closing Date”):  (a) except as (i) set forth in any Sprint Filed SEC Documents (as defined in the Business Combination Agreement), excluding any disclosures in such Sprint Filed SEC Documents (as defined in the Business Combination Agreement) contained in any risk factors section, any section related to forward-looking statements and other disclosures that are predictive, cautionary or forward-looking in nature, or (ii) except as disclosed in the disclosure letter delivered by Sprint to T-Mobile (as defined in the

 

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Business Combination Agreement) at or prior to the execution of the Business Combination Agreement, since March 31, 2017, there have been no Effects (as defined in the Business Combination Agreement) that, individually or in the aggregate, have had or would reasonably be expected to have a “Material Adverse Effect on Sprint” (as defined in the Business Combination Agreement), (b) the execution and delivery by the Borrower and the Guarantors of definitive documentation for such Facility consistent with this Commitment Letter, the applicable Term Sheet and the Fee Letter and subject to the Documentation Provision and (c) the satisfaction or waiver of the other conditions expressly set forth in Exhibit D attached hereto.  For purposes of the foregoing, “Material Adverse Effect” means any Material Adverse Effect on Sprint (as defined in the Business Combination Agreement).  It is understood that there are no conditions (implied or otherwise) to the commitment hereunder (including compliance with the terms of this Commitment Letter, the Term Sheets, the Fee Letter, the definitive documentation for the Facilities or otherwise) other than the Funding Conditions (and upon satisfaction or waiver of the Funding Conditions, the funding duly requested by the Borrower under each Facility on the Closing Date shall occur).

 

Notwithstanding anything in this Commitment Letter, the Term Sheets, the Fee Letter, the definitive documentation for the Facilities or any other letter agreement or undertaking concerning the financing of the Transactions to the contrary, (a) the only representations the making and accuracy of which shall be a condition to availability of the Facilities on the Closing Date shall be (i) the representations made by Sprint in the Business Combination Agreement as are material to the interests of the Lenders, but only to the extent that you (or your affiliates) have the right under the Business Combination Agreement to terminate your obligations under the Business Combination Agreement or not to consummate the Acquisition as a result of such representations in the Business Combination Agreement being inaccurate (the “Business Combination Agreement Representations”) and (ii) the Specified Representations (as defined below) and (b) the terms of the definitive documentation for each Facility shall be in a form such that such Facility is available on the Closing Date if the Funding Conditions are satisfied or waived (it being understood that, to the extent any Collateral (other than to the extent that a lien on such Collateral may be perfected by (x) the filing of a financing statement under the Uniform Commercial Code or (y) the delivery of stock certificates of any material domestic subsidiary of the Company or any Guarantor (other than any subsidiary of Sprint to the extent the stock certificates of such subsidiary were not obtained after the Company’s commercially reasonable efforts on or prior to the Closing Date) which are required to be delivered under the Term Sheets) is not or cannot be provided or perfected on the Closing Date after your use of commercially reasonable efforts to do so (consistent with the Business Combination Agreement), the provision or perfection of a security interest in such Collateral shall not constitute a condition precedent to the availability of the Facilities and the making of the initial loans and other extensions of credit thereunder on the Closing Date, but shall be required to be perfected within 90 days after the Closing Date (in each case subject to extensions granted by the applicable Administrative Agent, in its sole discretion)).  For purposes hereof, (x) “Specified Representations” means the representations and warranties of the Borrower and each of the Guarantors set forth in the applicable Term Sheet with respect to (A) organization and power, authorization, due execution and delivery, in each case as they relate to the entering into and performance of the definitive documentation for such Facility by the Borrower and the Guarantors; (B) the enforceability with respect to the Borrower and Guarantors of the definitive documentation for such Facility (subject to customary enforceability exceptions); (C) noncontravention by the definitive documentation for such Facility with respect to the organizational documents of the Borrower and the Guarantors; (D) Federal Reserve margin regulations; (E) Investment Company Act status of the Borrower and the Guarantors; (F) use of proceeds of the loans under such Facility not in violation of OFAC and FCPA; (G) solvency as of the Closing Date of the Company and its subsidiaries (including Sprint and its subsidiaries) on a consolidated basis (with solvency to be defined in a manner consistent with the form of solvency certificate attached as Exhibit E); (H) the creation, validity and perfection of the security interests in the Collateral (subject in all respects to the limitations set forth above in this paragraph), (I) the PATRIOT Act and (J) absence of a Specified Event of Default and (y) “Specified Event of Default” means a bankruptcy event of default with respect to

 

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the Company or the Borrower.  The provisions of this paragraph are referred to as the “Documentation Provision”.

 

You agree (a) to indemnify and hold harmless each of the Initial Lenders and Arrangers and each of their affiliates, and each of the respective officers, directors, employees, members, partners, trustees, advisors, agents and controlling persons of the foregoing and their respective successors and assigns (each, an “indemnified person”), from and against any and all losses, claims, damages and liabilities, and expenses reasonably related thereto, to which any such indemnified person may become subject arising out of or in connection with this Commitment Letter, the Original Commitment Letter, the Term Sheets, the Fee Letter, the Original Fee Letter (as defined in the Fee Letter), the Facilities and the actual or proposed use of the proceeds thereof or any claim, litigation, investigation or proceeding relating to any of the foregoing, regardless of whether any indemnified person is a party thereto (and regardless of whether such matter is initiated by you or by any other person) (any of the foregoing, a “Proceeding”), and to reimburse each indemnified person upon demand for any reasonable and documented out-of-pocket legal or other out-of-pocket expenses incurred in connection with investigating or defending any Proceeding (it being agreed that, notwithstanding the foregoing, you shall not be responsible for the reimbursement of fees, charges and disbursements of more than one firm of counsel for all the indemnified persons and, if deemed reasonably necessary by us, one firm of regulatory counsel and/or one firm of local counsel in each appropriate jurisdiction, in each case for all indemnified persons, except where any indemnified person reasonably believes that an actual or perceived conflict of interest exists affecting such indemnified person and informs you of such conflict, in which case you shall also be responsible for the reimbursement of fees, charges and disbursements of one firm of counsel (and, if deemed reasonably necessary by such indemnified person, one firm of regulatory and/or one firm of local counsel in each appropriate jurisdiction) for such indemnified person); provided that the foregoing indemnity will not, as to any indemnified person, apply to losses, claims, damages, liabilities or related expenses (i) to the extent they are determined by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the bad faith, willful misconduct or gross negligence of such indemnified person or any Related Person thereof (as defined below) or a material breach of the agreements set forth herein of such indemnified person or any of its Related Persons or (ii) to the extent resulting from any Proceeding that does not involve an act or omission of you or any of your affiliates and that is brought by an indemnified person against any other indemnified person, other than claims against any Initial Lender or Arranger in its capacity in fulfilling its role as an agent or arranger or any other similar role under the Facilities; and (b) to reimburse the Initial Lenders, the Arrangers and each of their affiliates upon demand for all reasonable and documented out-of-pocket expenses (including reasonable fees, charges and disbursements of one firm of outside counsel (and, if deemed reasonably necessary by us, one firm of regulatory counsel and/or one firm of local counsel in each appropriate jurisdiction)) incurred in connection with the Facilities and any related documentation (including this Commitment Letter, the Original Commitment Letter, the Term Sheets, the Fee Letter, the Original Fee Letter and the definitive documentation for the Facilities) or the amendment, modification or waiver of any thereof.  No indemnified person shall be liable for any damages arising from the use of Information or other materials obtained through electronic, telecommunications or other information transmission systems, except to the extent any such damages are found by a final, non-appealable judgment of a court of competent jurisdiction to arise from the gross negligence or willful misconduct of such indemnified person or any of its Related Persons, and no party hereto shall be liable for any special, indirect, consequential or punitive damages in connection with this Commitment Letter, the Original Commitment Letter, the Term Sheets, the Fee Letter, the Original Fee Letter, the Facilities or its activities related thereto; provided that nothing contained in this sentence will limit your indemnity and reimbursement obligations set forth in this paragraph.  For purposes hereof, a “Related Person” of an indemnified person means (a) any controlling person, controlled affiliate or subsidiary of such indemnified person, (b) the respective directors, officers or employees of such indemnified person or any of its subsidiaries, controlled affiliates or controlling persons, and (c) the respective agents and advisors of such indemnified person or any of its subsidiaries,

 

9

 

controlled affiliates or controlling persons (with respect to this clause (c), in each case acting at the direction of such indemnified person or such subsidiaries, controlled affiliates or controlling persons).

 

You will not, without the prior written consent of the applicable indemnified person (which shall not be unreasonably withheld), settle, compromise, consent to the entry of any judgment in or otherwise seek to terminate any Proceeding in respect of which indemnification may be sought hereunder (whether or not any indemnified person is a party thereto) unless such settlement, compromise, consent or termination (i) includes an unconditional release of such indemnified person from all liability or claims that are the subject matter of such Proceeding and (ii) does not include a statement as to, or an admission of, fault, culpability, or a failure to act by or on behalf of such indemnified person.  You will not be liable for any settlement, compromise, consent or termination of any pending or threatened Proceeding effected without your prior written consent (which shall not be unreasonably withheld); provided that the foregoing indemnity will apply to any such settlement, compromise, consent or termination in the event that you were offered the ability to assume the defense of the action that was the subject matter of such settlement, compromise, consent or termination and elected not to assume such defense; and provided, further, that if a Proceeding is settled, compromised, consented to or terminated with your prior written consent or if there is a final judgment in any such Proceeding, you agree to indemnify and hold harmless each indemnified person to the extent and in the manner set forth above.

 

This Commitment Letter shall not be assignable by you without the prior written consent of each of the Initial Lenders and the Arrangers (and any purported assignment without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto and the indemnified persons and is not intended to confer any benefits upon, create any rights in favor of or be enforceable by or at the request of any person other than the parties hereto and the indemnified persons.  Except (x) as provided in the eighth paragraph of this Commitment Letter and (y) with respect to assignments between GSLP and GS Bank, the Initial Lenders may not assign all or any portion of their respective commitments in respect of any Facility hereunder (and any purported assignment without such consent shall be null and void).  The commitments hereunder of the Initial Lenders with respect to each Facility shall be superseded by the commitments in respect of such Facility set forth in the definitive credit agreement for such Facility, so long as such definitive credit agreement for such Facility is consistent with the terms of this Commitment Letter and the exhibits and annexes attached hereto (including the terms contained under the caption “Certain Funds” in the applicable Term Sheet) and such facility does not contain any conditions to funding other than the Funding Conditions, and upon the execution and delivery of such definitive credit agreement for such Facility by all of the parties thereto and the effectiveness of such definitive credit agreement, each Initial Lender shall be released from its commitment hereunder.  Any and all obligations of, and services to be provided by, any Initial Lender or Arranger hereunder may be performed, and any and all rights of any Initial Lender or Arranger hereunder may be exercised, by or through its affiliates; provided that such Initial Lender or Arranger shall not be relieved of any of its obligations hereunder in the event any such affiliate shall fail to perform such obligation in accordance with the terms hereof.

 

This Commitment Letter may not be amended or waived except by an instrument in writing signed by you and us.  Delivery of an executed signature page of this Commitment Letter by facsimile transmission or other electronic means shall be effective as delivery of a manually executed counterpart hereof.  This Commitment Letter and the Fee Letter are the only agreements that have been entered into among the parties hereto with respect to the Facilities and set forth the entire understanding of the parties hereto with respect thereto.

 

THIS COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK; provided that (a) the interpretation of Material Adverse Effect and whether a Material Adverse Effect has occurred, (b) the accuracy of any Business Combination Agreement Representations and whether as a result of a breach

 

10

 

thereof you (or any of your affiliates) have the right under the Business Combination Agreement to terminate your obligations under the Business Combination Agreement or not to consummate the Acquisition as a result of such representations in the Business Combination Agreement being inaccurate and (c) whether the Acquisition has been consummated in accordance with the Business Combination Agreement, shall be governed by, and construed in accordance with the laws of the State of Delaware, without giving effect to any choice or conflict of laws provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware.  Each party hereto irrevocably and unconditionally submits to the exclusive jurisdiction of any state or Federal court sitting in the county of New York over any suit, action or proceeding directly or indirectly arising out of, relating to, based upon or as a result of this Commitment Letter, the Original Commitment Letter, the Term Sheets, the Fee Letter, the Original Fee Letter or the transactions contemplated hereby or thereby.  Each party hereto agrees that service of any process, summons, notice or document by registered mail addressed to it at the address set forth above shall be effective service of process for any suit, action or proceeding brought in any such court.  Each party hereto irrevocably and unconditionally waives any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding has been brought in any inconvenient forum.   Each party hereto agrees that a final judgment in any such suit, action or proceeding brought in any such court shall be conclusive and binding upon it and may be enforced in any other courts to whose jurisdiction it is or may be subject, by suit upon judgment.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, RELATING TO OR BASED UPON OR AS A RESULT OF THIS COMMITMENT LETTER, THE ORIGINAL COMMITMENT LETTER, THE TERM SHEETS, THE FEE LETTER, THE ORIGINAL FEE LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

This Commitment Letter is delivered to you on the understanding that none of this Commitment Letter, the Original Commitment Letter, the Term Sheets, the Fee Letter, the Original Fee Letter or any of their terms or substance shall be disclosed, directly or indirectly, by you to any other person, except that (a) this Commitment Letter, the Original Commitment Letter, the Term Sheets, the Fee Letter, the Original Fee Letter and their terms and substance may be disclosed to your and Deutsche Telekom AG’s (“DT”), and your and DT’s respective subsidiaries, and the respective directors, officers, employees, agents, auditors, attorneys and other advisors and representatives of each of you, DT and your respective subsidiaries who are directly involved in the consideration of this matter and informed of the confidential nature thereof; (b) this Commitment Letter, the Original Commitment Letter, the Term Sheets and their terms and substance (and a version of the Fee Letter and the Original Fee Letter redacted in the manner reasonably acceptable to the Arrangers) may be disclosed (i) to Sprint, SoftBank Group Corp. (“SoftBank”), and their respective directors, officers, employees, agents, auditors, attorneys and other advisors and representations who are directly involved in the consideration of the Acquisition and informed of the confidential nature thereof and (ii) to the extent requested by them, to Moody’s, S&P and Fitch on a confidential basis; (c) this Commitment Letter, the Original Commitment Letter, the Term Sheets and their terms and substance (but not the Fee Letter, the Original Fee Letter or, except as specified below, their terms or substance) may be disclosed (i) in any prospectus, offering memorandum or confidential information memorandum relating to any Permanent Financing and (ii) in one or more filings with the Securities and Exchange Commission; provided that, notwithstanding the foregoing, you may disclose the aggregate amount payable as fees under the Fee Letter or the Original Fee Letter in any of the foregoing as part of the generic aggregate transaction expenses included in any sources and uses disclosure; (d) this Commitment Letter, the Original Commitment Letter, the Term Sheets, the Fee Letter, the Original Fee Letter and their terms and substance otherwise may be disclosed as may be compelled in a judicial or administrative proceeding or as otherwise required by law or requested by governmental authority (in which case you agree to the extent permitted by applicable law to inform us promptly

 

11

 

thereof); or (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Commitment Letter, the Original Commitment Letter, the Fee Letter, the Original Fee Letter or the transactions contemplated hereby or thereby or enforcement hereof or thereof; provided that the foregoing restrictions shall cease to apply (except in respect of the Fee Letter and the Original Fee Letter and their terms and substance) after this Commitment Letter has been accepted by you and it has become publicly available or, if not made publicly available, on the date that is two years following the termination of this Commitment Letter in accordance with its terms.

 

Each Arranger and Initial Lender shall use all non-public information provided to it by or on behalf of you hereunder solely for the purpose of providing the services that are the subject of this letter agreement and shall treat confidentially all such information, except in each case for information that was or becomes publicly available other than by reason of disclosure by such Arranger or Initial Lender in violation of this letter agreement or was or becomes available to such Arranger or Initial Lender or its affiliates from a source which is not known by such Arranger or Initial Lender to be subject to a confidentiality obligation to the Company, provided that nothing herein shall prevent such Arranger or Initial Lender from disclosing any such information (i) to lenders or prospective lenders, participants or assignees under the Facilities or prospective hedge providers, in each case, on a confidential basis, (ii) to the extent requested by them, to Moody’s, S&P and Fitch on a confidential basis, (iii) as may be compelled in a judicial or administrative proceeding or as otherwise required by law or requested by governmental authority (in which case we agree to the extent permitted by applicable law to inform you promptly thereof (except with respect to any audit or examination conducted by bank accountants or any self-regulatory authority or governmental or regulatory authority exercising examination or regulatory authority)), (iv) to such Arranger’s or Initial Lender’s employees, legal counsel, independent auditors and other experts or agents who need to know such information and are informed of the confidential nature of such information, (v) to any of its affiliates (with such Arranger or Initial Lender being responsible for its affiliate’s compliance with this paragraph) and its affiliates’ employees, legal counsel, independent auditors and other experts or agents who need to know such information and are informed of the confidential nature of such information, (vi) upon the request or demand of any regulatory authority having jurisdiction over it or any of its affiliates, (vii) to the extent any such information becomes publicly available other than by reason of disclosure by us, our respective affiliates or any of our respective representatives in breach of this Commitment Letter or the Original Commitment Letter, (viii) to the extent that such information is independently developed by us or is received by us from a third party that is not, to our knowledge, subject to confidentiality obligations owing to you, DT, Sprint, SoftBank or any of your or their respective affiliates or related parties, (ix) to establish a due diligence defense or (x) to enforce their respective rights hereunder or under the Original Commitment Letter, Fee Letter or the Original Fee Letter.  In addition, each Arranger and Initial Lender may disclose the existence of the Facilities and the information about the Facilities to market data collectors, similar services providers to the lending industry and service providers to the Arrangers or Initial Lenders in connection with the administration and management of the Facilities.  This undertaking by each Arranger or Initial Lender shall automatically terminate on the date that is two years from the Original Signing Date.  Nothing in this letter agreement precludes any Arranger or Initial Lender or its affiliates from using or disclosing any confidential information in connection with any suit, action or proceeding for the purpose of defending itself, reducing its liability or protecting or exercising any of its rights, remedies or interests.

 

You agree that each of us will act under this Commitment Letter as an independent contractor and that nothing in this Commitment Letter or the Fee Letter, or the communications pursuant hereto or otherwise, will be deemed to create an advisory, fiduciary or agency relationship or fiduciary duty between any of us, on the one hand, and you, Sprint or your or its subsidiaries, affiliates or equityholders, on the other, irrespective of whether any of us has advised or is advising you on other matters.  You acknowledge and agree that (a) the financing transactions contemplated by this Commitment Letter and the Fee Letter are arm’s-length commercial transactions among us and you, (b) in

 

12

 

connection therewith and with the process leading to such transactions, each of us is acting solely as a principal and not as an agent or fiduciary of you, Sprint, your or its subsidiaries and affiliates or any other person, and none of us has assumed (and will not be deemed on the basis of our communications or activities hereunder to have assumed) an advisory or fiduciary responsibility or any other obligation in favor of you, Sprint, your or its subsidiaries or affiliates or any other person (irrespective of whether any of us or any of our affiliates are concurrently providing other services to you), and (c) you are responsible for making your own independent judgment with respect to such transactions and the process leading thereto and have consulted your own legal and financial advisors to the extent you have deemed appropriate.  You hereby waive, to the fullest extent permitted by law, any claims you may have against any of us for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the financing transactions contemplated by this Commitment Letter and agree that none of us shall have any liability (whether direct or indirect) in connection with the financing transactions contemplated by this Commitment Letter to you in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of you, including your stockholders, employees and creditors.

 

You acknowledge that each of us and our affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which you or Sprint may have conflicting interests.  Each of us agrees that it will not use confidential information obtained from you in connection with the transactions contemplated hereby in connection with the performance by it of services for other companies, or will furnish any such information to other companies.  You also acknowledge that none of us has any obligation to use in connection with the transactions contemplated hereby, or to furnish to you, confidential information obtained from other companies.

 

You further acknowledge that each of us, together with our affiliates, is a full service securities firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services.  In the ordinary course of business, each of us and our affiliates may provide investment banking and other financial services to, and/or acquire, hold or sell, for our own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, you and your subsidiaries and other companies with which you or your subsidiaries may have commercial or other relationships.  With respect to any securities and/or financial instruments so held by any of us, any of our affiliates or any of our or their customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

 

As you know, Goldman Sachs & Co. LLC has been retained by the Company (or one of its affiliates) and DT as financial advisor (in such capacity, the “Financial Advisor”) in connection with the Transactions. You agree to such retention, and further agree not to assert any claim you might allege based on any actual or potential conflicts of interest that might be asserted to arise or result from the engagement of the Financial Advisor, on the one hand, and our and our affiliates’ relationships with you as described and referred to herein, on the other. Each of the Commitment Parties hereto acknowledges (i) the retention of Goldman Sachs & Co. LLC as the Financial Advisor and (ii) that such relationship does not create any fiduciary duties or fiduciary responsibilities to such Commitment Party on the part of Goldman Sachs or its affiliates.

 

The provisions contained herein relating to compensation, expense reimbursement, indemnification, governing law, submission to jurisdiction, waiver of breach of fiduciary duty or alleged breach of fiduciary duty, waiver of jury trial and confidentiality and in the Fee Letter shall remain in full force and effect notwithstanding the termination of this Commitment Letter or the commitment hereunder, and whether or not definitive documentation for any Facility shall be executed (except to the extent a similar provision relating to expense reimbursement and indemnification (covering the parties

 

13

 

and matters covered by the analogous provisions of this Commitment Letter) is also in the definitive documentation for such Facility, in which case such provision in the definitive documentation for such Facility shall govern upon execution thereof).  The provisions contained herein relating to syndication and information shall remain in full force and effect whether or not definitive documentation for any Facility shall be executed.

 

Each of the Initial Lenders and Arrangers hereby notifies you that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it and the Lenders are required to obtain, verify and record information that identifies the Borrower and the Guarantors, which information includes the name and address and other information of the Borrower and the Guarantors that will allow the Initial Lenders, the Arrangers and Lenders to identify the Borrower and the Guarantors in accordance with the Patriot Act.

 

Each of the parties hereto agrees that this Commitment Letter is a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent transfer, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity) with respect to the subject matter contained herein, including an agreement to fund or otherwise extend credit under the commitments hereunder subject only to satisfaction of the Funding Conditions.

 

If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms hereof and of the Term Sheets and the Fee Letter by returning to us an executed counterpart hereof and of the Fee Letter, to the Arrangers, in each case not later than 11:59 p.m. New York City time, on May 15, 2018, failing which the Initial Lenders’ commitments and the agreements of the Initial Lenders and Arrangers hereunder will expire at such time.  In the event the Closing Date does not occur on or before 11:59 p.m. (New York time), on the Outside Date (as defined in the Business Combination Agreement as in effect on the Original Signing Date) (or, if the Outside Date (as defined in the Business Combination Agreement as in effect on the Original Signing Date) shall have been extended (on one or more occasions) as provided in Section 8.1(b)(i) of the Business Combination Agreement, then on such extended Outside Date), the Initial Lenders’ commitments and the agreements of the Commitment Parties hereunder will automatically expire and terminate at such time, without any further action or notice and without any further obligation. Notwithstanding the foregoing, this Commitment Letter shall also terminate upon the earlier of (i) the valid termination of the Business Combination Agreement in accordance with its terms or (ii) the consummation of the Acquisition with the use of the Facilities (after the funding thereof) or without the use of the Facilities (unless the Commitment Parties have failed to fund in breach of their obligations hereunder); provided that the termination of any commitment pursuant to this sentence does not prejudice our or your rights and remedies in respect of any breach of this Commitment Letter.

 

The Original Commitment Letter shall be superseded hereby in its entirety upon the effectiveness of this Commitment Letter; provided notwithstanding anything to the contrary herein, the Original Commitment Parties shall be entitled to the benefits of the indemnification and expense reimbursement provisions of this Commitment Letter as if they were in effect on the Original Signing Date.

 

[Signature pages follow.]

 

14

 

We are pleased to have been given the opportunity to assist you in connection with this important financing.

 

	
 
    	
Very truly yours,
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
BARCLAYS BANK PLC
    
	
 
    	
 
    
	
 
    	
/s/ Robert Chen
    
	
 
    	
Name:
    	
Robert Chen
    
	
 
    	
Title:
    	
Managing Director
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
CREDIT SUISSE AG, CAYMAN   ISLANDS BRANCH
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Judith E. Smith
    
	
 
    	
 
    	
Name:
    	
Judith E. Smith
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ D. Andrew Maletta
    
	
 
    	
 
    	
Name:
    	
D. Andrew Maletta
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    
	
 
    	
CREDIT SUISSE LOAN   FUNDING LLC
    
	
 
    	
 
    
	
 
    	
by
    	
/s/ Jeb Slowik
    
	
 
    	
 
    	
Name:
    	
Jeb Slowik
    
	
 
    	
 
    	
Title:
    	
Managing Director
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
DEUTSCHE BANK AG NEW   YORK BRANCH
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Scott Sartorius
    
	
 
    	
 
    	
Name:
    	
Scott Sartorius
    
	
 
    	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Christopher Blum
    
	
 
    	
 
    	
Name:
    	
Christopher Blum
    
	
 
    	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    
	
 
    	
DEUTSCHE BANK AG CAYMAN   ISLANDS BRANCH
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Scott Sartorius
    
	
 
    	
 
    	
Name:
    	
Scott Sartorius
    
	
 
    	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Christopher Blum
    
	
 
    	
 
    	
Name:
    	
Christopher Blum
    
	
 
    	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    
	
 
    	
DEUTSCHE BANK   SECURITIES INC.
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Scott Sartorius
    
	
 
    	
 
    	
Name:
    	
Scott Sartorius
    
	
 
    	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Christopher Blum
    
	
 
    	
 
    	
Name:
    	
Christopher Blum
    
	
 
    	
 
    	
Title:
    	
Managing Director
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
GOLDMAN SACHS LENDING   PARTNERS LLC
    
	
 
    	
 
    
	
 
    	
by
    	
/s/ Robert Ehudin
    
	
 
    	
 
    	
Name:
    	
Robert Ehudin
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    
	
 
    	
GOLDMAN SACHS BANK USA
    
	
 
    	
 
    
	
 
    	
by
    	
/s/ Robert Ehudin
    
	
 
    	
 
    	
Name:
    	
Robert Ehudin
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
MORGAN STANLEY SENIOR   FUNDING, INC.
    
	
 
    	
 
    
	
 
    	
by
    	
/s/ Reagan Philipp
    
	
 
    	
 
    	
Name:
    	
Reagan Philipp
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
ROYAL BANK OF CANADA
    
	
 
    	
 
    
	
 
    	
by
    	
/s/ James S. Wolfe
    
	
 
    	
 
    	
Name:
    	
James S. Wolfe
    
	
 
    	
 
    	
Title:
    	
Managing Director
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
BNP PARIBAS
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Barbara E. Nash
    
	
 
    	
 
    	
Name:
    	
Barbara E. Nash
    
	
 
    	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Maria Mulic
    
	
 
    	
 
    	
Name:
    	
Maria Mulic
    
	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BNP PARIBAS SECURITIES   CORP.
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Nicole Rodriguez
    
	
 
    	
 
    	
Name:
    	
Nicole Rodriguez
    
	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Brendan Heneghan
    
	
 
    	
 
    	
Name:
    	
Brendan Heneghan
    
	
 
    	
 
    	
Title:
    	
Director
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
COMMERZBANK AG, NEW   YORK BRANCH
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Ignacio Campillo
    
	
 
    	
 
    	
Name:
    	
Ignacio Campillo
    
	
 
    	
 
    	
Title:
    	
Head of Corporate   Finance &
    
	
 
    	
 
    	
 
    	
Client Coverage North   America
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Paolo de   Alessandrini
    
	
 
    	
 
    	
Name:
    	
Paolo de Alessandrini
    
	
 
    	
 
    	
Title:
    	
Managing Director, TMT   Sector
    
	
 
    	
 
    	
 
    	
Head Amercas
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
CREDIT AGRICOLE   CORPORATE AND INVESTMENT BANK
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Gary Herzog
    
	
 
    	
 
    	
Name:
    	
Gary Herzog
    
	
 
    	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Jill Wong
    
	
 
    	
 
    	
Name:
    	
Jill Wong
    
	
 
    	
 
    	
Title:
    	
Director
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
TD SECURITIES (USA) LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ William Balassone
    
	
 
    	
 
    	
Name:
    	
William Balassone
    
	
 
    	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE TORONTO-DOMINION   BANK, NEW YORK BRANCH
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Pradeep Mehra
    
	
 
    	
 
    	
Name:
    	
Pradeep Mehra
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
WELLS FARGO BANK,   NATIONAL ASSOCIATION
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Matthew Pfeiffer
    
	
 
    	
 
    	
Name:
    	
Matthew Pfeiffer
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
WELLS FARGO SECURITIES,   LLC
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Marc A. Birenbaum
    
	
 
    	
 
    	
Name:
    	
Marc A. Birenbaum
    
	
 
    	
 
    	
Title:
    	
Managing Director
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
BANCO SANTANDER, S.A.,   NEW YORK BRANCH
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Rita Walz-Cuccioli
    
	
 
    	
 
    	
Name: 
    	
Rita Walz-Cuccioli
    
	
 
    	
 
    	
Title: 
    	
Executive Director   Banco 
   Santander, S.A., New York Branch
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name: 
    	
Terence Corcoran
    
	
 
    	
 
    	
Title: 
    	
Executive Director   Banco 
   Santander, S.A., New York Branch
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
SG AMERICAS SECURITIES,   LLC
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Jonathan Logan
    
	
 
    	
 
    	
Name: 
    	
Jonathan Logan
    
	
 
    	
 
    	
Title: 
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
SOCIETÉ GENERALE
    
	
 
    	
 
    	
 
    
	
 
    	
by
    	
/s/ Jonathan Logan
    
	
 
    	
 
    	
Name: 
    	
Jonathan Logan
    
	
 
    	
 
    	
Title: 
    	
Director
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
SUNTRUST BANK
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ David J. Sharp
    
	
 
    	
 
    	
Name: 
    	
David J. Sharp
    
	
 
    	
 
    	
Title: 
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
SUNTRUST ROBINSON   HUMPHREY, INC.
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Peter Almond
    
	
 
    	
 
    	
Name: 
    	
Peter Almond
    
	
 
    	
 
    	
Title: 
    	
Managing Director
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
NATIONAL WESTMINSTER   BANK plc
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Nathan Stromberg
    
	
 
    	
 
    	
Name: 
    	
Nathan Stromberg
    
	
 
    	
 
    	
Title: 
    	
Managing Director
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
NATWEST MARKETS PLC
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Nathan Stromberg
    
	
 
    	
 
    	
Name: 
    	
Nathan Stromberg
    
	
 
    	
 
    	
Title: 
    	
Managing Director
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

	
 
    	
U.S. BANK NATIONAL   ASSOCIATION
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Eugene Butera
    
	
 
    	
 
    	
Name: 
    	
Eugene Butera
    
	
 
    	
 
    	
Title: 
    	
Vice President
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

Accepted and agreed to as of

the date set forth above by:

 

	
T-MOBILE   USA, INC.,
    	
 
    
	
 
    	
 
    	
 
    
	
By
    	
/s/ J. Braxton Carter
    	
 
    
	
 
    	
Name:
    	
J. Braxton Carter
    	
 
    
	
 
    	
Title:
    	
Chief Financial Officer
    	
 
    

 

[Signature Page to Project Lakes Commitment Letter]

 

 

EXHIBIT A

 

PROJECT LAKES
 US$11.0 Billion Senior Secured Credit Facility

Summary of Terms and Conditions(3)

 

	
Borrower:
    	
 
    	
T-Mobile   USA, Inc., a Delaware corporation (the “Borrower”).
    
	
 
    	
 
    	
 
    
	
Facilities:
    	
 
    	
A US$4.0 billion   five-year revolving credit facility (the “Revolving Credit Facility”)   and a US$7.0 billion seven-year term loan facility (the “Term Loan   Facility”, and together with the Revolving Credit Facility, the “Senior   Credit Facilities”).
    
	
 
    	
 
    	
 
    
	
Joint Lead Arrangers and Joint Lead   Bookrunners:
    	
 
    	
Barclays, CSLF, DBSI,   GS Bank, MSSF and RBCCM (in such capacities, the “Lead Arrangers”).
    
	
 
    	
 
    	
 
    
	
Other Bookrunners:
    	
 
    	
BNPPSC, Commerzbank,   CACIB, TD Securities and Wells Fargo Securities will act as bookrunners for   the Revolving Credit Facility and as co-managers for the Term Loan Facility   (in such capacities, the “Other Bookunners”).
    
	
 
    	
 
    	
 
    
	
Co-Managers:
    	
 
    	
Banco Santander, SGAS,   STRH, NatWest and U.S. Bank (in such capacities, the “Co-Managers”   and, together with the Other Bookrunners and the Lead Arrangers, the “Arrangers”).
    
	
 
    	
 
    	
 
    
	
Administrative and Collateral Agent:
    	
 
    	
DBNY (in such   capacities, the “Senior Administrative Agent” and the “Senior   Collateral Agent”).
    
	
 
    	
 
    	
 
    
	
Syndication Agents:
    	
 
    	
Barclays, CSLF, DBSI,   GS Bank, MSSF and RBCCM.
    
	
 
    	
 
    	
 
    
	
Lenders:
    	
 
    	
A syndicate of lenders   reasonably acceptable to the Borrower, including Barclays, CS, DBNY, Goldman   Sachs, MSSF, RBC, BNP, Commerzbank, CACIB, TD Bank, Wells Fargo Bank, Banco   Santander, SG, SunTrust, NatWest and U.S. Bank and excluding Disqualified   Lenders (collectively, the “Lenders”).
    
	
 
    	
 
    	
 
    
	
Transactions:
    	
 
    	
The Company intends to   acquire (the “Acquisition”), all the issued and outstanding equity   interests Sprint Corporation (“Sprint”), pursuant to a Business   Combination Agreement, dated as of April 29, 2018, by and among the   Company, Sprint and the other parties thereto (the “Business Combination   Agreement”).  In connection with   the foregoing, the Company will (a) obtain the Senior Credit Facilities,   (b) obtain the Secured Bridge Facility (as defined in Exhibit B),   the Unsecured Bridge Facility (as defined in Exhibit C), and/or   the Permanent Financing, (c) consummate the Refinancing (as defined in   the Fee Letter), and (d) pay the fees and expenses incurred in   connection with the foregoing.  It is   anticipated that all or a portion of the Secured Bridge Facility and/or the   Unsecured Bridge Facility may be replaced or refinanced by, among 
    

 

(3)                                 Capitalized terms used but not otherwise defined in this Exhibit A have the meanings assigned thereto in the Commitment Letter to which this Exhibit A is attached, including the other exhibits thereto.

 

A-1

 

	
 
    	
 
    	
other things,   (i) the issuance of unsecured notes (any such unsecured notes issued   prior to or on the Closing Date, the “Initial Unsecured Notes”) or   secured notes (any such secured notes issued prior to or on the Closing Date,   the “Initial Secured Notes”) of the Borrower or its subsidiaries in a   public offering or in a Rule 144A or other private placement and/or   (ii) other financing entered into by the Borrower or its subsidiaries   the proceeds of which are used or required to be used to reduce the   commitments in respect of the Bridge Facilities or if the Bridge Facilities   have been funded, to repay the loans thereunder (any combination of clauses   (i) and (ii), collectively, the “Permanent Financing”).  The transactions described in this   paragraph are collectively referred to as the “Transactions”.
    
	
 
    	
 
    	
 
    
	
Availability:
    	
 
    	
The Term Loan Facility   will be available in a single drawing on the Closing Date.  Amounts borrowed under the Term Loan   Facility that are repaid or prepaid may not be reborrowed.

 

The Revolving Credit   Facility will be available from and after the Closing Date.  Amounts repaid under the Revolving Credit   Facility may be reborrowed, subject to the limitations set forth herein.
    
	
 
    	
 
    	
 
    
	
Guarantors:
    	
 
    	
T-Mobile US, Inc.   (“Parent”), each subsidiary of Parent that, directly or indirectly,   owns equity interests of the Borrower and each wholly-owned U.S. restricted   subsidiary of the Borrower (including, from and after the Closing Date,   Sprint and each of its wholly-owned U.S. restricted subsidiaries), other than   each Excluded Subsidiary, will guarantee (the “Guarantees”) the Senior   Credit Facilities, the Permitted Secured Hedging Obligations and the   Permitted Cash Management Obligations, subject to the same exceptions and   limitations (if any) applicable to such Guarantor’s guarantee of the   Borrower’s obligations under the senior notes issued by the Borrower and   outstanding as of the Original Signing Date (the “Existing T-Mobile Notes”).

 

“Excluded Subsidiary” will be defined   in a customary manner to be agreed, and in any case exclude:

 

i.                  “Immaterial Subsidiaries” (to be   defined as any subsidiary having less than 2.5% of the Borrower’s   consolidated total assets; provided that the aggregate total assets of   all immaterial subsidiaries shall not exceed 5.0% of the Borrower’s   consolidated total assets);

 

ii.               direct or indirect domestic   subsidiaries of any foreign subsidiary of the Borrower that is a controlled   foreign corporation for U.S. federal income tax purposes (a “CFC”);

 

iii.            any domestic subsidiary that owns no   material assets (directly or through subsidiaries) other than equity   interests of one or more foreign subsidiaries of the Borrower that are CFCs   (a “FSHCO”);
    

 

A-2

 

	
 
    	
 
    	
iv.           any insurance subsidiary;

 

v.              any subsidiary organized in a   jurisdiction other than the United States, any State thereof or the District   of Columbia (including, for the avoidance of doubt, any subsidiary organized   in a territory of the United States);

 

vi.           existing and future spectrum SPVs (each, a   “Spectrum SPV”), receivables SPVs and tower SPVs;

 

vii.        any subsidiary that is prohibited from   guaranteeing the obligations under the loan documents by any applicable law   or that would require consent, approval, license or authorization of a   governmental authority to guarantee such obligations (unless such consent,   approval, license or authorization has been received);

 

viii.     each subsidiary that is prohibited by any   applicable contractual requirement on the Closing Date or on the date of the   acquisition of such subsidiary (not created in contemplation of the   acquisition by the Borrower of such subsidiary) from guaranteeing the obligations   under the loan documents (and for so long as such restriction or any   replacement or renewal thereof is in effect);

 

ix.           any other subsidiary if in the reasonable   good faith determination of the Borrower in consultation with the Senior   Administrative Agent, a guarantee by such subsidiary would result in   materially adverse tax or regulatory consequences to the Borrower or any of   its subsidiaries; and

 

x.              any other subsidiary with respect to   which the Senior Administrative Agent reasonably agrees that the cost or   other consequences of providing a guarantee is likely to be excessive in   relation to the value to be afforded thereby.

 

Notwithstanding the   foregoing or anything herein to the contrary, (I) each of Sprint and its   subsidiaries will not be required to guarantee the Senior Credit Facilities   until the first date on or after the Closing Date that Sprint or such   subsidiary actually guarantees the Existing T-Mobile Notes; (II) the   guarantees of the Senior Credit Facilities by Sprint, Sprint Communications, Inc.   (“Sprint Communications”) and Sprint Capital Corp. (“Sprint Capital”,   and together with Sprint and Sprint Communications, the “Unsecured   Guarantors”) will not be secured; and (III) each Subsidiary of the   Parent that guarantees any of the Existing T-Mobile Notes will guarantee the   Senior Credit Facilities.

 

In addition,   notwithstanding anything contained herein to the contrary, no Guarantor shall   be jointly and severally liable or guarantee or 
    

 

A-3

 

	
 
    	
 
    	
provide any collateral   as security for any Permitted Secured Hedging Obligations if, and to the   extent that such liability or such guaranty of such swap obligation is or   becomes illegal under the Commodity Exchange Act.
    
	
 
    	
 
    	
 
    
	
Security:
    	
 
    	
Subject to the   limitations set forth below in this section and the Documentation Provision,   the obligations of the Borrower and each Guarantor (other than each Unsecured   Guarantor and each SPV Holdco for which the Borrower has made an Unsecured SPV   Holdco Election (as defined below)) in respect of the Senior Credit   Facilities, (unless the Borrower otherwise elects by notice to the Senior   Administrative Agent at the time it enters into such obligation or the   agreement governing such obligation) any hedging obligations of the Borrower   owed to a Lender, the Senior Administrative Agent, the Arrangers or their   respective affiliates or to an entity that was a Lender, the Senior   Administrative Agent, Arranger or affiliate thereof at the time of such transaction   (“Permitted Secured Hedging Obligations”) and (unless the Borrower   otherwise elects by notice to the Senior Administrative Agent at the time it   enters into such obligation or the agreement governing such obligation) any   treasury management obligations of the Borrower owed to a Lender, the Senior   Administrative Agent, the Arrangers or their respective affiliates or to an   entity that was a Lender, the Senior Administrative Agent, Arranger or   affiliate thereof at the time of such transaction (“Permitted Cash   Management Obligations”) will be secured by the following: a perfected   first priority (subject to liens permitted under the Senior Credit   Facilities) security interest in substantially all of its tangible and   intangible personal property assets, including U.S. intellectual property,   licenses, permits, material intercompany indebtedness, and all of the capital   stock directly owned by the Borrower and each such Guarantor (but limited in   the case of voting stock of any CFC or FSHCO to 65% of the voting stock of   such CFC or FSHCO) (the items described above, but excluding the Excluded   Assets (as defined below), collectively, the “Collateral”).

 

Notwithstanding   anything to the contrary, the Collateral shall exclude the following:

 

i.                  any interest in real property;

 

ii.               motor vehicles and other assets   subject to certificates of title (except to the extent perfection can be   obtained by filing of financing statements), letter of credit rights (except   to the extent perfection can be obtained by filing of financing statements)   and commercial tort claims (except to the extent perfection can be obtained   by filing of financing statements);

 

iii.            any lease, license or other similar   agreement or any property subject to a purchase money security interest,   capital lease or similar arrangement to the extent that a grant of a security   interest therein would violate or invalidate such lease, license or other   agreement or purchase money arrangement, capital lease, or similar   arrangement or create a right of termination in favor of any other party   thereto (other than a Borrower or a
    

 

A-4

 

	
 
    	
 
    	
Guarantor) after giving   effect to the applicable anti-assignment provisions of applicable law, other   than proceeds and receivables thereof, the assignment of which is expressly   deemed effective under applicable law notwithstanding such prohibition;

 

iv.           any “intent to use” trademark applications   prior to the issuance of a statement of use with respect thereto;

 

v.              (i) any governmental licenses or   state or local franchises, licenses, permits, charters and authorizations, to   the extent security interests therein are prohibited or restricted thereby   and (ii) any equity in a regulated subsidiary or any asset owned by a regulated   subsidiary to the extent prohibited by any law, rule or regulation or   that would if pledged, in the good faith judgment of Parent, result in   adverse regulatory consequences or impair the conduct of the business of   Parent or such subsidiaries, in each case of clauses (i) and   (ii) after giving effect to the applicable anti-assignment provisions of   applicable law;

 

vi.           any equity interests of   (a) unrestricted subsidiaries, (b) Parent, (c) any Immaterial   Subsidiary, (d) any captive insurance subsidiaries, (e) any   not-for-profit subsidiaries, (f) any receivables SPVs and tower   SPVs,  and (g) any person that is   not a wholly-owned restricted subsidiary to the extent the granting of a   security interest therein would violate the terms of such person’s   organizational documents or any shareholders’ agreement or joint venture   agreement relating to such person;

 

vii.        assets securing any permitted receivables   transaction;

 

viii.     any assets to the extent a pledge thereof would   be prohibited by applicable law, rule or regulation after giving effect   to the applicable anti-assignment provisions of applicable law, or by any   applicable contractual requirement on the Closing Date or on the date of the   acquisition of such subsidiary (not created in contemplation of the acquisition   by the Borrower of such subsidiary) (and for so long as such restriction or   any replacement or renewal thereof is in effect);

 

ix.           any assets to the extent a security   interest in such assets would result in material adverse tax consequences   (including as a result of any law or regulation in any applicable   jurisdiction similar to Section 956 of the Internal Revenue Code) as   reasonably determined by the Borrower in consultation with the Senior   Administrative Agent;

 

x.              margin stock;

 

xi.           any assets as to which the Senior   Collateral Agent reasonably determines in consultation with the Borrower that   the costs of obtaining a security interest are excessive in relation to the
    

 

A-5

 

	
 
    	
 
    	
value of the security   afforded thereby;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
xii.        any assets (including   equity interests) held by a Spectrum SPV;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
xiii.     for the avoidance of doubt,   any assets held by an Unsecured Guarantor and, if the Borrower makes the   Unsecured SPV Holdco Election, any assets (any equity interests issued by any   Spectrum SPV) held by the applicable SPV Holdco;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
xiv.    FCC Licenses, but solely to   the extent that at any time the Senior Administrative Agent may not validly   possess a security interest directly in the FCC Licenses pursuant to the   Communications Act of 1934, as amended, and the regulations promulgated   thereunder, as in effect at such time provided that, to the maximum extent   permitted by law, the economic value of the FCC Licenses, all rights incident   or appurtenant to the FCC Licenses and the right to receive all monies,   consideration and proceeds derived from or in connection with the sale,   assignment or transfer of the FCC License, shall not be excluded pursuant to   this clause (xiii); and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
xv.       other exceptions to be   mutually agreed upon (the foregoing described in clauses (i) through   (xiv) are collectively, the “Excluded Assets”).
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
In addition, in no   event shall (1) deposit or securities account control agreements or   control, lockbox or similar arrangements be required, (2) notices be   required to be sent to account debtors or other contractual third parties   unless an event of default has occurred and is continuing or   (3) foreign-law governed security documents or perfection under foreign   law be required.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The liens on the   Collateral securing the Senior Credit Facilities will rank equally and   ratably with the liens securing the Secured Bridge Facility and/or any   Permanent Financing designated by the Borrower, existing and future secured   spectrum leases under which the Borrower or any of its restricted   subsidiaries are a party, and other secured debt or other obligations   permitted to be incurred on an equal and ratable basis from time to time   consistent with the Precedent Senior Credit Agreement, pursuant to a   customary intercreditor or collateral trust agreement. Such intercreditor or   collateral trust agreement will provide for control of collateral release   decisions and other terms necessary to ensure that   Section 314(d) of the Trust Indenture Act is inapplicable to any   secured notes (including the Initial Secured Notes) secured thereunder.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Notwithstanding the   foregoing or anything herein to the contrary, (i) no liens shall secure   obligations of Sprint, Sprint Communications or Sprint Capital under the   Guarantees thereof and (ii) to the extent that the granting, or   continuation, of any lien or security interest on any assets of Sprint or any   subsidiary of Sprint would require any Unsecured Guarantor’s existing senior   notes to be secured on an equal and ratable
    

 

A-6

 

	
 
    	
 
    	
basis, such lien shall   not be required to be granted, or shall be released.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
If the Borrower or any   Subsidiary sells, transfers, conveys or otherwise disposes of any FCC   Licenses or other spectrum or related property or assets to a Spectrum SPV in   connection with the incurrence of Indebtedness by such Spectrum SPV, the   liens on such property or assets securing the Senior Credit Facilities will   be automatically released.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
At any time or from   time to time, the Borrower may by written notice to the Senior Administrative   Agent elect (a “Unsecured SPV Holdco Election”) to cause the Guarantee   by any Subsidiary that owns no material assets other than equity interests in   one or more Spectrum SPVs or a holding company of one or more Spectrum SPVs   (any such Subsidiary, a “SPV Holdco”) to become unsecured, so long as   from and after such election the applicable SPV Holdco does not guarantee   (except on a subordinated basis) the Existing T-Mobile Notes, the Unsecured   Bridge Facility or any other Indebtedness, other than (a) the Secured   Bridge Facility, (b) any Initial Secured Notes or other secured notes,   (c) any other Indebtedness that is secured equal and ratably with the   Senior Credit Facilities, the Secured Bridge Facility and/or the Initial   Secured Notes, or (d) any Indebtedness of subsidiaries of such SPV   Holdco.
    
	
 
    	
 
    	
 
    
	
Unrestricted   Subsidiaries:
    	
 
    	
The definitive   documents for the Senior Credit Facilities will contain customary provisions   allowing the Borrower to, subject to no event of default, designate any   restricted subsidiary as an unrestricted subsidiary or any unrestricted   subsidiary as a restricted subsidiary. Unrestricted subsidiaries shall not be   subject to the representations, warranties, covenants and events of default   and the indebtedness, interest expense and results of operations of   unrestricted subsidiaries will be excluded from financial calculations; provided   that, the net income of any unrestricted subsidiary may be included in any   period to the extent of any cash dividends actually paid in such period by   such unrestricted subsidiaries to the Borrower or any of its restricted   subsidiaries. The designation of an unrestricted subsidiary shall be deemed   to be an investment in an amount equal to the fair market value of such   subsidiary at the time of such designation and shall be subject to the   restrictions on investments. The redesignation of an unrestricted subsidiary   as a restricted subsidiary shall be deemed to be a return of investments   equal to the fair market value of the subsidiary at the time of such   redesignation and the incurrence at the time of such redesignation of any   indebtedness and liens of such unrestricted subsidiary existing at such time.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
On the Closing Date,   the Borrower may designate as unrestricted subsidiaries (1) any   receivables or towers SPV entities and (2) any subsidiaries which are   also designated as unrestricted subsidiaries for purposes of the Borrower’s   existing senior notes, in each case without any reduction of the borrower’s   investment baskets.
    
	
 
    	
 
    	
 
    
	
Use of Proceeds:
    	
 
    	
The proceeds of the   Term Loan Facility will be used by the Borrower on the Closing Date, together   with cash on hand and/or drawings on
    

 

A-7

 

	
 
    	
 
    	
other committed   financing, to finance the Refinancing and the other Transactions, and   otherwise for working capital and general corporate purposes of the Borrower   and its subsidiaries (including permitted acquisitions, capital expenditures   and permitted distributions).
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The proceeds of the Revolving   Credit Loans will be used (i) on the Closing Date, together with cash on   hand and drawings on other committed financing, to finance the Refinancing   and the other Transactions and (ii) on and after the Closing Date for   the working capital and general corporate purposes of the Borrower and its   subsidiaries (including permitted acquisitions, capital expenditures and   permitted distributions). It is understood and agreed that Letters of Credit   may be issued on the Closing Date to replace or provide credit support for   any existing letters of credit of Sprint and its subsidiaries (including by   “grandfathering” such existing letters of credit into the Revolving Credit   Facility).
    
	
 
    	
 
    	
 
    
	
Maturity:
    	
 
    	
The Revolving Credit   Facility will mature on the five-year anniversary of the Closing Date and,   prior to the final maturity thereof, will not be subject to any scheduled   amortization.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Term Loan Facility   will mature on the seven-year anniversary of the Closing Date and will   amortize at a rate of 1% per annum (payable in four (4) equal quarterly   installments, beginning after the first full quarter ending after the Closing   Date), with the balance payable on the seventh anniversary of the Closing   Date.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The definitive   documents for the Senior Credit Facilities shall provide the right for   individual Lenders under the Revolving Credit Facility and/or the Term Loan   Facility to agree to extend the maturity date of the outstanding commitments   under such Facility upon the request of the Borrower and without the consent   of any other Lender pursuant to customary procedures to be agreed; provided, that no existing Lender will have any obligation   to commit to any such extension; and, provided, further, that the commitment   fees and/or interest rate payable with respect to the extended portion of the   Revolving Credit Facility and/or Term Loan Facility may be increased as may   be agreed with the extending Lenders, with such extension not subject to any   financial test or “most favored nation” pricing provision.
    
	
 
    	
 
    	
 
    
	
Incremental Facilities:
    	
 
    	
The definitive   documentation with respect to the Senior Credit Facilities will permit the   Borrower to add one or more incremental term loan facilities to the Senior   Credit Facilities (each, an “Incremental Term Facility” and the loans   made under such facility or facilities, the “Incremental Term Loans”)   and/or increase commitments under the Revolving Credit Facility (any such   increase, an “Incremental Revolving Increase”; the Incremental Term   Facilities and the Incremental Revolving Increases are collectively referred   to as “Incremental Facilities”) in an aggregate principal amount for   all such increases and incremental facilities not to exceed the sum of   (a) the greater of (i) $22.0 billion and (ii) 1.00x   Consolidated Cash Flow, (b)(i) the amount of any voluntary repayments of   the Term Loan Facility (and/or any incremental term loan facility) other than   those funded with
    

 

A-8

 

	
 
    	
 
    	
the proceeds of   long-term indebtedness and (ii) the amount of any permanent reduction in   the commitments in respect of the Revolving Credit Facility (and/or any   incremental revolving credit facility) other than those funded with the   proceeds of long-term indebtedness, and (c) an unlimited amount, so long   as on a pro forma basis after giving effect to the incurrence of any such   Incremental Facility and the use of the proceeds thereof (and after giving   effect to any acquisition consummated concurrently therewith and all other   appropriate pro forma adjustment events and calculated (x) as if any   Incremental Revolving Increase were fully drawn on the effective date thereof   and (y) excluding any cash constituting proceeds of any Incremental   Facility), with respect to any Incremental Facilities secured on an equal and   ratable basis to the Senior Credit Facilities, the First Lien Secured Net   Leverage Ratio(4) (to   be defined in the definitive documentation for the Senior Credit Facilities)   does not exceed 2.00 to 1.00 (or, with respect to any Incremental Facilities   secured on a junior basis to the Senior Credit Facilities, the Senior Secured   Net Leverage Ratio (to be defined in the definitive documentation for the   Senior Credit Facilities) does not exceed 2.50 to 1.00, or with respect to   any unsecured Incremental Facilities, the Total Net Leverage Ratio (to be   defined in the definitive documentation for the Senior Credit Facilities)   does not exceed 6.00 to 1.00) (provided that (I) Incremental Facilities   will be deemed to be incurred under the foregoing clause (c) before   clauses (a) and (b) and (II) to the extent amounts are   incurred concurrently under the foregoing clauses (a), (b) and (c), the   applicable ratio may exceed the applicable ratio level set forth in clause   (c) to the extent of such amounts incurred in reliance on clauses   (a) and (b)), provided that:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
i.                  no existing   Lender will be required to participate in any such Incremental Facility   without its consent;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ii.               no event of   default under the Senior Credit Facilities would exist after giving effect   thereto (provided that, in the case of Incremental Facilities used to   finance a permitted acquisition and to the extent the lenders participating   in such Incremental Facility agree, this clause (ii) shall be tested at   the time of the execution of the acquisition agreement related to such   permitted acquisition);
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
iii.            all of the   representations and warranties contained in the definitive documentation for   the Senior Credit Facilities shall be true and correct in all material   respects (or, in all respects, if qualified by materiality); provided   that in the case of Incremental Term Facilities used to finance a permitted   acquisition and to the extent the lenders participating in such Incremental   Term Facility agree, this clause (iii) shall be
    

 

(4)                                 Indebtedness for purposes of determining the First Lien Secured Net Leverage Ratio, Senior Secured Net Leverage Ratio and Total Net Leverage Ratio shall be limited to indebtedness for borrowed money (including indebtedness of any Spectrum SPV, but excluding indebtedness in respect of tower securitizations, capital leases and purchase money debt, and other exceptions to be agreed), and such ratios shall allow all unrestricted cash and cash equivalent of the Company and its subsidiaries to be netted.

 

A-9

 

	
 
    	
 
    	
subject only to   customary “specified representations” and “acquisition agreement   representations” (i.e., those representations of the seller or the target (as   applicable) in the applicable acquisition agreement that are material to the   interests of the Lenders and only to the extent that the Company or its   applicable subsidiary has the right to terminate its obligations under the   applicable acquisition agreement as a result of the failure of such   representations to be accurate);
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
iv.           the maturity date of   any such Incremental Term Facility shall be no earlier than the maturity date   of the Term Loan Facility and the weighted average life of such Incremental   Term Facility shall not be shorter than the then longest remaining weighted   average life of the Term Loan Facility (in each case, other than with respect   to (I) any Incremental Term Facility with amortization in excess of 1%   per year that are marketed principally to commercial banks (as determined by   the Borrower), (II) up to $5 billion of Incremental Facilities and   (III) any “bridge loan” facilities that automatically convert or   exchange into long-term debt otherwise meeting the requirements of this   clause (iv) subject only to customary conditions and (IV) any   Incremental Term Facility incurred to refinance the Secured Bridge Facility);
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
v.              in the case of an   Incremental Revolving Increase, the maturity date of such Incremental   Revolving Increase shall be the same as the maturity date of the Revolving   Credit Facility, such Incremental Revolving Increase shall require no   scheduled amortization or mandatory commitment reduction prior to the final   maturity of the Revolving Credit Facility and the Incremental Revolving   Increase shall be on the same terms and pursuant to the exact same   documentation applicable to the Revolving Credit Facility;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
vi.           the Incremental   Facilities will not be guaranteed by any subsidiaries of the Parent that do   not guarantee the Senior Credit Facilities and, if secured, will be secured   on an equal and ratable basis or junior basis by the same Collateral (as   defined above) securing the Senior Credit Facilities;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
vii.        any Incremental Term   Facility shall share not greater than ratably in any mandatory prepayments of   the Term Loan Facility and such Incremental Term Facility;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
viii.     any Incremental Term   Facility shall otherwise be on terms (including pricing and fees) and   pursuant to documentation to be determined by the Borrowers and the   Additional Incremental Lenders (as defined below) providing the Incremental   Term Facility; provided that to the extent such terms (other than   pricing and fees) and documentation are not consistent with the applicable   Senior Credit Facility (except to the extent permitted above in clauses   (i)-(vii)), they shall be reasonably satisfactory
    

 

A-10

 

	
 
    	
 
    	
to the Senior Administrative   Agent (it being understood that, to the extent that any term is added for the   benefit of any Incremental Term Facility, no consent shall be required from   Lenders under the Term Loan Facility to the extent that such term is   (a) also added for the benefit of the Term Loan Facility or (b) is   only applicable after the maturity of the Term Loan Facility);
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ix.           the Company shall be   in compliance with the Financial Covenant on a pro forma basis (provided   that, in the case of Incremental Facilities used to finance a Limited   Condition Acquisition (to be defined in a manner to be agreed) and to the   extent the lenders participating in such Incremental Facility agree, this   clause (ix) and compliance with any representations, warranties, defaults   or events of default shall be tested at the time of the execution of the   acquisition agreement related to such Limited Condition Acquisition).
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The definitive   documentation with respect to the Senior Credit Facilities will not include   any financial test with respect to the Incremental Facilities (other than as   expressly set forth above).
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Borrowers may seek   commitments in respect of the Incremental Facilities from existing Lenders   (each of which shall be entitled to agree or decline to participate in its   sole discretion) and additional banks, financial institutions and other   lenders (other than Disqualified Lenders) who will become Lenders in   connection therewith (“Additional Incremental Lenders”); provided,   further, that solely with respect to any Incremental Revolving   Increase, the Senior Administrative Agent and the Issuing Lenders shall have   consent rights (not to be unreasonably withheld, conditioned or delayed) with   respect to such Additional Incremental Lender, if such consent would be required   for an assignment of Revolving Loans or commitments, as applicable, to such   Additional Incremental Lender.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Senior Credit   Facilities will permit the Borrower to utilize availability under the   Incremental Facilities to issue notes that are (at the option of the   Borrower) unsecured or secured by the Collateral on an equal and ratable or   junior basis (“Incremental Notes”); provided that such notes:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
i.                  do not mature   prior to the date that is 91 days after the final stated maturity of, or have   a shorter weighted average life than, loans under the initial Term Loans;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ii.               do not require   mandatory prepayments to be made except, in the case of secured Incremental   Notes, to the extent required to be applied pro rata to the Term Facility and   any other equal and ratable secured debt;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
iii.            to the extent   secured, shall not be secured by any lien on any asset of any Borrower or any   Guarantor (as defined below) that
    

 

A-11

 

	
 
    	
 
    	
does not also secure   the Term Facility, or be guaranteed by any person other than the Guarantors;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
iv.           to the extent   secured, shall be secured on an equal and ratable basis to the Senior Secured   Credit Facility or a junior basis to the Senior Secured Credit Facilities;   and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
v.              to the extent   secured, shall be subject to intercreditor terms reasonably agreed between   the Borrower and the Senior Administrative Agent.
    
	
 
    	
 
    	
 
    
	
Refinancing Facilities:
    	
 
    	
The definitive   documentation with respect to the Senior Credit Facilities will permit the   Borrower to refinance loans under the Term Loan Facility, indebtedness under   the Initial Secured Notes and any other secured notes or other obligations   ranking equally and ratably with the Senior Credit Facilities and any prior   Refinancing Facility or replace commitments under the Revolving Credit   Facility from time to time, in whole or part, with one or more new term   facilities (each, a “Refinancing Term Facility”) or new revolving   credit facilities (each, a “Refinancing Revolving Facility”; the   Refinancing Term Facilities and the Refinancing Revolving Facilities are   collectively referred to as “Refinancing Facilities”), respectively,   with the consent of the Borrower and the institutions providing such   Refinancing Term Facility or Refinancing Revolving Facility or with one or   more additional series of senior unsecured notes or loans or senior secured   notes or loans that will be secured by the Collateral on a equal and ratable   basis with the Credit Facilities or secured notes or loans that are junior in   right of security in the Collateral (any such notes or loans, “Refinancing   Notes”); provided that

 

i.                  any Refinancing Term Facility or   Refinancing Notes do not mature prior to the maturity date of, or have a   shorter weighted average life than, or, with respect to notes, have mandatory   prepayment provisions (other than related to customary asset sale and change   of control offers) that could result in prepayments of such Refinancing Notes   prior to, the loans under the Term Loan Facility or other obligations being   refinanced or repaid;

 

ii.               any Refinancing Revolving Facility   does not mature (or require commitment reductions or amortization) prior to   the maturity date of the revolving commitments being replaced;

 

iii.            there shall be no borrowers or guarantors   in respect of any Refinancing Facility or Refinancing Notes that are not the   Borrower or the Guarantors;

 

iv.           with respect to (1) Refinancing Notes   or (2) any Refinancing Term Facility secured by liens on the Collateral   that are junior in priority to the liens on the Collateral securing the   Senior Credit Facilities, such agreements or liens will be subject to a 
    

 

A-12

 

	
 
    	
 
    	
customary intercreditor   agreement;

 

v.              the covenants and events of default   applicable to the Refinancing Facilities or Refinancing Notes shall either be   no more restrictive taken as a whole as determined in good faith by the   Borrower than the terms applicable to the Term Loan Facility or Revolving   Credit Facility, as applicable, or such terms and conditions shall not apply   until all then outstanding Revolving Commitments and Term Loans are no longer   outstanding (unless such more restrictive terms are also added for the   benefit of the existing Senior Credit Facilities); and

 

vi.           the aggregate principal amount of any   Refinancing Facility or Refinancing Notes shall not be greater than the   aggregate principal amount (or committed amount) of the Term Loan Facility,   Revolving Credit Facility or other obligations (as applicable) being   refinanced or replaced plus any fees, premiums, original issue discount and   accrued interest associated therewith, and costs and expenses related   thereto, and such Term Loan Facility, Revolving Credit Facility or other   obligations being refinanced or replaced will be permanently reduced,   retired, redeemed or called for redemption substantially simultaneously with the   issuance thereof.
    
	
 
    	
 
    	
 
    
	
Letters of Credit:
    	
 
    	
A portion of the   Revolving Credit Facility not in excess of $1,000,000,000 shall be available   for the issuance of standby letters of credit (the “Letters of Credit”)   by each of the Arrangers (or affiliates thereof) and other Lenders designated   from time to time by the Borrower (with such Lender’s consent), with such   sublimit to be divided among the Arrangers (and their affiliates) based on   the amount of their respective commitments under the Revolving Credit   Facility on the Closing Date (in such capacity, each, an “Issuing Lender”),   which Letters of Credit shall be risk participated to all Lenders with   commitments under the Revolving Credit Facility on a pro rata basis, to   support obligations of the Borrower and its restricted subsidiaries.  The face amount of any outstanding Letters   of Credit will reduce availability under the Revolving Credit Facility on a   dollar-for-dollar basis.  No Letter of   Credit shall have an expiration date after the earlier of (i) one year   after the date of issuance, unless otherwise agreed by the Issuing Lender and   (ii) five business days prior to the maturity date of the Revolving   Credit Facility; provided that any Letter of Credit may provide for the   automatic renewal thereof for additional periods (which shall in no event   extend beyond the date referred to in clause (ii) above, except to the   extent cash collateralized or backstopped pursuant to arrangements reasonably   acceptable to the relevant Issuing Lender).

 

Drawings under any Letter   of Credit shall be reimbursed by the Borrower (whether with the Borrower’s   own funds or with the proceeds of Revolving Credit Loans) on the immediately   succeeding business day.  To the extent   that the Borrower does not so reimburse the Issuing Lender, the Lenders under   the Revolving Credit Facility shall be irrevocably and unconditionally   obligated to reimburse the Issuing 
    

 

A-13

 

	
 
    	
 
    	
Lender on a pro rata   basis based on their respective Revolving Credit Facility commitments.
    
	
 
    	
 
    	
 
    
	
Interest Rates and   Fees:
    	
 
    	
As set forth on Annex I   hereto.
    
	
 
    	
 
    	
 
    
	
Optional Commitment Reduction and   Prepayment:
    	
 
    	
The Borrower will be   permitted, upon written notice, to terminate in whole, or from time to time   reduce in part, the commitments of the Lenders under the Senior Credit   Facilities without penalty, in minimum amounts equal to the lesser of   US$50,000,000 and the commitment of such Lender outstanding and in integral   multiples of US$10,000,000 over US$50,000,000.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Borrower will be   permitted, upon same day notice for ABR loans and at least three business   days’ notice for Eurodollar loans, to prepay loans under the Senior Credit   Facilities in whole or in part, in minimum amounts equal to the lesser of   US$50,000,000 and the amount outstanding and in integral multiples of   US$10,000,000 over US$50,000,000.
    
	
 
    	
 
    	
 
    
	
Prepayment Premium:
    	
 
    	
In the event that,   prior to the date that is six months after the Closing Date, the Borrower   (i) makes any repayment, prepayment or repurchase of loans under the   Term Loan Facility in connection with any Repricing Event (as defined below)   or (ii) effects any amendment of the definitive documentation for the   Senior Credit Facilities resulting in a Repricing Event, the Borrower shall   pay to the Administrative Agent on the date of effectiveness of such   Repricing Event, for the ratable account of each of the Lender (x) in   the case of clause (i), a prepayment premium of 1.00% of the aggregate   principal amount of the loans under the Term Loan Facility so being prepaid,   repaid or purchased and (y) in the case of clause (ii), an amount equal   to 1.00% of the aggregate principal amount of the loans under the Term Loan   Facility that are the subject of such Repricing Event and outstanding   immediately prior to such amendment.

 

“Repricing Event”:  (a) any repayment, prepayment or   repurchase of all or a portion of the loans under the Term Loan Facility with   the proceeds of, or any conversion of loans under the Term Loan Facility   into, any new or replacement debt financing (including new term loans under   the definitive documentation for the Senior Credit Facilities) bearing   interest with an all-in yield (as reasonably determined by the Administrative   Agent in consultation with the Borrower and taking into account interest rate   margin and benchmark floors, recurring fees and all upfront or similar fees   or original issue discount (amortized over the shorter of (A) the   weighted average life to maturity of such term loans and (B) four   years), but excluding any bona fide arrangement, underwriting, structuring,   syndication or other fees payable in connection therewith that are not shared   ratably with all lenders or holders of such debt financing in their   capacities as lenders or holders of such debt financing) less than the all-in   yield applicable to the loans under the Term Loan Facility (determined on the   same basis as provided in the preceding parenthetical) and (b) any   amendment (including pursuant to a replacement term loan) to the loans under   the Term Loan Facility or any tranche thereof, in each case of clauses (a)
    

 

A-14

 

	
 
    	
 
    	
and (b) above, if   the primary purpose of such repayment, prepayment or repurchase (as   reasonably determined by the Administrative Agent in consultation with the   Borrower) is to lower the all-in yield applicable to the loans under the Term   Loan Facility that are repaid, prepaid or repurchased using the proceeds   thereof (as determined on the same basis as provided in clause (a)). It is   understood that “Repricing Events” shall not include any repayment,   prepayment or refinancing of all or a portion of the Loans under the Term   Loan Facility in connection with a “Change of Control” or a Specified   Acquisition (as defined below).

 

“Specified   Acquisition”:  any acquisition that   is either (a) not permitted by definitive documentation for the Senior   Credit Facilities immediately prior to the consummation of such acquisition   or (b) if permitted by the definitive documentation for the Senior   Credit Facilities immediately prior to the consummation of such acquisition,   would not provide Parent and its subsidiaries with adequate flexibility under   the definitive documentation for the Senior Credit Facilities for the continuation   and/or expansion of their combined operations following such consummation, as   determined by the Borrower acting in good faith.
    
	
 
    	
 
    	
 
    
	
Mandatory Commitment Reduction and   Prepayment:
    	
 
    	
The following amounts   will be applied to prepay loans under the Term Loan Facility, in each case   consistent with the Credit Agreement Documentation Principles:

 

·                  100% of the Net Cash Proceeds of   any incurrence of Indebtedness after the Closing Date (other than   indebtedness permitted under the definitive documents for the Senior Credit   Facilities) by the Borrower or any of its restricted subsidiaries;

 

·                  100% (stepping down to 75% and 50%   at First Lien Secured Net Leverage Ratios to be agreed) of the net cash   proceeds in excess of an annual threshold to be mutually and reasonably   agreed of any non-ordinary course Asset Sales (as defined in the Existing   T-Mobile Notes) after the Closing Date of assets by the Borrower or any of   its restricted subsidiaries ((subject to exceptions (including reinvestment   rights and the ability to repay pari passu   indebtedness ratably) consistent with the Precedent Senior Credit   Agreement).  Any Lender may elect not   to accept its pro rata portion of any mandatory prepayment (each a “Declining   Lender”).  Any prepayment amount   declined by a Declining Lender (“Declined Amounts”) may be retained by   the Borrower and shall increase the amount available under the restricted   payment “builder basket”; and

 

·                  50% (stepping down to 25% and 0% at   First Lien Secured Net Leverage Ratios 0.25x and 0.50x less than the closing   date First Lien Secured Net Leverage Ratio, respectively) of Excess Cash Flow   (to be defined in a manner to be agreed consistent with the Credit Agreement   Documentation Principles, but in any event to be net the amount of funds   expended during the applicable year in respect of permitted restricted   payments, capital expenditures, acquisitions and other permitted investments   and 
    

 

A-15

 

	
 
    	
 
    	
repayments and   prepayments of indebtedness, in each case, to the extent not funded with the   proceeds of long-term indebtedness); and without duplication of the   foregoing, such repayments will be reduced dollar-for-dollar by the amount of   any voluntary repayments of the Term Loan Facilities or the Revolving Credit   Facility, to the extent such prepayments of the Revolving Credit Facility are   accompanied by a permanent commitment reduction, and to any other debt (that   is secured on a equal and ratable basis with   the Secured Facilities) for each fiscal year of the Borrower, commencing   with  full fiscal year ending   December 31, 2020.

 

Notwithstanding the   foregoing, the Term Loan Facility shall not be required to be repaid with the   proceeds of Asset Sales pursuant to the second bullet point above to the   extent the Borrower optionally reduces the commitments in respect of the   Secured Bridge Facility (or, if such facilities have been funded, to repay   any of the loans thereunder) by the amount of such mandatory reduction of the   Term Loan Facility otherwise required hereby.
    
	
 
    	
 
    	
 
    
	
Prepayments Generally:
    	
 
    	
All prepayments of   loans under the Senior Credit Facilities will be subject to, in the case of   Eurodollar loans, compensation for breakage costs incurred by the Lenders if   occurring other than on the last day of an interest period, but otherwise   without penalty.
    
	
 
    	
 
    	
 
    
	
Documentation:
    	
 
    	
The Senior   Credit Facilities will be documented under a credit agreement that will be   substantially similar to, and no less favorable to the Borrower than, the   Borrower’s existing Term Loan Credit Agreement, dated as of November 9,   2015 (as amended) with Deutsche Bank AG New York Branch, as administrative   and collateral agent (with changes to delete references to DT as a lender   thereunder) (the “Precedent Senior Credit Agreement”), except that   (a) the negative covenants and related definitions therein shall be   based on, and no less favorable to the Borrower than, the Borrower’s 4.750%   Senior Notes due 2028 (as amended from time to time, the “Reference Notes”)   (provided, however, that (I) changes in covenants upon achievement of   investment grade ratings shall not apply, (II) basket sizes and   thresholds shall be increased to reflect the increased size of the combined   company, (III) the ability to have unlimited equal and ratable liens   shall be removed, and (IV) customary SPV undertakings by each Spectrum   SPV or other securitization entity that is a Restricted Subsidiary shall be   permitted), (b) such changes shall be made thereto as are set forth on Annex II   or as are necessary or reasonably appropriate to reflect the terms set forth   in this Exhibit A and in the Commitment Letter to which this Exhibit A   is attached, but in any event no less favorable to the borrower (the “Credit   Agreement Documentation Principles”), (c) customary EU bail-in   provisions shall be included in the definitive documentation for the Senior   Credit Facilities and (d) a customary lender ERISA representation shall   be included in the definitive documentation for the Senior Credit   Facilities.  The security documents   will be based on those entered into in connection with the Precedent 
    

 

A-16

 

	
 
    	
 
    	
Senior Credit   Agreement.  The intercreditor agreement   will be based on a precedent mutually and reasonably determined by the   Borrower and the Arrangers. The Precedent Senior Credit Agreement and the   related loan documents shall be modified as mutually agreed to reflect the   administrative and operational requirements of the Senior Administrative   Agent.
    
	
 
    	
 
    	
 
    
	
Representations
   and Warranties:
    	
 
    	
Based on, and not less   favorable to the Borrower than, the Credit Agreement Documentation Principles   and limited to financial condition; no change; existence, compliance with   law; power, authorization, enforceable obligations; no legal bar; litigation;   no default; ownership of property, liens; intellectual property; taxes;   federal regulations; labor matters; ERISA; Investment Company Act; use of   proceeds; environmental matters; accuracy of information; security documents;   solvency; PATRIOT Act, FCPA and OFAC and other EU laws with respect to   sanctions. 
    
	
 
    	
 
    	
 
    
	
Conditions Precedent
   to Funding:
    	
 
    	
The borrowings and   other extensions of credit under the Senior Credit Facilities on the Closing   Date will be subject solely to the Funding Conditions.

 

Except with respect to   borrowings and other credit extensions on the Closing Date, each borrowing   and each other extension of credit shall be subject only to the following   conditions precedent: (i) delivery of notice of borrowing or request for   issuance of letter of credit; (ii) accuracy of all representations and   warranties in all material respects (provided, that any representation and   warranty that is qualified as to “materiality,” “material adverse effect” or   similar language shall be true and correct in all respects (after giving   effect to any such qualification therein)); and (iii) the absence of   defaults or events of default at the time of, or immediately after giving   effect to the making of, such extension of credit; provided, that with   respect to any Incremental Facility incurred in connection with a Limited   Condition Acquisition, at the election of the Borrower, clauses (ii) and   (iii) shall be tested at the time the agreement for such Limited   Condition Acquisition is entered into. 
    
	
 
    	
 
    	
 
    
	
Certain Funds:
    	
 
    	
In the event the   definitive documentation for the Senior Credit Facilities is entered into   prior to the Closing Date other than an Escrow Funding (as defined in the Fee   Letter) on the date any escrow credit agreement is entered into (the date   such documentation is entered into, the “Effective Date”), then during   the period from and including the Effective Date until after the funding of   the loans on the Closing Date and the use of the proceeds thereof to   consummate the Transactions (the “Certain Funds Period”), and   notwithstanding (i) that any representation or warranty made on the   Effective Date (excluding the Specified Representations) was incorrect,   (ii) any failure by the Borrower to comply with the affirmative   covenants and negative covenants, (iii) any provision to the contrary in   the definitive documentation for the Senior Credit Facilities or otherwise,   or (iv) that any condition to the occurrence of the Effective Date may   subsequently be determined not to have been satisfied, neither the Senior   Administrative Agent nor any Lender shall be entitled to (1) cancel any   of its commitments under the 
    

 

A-17

 

	
 
    	
 
    	
Senior Credit   Facilities (except as set forth in “Mandatory Commitment Reduction and   Prepayment” above), (2) rescind, terminate or cancel the definitive   documentation for the Senior Credit Facilities or exercise any right or   remedy or make or enforce any claim under such definitive documentation, the   related notes, the related fee letter or that it otherwise may have to the   extent to do so would prevent, limit or delay the making of its loan on the   Closing Date and the use of the proceeds thereof to consummate the   Transactions, (3) refuse to make its loan; provided that the   Funding Conditions have been satisfied; or (4) exercise any right of   set-off or counterclaim in respect of its loan to the extent to do so would   prevent, limit or delay the making of its loan on the Closing Date and the   use of the proceeds thereof to consummate the Transactions. Notwithstanding   anything to the contrary provided herein, (A) the rights and remedies of   the Lenders and the Senior Administrative Agent shall not be limited in the   event that any Funding Condition is not satisfied or waived on the Closing   Date and (B) immediately after the expiration of the Certain Funds   Period, all of the rights and remedies of the Senior Administrative Agent and   the Lenders shall be available notwithstanding that such rights were not   available prior to such time as a result of the foregoing. 
    
	
 
    	
 
    	
 
    
	
Clean-up Period
    	
 
    	
From the Closing Date   until the date that is 60 days thereafter, any breach of a covenant,   inaccuracy of or inability to make a representation or warranty (other than   the Specified Representations) or any default or Event of Default (other than   a Specified Event of Default) by reason of any matter or circumstance   relating to Sprint or its subsidiaries will be deemed not to be a breach of a   covenant, an inaccuracy of or failure to make a representation or warranty or   a default or Event of Default if it (i) does not have a material adverse   effect on the consolidated results of operations or financial condition of   the Borrower and its subsidiaries (including Sprint and its subsidiaries)   taken as a whole, such that the Borrower and its subsidiaries (including   Sprint and its subsidiaries) taken as a whole would be unable to perform the   payment obligations under the Senior Credit Facilities; (ii) was not   knowingly procured or approved by the Borrower; (iii) is capable of   remedy and reasonable steps are being taken to remedy it; and (iv) is   not a breach of the covenants relating to the accession of Guarantors beyond   the earlier of thirty (30) days after the Closing Date or the date on which   any required Guarantor actually guarantees the Existing T-Mobile Notes.
    
	
 
    	
 
    	
 
    
	
Affirmative Covenants:
    	
 
    	
Consistent with the   Credit Agreement Documentation Principles and limited to delivery of annual   and quarterly financial statements and other information; delivery of notices   of defaults or events of default; delivery of notice of certain ERISA events;   delivery of notices of material litigation; delivery of notices of material   adverse effect; information; quarterly lender calls (which will be satisfied   by the Borrower’s routine quarterly earnings calls); payment of obligations;   maintenance of existence and compliance with laws (including FCPA, Patriot   Act and OFAC and other EU laws with respect to sanctions); maintenance of   properties and insurance; inspection of property and books and records;   environmental laws; additional collateral and subsidiaries; use of proceeds;   further assurances; maintenance of ratings 
    

 

A-18

 

	
 
    	
 
    	
(but no specific   ratings); and designation of unrestricted subsidiaries.
    
	
 
    	
 
    	
 
    
	
Negative Covenants:
    	
 
    	
Consistent with   the Credit Agreement Documentation Principles and limited to Restricted   Payments, Dividend and Other Payment Restrictions Affecting   Subsidiaries, Incurrence of Indebtedness and Issuance of Preferred   Stock, Asset Sales, Transactions with Affiliates, Liens, Business Activities   and Merger, Consolidation or Sale of Assets, with additional carve-outs   including (I) a carve-out to permit equal and ratable liens or junior   liens on Collateral securing Incremental Facilities, Incremental Notes,   the Initial Secured Notes and other Indebtedness meeting customary   requirements consistent with the Precedent Senior Credit Agreement (including   refinancing debt in respect of the foregoing), (II)  the other changes   identified on Annex II and (III) other changes to be agreed.
    
	
 
    	
 
    	
 
    
	
Financial Covenants:
    	
 
    	
Revolving Credit   Facility: Maximum First Lien Secured Net Leverage Ratio of 3.30 to 1.00,   tested quarterly starting at the end of the first full fiscal quarter   following the Closing Date.

 

Term Loan Facility:   None.
    
	
 
    	
 
    	
 
    
	
Events of Default:
    	
 
    	
Consistent with the Credit Agreement Documentation   Principles and limited to nonpayment of principal; nonpayment of interest,   fees or other amounts (subject to a five business day grace period);   inaccuracy of representations and warranties in any material respect;   noncompliance with covenants (subject in the case of affirmative covenants   (other than use of proceeds, maintenance of the Borrower’s existence and   delivery of notices of default) to 30-day grace period after written notice,   and with respect to the financial covenant, a breach shall only result in an   event of default with respect to the Term Loan Facility when the Lenders in   respect of the Revolving Credit Facility have terminated the commitments   under the Revolving Credit Facility and accelerated any loans under the   Revolving Credit Facility then outstanding); bankruptcy and insolvency events   with respect to the Parent, the Borrower and “significant subsidiaries”;   (subject to a customary grace period for involuntary events); ERISA; change   of control triggering event; invalidity of any material Guarantees, security   interests with respect to a material portion of the collateral or the   Intercreditor Agreement, cross-acceleration and cross-payment default with   respect to material indebtedness of Parent, the Borrower or any of its   “significant subsidiaries” (or a group of restricted subsidiaries that   together would constitute a “significant subsidiary”); and unsatisfied   monetary judgments in excess of an amount to be agreed.
    
	
 
    	
 
    	
 
    
	
Cost and Yield Protection:
    	
 
    	
The credit agreement   for the Senior Credit Facilities will contain cost and yield protection   provisions consistent with the Credit Agreement Documentation Principles.
    
	
 
    	
 
    	
 
    
	
Defaulting Lenders:
    	
 
    	
The credit agreement   for the Senior Credit Facilities will contain “defaulting lender” provisions   consistent with the Credit Agreement Documentation Principles.
    

 

A-19

 

	
Voting Rights:
    	
 
    	
(x) Until the expiration of the Certain Funds   Period, amendments, waivers and consents will require only the approval of   the Arrangers and (y) thereafter, amendments, waivers and consents will   require the approval of Lenders holding a majority of the aggregate amount of   the loans and unused commitments under the Senior Credit Facilities; provided   that, at any time, the consent of all affected Lenders will be required with   respect to certain matters as set forth in the Precedent Senior Credit   Agreement, including (a) reductions in the unpaid principal amount or   extensions of the scheduled final maturity date for the payment of principal   of any loan, (b) reductions in interest rates or fees or extensions of   the dates for payment thereof, and (c) increases in the amounts or   extensions of the expiry date of the Lenders’ commitments, and the consent of   100% of the Lenders will be required with respect to (i) modifications   of the pro rata sharing or “waterfall” provisions of the credit agreement and   (ii) modifications to any of the voting percentages. Amendments and   waivers of the financial covenant shall only require the approval of Lenders   holding more than 50% of the aggregate amount of the commitments under the   Revolving Credit Facility (other than any Defaulting Lender).
    
	
 
    	
 
    	
 
    
	
Assignments and Participations:
    	
 
    	
The Borrower may not assign its rights or   obligations under the Senior Credit Facilities without the prior written   consent of the Lenders. Lenders will be permitted to assign and sell   participations in loans and commitments, subject to the limitations set forth   in the Commitment Letter and below. Assignments will be subject to the prior   consent of (a) the Senior Administrative Agent (not to be unreasonably   withheld) and (b) the Borrower (not to be unreasonably withheld,   conditioned or delayed) except that such consent of the Borrower   (x) shall not be required (i) in the case of assignments to another   Lender or an affiliate of a Lender or to approved funds and (ii) after   the occurrence and during the continuance of a payment or bankruptcy event of   default and (y) in each case, shall be deemed to have been given if the   Borrower has not responded within 10 business days of a written request   for such consent. In the case of partial assignments (other than to another   Lender or to an affiliate of a Lender), the minimum assignment amount will be   US$1,000,000 unless otherwise agreed by the Borrower and the Senior   Administrative Agent. Each assignment will be subject to the payment of a   service fee of US$3,500 to the Senior Administrative Agent by the parties to   such assignment. Lenders may sell participations without restriction, and   participants will have benefits with regard to yield protection and increased   costs consistent with the Precedent Senior Credit Agreement. Voting rights of   participants will be limited consistent with the Precedent Senior Credit   Agreement. Unless the Borrower otherwise agrees in writing, each Lender shall   at all times retain exclusive control over all its rights and obligations   with respect to the Senior Credit Facilities and its commitments in respect   thereof, including all rights with respect to consents, modifications,   supplements, waivers and amendments of the definitive documentation with   respect to the Senior Credit Facilities. The Senior Credit Facilities will   contain customary restrictions on assignment to Disqualified Lenders.
    

 

A-20

 

	
Expenses and Indemnification:
    	
 
    	
The Borrower will pay (a) all reasonable and documented   out-of-pocket expenses of the Senior Administrative Agent, the Initial   Lenders and the Arrangers and their affiliates associated with (i) the   arrangement and syndication of the Senior Credit Facilities and (ii) the   preparation, execution and delivery of the credit documentation and any   amendment or waiver with respect thereto (including the reasonable fees,   charges and disbursements of one firm of outside counsel (and, if deemed   reasonably necessary by such persons, one firm of regulatory counsel and/or   one firm of local counsel in each appropriate jurisdiction)), (b) all   reasonable and documented out-of-pocket expenses of the Senior Administrative   Agent in connection with the administration (other than routine   administrative procedures and excluding costs and expenses relating to   assignments and participations of lenders) of the credit documentation and   (c) all reasonable and documented out-of-pocket expenses of the Senior   Administrative Agent and the Lenders (including the fees, charges and disbursements   of counsel) in connection with the enforcement of the credit documentation.

 

The Borrower will indemnify the Senior   Administrative Agent, the Arrangers, the other Lenders and their affiliates,   and each of the respective officers, directors, employees, advisors, agents   and controlling persons of the foregoing, and hold them harmless from and   against all losses, claims, damages and liabilities, and reasonable and   documented out of pocket expenses reasonably related thereto (including   reasonable and documented fees, disbursements and other charges of one firm   of outside counsel (and, if deemed reasonably necessary by such persons, one   firm of regulatory counsel and/or one firm of local counsel in each   appropriate jurisdiction, and, in the case of an actual or perceived conflict   of interest for any indemnitee, one firm of counsel (and, if deemed   reasonably necessary by such indemnitee, one firm of regulatory and/or one   firm of local counsel in each appropriate jurisdiction) for such indemnitee)   and liabilities arising in connection with the Senior Credit Facilities and   the transactions contemplated hereby (including the Acquisition), except to   the extent such costs, expenses and liabilities (a) are determined by a   court of competent jurisdiction by final and nonappealable judgment to have   resulted from the bad faith, gross negligence or willful misconduct of such   indemnitee, any of its Related Persons or a material breach of the definitive   documentation for the Senior Credit Facilities of such indemnitee or any of   its Related Persons or (b) result from any claim, litigation,   investigation or proceeding that does not involve an act or omission of the   Borrower or any of its affiliates and that is brought by an indemnitee   against any other indemnitee other than claims against the Senior   Administrative Agent or any Initial Lender or Arranger in its capacity in   fulfilling its role as an agent or arranger or any other similar role under   the Senior Credit Facilities. No party to the definitive credit agreement for   the Senior Credit Facilities shall be liable for any special, indirect,   consequential or punitive damages in connection with the Senior Credit   Facilities, the definitive credit agreement for the Senior Credit Facilities   or its activities related thereto; provided that nothing contained in   this sentence will limit the Borrower’s indemnity and reimbursement   obligations set forth in this section.
    

 

A-21

 

	
Governing Law and Jurisdiction:
    	
 
    	
New York; provided that (a) the   interpretation of Material Adverse Effect and whether a Material Adverse   Effect has occurred, (b) the accuracy of any Business Combination   Agreement Representations and whether as a result of a breach thereof the   Borrower (or any of the Borrower’s subsidiaries) has the right under the   Business Combination Agreement not to consummate the Acquisition as a result   of such representations in the Business Combination Agreement being   inaccurate and (c) whether the Acquisition has been consummated in   accordance with the Business Combination Agreement, shall be governed by, and   construed in accordance with the laws of the State of Delaware, without   giving effect to any choice or conflict of laws provision or   rule (whether of the State of Delaware or any other jurisdiction) that   would cause the application of the Laws of any jurisdiction other than the   State of Delaware.
    
	
 
    	
 
    	
 
    
	
Bail-In:
    	
 
    	
The definitive documentation for the Senior Credit   Facilities will contain a customary Acknowledgement and Consent to Bail-In of   EEA Financial Institutions.
    
	
 
    	
 
    	
 
    
	
Counsel to Arrangers and Senior Administrative   Agent:
    	
 
    	
Cahill Gordon & Reindel LLP
    

 

A-22

 

ANNEX I

 

	
Interest Rates:
    	
 
    	
Interest   will be payable on loans under the Term Loan Facility at the following rates   per annum:

 

(a)                 in the case of Eurodollar loans,   Adjusted LIBOR plus the Applicable Margin per annum, and

 

(b)                 in the case of ABR loans, the ABR   plus the Applicable Margin per annum.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Interest   will be payable on loans under the Revolving Credit  Facility at the following rates per annum:

 

(a)                 in the case of Eurodollar loans,   Adjusted LIBOR plus the Applicable Margin per annum, and

 

(b) in the case of ABR loans, the ABR plus the Applicable   Margin per annum.

As used herein:

 

“Adjusted   LIBOR” means the London Interbank Offered Rate (adjusted for statutory   reserve requirements); provided that Adjusted LIBOR shall in all cases   not be less than 0%. The definitive documentation for the Senior Credit   Facilities shall include successor LIBOR provisions reasonably acceptable to   the Senior Administrative Agent and the Borrower.

 

“ABR” means the   highest of (a) the Senior Administrative Agent’s Prime Rate,   (b) the Federal Funds Effective Rate plus 1⁄2 of 1% and (c) the   Adjusted LIBOR for a one month interest period on any day plus 1%.

 

“Applicable Margin”   means (x) with respect to the Term Loan Facility, Adjusted LIBOR plus   1.75% or ABR plus 0.75% and (y) with respect to the Revolving Credit Facility,   Adjusted LIBOR plus 1.25% or ABR plus 0.25%.

 

From and after the date   of delivery of the Borrower’s financial statements for the first full fiscal   quarter ended after the Closing Date, (i) interest rate margins under   the Term Loan Facility will be subject to one 25 bps reduction based upon a   First Lien Secured Net Leverage Ratio level to be agreed (the “Term Loan Pricing Step-Down”) and   (ii) interest rate margins under the Revolving Credit Facility will be   subject to an agreed amount of 25 bps reductions based upon First Lien   Secured Net Leverage Ratio levels to be agreed.

 

“Prime Rate”   means the rate of interest per annum from time to time published in the   “Money Rates” section of The Wall Street   Journal as being the “Prime Lending Rate” or, if more than one   rate is published as the Prime Lending Rate, then the highest of such rates   (each
    

 

A-I-1

 

	
 
    	
 
    	
change in the Prime   Rate to be effective as of the date of publication in The Wall Street Journal of a “Prime   Lending Rate” that is different from that published on the preceding domestic   business day); provided, that in the event that The Wall Street Journal shall, for any   reason, fail or cease to publish the Prime Lending Rate, the Senior   Administrative Agent shall choose a reasonably comparable index or source to   use as the basis for the Prime Lending Rate.

 

From and after the   Closing Date, the Borrower shall pay a commitment fee calculated on the   average daily unused portion of the Revolving Credit Facility at the rate per   annum of 0.375%, with one 12.5bps step-up and one 12.5bps step-down at First   Lien Secured Net Leverage levels to be agreed.

 

The Borrower shall pay   a commission on all outstanding Letters of Credit at a per annum rate equal   to the Applicable Margin then in effect with respect to Revolving Credit   Loans made or maintained as Eurodollar loans on the face amount of each such   Letter of Credit.  Such commission   shall be shared ratably among the Lenders participating in the Revolving   Credit Facility and shall be payable quarterly in arrears.

 

In addition to letter   of credit commissions, a fronting fee calculated at a rate per annum to be   agreed upon by the Borrower and the Issuing Lender on the face amount of each   Letter of Credit shall be payable quarterly in arrears to the Issuing Lender   for its own account.  In addition,   customary (as determined by the Issuing Lender) administrative, issuance,   amendment, payment and negotiation charges shall be payable to the Issuing   Lender for its own account.
    
	
 
    	
 
    	
 
    
	
Eurodollar Interest   Periods:
    	
 
    	
At the Borrower’s   option, 1, 2, 3 or 6 months (or, if agreed by all relevant Lenders, 12   months).  Interest on Eurodollar loans   will be payable on the last day of each interest period and upon repayment or   prepayment.
    
	
 
    	
 
    	
 
    
	
Interest Rate Basis:
    	
 
    	
Interest   on Eurodollar loans will be payable in arrears on the basis of a 360-day year   (calculated on the basis of the actual number of days elapsed).  Interest on ABR loans will be payable   quarterly in arrears on the basis of a 365/366-day year when ABR is based on   the Senior Administrative Agent’s Prime Rate and otherwise on a 360-day year   (in each case calculated on the basis of the actual number of days elapsed).
    
	
 
    	
 
    	
 
    
	
Default Rate:
    	
 
    	
With respect to overdue   principal, the applicable interest rate plus 2.00% per annum and, with   respect to any other overdue amount, the interest rate applicable to ABR   loans under the Senior Credit Facilities plus 2.00% per annum.
    

 

A-I-2

 

ANNEX II

 

Certain Changes to Covenants, Financial Definitions and Other Terms

 

Financial Definitions

 

·                  The definition of “Consolidated Cash Flow” shall (i) include an addback for run rate cost savings, operating expense reductions and synergies related to the Transactions for a period of 36 months after the Closing Date and other specified transactions for a period of 24 months after the date of the applicable specified transaction, which for the avoidance of doubt shall be uncapped, (ii) remove any dollar caps with respect to the addback for extraordinary non-recurring items and (iii) for the avoidance of doubt, not include any dollar cap with respect to the addback for new market losses.

 

Negative Covenants

 

·                  The starter “builder basket” in the restricted payments covenant to be set at an amount equal to amount available on the Closing Date under the Reference Notes.

 

·                  The restricted payment covenant to permit distributions of investments in unrestricted subsidiaries (other than an unrestricted subsidiary the primary assets of which are cash and cash equivalents).

 

·                  The debt covenant shall permit 200% of Contribution Debt (as defined in the Reference Notes).

 

·                  The “ratio debt” carve-out will include a “no worse than” prong in connection with a permitted acquisition or investment.

 

·                  Covenants to include reclassification and reallocation provisions, including automatic reclassification when ratio-based baskets become available.

 

·                  “Fair Market Value” definition to permit any sale or disposition in connection with the Acquisition.

 

·                  Liens covenant to include carveout permitting liens on assets of non-guarantor subsidiaries securing obligations of non-guarantor subsidiaries.

 

·                  To the extent any numerical baskets are used together with any ratio-based baskets in a single transaction or series of related transactions, the Senior Credit Facilities shall provide that compliance with the applicable ratio or the portion of such indebtedness or other applicable transaction under any ratio-based baskets shall first be calculated without giving effect to amounts being used pursuant to any numerical baskets.

 

·                  All numerical baskets in the Senior Credit Facilities shall include growers based on an equivalent percentage of LTM Consolidated Cash Flow or total assets (as elected by the Borrower prior to the commencement of general syndication).

 

·                  Negative covenants to permit unlimited accounts receivable securitization

 

A-II-1

 

EXHIBIT B

 

PROJECT LAKES
 US$19.0 Billion Secured Bridge Loan Facility(5)

Summary of Terms and Conditions(6)

 

	
Borrower:
    	
 
    	
T-Mobile USA, Inc., a Delaware corporation (the   “Borrower”).
    
	
 
    	
 
    	
 
    
	
Facility:
    	
 
    	
US$19.0 billion senior secured 364-day bridge loan   facility (the “Secured Bridge Facility”). The amount of the Secured   Bridge Facility shall be automatically increased by the amount set forth in   any Reallocation Notice delivered by the Borrower to the Arrangers.

   “Reallocation Notice” means a notice delivered at any time by the   Borrower to the Arrangers at any time on or prior to the Closing Date,   pursuant to which the Borrower may unilaterally reallocate all or a portion   of the then-outstanding commitments under the Unsecured Bridge Facility for   commitments under the Secured Bridge Facility. Upon delivery of the   Reallocation Notice to the Arrangers, the amount of commitments specified in   the Reallocation Notice under the Unsecured Bridge Facility (which amount   shall not exceed the amount of commitments then outstanding under the   Unsecured Bridge Facility) shall automatically be deemed to become   commitments under the Secured Bridge Facility for all purposes of the   Commitment Letter and the Term Sheets (with commitments of lenders under the   Unsecured Bridge Facility reallocated on a pro rata basis based on their   aggregate then-existing commitments under the Unsecured Bridge Facility), and   the amount of the Unsecured Bridge Facility and the Secured Bridge Facility   shall be decreased and increased, respectively, by such reallocated amount.   The Borrower may deliver a Reallocation Notice on one or more occasions and   shall deliver a Reallocation Notice to the extent required by the Fee Letter.
    
	
 
    	
 
    	
 
    
	
Joint Lead Arrangers
   and Joint Lead Bookrunners:
    	
 
    	
Barclays, CSLF, DBSI, GS Bank, MSSF and RBCCM (in   such capacities, the “Lead Arrangers”).
    
	
 
    	
 
    	
 
    
	
Other Secured Bridge Facility Bookrunners:
    	
 
    	
BNPPSC, Commerzbank, CACIB, TD Securities and Wells   Fargo Securities (in such capacities, the “Other Secured Bridge Facility   Bookunners”).
    
	
 
    	
 
    	
 
    
	
Co-Managers:
    	
 
    	
Banco Santander, SGAS, STRH, NatWest and U.S. Bank   (in such capacities, the “Co-Managers” and, together with the Other   Secured Bridge Facility Bookrunners and the Co-Managers, the “Arrangers”).
    
	
 
    	
 
    	
 
    
	
Administrative and Collateral Agent:
    	
 
    	
GS Bank (in such capacities, the “Secured Bridge   Administrative Agent” and the “Secured Bridge Collateral Agent”).
    

 

(5)                                 Subject to increase per Reallocation Notice.

 

(6)                                 Capitalized terms used but not otherwise defined in this Exhibit B have the meanings assigned thereto in the Commitment Letter to which this Exhibit B is attached, including the other exhibits thereto.

 

B-1

 

	
Syndication Agents:
    	
 
    	
Barclays, CSLF, DBSI, GS Bank, MSSF and RBCCM.
    
	
 
    	
 
    	
 
    
	
Lenders:
    	
 
    	
A syndicate of lenders reasonably acceptable to the   Borrower, including Barclays, CS, DBCI, Goldman Sachs, MSSF, RBC, BNP,   Commerzbank, CACIB, TD Bank, Wells Fargo Bank, Banco Santander, SG, SunTrust,   NatWest and U.S. Bank and excluding Disqualified Lenders (collectively, the “Lenders”).
    
	
 
    	
 
    	
 
    
	
Availability:
    	
 
    	
The Secured Bridge Facility will be available in a   single drawing on the Closing Date. Amounts borrowed under the Secured Bridge   Facility that are repaid or prepaid may not be reborrowed.
    
	
 
    	
 
    	
 
    
	
Guarantors:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Security:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Unrestricted Subsidiaries:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Use of Proceeds:
    	
 
    	
The proceeds of the Secured Bridge Facility will be   used by the Borrower on the Closing Date, together with cash on hand and   drawings on other committed financing, to finance the Refinancing and the   other Transactions, and otherwise for working capital and general corporate   purposes of the Borrower and its subsidiaries (including permitted   acquisitions, capital expenditures and permitted distributions).
    
	
 
    	
 
    	
 
    
	
Maturity:
    	
 
    	
The Secured Bridge Facility will mature on the day that   is 364 days after the Closing Date (the “Initial Maturity Date”), provided that   the Initial Maturity Date may be extended to the date that is 546 days after   the Closing Date, and subsequently may be further extended to the date that   is 728 days after the Closing Date (any such extended date the “Extension   Maturity Date”) upon three business days prior written notice by the   Borrower to the Secured Bridge Administrative Agent so long as no payment or   bankruptcy event of default has occurred and is continuing and the applicable   Extension Fee and all other interest and fees due and payable on or prior to   the Initial Maturity Date or the first Extension Maturity Date, as the case   may be, shall have been paid by the Borrower. The Secured Bridge Facility   shall have no required amortization.
    
	
 
    	
 
    	
 
    
	
Interest Rates and Fees:
    	
 
    	
As set forth on Annex I hereto.
    
	
 
    	
 
    	
 
    
	
Optional Commitment Reduction and Prepayment:
    	
 
    	
The Borrower will be permitted, upon written notice,   to terminate in whole, or from time to time reduce in part, the commitments   of the Lenders under the Secured Bridge Facility without penalty, in minimum   amounts equal to the lesser of US$50,000,000 and the commitment of such   Lender outstanding and in integral multiples of US$10,000,000 over   US$50,000,000.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Borrower will be permitted, upon same day notice   for ABR loans and at least three business days’ notice for Eurodollar loans,   to prepay loans under the Secured Bridge Facility in whole or in part, in   minimum amounts equal to the lesser of US$50,000,000 and the amount   outstanding and in integral multiples of US$10,000,000 over 
    

 

B-2

 

	
 
    	
 
    	
US$50,000,000.
    
	
 
    	
 
    	
 
    
	
Mandatory Commitment Reduction and Prepayment:
    	
 
    	
Commitments will be reduced, and loans will be   required to be prepaid under the Secured Bridge Facility in an aggregate   amount equal to:

a.              100% of the Net   Cash Proceeds received by the Borrower or any of its subsidiaries (but not,   for the avoidance of doubt, any Net Cash Proceeds received by Sprint or any   of its subsidiaries prior to the Closing Date) from any Debt Incurrence (as   defined below) in excess of the Cap (as defined below) after the Original   Signing Date, whether before or after the Closing Date, other than any   unsecured debt the proceeds of which are used to reduce commitments or repay   loans under the Unsecured Bridge Facility;

 

b.              100% of the Net   Cash Proceeds received by the Borrower or any of its subsidiaries (but not,   for the avoidance of doubt, any Net Cash Proceeds received by Sprint or any   of its subsidiaries prior to the Closing Date) from any sale or other   disposition of assets (including proceeds from the issuance or sale of equity   interest in any subsidiary of the Borrower) resulting in Net Cash Proceeds in   excess of the Cap consummated after the Original Signing Date, whether before   or after the Closing Date, other than (i) dispositions (including   sale-leaseback transactions) in the ordinary course of business or consistent   with past practice, (ii) dispositions of inventory, used or surplus   equipment, and cash or cash equivalents, (iii) any disposition or series   of related dispositions that does not result in Net Cash Proceeds exceeding   US$250,000,000 for such disposition or any series of related dispositions,   (iv) any disposition by any subsidiary that is a foreign subsidiary (to   the extent the application of such proceeds would be subject to local law or   organizational document restrictions or material adverse tax consequences;   provided that the Borrower shall have used commercially reasonable efforts to   eliminate or minimize such restrictions or consequences), (v) any   disposition from or to a restricted subsidiary of the Borrower, and   (vi) such other exceptions as may be agreed by the Arrangers and set   forth in the definitive credit agreement for the Secured Bridge Facility, and   subject to the right to reinvest (or to commit to reinvest) any such proceeds   within one year of the receipt thereof; and

 

c.               on or prior to   the Closing Date only, the amount of any Specified Reduction (as defined in   the Fee Letter) not applied to reduce the Unsecured Bridge Facility.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
“Cap” means One Billion Dollars   (US$1,000,000,000) in the aggregate, less the amount of any Net Cash Proceeds   received and not applied to reduce the commitments, or prepay the loans,   under the Secured Bridge Facility in reliance on the Cap as set forth above.
    
   “Debt Incurrence” means any incurrence of debt for borrowed money 
    

 

B-3

 

	
 
    	
 
    	
pursuant to an issuance of notes or a borrowing of a   term loan, in each case by the Borrower or any of its subsidiaries (and for   the purposes of the penultimate sentence of paragraph 5 of the Commitment   Letter, Sprint or any of its subsidiaries), other than:

a.              debt under the   Facilities;

 

b.              any debt, whether   incurred before or after the Closing Date, permitted to be incurred or that   would have been permitted to be incurred by   Section 5.1(a)(viii) (except, on or after the Closing Date, any   debt (I) under subclause (B) thereof other than within 12 months of   the existing maturity date of such indebtedness (but without giving effect to   the proviso to Section 5.1(a)(viii))) and (II) under subclause   (E) thereof) or Sections 5.1(b)(viii)(A), (B) (only within 12   months of the existing maturity date of such indebtedness unless the Majority   Bridge Lead Arrangers (as defined in the Fee Letter) approve in their sole   discretion), (C), (D) and (F) of the Business Combination   Agreement;

 

c.               [reserved]; and

 

d.              such other exceptions   as may be agreed by the Arrangers and set forth in the definitive   documentation for the Secured Bridge Facility.

 

“Net Cash Proceeds” means, with respect to   any event, the cash (which term, for purposes of this definition, shall   include cash equivalents) proceeds actually received by the Borrower or its   domestic subsidiaries in respect of such event, including any cash received   in respect of any noncash proceeds, but only as and when received, net of the   sum, without duplication, of (i) all fees and expenses incurred in   connection with such event by the Borrower and its subsidiaries, (ii) in   the case of a sale, transfer, lease or other disposition (including pursuant   to a sale and leaseback transaction or a casualty or a condemnation or similar   proceeding) of an asset, the amount of all payments required to be made by   the Borrower and its subsidiaries as a result of such event to repay   Indebtedness secured by such asset, (iii) the amount of all taxes paid   (or reasonably estimated to be payable) by the Borrower and its subsidiaries,   and the amount of any reserves established by the Borrower and its   subsidiaries in accordance with GAAP to fund purchase price adjustment,   indemnification and similar contingent liabilities reasonably estimated to be   payable, in each case during the year that such event occurred or the next   succeeding year and that are directly attributable to the occurrence of such   event (as determined reasonably and in good faith by the Borrower), and   (iv) payments to retire any debt for borrowed money that is required to   be repaid in connection with such event.

Notwithstanding the foregoing, the Borrower shall   have the option to reduce the commitments in respect of any of the Senior   Credit Facilities (or, if such Senior Credit Facilities have been funded, to   repay any of 
    

 

B-4

 

	
 
    	
 
    	
the loans thereunder and in the case of the   Revolving Credit Facility, to be accompanied by a permanent commitment   reduction) in lieu of any such mandatory reduction of the Secured Bridge   Facility otherwise required.
    
	
 
    	
 
    	
 
    
	
Prepayments Generally:
    	
 
    	
All prepayments of loans under the Secured Bridge   Facility will be subject to, in the case of Eurodollar loans, compensation   for breakage costs incurred by the Lenders if occurring other than on the   last day of an interest period, but otherwise without penalty.
    
	
 
    	
 
    	
 
    
	
Documentation:
    	
 
    	
The Secured Bridge Facility will be documented under   a credit agreement that will be consistent with this Exhibit B   and will be substantially similar to the Credit Agreement for the Senior   Credit Facilities, with (v) negative covenants as described below,   (w) such changes thereto as are necessary or reasonably appropriate to   reflect the terms set forth in this Exhibit B and in the   Commitment Letter to which this Exhibit B is attached,   (x) adjustments to be mutually agreed to reflect administrative and   operational requirements of the Secured Bridge Administrative Agent,   (y) adjustments to mechanical provisions to reflect the nature of the   facility as a bridge loan and to remove the revolver, and (z) modify the   definition of “Change of Control” to provide that (1) no Change of   Control will occur if the resultant surviving corporation of a public company   merger is not more than 50% owned by any single “person” or “group,”   (2) both Moody’s and S&P (the “Rating Agencies”) must publicly state   that a ratings downgrade was caused by the applicable transaction in order   for such transaction to constitute a Change of Control Event, (3) so   long as the Borrower maintains an investment grade rating from either Ratings   Agency, no “Change of Control” will be deemed to occur and (4) if the   Secured Bridge Facility ceases to be rated by either Ratings Agency, the   Borrower is permitted to replace either Ratings Agency with Fitch   Ratings, Inc. (“Fitch”).
    
	
 
    	
 
    	
 
    
	
Representations
   and Warranties:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Conditions Precedent
   to Funding:
    	
 
    	
The borrowing under the Secured Bridge Facility will   be subject solely to the Funding Conditions.
    
	
 
    	
 
    	
 
    
	
Certain Funds:
    	
 
    	
In the event the definitive documentation for the   Secured Bridge Facility is entered into prior to the Closing Date (the date   such documentation is entered into, the “Effective Date”), then during   the period from and including the Effective Date until after the funding of   the loans on the Closing Date and the use of the proceeds thereof to   consummate the Transactions (the “Certain Funds Period”), and   notwithstanding (i) that any representation or warranty made on the   Effective Date (excluding the Specified Representations) was incorrect,   (ii) any failure by the Borrower to comply with the affirmative   covenants and negative covenants, (iii) any provision to the contrary in   the definitive documentation for the Secured Bridge Facility or otherwise or   (iv) that any condition to the occurrence of the Effective Date may   subsequently be determined not to have been satisfied, neither the Secured   Bridge Administrative Agent nor any Lender shall be 
    

 

B-5

 

	
 
    	
 
    	
entitled to (1) cancel any of its commitments   under the Secured Bridge Facility (except as set forth in “Mandatory   Commitment Reduction and Prepayment” above), (2) rescind, terminate or   cancel the definitive documentation for the Secured Bridge Facility or   exercise any right or remedy or make or enforce any claim under such   definitive documentation, the related notes, the related fee letter or that   it otherwise may have to the extent to do so would prevent, limit or delay   the making of its loan on the Closing Date and the use of the proceeds   thereof to consummate the Transactions, (3) refuse to make its loan; provided   that the Funding Conditions have been satisfied; or (4) exercise any   right of set-off or counterclaim in respect of its loan to the extent to do   so would prevent, limit or delay the making of its loan on the Closing Date   and the use of the proceeds thereof to consummate the Transactions.   Notwithstanding anything to the contrary provided herein, (A) the rights   and remedies of the Lenders and the Secured Bridge Administrative Agent shall   not be limited in the event that any Funding Condition is not satisfied or   waived on the Closing Date and (B) immediately after the expiration of   the Certain Funds Period, all of the rights and remedies of the Secured   Bridge Administrative Agent and the Lenders shall be available   notwithstanding that such rights were not available prior to such time as a   result of the foregoing.
    
	
 
    	
 
    	
 
    
	
Clean-up Period
    	
 
    	
From the Closing Date until the date that is 60 days   thereafter, any breach of a covenant, inaccuracy of or inability to make a   representation or warranty (excluding the Specified Representations) or any   default or Event of Default (other than any Specified Event of Default) by   reason of any matter or circumstance relating to Sprint or its Subsidiaries   will be deemed not to be a breach of a covenant, an inaccuracy of or failure   to make a representation or warranty or a default or Event of Default if it   (i) does not have a material adverse effect on the consolidated results   of operations or financial condition of the Borrower and its subsidiaries   (including Sprint and its subsidiaries) taken as a whole, such that the   Borrower and its subsidiaries (including Sprint and its subsidiaries) taken   as a whole would be unable to perform the payment obligations under the   Secured Bridge Facility; (ii) was not knowingly procured or approved by   the Borrower; (iii) is capable of remedy and reasonable steps are being   taken to remedy it and (iv) is not a breach of the covenants relating to   the accession of Guarantors beyond the earlier of thirty (30) days after the   Closing Date or the date on which any required Guarantor actually guarantees   the Existing T-Mobile Notes.
    
	
 
    	
 
    	
 
    
	
Affirmative Covenants:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Negative Covenants:
    	
 
    	
Limited to (i) limitation on mergers,   consolidations or transfers of assets substantially as an entirety of the   Borrower and (ii) limitation on liens, in each case in a manner no less   favorable to the Borrower than the indenture relating to the Reference Notes.   The Secured Bridge Facility will also treat as unrestricted any subsidiary of   the Borrower that is designated as an “unrestricted subsidiary” under the   Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Financial Covenants:
    	
 
    	
None.
    

 

B-6

 

	
Events of Default:
    	
 
    	
Limited to nonpayment of principal; nonpayment of   interest, fees or other amounts (subject to a five business day grace   period); inaccuracy of representations and warranties in any material   respect; noncompliance with covenants (subject in the case of affirmative   covenants (other than use of proceeds, maintenance of the Borrower’s   existence and delivery of notices of default) to 30-day grace period after   written notice); bankruptcy and insolvency events with respect to the Parent,   the Borrower and “significant subsidiaries” (subject to a customary grace   period for involuntary events); ERISA; change of control; invalidity of any   material Guarantees, security interests with respect to a material portion of   the collateral or the Intercreditor Agreement, cross-acceleration and   cross-payment default with respect to material indebtedness of the Borrower   and its “significant subsidiaries” (or a group of restricted subsidiaries   that would together constitute a “significant subsidiary”); and unsatisfied   monetary judgments in excess of an amount to be agreed.
    
	
 
    	
 
    	
 
    
	
Cost and Yield Protection:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Defaulting Lenders:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Voting Rights:
    	
 
    	
(x) Until the expiration of the Certain Funds   Period, amendments, waivers and consents will require only the approval of   the Arrangers and (y) thereafter, amendments, waivers and consents will   require the approval of Lenders holding a majority of the aggregate amount of   the loans and unused commitments under the Secured Bridge Facility; provided   that, at any time, the consent of all affected Lenders will be required with   respect to certain customary matters, including (a) reductions in the   unpaid principal amount or extensions of the scheduled final maturity date   for the payment of principal of any loan, (b) reductions in interest   rates or fees or extensions of the dates for payment thereof and   (c) increases in the amounts or extensions of the expiry date of the   Lenders’ commitments, and the consent of 100% of the Lenders will be required   with respect to (i) modifications of the pro rata sharing or “waterfall”   provisions of the credit agreement and (ii) modifications to any of the   voting percentages.
    
	
 
    	
 
    	
 
    
	
Assignments and Participations:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Expenses and Indemnification:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Governing Law and Jurisdiction:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Bail-In
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Counsel to Arrangers and Secured Bridge   Administrative Agent:
    	
 
    	
Cahill Gordon & Reindel LLP
    

 

B-7

 

ANNEX I

 

	
Duration Fees:
    	
 
    	
The Borrower will pay to each Lender on each of the dates   set forth below, or, if any such date is not a business day, on the first succeeding   business day after such date, a Duration Fee equal to the applicable percentage   set forth below of the aggregate principal amount of such Lender’s loans under   the Secured Bridge Facility outstanding on such date:
    

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Date
    	
 
    	
Duration Fee Percentage
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
90 days after the Closing Date 
    	
 
    	
0.50
    	
%
    	
 
    
	
 
    	
 
    	
 
    	
180 days after the Closing Date 
    	
 
    	
0.50
    	
%
    	
 
    
	
 
    	
 
    	
 
    	
270 days after the Closing Date 
    	
 
    	
0.50
    	
%
    	
 
    
	
 
    	
 
    	
 
    	
364 days after the Closing Date 
    	
 
    	
0.50
    	
%
    	
 
    

 

	
 
    	
 
    	
 
    
	
Extension Fee:
    	
 
    	
The Borrower will pay to each Lender an extension   fee (each such fee, an “Extension Fee”) in an amount equal to   (i) 0.25% of the aggregate principal amount of the loans under the   Secured Bridge Facility outstanding on the Initial Maturity Date which have   been extended to the first Extension Maturity Date and (ii) 0.25% of the   aggregate principal amount of the loans under the Secured Bridge Facility   outstanding on the first Extension Maturity Date which have been extended to   the final Extension Maturity Date. The Extension Fee shall be due and payable   on the date of the applicable extension.

After the Initial Maturity Date, the Borrower will   pay to each Lender on each of the dates set forth below, or, if any such date   is not a business day, on the first succeeding business day after such date,   a Duration Fee equal to the applicable percentage set forth below of the   aggregate principal amount of such Lender’s loans under the Secured Bridge   Facility outstanding on such date:
    
	
 
    	
 
    	
 
    

 

	
 
    	
 
    	
 
    	
Date
    	
 
    	
Duration Fee Percentage
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
90 days after   the first Initial Maturity Date
    	
 
    	
0.75
    	
%
    	
 
    
	
 
    	
 
    	
 
    	
180 days after   the Initial Maturity Date 
    	
 
    	
0.75
    	
%
    	
 
    
	
 
    	
 
    	
 
    	
270 days after   the Initial Maturity Date 
    	
 
    	
0.75
    	
%
    	
 
    

 

B-I-1

 

	
Interest Rates:
    	
 
    	
Interest will be payable on loans under the Secured   Bridge Facility at the following rates per annum:

 

(a) in the case of   Eurodollar loans, Adjusted LIBOR plus 1.25% per annum, and

(b) in the case of ABR   loans, the ABR plus 0.25% per annum.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The interest margins shall increase by an additional   25 basis points at the beginning of each three-month period subsequent to the   initial three-month period for so long as the loans under the Secured Bridge   Facility are outstanding.

 

As used herein:

 

“Adjusted LIBOR” means the London Interbank   Offered Rate (adjusted for statutory reserve requirements); provided   that Adjusted LIBOR shall in all cases not be less than 0%. The definitive   documentation for the Secured Bridge Facility shall include successor LIBOR   provisions reasonably acceptable to the Secured Bridge Administrative Agent   and the Borrower.

 

“ABR” means the highest of (a) the   Secured Bridge Administrative Agent’s Prime Rate, (b) the Federal Funds   Effective Rate plus 1⁄2 of 1% and (c) the Adjusted LIBOR for a one month   interest period on any day plus 1%.

 

“Prime Rate” means the rate of interest per   annum from time to time published in the “Money Rates” section of The Wall Street Journal as being the “Prime Lending Rate”   or, if more than one rate is published as the Prime Lending Rate, then the   highest of such rates (each change in the Prime Rate to be effective as of   the date of publication in The Wall Street Journal   of a “Prime Lending Rate” that is different from that published on the   preceding domestic business day); provided, that in the event that The Wall Street Journal shall, for any reason, fail or   cease to publish the Prime Lending Rate, the Secured Bridge Administrative   Agent shall choose a reasonably comparable index or source to use as the   basis for the Prime Lending Rate.
    
	
 
    	
 
    	
 
    
	
Eurodollar Interest Periods:
    	
 
    	
At the Borrower’s option, 1, 2, 3 or 6 months   (or, if agreed by all relevant Lenders, 12 months). Interest on Eurodollar loans   will be payable on the last day of each interest period and upon repayment or   prepayment.
    
	
 
    	
 
    	
 
    
	
Interest Rate Basis:
    	
 
    	
Interest on Eurodollar loans will be payable in   arrears on the basis of a 360-day year (calculated on the basis of the actual   number of days elapsed). Interest on ABR loans will be payable quarterly in   arrears on the basis of a 365/366-day year when ABR is based on the Secured   Bridge Administrative Agent’s Prime Rate and otherwise on a 360-day year (in   each case calculated on the basis of the actual 
    

 

B-I-2

 

	
 
    	
 
    	
number of days elapsed).
    
	
 
    	
 
    	
 
    
	
Default Rate:
    	
 
    	
With respect to overdue principal, the applicable   interest rate plus 2.00% per annum and, with respect to any other overdue   amount, the interest rate applicable to ABR loans under the Secured Bridge   Facility plus 2.00% per annum.
    

 

B-I-3

 

EXHIBIT C

 

PROJECT LAKES
 US$8.0 Billion Senior Unsecured Bridge Loan Facility

Summary of Terms and Conditions(7)

 

	
Borrower:
    	
 
    	
T-Mobile USA, Inc., a Delaware corporation (the   “Borrower”).
    
	
 
    	
 
    	
 
    
	
Facility:
    	
 
    	
US$4.0 billion 8-year senior unsecured bridge loan   facility (the “8 Year Unsecured Bridge Facility”, and the loans thereunder,   the “8 Year Unsecured Bridge Loans”) and a US$4.0 billion 10-year   senior unsecured bridge loan facility (the “10 Year Unsecured Bridge   Facility”, and the loans thereunder, the “10 Year Unsecured Bridge   Loans”). The 8 Year Unsecured Bridge Facility and the 10 Year Unsecured   Bridge Facility are collectively referred to herein as the “Unsecured   Bridge Facility” and the 8 Year Unsecured Bridge Loans and the 10 Year   Unsecured Bridge Loans are collectively referred to herein the “Unsecured   Bridge Loans”).
    
	
 
    	
 
    	
 
    
	
Joint Lead Arrangers
   and Joint Lead Bookrunners:
    	
 
    	
Barclays, CSLF, DBSI, GS Bank, MSSF and RBCCM (in   such capacities, the “Lead Arrangers”).
    
	
 
    	
 
    	
 
    
	
Administrative Agent:
    	
 
    	
An affiliate of an Original Commitment Party   appointed by the Borrower will act as sole administrative agent (in such   capacity, the “Unsecured Bridge Administrative Agent”).
    
	
 
    	
 
    	
 
    
	
Syndication Agents:
    	
 
    	
Barclays, CSLF, DBSI, GS Bank, MSSF and RBCCM.
    
	
 
    	
 
    	
 
    
	
Lenders:
    	
 
    	
A syndicate of lenders reasonably acceptable to the   Borrower, including Barclays, CS, DBCI, Goldman Sachs, MSSF and RBC and   excluding Disqualified Lenders (collectively, the “Lenders”).
    
	
 
    	
 
    	
 
    
	
Availability:
    	
 
    	
Same as Secured Bridge Facility.
    
	
 
    	
 
    	
 
    
	
Guarantors:
    	
 
    	
Same as Senior Credit Facilities; provided, however,   that the guarantee of the Unsecured Bridge Loans by any SPV Holdco for which   an Unsecured SPV Holdco election has been made shall be subordinated.
    
	
 
    	
 
    	
 
    
	
Security:
    	
 
    	
None.
    
	
 
    	
 
    	
 
    
	
Unrestricted Subsidiaries:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Use of Proceeds:
    	
 
    	
Same as Secured Bridge Facility.
    
	
 
    	
 
    	
 
    
	
Maturity:
    	
 
    	
Unsecured Bridge Loans that are not converted into   Rollover Loans will mature on the first anniversary of the Closing Date (the   “Rollover Date”).

 

The Unsecured Bridge Facility shall have no required   amortization.
    

 

 

(7)                                 Capitalized terms used but not otherwise defined in this Exhibit C have the meanings assigned thereto in the Commitment Letter to which this Exhibit C is attached, including the other exhibits thereto.

 

C-1

 

	
Conversion into   Rollover Loans:
    	
 
    	
If the Unsecured Bridge Loans have not been   previously prepaid in full on or prior to the Rollover Date, the principal   amount of such Unsecured Bridge Loans outstanding on the Rollover Date may,   at the option of the Borrower but subject to the conditions precedent set   forth in Annex I hereto, be converted into senior unsecured rollover   loans having the terms set forth in Annex I hereto (the unsecured   rollover loans in respect of the 8 Year Unsecured Bridge Loans, the “8   Year Unsecured Bridge Rollover Loans” and the unsecured rollover loans in   respect of the 10 Year Unsecured Bridge Loans, the “10 Year Unsecured   Bridge Rollover Loans” and collectively, the “Unsecured Bridge   Rollover Loans”). Any Unsecured Bridge Loans not converted into Unsecured   Bridge Rollover Loans shall be repaid in full on the Rollover Date.
    
	
 
    	
 
    	
 
    
	
Exchange into Unsecured Bridge Exchange Notes:
    	
 
    	
Each Lender will have the right, at any time on or   after the Rollover Date, upon reasonable prior written notice, to exchange   Unsecured Bridge Loans held by it for senior unsecured bridge exchange notes   of the Borrower having the terms set forth in Annex II hereto (the   unsecured exchange notes in respect of the 8 Year Unsecured Bridge Rollover   Loans, the “8 Year Unsecured Bridge Exchange Notes” and the unsecured   exchange notes in respect of the 10 Year Unsecured Bridge Rollover Loans, the   “10 Year Unsecured Bridge Exchange Notes” and collectively, the “Unsecured   Bridge Exchange Notes”). Notwithstanding the foregoing, the Borrower will   not be required to exchange Unsecured Bridge Rollover Loans for Unsecured   Bridge Exchange Notes below $100.0 million of Unsecured Bridge Exchange Notes   for the first such exchange and thereafter (unless a lesser amount represents   all outstanding Senior Extended Term Loans).
    
	
 
    	
 
    	
 
    
	
Interest Rates and Fees:
    	
 
    	
As set forth on Annex III hereto.
    
	
 
    	
 
    	
 
    
	
Optional Commitment Reduction and Prepayment:
    	
 
    	
Same as Secured Bridge Facility.
    
	
 
    	
 
    	
 
    
	
Mandatory Commitment Reduction and Prepayment:
    	
 
    	
Commitments will be reduced, and loans will be   required to be prepaid under the Unsecured Bridge Facility in an aggregate   amount equal to:

a.              100% of the Net   Cash Proceeds received by the Borrower or any of its subsidiaries (but not,   for the avoidance of doubt, any Net Cash Proceeds received by Sprint or any   of its subsidiaries prior to the Closing Date) from any Debt Incurrence (as   defined in Exhibit B) in excess of the Cap (as defined in Exhibit B)   after the Original Signing Date, whether before or after the Closing Date;

 

b.              100% of the Net   Cash Proceeds received by the Borrower or any of its subsidiaries (but not,   for the avoidance of doubt, any Net Cash Proceeds received by Sprint or any   of its subsidiaries prior to the Closing Date) from any sale or other   disposition of assets (including proceeds from the issuance or sale of equity   interest in any subsidiary of the Borrower) resulting in Net Cash Proceeds in   excess of the Cap consummated after the Original 
    

 

C-2

 

	
 
    	
 
    	
Signing Date, whether   before or after the Closing Date, other than (i) dispositions (including   sale-leaseback transactions) in the ordinary course of business or consistent   with past practice, (ii) dispositions of inventory, used or surplus   equipment, and cash or cash equivalents, (iii) any disposition that does   not result in Net Cash Proceeds exceeding US$250,000,000 for such   disposition, (iv) any disposition by any subsidiary that is a foreign   subsidiary (to the extent the application of such proceeds would be subject   to local law or organizational document restrictions or material adverse tax   consequences; provided that the Borrower shall have used commercially   reasonable efforts to eliminate or minimize such restrictions or consequences),   (v) any disposition from or to a restricted subsidiary of the Borrower,   and (vi) such other exceptions as may be agreed by the Lead Arrangers   and set forth in the definitive credit agreement for the Unsecured Bridge   Facility, and subject to the right to reinvest (or to commit to reinvest) any   such proceeds within one year of the receipt thereof; and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
c.               on or prior to   the Closing Date only, the amount of any Specified Reduction (as defined in   the Fee Letter).

 

Notwithstanding the foregoing, other than with   respect to the proceeds of unsecured indebtedness pursuant to clause   (a) above, the Unsecured Bridge Facility shall not be required to be   reduced and repaid to the extent the Borrower optionally reduces the   commitments in respect of any of the other Facilities (or, if such Facilities   have been funded, to repay any of the loans thereunder) by the amount of such   mandatory reduction of the Unsecured Bridge Facility otherwise required   hereby.

The Borrower may at any time unilaterally (or, as required   by the Fee Letter, shall) decrease the amount of commitments under the   Unsecured Bridge Facility by delivery by the Borrower of a Reallocation   Notice (as defined in Exhibit A) to the Lead Arrangers.
    
	
 
    	
 
    	
 
    
	
Prepayments Generally:
    	
 
    	
Same as Secured Bridge Facility.
    
	
 
    	
 
    	
 
    
	
Documentation:
    	
 
    	
The Unsecured Bridge Facility will be documented   under a credit agreement to be entered into on the Closing Date and will be   substantially similar to the Credit Agreement for the Secured Bridge   Facility, with (x) negative covenants as described below, (y) adjustments   to be mutually agreed to reflect administrative and operational requirements   of the Unsecured Bridge Administrative Agent and (z) such changes   thereto as are necessary or reasonably appropriate to reflect the terms set   forth in this Exhibit C and in the Commitment Letter to which   this Exhibit C is attached (including the unsecured nature of the   Unsecured Bridge Facility).
    
	
 
    	
 
    	
 
    
	
Representations
   and Warranties:
    	
 
    	
Same as Secured Bridge Facility.
    
	
 
    	
 
    	
 
    
	
Conditions Precedent

    	
 
    	
The borrowing under the Unsecured Bridge Facility   will be subject 
    

 

C-3

 

	
to Funding:
    	
 
    	
solely to the Funding Conditions.
    
	
 
    	
 
    	
 
    
	
Certain Funds:
    	
 
    	
In the event the definitive documentation for the   Unsecured Bridge Facility is entered into (the date such documentation is   entered into, the “Effective Date”) prior to the Closing Date, then   during the period from and including the Effective Date until after the   funding of all loans requested on the Closing Date and the use of the   proceeds thereof to consummate the Transactions (the “Certain Funds Period”),   and notwithstanding (i) that any representation or warranty made on the   Effective Date (excluding the Specified Representations) was incorrect, (ii) any   failure by the Borrower to comply with the affirmative covenants and negative   covenants, (iii) any provision to the contrary in the definitive   documentation for the Unsecured Bridge Facility or otherwise or   (iv) that any condition to the occurrence of the Effective Date may   subsequently be determined not to have been satisfied, neither the Unsecured   Bridge Administrative Agent nor any Lender shall be entitled to   (1) cancel any of its commitments under the Unsecured Bridge Facility   (except as set forth in “Mandatory Commitment Reduction and Prepayment”   above), (2) rescind, terminate or cancel the definitive documentation   for the Unsecured Bridge Facility or exercise any right or remedy or make or   enforce any claim under such definitive documentation, the related notes, the   related fee letter or that it otherwise may have to the extent to do so would   prevent, limit or delay the making of its loan and the use of the proceeds   thereof to consummate the Transactions, (3) refuse to make its loan; provided   that the Funding Conditions have been satisfied; or (4) exercise any   right of set-off or counterclaim in respect of its loan to the extent to do   so would prevent, limit or delay the making of its loans and the use of the   proceeds thereof to consummate the Transactions. Notwithstanding anything to   the contrary provided herein, (A) the rights and remedies of the Lenders   and the Unsecured Bridge Administrative Agent shall not be limited in the   event that any Funding Condition is not satisfied or waived on the date such   loans are required to be made and (B) immediately after the expiration   of the Certain Funds Period, all of the rights and remedies of the Unsecured   Bridge Administrative Agent and the Lenders shall be available   notwithstanding that such rights were not available prior to such time as a   result of the foregoing.
    
	
 
    	
 
    	
 
    
	
Clean-up Period
    	
 
    	
From the Closing Date until the date that is 60 days   after the Closing Date, any breach of a covenant, inaccuracy of or inability   to make a representation or warranty (excluding the Specified   Representations) or any default or Event of Default (other than any Specified   Event of Default) by reason of any matter or circumstance relating to Sprint   or its Subsidiaries will be deemed not to be a breach of a covenant, an   inaccuracy of or failure to make a representation or warranty or a default or   Event of Default if it (i) does not have a material adverse effect on   the consolidated results of operations or financial condition of the Borrower   and its subsidiaries (including Sprint and its subsidiaries) taken as a   whole, such that the Borrower and its subsidiaries (including Sprint and its   subsidiaries) taken as a whole would be unable to perform the payment   obligations under the Unsecured Bridge Facility; (ii) was not knowingly   procured or approved by the Borrower; (iii) is capable of 
    

 

C-4

 

	
 
    	
 
    	
remedy and reasonable steps are being taken to   remedy it; and (iv) is not a breach of the covenants relating to the   accession of Guarantors beyond the earlier of thirty (30) days after the   Closing Date or the date on which any required Guarantor actually guarantees   the Existing T-Mobile Notes.
    
	
 
    	
 
    	
 
    
	
Affirmative Covenants:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Negative Covenants:
    	
 
    	
Same as Term Loan Facility (with changes to reflect   the unsecured nature of the Unsecured Bridge Facility).
    
	
 
    	
 
    	
 
    
	
Financial Covenants:
    	
 
    	
None.
    
	
 
    	
 
    	
 
    
	
Events of Default:
    	
 
    	
Same as Term Loan Facility.
    
	
 
    	
 
    	
 
    
	
Cost and Yield Protection:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Defaulting Lenders:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Voting Rights:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Assignments and Participations:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Expenses and Indemnification:
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Governing Law and Jurisdiction:
    	
 
    	
Same as Senior Credit Facilities
    
	
 
    	
 
    	
 
    
	
Bail-In
    	
 
    	
Same as Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
Counsel to Lead Arrangers and Unsecured Bridge   Administrative Agent:
    	
 
    	
Cahill Gordon & Reindel LLP
    

 

C-5

 

ANNEX I

 

PROJECT LAKES
 US$8.0 Billion Unsecured Bridge Loan Facility

Summary of Terms and Conditions of 
 Rollover Loans

 

	
Borrower:
    	
 
    	
Same as the Unsecured Bridge Facility.
    
	
 
    	
 
    	
 
    
	
Facility:
    	
 
    	
8 Year Unsecured Bridge Rollover Loans in an initial   principal amount equal to 100% of the outstanding principal amount of the 8   Year Unsecured Bridge Loans on the Rollover Date and 10 Year Unsecured Bridge   Rollover Loans in an initial principal amount equal to 100% of the   outstanding principal amount of the 10 Year Unsecured Bridge Loans on the   Rollover Date. Subject to the conditions precedent set forth below, the   Unsecured Bridge Rollover Loans will be available to the Borrower to   refinance the Unsecured Bridge Loans on the Rollover Date. The Unsecured   Bridge Rollover Loans will be governed by definitive documentation that,   except as set forth below, shall have the same terms as the Unsecured Bridge   Loans.
    
	
 
    	
 
    	
 
    
	
Interest Rate:
    	
 
    	
8 Year Unsecured Bridge Loans: Interest shall be   payable quarterly in arrears at a rate per annum equal to the 8 Year   Unsecured Bridge Total Cap (as defined in the Fee Letter).

10 Year Unsecured Bridge Loans: Interest shall be   payable quarterly in arrears at a rate per annum equal to the 10 Year   Unsecured Bridge Total Cap (as defined in the Fee Letter).
    
	
 
    	
 
    	
 
    
	
Maturity:
    	
 
    	
8 Year Unsecured Bridge Rollover Loans: 8 years   after the Closing Date.

10 Year Unsecured Bridge Rollover Loans: 10 years   after the Closing Date.
    
	
 
    	
 
    	
 
    
	
Optional Prepayments:
    	
 
    	
For so long as the Unsecured Bridge Rollover Loans   have not been exchanged for Unsecured Bridge Exchange Notes of the Borrower   as provided in Annex II, they may be prepaid at the option of the   Borrower, in whole or in part, at any time, together with accrued and unpaid   interest to the prepayment date (but without premium or penalty).
    
	
 
    	
 
    	
 
    
	
Mandatory Prepayments:
    	
 
    	
Same as the Unsecured Bridge Loans.
    
	
 
    	
 
    	
 
    
	
Conditions Precedent to Rollover:
    	
 
    	
The ability of the Borrower to convert any Unsecured   Bridge Loans into Unsecured Bridge Rollover Loans is subject to the condition   that at the time of any such refinancing, there shall exist no bankruptcy   event of default or payment event of default in respect of the Unsecured   Bridge Loans.
    

 

C-I-1

 

 

	
Covenants:
    	
 
    	
Same as Unsecured Bridge Exchange Notes.
    
	
 
    	
 
    	
 
    
	
Assignments and Participations:
    	
 
    	
Same as Unsecured Bridge Loans.
    
	
 
    	
 
    	
 
    
	
Governing Law:
    	
 
    	
New York.
    
	
 
    	
 
    	
 
    
	
Expenses and Indemnification:
    	
 
    	
Same as Unsecured Bridge Loans.
    

 

C-II-2

 

ANNEX II

PROJECT LAKES
 US$8.0 Billion Unsecured Bridge Loan Facility

Summary of Terms and Conditions of 
 Unsecured Bridge Exchange Notes

 

	
Issuer:
    	
 
    	
Same as the Borrower of the Unsecured Bridge Loans.
    
	
 
    	
 
    	
 
    
	
Guarantors:
    	
 
    	
Same as the Unsecured Bridge Loans.
    
	
 
    	
 
    	
 
    
	
Unsecured Bridge Exchange Notes:
    	
 
    	
The Issuer will issue the Unsecured Bridge Exchange   Notes under an indenture (the “Indenture”) (which may be the indenture   for the Reference Notes) that will include provisions consistent with the   indenture for the Reference Notes, except as set forth herein. Except as   expressly set forth herein, the Unsecured Bridge Exchange Notes shall have   the same terms as the Unsecured Bridge Rollover Loans.
    
	
 
    	
 
    	
 
    
	
Security:
    	
 
    	
None.
    
	
 
    	
 
    	
 
    
	
Interest Rate:
    	
 
    	
8 Year Unsecured Bridge Exchange Notes: A per annum   rate equal to the 8 Year Unsecured Bridge Total Cap, payable semi-annually in   arrears.

10 Year Unsecured Bridge Exchange Notes: A per annum   rate equal to the 10 Year Unsecured Bridge Total Cap, payable semi-annually   in arrears.
    
	
 
    	
 
    	
 
    
	
Maturity:
    	
 
    	
8 Year Unsecured Bridge Exchange Notes: Same as the   8 Year Unsecured Bridge Rollover Loans.

10 Year Unsecured Bridge Exchange Notes: Same as the   10 Year Unsecured Bridge Rollover Loans.
    
	
 
    	
 
    	
 
    
	
Amortization:
    	
 
    	
None.
    
	
 
    	
 
    	
 
    
	
Optional Redemption:
    	
 
    	
Except as set forth in this paragraph and the next   two succeeding paragraphs, the 8 Year Unsecured Bridge Exchange Notes will be   non-callable prior to the third anniversary of the Closing Date. Thereafter,   each such Unsecured Bridge Exchange Note may be redeemed, in whole or in   part, at the option of the Issuer at a price equal to 100% of the aggregate   principal amount redeemed plus accrued and unpaid interest, if any, plus a   premium equal to seventy-five percent of the coupon on such 8 Year Unsecured   Bridge Exchange Notes, with such premium declining ratably to zero on the   date that is two years prior to the maturity date of such 8 Year Unsecured   Bridge Exchange Notes.

Prior to the third anniversary of the Closing Date,   the Issuer may redeem such 8 Year Unsecured Bridge Exchange Notes at a   make-whole price based on the yield on U.S. Treasury notes with a maturity   closest to the third anniversary of the Closing Date plus 50 basis points.
    

 

C-II-1

 

	
 
    	
 
    	
Prior to the third anniversary of the Closing Date,   the Issuer may redeem up to 40% of such 8 Year Unsecured Bridge Exchange   Notes with an amount equal to proceeds from any qualified equity offering at   a price equal to par plus the coupon on such 8 Year Unsecured Bridge Exchange   Notes; provided, however, that (x) 8 Year Unsecured Bridge   Exchange Notes in a principal amount equal to at least 50% of the aggregate   principal amount of such 8 Year Unsecured Bridge Exchange Notes originally   issued (excluding Notes held by the Issuer and its subsidiaries) remain   outstanding after such redemption and (y) the redemption occurs within   180 days of the date of the closing of such equity offering or the date of   contribution to the Issuer’s common equity capital made with net cash   proceeds of one or more sales of equity interests of Parent.

Except as set forth in this paragraph and the next   two succeeding paragraphs, the 10 Year Unsecured Bridge Exchange Notes will   be non-callable prior to the fifth anniversary of the Closing Date.   Thereafter, each such Unsecured Bridge Exchange Note may be redeemed, in   whole or in part, at the option of the Issuer at a price equal to 100% of the   aggregate principal amount redeemed plus accrued and unpaid interest, if any,   plus a premium equal to one-half of the coupon on such 10 Year Unsecured   Bridge Exchange Notes, with such premium declining ratably to zero on the   date that is two years prior to the maturity date of such 10 Year Unsecured   Bridge Exchange Notes.

 

Prior to the fifth anniversary of the Closing Date,   the Issuer may redeem such 10 Year Unsecured Bridge Exchange Notes at a   make-whole price based on the yield on U.S. Treasury notes with a maturity   closest to the fifth anniversary of the Closing Date plus 50 basis points.

 

Prior to the third anniversary of the Closing Date,   the Issuer may redeem up to 40% of such 10 Year Unsecured Bridge Exchange   Notes with an amount equal to proceeds from any qualified equity offering at   a price equal to par plus the coupon on such 10 Year Unsecured Bridge   Exchange Notes; provided, however, that (x) 10 Year   Unsecured Bridge Exchange Notes in a principal amount equal to at least 50%   of the aggregate principal amount of such 10 Year Unsecured Bridge Exchange   Notes originally issued (excluding Notes held by the Issuer and its   subsidiaries) remain outstanding after such redemption and (y) the   redemption occurs within 180 days of the date of the closing of such equity   offering or the date of contribution to the Issuer’s common equity capital   made with net cash proceeds of one or more sales of equity interests of   Parent.
    
	
 
    	
 
    	
 
    
	
Right to Transfer Unsecured Bridge Exchange Notes:
    	
 
    	
Each holder of Unsecured Bridge Exchange Notes shall   have the right to transfer its Unsecured Bridge Exchange Notes in whole or in   part in compliance with applicable law to any third parties.
    
	
 
    	
 
    	
 
    
	
Offer to Purchase from 
    	
 
    	
Same as the indenture for the Reference Notes.
    

 

C-II-2

 

	
Asset Sale Proceeds:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Offer to Purchase upon a Change of Control:
    	
 
    	
Same as the indenture for the Reference Notes (with   changes to relevant definitions consistent with the Senior Credit   Facilities).
    
	
 
    	
 
    	
 
    
	
Covenants:
    	
 
    	
Same as Unsecured Bridge Loans.
    
	
 
    	
 
    	
 
    
	
Events of Default:
    	
 
    	
Same as the indenture for the Reference Notes.
    
	
 
    	
 
    	
 
    
	
Defeasance and Discharge Provisions:
    	
 
    	
Same as the indenture for the Reference Notes.
    
	
 
    	
 
    	
 
    
	
Modification:
    	
 
    	
Same as the indenture for the Reference Notes.
    
	
 
    	
 
    	
 
    
	
Registration Rights:
    	
 
    	
None.
    
	
 
    	
 
    	
 
    
	
Governing Law:
    	
 
    	
New York
    

 

C-II-3

 

ANNEX III

 

	
Interest Rates:
    	
 
    	
Interest will be payable on loans under the 8 Year   Unsecured Bridge Facility at the following rates per annum:

 

(a) in the case of Eurodollar loans, Adjusted LIBOR   plus 3.50% per annum, and

 

(b) in the case of ABR loans, the ABR plus 2.50% per   annum.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The interest margins shall increase by an additional   50 basis points at the beginning of each three-month period subsequent to the   initial three-month period for so long as the loans under the 8 Year Secured   Bridge Facility are outstanding up to the 8 Year Unsecured Total Cap.

 

Interest will be payable on loans under the 10 Year   Unsecured Bridge Facility at the following rates per annum:

(a) in the case of Eurodollar loans, Adjusted LIBOR   plus 3.75% per annum, and

(b) in the case of ABR loans, the ABR plus 2.75% per   annum.
   The interest margins shall increase by an additional 50 basis points at the   beginning of each three-month period subsequent to the initial three-month   period for so long as the loans under the 10 Year Secured Bridge Facility are   outstanding up to the 10 Year Unsecured Total Cap.

As used herein:

“Adjusted LIBOR” means the London Interbank   Offered Rate (adjusted for statutory reserve requirements); provided   that Adjusted LIBOR shall in all cases not be less than 0%. The definitive   documentation for the Unsecured Bridge Facility shall include successor LIBOR   provisions reasonably acceptable to the Unsecured Bridge Administrative Agent   and the Borrower.

 

“ABR” means the highest of (a) the   Bridge Administrative Agent’s Prime Rate, (b) the Federal Funds   Effective Rate plus 1⁄2 of 1% and (c) the Adjusted LIBOR for a one month   interest period on any day plus 1%.

“Prime Rate” means the rate of interest per   annum from time to time published in the “Money Rates” section of The Wall Street Journal as being the “Prime Lending Rate”   or, if more than one rate is published as the Prime Lending Rate, then the   highest of such rates (each change in the Prime Rate to be effective as of   the date of publication in The Wall Street Journal   of a “Prime Lending Rate” that is different from that published on the   preceding domestic business day); 
    

 

C-III-1

 

	
 
    	
 
    	
provided, that in the event that The Wall Street Journal shall, for any reason, fail or   cease to publish the Prime Lending Rate, the Bridge Administrative Agent   shall choose a reasonably comparable index or source to use as the basis for   the Prime Lending Rate.
    
	
 
    	
 
    	
 
    
	
Eurodollar Interest Periods:
    	
 
    	
At the Borrower’s option, 1, 2, 3 or 6 months   (or, if agreed by all relevant Lenders, 12 months). Interest on Eurodollar   loans will be payable on the last day of each interest period and upon   repayment or prepayment.
    
	
 
    	
 
    	
 
    
	
Interest Rate Basis:
    	
 
    	
Interest on Eurodollar loans will be payable in   arrears on the basis of a 360-day year (calculated on the basis of the actual   number of days elapsed). Interest on ABR loans will be payable quarterly in   arrears on the basis of a 365/366-day year when ABR is based on the Bridge Administrative   Agent’s Prime Rate and otherwise on a 360-day year (in each case calculated   on the basis of the actual number of days elapsed).
    
	
 
    	
 
    	
 
    
	
Default Rate:
    	
 
    	
With respect to overdue principal, the applicable   interest rate plus 2.00% per annum and, with respect to any other overdue   amount, the interest rate applicable to ABR loans under the Bridge Facility   plus 2.00% per annum.
    

 

C-III-2

 

EXHIBIT D

 

PROJECT LAKES
  US$11.0 Billion Senior Secured Credit Facilities
 US$19.0 Billion Senior Secured Bridge Loan Facility(8)

US$8.0 Billion Senior Unsecured Bridge Loan Facility

 

Additional Conditions Precedent(9)

 

The initial borrowings under each Facility shall be subject to the following conditions precedent:

 

1.                                      The Acquisition shall have been consummated, or substantially concurrently with the funding under such Facility shall be consummated, on substantially the terms set forth in the Business Combination Agreement without giving effect to any amendments, waivers or consents by the Borrower or its applicable merger subsidiary (other than any amendment, waiver or consent to any interim operating covenants of Sprint and its subsidiaries not involving the incurrence of indebtedness or liens or the disposition of assets) that are materially adverse to the Lenders in their capacities as such and that have not been approved by the Original Commitment Parties (such approval not to be unreasonably withheld or delayed) (it being understood and agreed that any change in the equity consideration for the Acquisition shall be deemed not to be materially adverse to the Lenders (so long as DT shall control (including by proxy) a majority of the voting stock of Parent), and it being understood further that any change to the definition of “Material Adverse Effect on Sprint” in the Business Combination Agreement shall be deemed to be materially adverse to the Lenders).  The Specified Representations and the Business Combination Agreement Representations shall be true and correct in all material respects as of the Closing Date; provided that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such date.  The Refinancing shall have been consummated, or substantially concurrently with the funding under the Facilities shall be consummated.

 

2.                                      The Arrangers shall have received (a) U.S. GAAP audited consolidated balance sheets and related statements of income (loss) or operations, stockholders’ equity and cash flows of each of the Company and Sprint for the three most recently completed fiscal years ended at least 90 days prior to the Closing Date and (b) U.S. GAAP unaudited consolidated balance sheets and related statements of income (loss) or operations, stockholders’ equity and cash flows of each of the Company and Sprint for each subsequent fiscal quarter ended at least 45 days before the Closing Date (other than the fourth quarter of any fiscal year and subject to normal year-end adjustments); provided that filing of the required financial statements on Form 10-K and Form 10-Q by the Company or Sprint will satisfy the foregoing requirements.

 

3.                                      The Arrangers shall have received a pro forma consolidated balance sheet and related pro forma consolidated statement of income of the Company and its subsidiaries, in a form customary for inclusion in a confidential information memorandum used to syndicate bank credit facility, as of and for the 12-month period ending on the last day of the most recently completed four-fiscal quarter period for which financial statements have been delivered pursuant to paragraph 2 above, prepared after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such statement of income).

 

(8)                                 Subject to increase per Reallocation Notice.

 

(9)                                 Capitalized terms used but not otherwise defined herein have the meanings assigned thereto in the Commitment Letter to which this Exhibit D is attached, including the other exhibits thereto.

 

D-1

 

4.                                      The Senior Administrative Agent, the Unsecured Bridge Administrative Agent, or Secured Bridge Administrative Agent, as applicable, shall have received a customary borrowing notice, customary secretary’s certificates for the Borrower and each Guarantor, a customary closing officer’s certificate as to defaults and representations, a solvency certificate of the chief financial officer of the Borrower dated as of the Closing Date in the form attached hereto as Exhibit E, customary legal opinions as to the loan documents, and customary corporate opinions as to the Borrower and the Guarantors, in each case subject to the Documentation Provision.

 

5.                                      The Arrangers shall have received at least 3 business days prior to the Closing Date, all documentation and other information required by regulatory authorities with respect to the Borrower and the Guarantors under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the Patriot Act, as reasonably requested by the Arrangers in writing at least 10 business days prior to the Closing Date.

 

6.                                      The Arrangers, the Senior Administrative Agent, the Unsecured Bridge Administrative Agent,  or Secured Bridge Administrative Agent, as applicable, and the Lenders shall have received (or substantially simultaneously with the initial funding of the Facilities on the Closing Date, shall receive) all fees and expenses required to be paid on or prior to the Closing Date pursuant to the Fee Letter or hereunder and, with respect to expenses, invoiced to the Borrower at least three business days prior to the Closing Date.

 

7.                                      With respect to the Senior Credit Facilities and the Secured Bridge Facility, all documents and instruments required to be entered into or delivered by the Borrower and the Guarantors to create and perfect the security interests of the applicable collateral agent and the other secured parties thereunder in the Collateral shall have been executed and delivered and, if applicable, be in proper form for filing as and to the extent required hereby, subject in each case to the Documentation Provision.

 

8.                                      Solely with respect to the Unsecured Bridge Facility, (a) one or more investment banks reasonably satisfactory to the Arrangers (as defined in Exhibit C) (collectively, the “Investment Banks”) shall have been engaged to publicly offer or privately place the Initial Unsecured Notes, (b) the Investment Banks shall have received a customary preliminary prospectus or preliminary offering memorandum (the “Offering Memorandum”) related to the Initial Unsecured Notes, which shall be in customary form or which, with respect to the description of the Initial Unsecured Notes and any other parts thereof for which the Investment Banks’ or its advisors’ cooperation or approval is required for them to be complete, Parent shall have used commercially reasonable efforts to cause to be completed, including using commercially reasonable efforts to obtain all audited, unaudited, pro forma and other financial statements and schedules of Parent, the Company, Sprint and their respective subsidiaries of the type that would be required in a registered public offering of such Initial Unsecured Notes on Form S-1 (in the case of an offering pursuant to Rule 144A under the Securities Act, following delivery of a SAS 72 representation letter by each Investment Bank), except the Offering Memorandum does not need to include such information customarily excluded in Rule 144A offerings including, but not limited to, information required by Item 3-10 or 3-16 of Regulation S-X or Item 402 of Regulation S-K, and Parent shall have used its commercially reasonable efforts to arrange for delivery of drafts of customary “comfort” letters (including “negative assurance” comfort) that independent accountants of the Company and Sprint would be prepared to deliver upon completion of customary procedures in connection with the offering of the Initial Notes.  Parent shall have ensured that the Investment Banks shall have been afforded a period (the “Unsecured Notes Marketing Period”) of at least ten (10) consecutive business days after delivery of such complete Offering Memorandum (at no time during which period the financial information in the Offering Memorandum shall be “stale”) to seek to place the Initial Notes with qualified purchasers thereof; provided that (s) May 28, 2018 shall be excluded as a Business Day

 

D-2

 

for such purposes, (t) July 4, 2018 through July 6, 2018 shall each be excluded as a Business Day for such purposes, (u) November 22, 2018 through November 23, 2018 shall each be excluded as a Business Day for such purposes, (v) if such 10 consecutive Business Day period has not ended on or prior to August 17, 2018, then such 10 consecutive Business Day period shall not commence prior to September 4, 2018, (w) if such 10 consecutive Business Day period has not ended on or prior to December 14, 2018, then such 10 consecutive Business Day period shall not commence prior to January 2, 2019, (x) May 27, 2019 shall be excluded as a Business Day for such purposes, (y) July 4, 2019 through July 5, 2019 shall be excluded as a Business day for such purposes and (z) if such 10 consecutive Business Day period has not ended on or prior to August 16, 2019, then such 10 consecutive Business Day period shall not commence prior to September 3, 2019.  If you in good faith reasonably believe that you have delivered the items required by clause (b) of the first sentence of this paragraph (the “Required Notes Information”), you may deliver to the Arrangers written notice to that effect (stating when you believe you completed any such delivery), in which case you shall be deemed to have delivered such Required Notes Information on the date such notice is received, unless the Arrangers in good faith reasonably believe that you have not completed delivery of such Required Notes Information and, within three business days after receipt of such notice from you, deliver a written notice to you to that effect (stating with specificity what Required Notes Information you have not delivered).

 

D-3

 

EXHIBIT E

 

FORM OF SOLVENCY CERTIFICATE

 

Pursuant to the Credit Agreement, the undersigned hereby certifies, solely in such undersigned’s capacity as [chief financial officer] of [the Borrower] (the “Borrower”), and not individually, and without any personal liability, as follows:

 

As of the date hereof, after giving effect to the consummation of the Transaction, including the making of the Loans under the Credit Agreement on the date hereof, and after giving effect to the application of the proceeds of such Loans, he is of the opinion that:

 

a.                                      The fair value of the assets of the Borrower and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise;

 

b.                                      The present fair saleable value of the property of the Borrower and its Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured;

 

c.                                       The Borrower and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and matured; and

 

d.                                      The Borrower and its Subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small capital.

 

For purposes of this certificate, the amount of any contingent liability at any time shall be computed as the amount that would reasonably be expected to become an actual and matured liability. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

 

The undersigned is familiar with the business and financial position of the Borrower and its Subsidiaries. In reaching the conclusions set forth in this Certificate, the undersigned has made such other investigations and inquiries as the undersigned has deemed appropriate, having taken into account the nature of the particular business anticipated to be conducted by the Borrower and its Subsidiaries after consummation of the transactions contemplated by the Commitment Letter.

 

[Signature page follows]

 

E-1

 

IN WITNESS WHEREOF, I have executed this Solvency Certificate on the date first written above.

 

	
 
    	
[BORROWER]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    

 

E-2EX-4.1

 Exhibit 4.1 

WELLTOWER INC. 
 TO

 [TRUSTEE] 

FORM OF 
 INDENTURE

 DATED AS OF _______________, 20__ 

SENIOR DEBT SECURITIES 

 Certain Sections of this Indenture relating to Sections 310 through 318, inclusive, of the Trust Indenture Act of
1939: 
  

			
	 TRUST INDENTURE
ACT SECTION
	  	 INDENTURE
SECTION

	310(a)(1)	  	609
	(a)(2)	  	609
	(a)(3)	  	Not Applicable
	(a)(4)	  	Not Applicable
	(a)(5)	  	609
	(b)	  	608
	(c)	  	Not Applicable
	311(a)	  	613
	(b)	  	613
	(c)	  	Not Applicable
	312(a)	  	701
	(b)	  	702
	(c)	  	702
	313(a)	  	703
	(b)	  	Not Applicable
	(c)	  	703
	(d)	  	703
	314(a)	  	704
	(b)	  	Not Applicable
	(c)	  	102
	(d)	  	Not Applicable
	(e)	  	102
	315(a)	  	601, 603
	(b)	  	602
	(c)	  	601
	(d)	  	601, 603
	(e)	  	514
	316(a)(1)(A)	  	502
	(a)(1)(B)	  	513
	(a)(2)	  	Not Applicable
	(b)	  	508
	(c)	  	104
	317(a)(1)	  	503
	(a)(2)	  	504
	(b)	  	1003
	318	  	107

 NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture. 

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE ONE DEFINITIONS AND OTHER GENERAL PROVISIONS
	  	 	1	 
			
	 Section 101.
	  	Definitions	  	 	1	 
	 Section 102.
	  	Compliance Certificates and Opinions	  	 	7	 
	 Section 103.
	  	Form of Documents Delivered to Trustee	  	 	8	 
	 Section 104.
	  	Acts of Holders; Record Dates	  	 	8	 
	 Section 105.
	  	Notices, Etc., to Trustee and Company	  	 	10	 
	 Section 106.
	  	Notice to Holders; Waiver	  	 	10	 
	 Section 107.
	  	Conflict with Trust Indenture Act	  	 	11	 
	 Section 108.
	  	Effect of Headings and Table of Contents	  	 	11	 
	 Section 109.
	  	Successors and Assigns	  	 	11	 
	 Section 110.
	  	Severability Clause	  	 	11	 
	 Section 111.
	  	Benefits of Indenture	  	 	11	 
	 Section 112.
	  	Governing Law and Submission to Jurisdiction	  	 	11	 
	 Section 113.
	  	Legal Holidays	  	 	12	 
	 Section 114.
	  	No Personal Liability	  	 	12	 
	 Section 115.
	  	Waiver of Jury Trial	  	 	12	 
	 Section 116.
	  	Force Majeure	  	 	12	 
	 Section 117.
	  	FATCA	  	 	13	 
		
	 ARTICLE TWO SECURITY FORMS
	  	 	13	 
			
	 Section 201.
	  	Forms Generally	  	 	13	 
	 Section 202.
	  	Form of Face of Security	  	 	13	 
	 Section 203.
	  	Form of Reverse of Security	  	 	15	 
	 Section 204.
	  	Form of Legend for Global Securities	  	 	18	 
	 Section 205.
	  	Form of Trustee’s Certificate of Authentication	  	 	19	 
		
	 ARTICLE THREE THE SECURITIES
	  	 	19	 
			
	 Section 301.
	  	Amount Unlimited; Issuable in Series	  	 	19	 
	 Section 302.
	  	Denominations	  	 	21	 
	 Section 303.
	  	Execution, Authentication, Delivery and Dating	  	 	22	 
	 Section 304.
	  	Temporary Securities	  	 	23	 
	 Section 305.
	  	Registration, Registration of Transfer and Exchange	  	 	23	 
	 Section 306.
	  	Mutilated, Destroyed, Lost and Stolen Securities	  	 	25	 
	 Section 307.
	  	Payment of Interest; Interest Rights Preserved	  	 	25	 
	 Section 308.
	  	Persons Deemed Owners	  	 	27	 
	 Section 309.
	  	Cancellation	  	 	27	 
	 Section 310.
	  	Computation of Interest	  	 	27	 
	 Section 311.
	  	CUSIP Numbers	  	 	27	 
		
	 ARTICLE FOUR SATISFACTION AND DISCHARGE
	  	 	27	 
			
	 Section 401.
	  	Satisfaction and Discharge of Indenture	  	 	27	 
	 Section 402.
	  	Application of Trust Money	  	 	28	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 ARTICLE FIVE REMEDIES
	  	 	29	 
			
	 Section 501.
	  	Events of Default	  	 	29	 
	 Section 502.
	  	Acceleration of Maturity; Rescission and Annulment	  	 	30	 
	 Section 503.
	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	31	 
	 Section 504.
	  	Trustee May File Proofs of Claim	  	 	31	 
	 Section 505.
	  	Trustee May Enforce Claims Without Possession of Securities	  	 	32	 
	 Section 506.
	  	Application of Money Collected	  	 	32	 
	 Section 507.
	  	Limitation on Suits	  	 	33	 
	 Section 508.
	  	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	 	33	 
	 Section 509.
	  	Restoration of Rights and Remedies	  	 	33	 
	 Section 510.
	  	Rights and Remedies Cumulative	  	 	34	 
	 Section 511.
	  	Delay or Omission Not Waiver	  	 	34	 
	 Section 512.
	  	Control by Holders	  	 	34	 
	 Section 513.
	  	Waiver of Past Defaults	  	 	34	 
	 Section 514.
	  	Undertaking for Costs	  	 	35	 
	 Section 515.
	  	Waiver of Usury, Stay or Extension Laws	  	 	35	 
		
	 ARTICLE SIX THE TRUSTEE
	  	 	35	 
			
	 Section 601.
	  	Certain Duties and Responsibilities	  	 	35	 
	 Section 602.
	  	Notice of Defaults	  	 	36	 
	 Section 603.
	  	Certain Rights of Trustee	  	 	37	 
	 Section 604.
	  	Not Responsible for Recitals or Issuance of Securities	  	 	38	 
	 Section 605.
	  	May Hold Securities	  	 	38	 
	 Section 606.
	  	Money Held in Trust	  	 	38	 
	 Section 607.
	  	Compensation, Reimbursement and Indemnification	  	 	39	 
	 Section 608.
	  	Conflicting Interests	  	 	39	 
	 Section 609.
	  	Corporate Trustee Required; Eligibility	  	 	39	 
	 Section 610.
	  	Resignation and Removal; Appointment of Successor	  	 	40	 
	 Section 611.
	  	Acceptance of Appointment by Successor	  	 	41	 
	 Section 612.
	  	Merger, Conversion, Consolidation or Succession to Business	  	 	42	 
	 Section 613.
	  	Preferential Collection of Claims Against Company	  	 	42	 
	 Section 614.
	  	Appointment of Authenticating Agent	  	 	43	 
		
	 ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	44	 
			
	 Section 701.
	  	Company to Furnish Trustee Names and Addresses of Holders	  	 	44	 
	 Section 702.
	  	Preservation of Information; Communications to Holders	  	 	44	 
	 Section 703.
	  	Reports by Trustee	  	 	45	 
	 Section 704.
	  	Reports by Company	  	 	45	 
		
	 ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	  	 	45	 
			
	 Section 801.
	  	Company May Consolidate, Etc., Only on Certain Terms	  	 	45	 
	 Section 802.
	  	Successor Substituted	  	 	46	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 ARTICLE NINE SUPPLEMENTAL INDENTURES
	  	 	46	 
			
	 Section 901.
	  	Supplemental Indentures Without Consent of Holders	  	 	46	 
	 Section 902.
	  	Supplemental Indentures With Consent of Holders	  	 	47	 
	 Section 903.
	  	Execution of Supplemental Indentures	  	 	48	 
	 Section 904.
	  	Effect of Supplemental Indentures	  	 	48	 
	 Section 905.
	  	Conformity with Trust Indenture Act	  	 	48	 
	 Section 906.
	  	Reference in Securities to Supplemental Indentures	  	 	48	 
		
	 ARTICLE TEN COVENANTS
	  	 	49	 
			
	 Section 1001.
	  	Payment of Principal, Premium and Interest	  	 	49	 
	 Section 1002.
	  	Maintenance of Office or Agency	  	 	49	 
	 Section 1003.
	  	Money for Securities Payments to Be Held in Trust	  	 	49	 
	 Section 1004.
	  	Statement by Officers as to Default	  	 	50	 
	 Section 1005.
	  	Existence	  	 	51	 
	 Section 1006.
	  	Waiver of Certain Covenants	  	 	51	 
		
	 ARTICLE ELEVEN REDEMPTION OF SECURITIES
	  	 	51	 
			
	 Section 1101.
	  	Applicability of Article	  	 	51	 
	 Section 1102.
	  	Election to Redeem; Notice to Trustee	  	 	51	 
	 Section 1103.
	  	Selection of Securities to Be Redeemed	  	 	52	 
	 Section 1104.
	  	Notice of Redemption	  	 	52	 
	 Section 1105.
	  	Deposit of Redemption Price	  	 	53	 
	 Section 1106.
	  	Securities Payable on Redemption Date	  	 	53	 
	 Section 1107.
	  	Securities Redeemed in Part	  	 	54	 
		
	 ARTICLE TWELVE SINKING FUNDS
	  	 	54	 
			
	 Section 1201.
	  	Applicability of Article	  	 	54	 
	 Section 1202.
	  	Satisfaction of Sinking Fund Payments with Securities	  	 	54	 
	 Section 1203.
	  	Redemption of Securities for Sinking Fund	  	 	55	 
		
	 ARTICLE THIRTEEN DEFEASANCE AND COVENANT DEFEASANCE
	  	 	55	 
			
	 Section 1301.
	  	Company’s Option to Effect Defeasance or Covenant Defeasance	  	 	55	 
	 Section 1302.
	  	Defeasance and Discharge	  	 	55	 
	 Section 1303.
	  	Covenant Defeasance	  	 	56	 
	 Section 1304.
	  	Conditions to Defeasance or Covenant Defeasance	  	 	56	 
	 Section 1305.
	  	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions	  	 	58	 
	 Section 1306.
	  	Reinstatement	  	 	58	 

  
 iii 

 INDENTURE 

This Indenture, dated as of                 , 2018, between
Welltower Inc., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), having its principal offices at 4500 Dorr Street, Toledo, Ohio 43615, Attention: General Counsel, and
                    , a                      duly
organized and existing under the laws of                     , as Trustee (the “Trustee”), having its principal offices at
                    . 
 RECITALS:

 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its
unsecured debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided in this Indenture. 

The Company has taken all actions necessary to make this Indenture a valid and legally binding agreement of the Company, in accordance with
its terms. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and
proportionate benefit of all Holders of the Securities or of series thereof, as follows: 
 ARTICLE ONE 

DEFINITIONS AND OTHER GENERAL PROVISIONS 

Section 101. Definitions. 

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

(a) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 

(b) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein; 
 (c) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with
generally accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting
principles as are generally accepted at the Issue Date; 

 (d) unless otherwise specifically set forth herein, all calculations or determinations of a
Person shall be performed or made on a consolidated basis in accordance with generally accepted accounting principles; 
 (e) unless the
context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Indenture; and 

(f) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a
whole and not to any particular Article, Section or other subdivision. 
 “Act,” when used with respect to any Holder, has
the meaning specified in Section 104. 
 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 614 to act on
behalf of the Trustee to authenticate Securities of one or more series. 
 “Bankruptcy Law” means Title 11 of the United
States Code, or any similar United States federal or state law relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief of debtors or any amendment to, succession to
or change in any such law. 
 “Board” means either the board of directors of the Company or any duly authorized committee
of that board. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of
the Company to have been duly adopted by the Board and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day,” when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday
which is not a day on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close. 

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

“Company” means the Person named as the “Company” 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 “Company” shall mean such successor Person. 

  
 2 

 “Company Request” or “Company Order” means a written request or
order signed in the name of the Company by its Chairman of the Board, its Vice Chairman of the Board, its Chief Executive Officer, its Chief Operating Officer, its Chief Financial Officer, its President or a Vice President, and by its Treasurer, an
Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee. 
 “Corporate Trust Office”
means the principal office of the Trustee at which, at any particular time its corporate trust business shall be administered, which is located at
                    , or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal
corporate trust office of any successor Trustee. 
 “Corporation” means a corporation, association, company, joint-stock
company, real estate investment trust or business trust. 
 “Covenant Defeasance” has the meaning specified in
Section 1303. 
 “Custodian” means any receiver, trustee, assignee, liquidator or other similar official under any
Bankruptcy Law. 
 “Default” means any event that is, or after the giving of notice or the passage of time or both would
be, an Event of Default. 
 “Defaulted Interest” has the meaning specified in Section 307. 

“Defeasance” has the meaning specified in Section 1302. 

“Depositary” means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global
Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301. 

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

“Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time
to time. 
 “Expiration Date” has the meaning specified in Section 104. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board, or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect on the Issue Date. 
 “Global Security” means a Security that evidences
all or part of the Securities of any series and bears the legend set forth in Section 204 (or such legend as may be specified as contemplated by Section 301 for such Securities). 

  
 3 

 “Holder” means a Person in whose name a Security is registered in the Security
Register. 
 “Indenture” means this instrument as originally executed and as it may from time to time be supplemented or
amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are
deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by
Section 301. 
 “Interest,” when used with respect to an Original Issue Discount Security which by its terms bears
interest only after Maturity, means interest payable after Maturity. 
 “Interest Payment Date,” when used with respect to
any Security, means the Stated Maturity of an installment of interest on such Security. 
 “Investment Company Act” means
the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time. 
 “Issue
Date” means the date of initial issuance of the Securities pursuant to this Indenture. 
 “Maturity,” when used
with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for
redemption or otherwise. 
 “Notice of Default” means a written notice of the kind specified in Section 501(d) or
501(e). 
 “Officers’ Certificate” means a certificate signed by (i) the Chairman of the Board, a Vice Chairman
of the Board, the Chief Executive Officer, the Chief Operating Officer, the President or a Vice President, and (ii) the Chief Financial Officer, the Treasurer, an Assistant Treasurer, the Controller, the Secretary or an Assistant Secretary, of
the Company, and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel
for the Company. 
 “Original Issue Discount Security” means any Security which 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 502. 

“Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
 (i) Securities theretofore cancelled by the Trustee or delivered to the Trustee
for cancellation; 

  
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 (ii) Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided that, if
such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(iii) Securities as to which Defeasance has been effected pursuant to Section 1302; and (iv) Securities which have been paid pursuant
to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company; provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount Security which shall be
deemed to be Outstanding shall be the amount of the principal thereof which would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 502, (B) if, as of such date, the principal amount
payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 301, (C) the principal
amount of a Security denominated in one or more foreign currencies or currency units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 301,
of the principal amount of such Security (or, in the case of a Security described in clause (A) or (B) above, of the amount determined as provided in such clause), and (D) Securities owned by the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent, waiver or other action, only Securities which a Responsible Officer of the Trustee actually knows to be 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 Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor. 
 “Paying Agent” means any Person authorized by the Company to pay the principal of or
any premium or interest on any Securities on behalf of the Company. 
 “Person” means any individual, corporation,
partnership, limited liability company, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Place of Payment,” when used with respect to the Securities of any series, means the place or places where the principal of
and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 301. 

  
 5 

 “Predecessor Security” of any particular Security means every previous Security
evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated,
destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 

“Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption by or
pursuant to this Indenture. 
 “Redemption Price,” when used with respect to any Security to be redeemed, means the price
at which it is to be redeemed pursuant to this Indenture. 
 “Regular Record Date” for the interest payable on any Interest
Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 301. 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the Corporate Trust Department of the
Trustee, including any vice president, any assistant treasurer, any trust officer or assistant trust officer, or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers or
to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities
authenticated and delivered under this Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended, and any
statute successor thereto, in each case as amended from time to time. 
 “Security Register” and “Security
Registrar” have the respective meanings specified in Section 305. 
 “Significant Subsidiary” means any
Subsidiary which is a “significant subsidiary” (as defined in Article I, Rule 1-02 of Regulation S-X, promulgated under the Securities Act) of the Company.

 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 307. 
 “Stated Maturity,” when used with respect to any Security or any installment of principal thereof or
interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

“Subsidiary” means a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by
the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of this definition, “voting stock” means stock which ordinarily has voting power for the election of directors,
whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. 

  
 6 

 “Trustee” means the Person named as the “Trustee” in the first
paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and
if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 

“Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date this instrument is 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. 

“U.S. Government Obligation” has the meaning specified in Section 1304. 

“Vice President,” when used with respect to the Company or the Trustee, means any vice president, whether or not designated
by a number or a word or words added before or after the title “vice president.” 
 Section 102. Compliance Certificates
and Opinions. 
 Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture,
the Company shall furnish to the Trustee an Officers’ Certificate and an Opinion of Counsel. Each such certificate or opinion shall be given in the form of an Officers’ Certificate, if to be given by an officer of the Company, or an
Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates
provided for in Section 1004) shall include: 
 (1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the
opinion of each such individual, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

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

  
 7 

 Section 103. Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters,
upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any
Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Section 104. Acts of Holders; Record Dates. 

Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by 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 and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 

The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him or her the execution thereof. Where such
execution is by a signer acting in a capacity other than his or her individual capacity, such certificate or affidavit shall also constitute sufficient proof of his or her authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

The ownership of Securities shall be proved by the Security Register. 

  
 8 

 Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder
of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be
done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 
 The Company
may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or
permitted by this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of
(i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 502, (iii) any request to institute proceedings referred to in Section 507(b) or (iv) any direction referred to in Section 512. If
any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders
after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date.
Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the
relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration
Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106. 

With respect to any record date set pursuant to this Section, the Company may designate any day as the “Expiration Date” and
from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the Trustee in writing, and to each Holder of Securities of
the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the Company shall be deemed to have
initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph. 

Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with
regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 

  
 9 

 Section 105. Notices, Etc., to Trustee and Company. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with: 
 (1) the Trustee by any Holder or by the Company shall be sufficient for
every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, Attention:
                    , or 
 (2) the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its
principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company. 

In addition to the foregoing, the Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by
unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided that the Trustee has received an incumbency certificate with specimen signatures designating the persons
authorized to delivery such instructions or directions. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its
discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the
Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising
out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

Section 106. Notice to Holders; Waiver. 

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

  
 10 

 In case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

Section 107. Conflict with Trust Indenture Act. 

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which is required thereunder to be a part of
and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to
this Indenture as so modified or to be excluded, as the case may be. 
 Section 108. Effect of Headings and Table of Contents.

 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction
hereof. 
 Section 109. Successors and Assigns. 

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

Section 110. Severability Clause. 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 111. Benefits of
Indenture. 
 Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto
and their successors hereunder, the holders of Senior Debt and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 112. Governing Law and Submission to Jurisdiction. 

This Indenture and the Securities shall be governed by and construed in accordance with the law of the State of New York. 

The Company hereby irrevocably submits to the jurisdiction of any New York State court sitting in the Borough of Manhattan in the City of New
York or any federal court sitting in the Southern District in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or relating to this Indenture and the Securities, and irrevocably accepts for
itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts. 

  
 11 

 Section 113. Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal
(and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or
at the Stated Maturity. 
 Section 114. No Personal Liability. 

No recourse under or upon any obligation, covenant or agreement of this Indenture or any indenture supplemental hereto or of any Security, or
for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company, or of any successor Person, either directly or through the
Company or any successor Person, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder
are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by the incorporators, stockholders, officers or directors, as such, of the Company or of any successor Person, or any of them,
because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal
liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director, as such, because of the creation of
the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom are hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Indenture and the issue of such Securities. 
 Section 115. Waiver of Jury Trial. 

EACH OF THE COMPANY, THE TRUSTEE, AND (BY THE ACCEPTANCE OF THE SECURITIES) EACH OF THE HOLDERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 116. Force Majeure. 

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

  
 12 

 Section 117. FATCA. 

In order to comply with the set of rules commonly known as “FATCA” and other similar applicable tax laws, rules and regulations
(inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”) to which a foreign financial institution, the Company, Trustee, Paying Agent, Holder or other
institution is subject related to the Indenture, the Company agrees (i) to provide to the Trustee information about the transaction that is within the possession of the Company and reasonably requested by the Trustee, to assist the Trustee in
determining whether it has tax related obligations under Applicable Law, and (ii) that Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law. The
terms of this section shall survive the termination of this Indenture. 
 ARTICLE TWO 

SECURITY FORMS 

Section 201. Forms Generally. 

The Securities of each series shall be in substantially the form set forth in this Article, or in such other form as shall be established by or
pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the officers
executing such Securities, as evidenced by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the
Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such 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. 
 Section 202. Form of
Face of Security. 
 [Insert any legend required by the Internal Revenue Code and the regulations thereunder.] 

No. ________
                                        
$__________ 
 Welltower Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to                    , or 

  
 13 

 
registered assigns, the principal sum of              Dollars
on             if the Security is to bear interest prior to Maturity, insert the following             , and to pay interest
thereon from              or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on
             and              in each year, commencing             ,
at the rate of             % per annum, until the principal hereof is paid or made available for payment [If applicable, insert the following
            , provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of
            % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for
payment, and such interest shall be payable on demand]. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the              or
             (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture]. 

[If the Security is not to bear interest prior to Maturity, insert the following — The principal of this Security shall not bear interest
except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue premium shall bear interest at the rate of
        % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment. Interest on any
overdue principal or premium shall be payable on demand. Any such interest on overdue principal or premium which is not paid on demand shall bear interest at the rate of         % per annum (to the extent that
the payment of such interest on interest shall be legally enforceable), from the date of such demand until the amount so demanded is paid or made available for payment. Interest on any overdue interest shall be payable on demand.] 

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Company
maintained for that purpose in             , in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

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

  
 14 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to on
the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

In Witness Whereof, the Company has caused this instrument to be duly executed under its corporate seal. 

 

			
	Dated:	  	Welltower Inc.
		
	                            	  	By:
                                         
           
		  	Title:
                                         
       

 [SEAL] 
 [Attest:
                                        
                 
 Title:
                                        
                    ] 

Section 203. Form of Reverse of Security. 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of         , 20        (herein called the “Indenture,” which term shall have the meaning
assigned to it in such instrument), between the Company and                         , as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee, the holders of senior debt and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof [if
applicable, insert the following —, limited in aggregate principal amount to $            ]. 

[If applicable, insert the following — The Securities of this series are subject to redemption upon not less than 30 days’ notice by
mail, [if applicable, insert the following — (1) on          in any year commencing with the year          and ending with the year
         through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [if applicable, insert the following — on or after
            ], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable,
insert the following — on or before ,         %, and if redeemed] during the 12-month period beginning          of the years
indicated, 
  

							
	 Year
	  	 Redemption Price
	  	 Year
	  	 Redemption Price

and thereafter at a Redemption Price equal to         % of the principal amount, together in the case of any such
redemption [if applicable, insert the following — (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date
will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

  
 15 

 [If applicable, insert the following — The Securities of this series are subject to
redemption upon not less than 30 days’ notice by mail, (1) on              in any year commencing with the year          and ending with
the year          through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set
forth in the table below, and (2) at any time [if applicable, insert the following — on or after ], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the
sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning
             of the years indicated, 
  

					
	 Year
	  	 Redemption Price for

Redemption Through
 Operation of
the
 Year
	  	 Redemption Price for

Redemption Otherwise than
 Through
Operation of the
 Sinking Fund

and thereafter at a Redemption Price equal to         % of the principal amount, together in the case
of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders
of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert the following — Notwithstanding the foregoing, the Company may not, prior to
        , redeem any Securities of this series as contemplated by [if applicable, insert the following — clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding
operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted financial practice) of less than         % per
annum.] 
 [If applicable, insert the following — The sinking fund for this series provides for the redemption on in each year
beginning with the year          and ending with the year          of [if applicable, insert the following — not less than $
        (“mandatory sinking fund”) and not more than] $ aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Company otherwise than through
[if applicable, insert the following — mandatory] sinking fund payments may be credited against subsequent [if applicable, insert the following — mandatory] sinking fund payments otherwise required to be made [if applicable, insert the
following — , in the inverse order in which they become due].] 
 [If the Security is subject to redemption of any kind, insert the
following — In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.]

  
 16 

 [If applicable, insert the following — The Indenture contains provisions for defeasance at
any time of [the entire indebtedness of this Security] [or] [certain restrictive covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions set forth in the Indenture.] 

[If the Security is not an Original Issue Discount Security, insert the following — If an Event of Default with respect to Securities of
this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 

[If the Security is an Original Issue Discount Security, insert the following — If an Event of Default with respect to Securities of this
series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to — insert formula for
determining the amount. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case to the extent that the payment of such interest shall be
legally enforceable), all of the Company’s obligations in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series shall terminate.] 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not
have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing
Event of Default with respect to the Securities of this series, the Holders of not less than a majority in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding
a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this
Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

  
 17 

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Securities of this series and of
like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $
            and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 
 Section 204. Form of Legend for Global Securities. 

Unless otherwise specified as contemplated by Section 301 for the Securities evidenced thereby, every Global Security authenticated and
delivered hereunder shall bear a legend in substantially the following form: 
 This Security is a Global Security within the meaning of the
Indenture hereinafter referred to and is registered in the name of a Depositary or a nominee thereof. This Security may not be exchanged in whole or in part for a Security registered, and no transfer of this Security in whole or in part may be
registered, in the name of any Person other than such Depositary or a nominee thereof, except in the limited circumstances described in the Indenture. 

  
 18 

 Section 205. Form of Trustee’s Certificate of Authentication. 

The Trustee’s certificates of authentication shall be in substantially the following form: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	                                    
                                         
        ,
	As Trustee

 
			
		
	By	 	 

 
			
	Authorized Signatory
	
	Dated:                             
                                       

 ARTICLE THREE 

THE SECURITIES 

Section 301. Amount Unlimited; Issuable in Series. 

The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 

The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution and, subject to
Section 303, set forth, or determined in the manner provided, in an Officers’ 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, including “CUSIP” numbers (which shall distinguish the Securities of the series
from Securities of any other series); 
 (b) any limit upon the aggregate principal amount of the Securities of the series which may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906 or
1107 and except for any Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 

(c) the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; 
 (d) the date or dates
on which the principal of any Securities of the series is payable; 
 (e) the rate or rates at which any Securities of the series shall bear
interest, if any, the date or dates from which any such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest payable on any Interest Payment Date; 

  
 19 

 (f) the place or places where the principal of and any premium and interest on any Securities of
the series shall be payable; 
 (g) the period or periods within which, the price or prices at which and the terms and conditions upon which
any Securities of the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities shall be evidenced; 

(h) the obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous
provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant
to such obligation; 
 (i) if other than denominations of $1,000 and any integral multiple thereof, the denominations in which any Securities
of the series shall be issuable; 
 (j) if the amount of principal of or any premium or interest on any Securities of the series may be
determined with reference to an index or pursuant to a formula, the manner in which such amounts shall be determined; 
 (k) if other than
the currency of the United States of America, the currency, currencies or currency units in which the principal of or any premium or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in
the currency of the United States of America for any purpose, including for purposes of the definition of “Outstanding” in Section 101; 

(l) if the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or the
Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to be payable, the currency, currencies or currency units in which the principal of or any premium or interest on such
Securities as to which such election is made shall be payable, the periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or the manner in which such amount shall be determined); 

(m) if other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall be
payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502; 
 (n) if the principal amount payable at the
Stated Maturity of any Securities of the series will not be determinable as of any one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any purpose
thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such
case, the manner in which such amount deemed to be the principal amount shall be determined); 

  
 20 

 (o) if applicable, that the Securities of the series, in whole or any specified part, shall be
defeasible pursuant to Section 1302 or Section 1303 or both such Sections and, if other than by a Board Resolution, the manner in which any election by the Company to defease such Securities shall be evidenced; 

(p) if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in
such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 204 and any circumstances in addition
to or in lieu of those set forth in clause (b) of Section 305 in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof; 
 (q) any addition to or change in
the Events of Default which applies to any Securities of the series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 502; 

(r) any addition to or change in the covenants set forth in Article Ten which applies to Securities of the series; 

(s) if applicable, that the Securities of the series are convertible into or exchangeable for common stock or other securities of the Company,
the period or periods within which, the price or prices at which and the terms and conditions upon which, and the limitations and restrictions, if any, upon which, any Securities of the series shall be convertible or exchangeable, in whole or in
part, into common stock or other securities of the Company; and 
 (t) any other terms of the series (which terms shall not be inconsistent
with the provisions of this Indenture, except as permitted by Section 901 (e)). 
 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 the Board Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the
Officers’ Certificate referred to above or in any such indenture supplemental hereto. 
 If any of the terms of the series are
established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the
Officers’ Certificate setting forth the terms of the series. 
 Section 302. Denominations. 

The Securities of each series shall be issuable only in registered form without coupons and only in such denominations as shall be specified as
contemplated by Section 301. In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $2,000 and integral multiple of $1,000 in excess
thereof. 

  
 21 

 Section 303. Execution, Authentication, Delivery and Dating. 

The Securities shall be executed on behalf of the Company by its Chairman of the Board, its Vice Chairman of the Board, its President or one of
its Vice Presidents, and may, but need not, have corporate seal reproduced thereon attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile. 

Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the
Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If
the form or terms of the Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 201 and 301, in authenticating such Securities, and accepting the additional responsibilities under this
Indenture in relation to such Securities, the Trustee shall be provided with, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating: 

(a) if the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 201, that such form has
been established in conformity with the provisions of this Indenture; 
 (b) if the terms of such Securities have been established by or
pursuant to Board Resolution as permitted by Section 301, that such terms have been established in conformity with the provisions of this Indenture; and 

(c) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar
laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 
 If such form or terms
have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this
Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 
 Each Security shall be dated the date of its
authentication. 
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there
appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such
Security has 

  
 22 

 
been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and
the Company shall deliver such Security to the Trustee for cancellation as provided in Section 309, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be
entitled to the benefits of this Indenture. 
 Section 304. Temporary Securities. 

Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate
and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. 

If temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor one or more definitive Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, the temporary Securities of any series shall in
all respects be entitled to the same benefits under this Indenture as definitive Securities of such series and tenor. 

Section 305. Registration, Registration of Transfer and Exchange. 

The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any
other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide
for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. 

Upon surrender for registration of transfer of any Security of a series at the office or agency of the Company in a Place of Payment for that
series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of like tenor and
aggregate principal amount. 

  
 23 

 At the option of the Holder, Securities of any series may be exchanged for other Securities of
the same series, of any authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 
 All
Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such
registration of transfer or exchange. 
 Every Security presented or surrendered for registration of transfer or for exchange shall (if so
required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his or her attorney duly
authorized in writing. 
 No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906 or 1107 not
involving any transfer. 
 If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the Company
shall not be required (a) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of
the mailing of a notice of redemption of any such Securities selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange any Security so selected
for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 
 The provisions of clauses (a),
(b), (c) and (d) below shall apply only to Global Securities: 
 (a) Each Global Security authenticated under this Indenture shall be
registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all
purposes of this Indenture. 
 (b) Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole or in
part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (i) such Depositary
(A) has notified the Company that it is unwilling or unable to continue as Depositary for such Global Security or (B) has ceased to be a clearing agency registered under the Exchange Act, and such Depositary provided reasonable notice to
the Company or the Trustee and no successor depositary is obtained (ii) there shall have occurred and be continuing an Event of Default with respect to such Global Security or (iii) there shall exist such circumstances, if any, in addition
to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section 301. 
 (c) Subject to clause
(b) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such
Global Security shall direct. 

  
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 (d) Every Security authenticated and delivered upon registration of transfer of, or in exchange
for or in lieu of, a Global Security or any portion thereof, whether pursuant to this Section, Section 304, 306, 906 or 1107 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such
Security is registered in the name of a Person other than the Depositary for such Global Security or a nominee thereof. 

Section 306. Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any
Security and (b) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona
fide purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security
under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith. 
 Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall
constitute an original additional contractual obligation of the Company, 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 this Indenture equally and
proportionately with any and all other Securities of that series duly issued hereunder. 
 The provisions of this Section are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 307. Payment of Interest; Interest Rights Preserved. 

Except as otherwise provided as contemplated by Section 301 with respect to any series of Securities, interest on any Security which is
payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest. 

  
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 Any interest on any Security of any series which is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest
may be paid by the Company, at its election in each case, as provided in clause (a) or (b) below: 
 (a) The Company may elect to make
payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the
proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted
Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the
Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such
series in the manner set forth in Section 106, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted
Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the
following clause (b). 
 (b) The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful
manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of this
Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Security. 

  
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 Section 308. Persons Deemed Owners. 

Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 307) any interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

Section 309. Cancellation. 

All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall,
if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not
issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by
this Indenture. All cancelled Securities held by the Trustee shall be disposed of by the Trustee in its customary manner. 

Section 310. Computation of Interest. 

Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall
be computed on the basis of a 360-day year of twelve 30-day months. 

Section 311. CUSIP Numbers. 

The Company 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 Company will
promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 
 ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

Section 401. Satisfaction and Discharge of Indenture. 

This Indenture shall upon Company Request cease to be of further effect (except as to any surviving rights of registration of transfer or
exchange of Securities herein expressly provided for and other rights and remedies referenced herein), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

  
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 (a) either 

(i) all Securities theretofore authenticated and delivered (other than (A) Securities which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 306 and (B) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or (ii) all such Securities not theretofore delivered to the Trustee for cancellation 

(A) have become due and payable, or 

(B) will become due and payable at their Stated Maturity within one year, or 

(C) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of (A), (B) or (C) above, has deposited or
caused to be deposited with the Trustee an amount of money sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest to the date
of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

(b) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 

(c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607, the obligations of the Trustee to any Authenticating Agent under Section 614 and, if money shall have been deposited with the
Trustee pursuant to subclause (ii) of clause (a) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive such satisfaction and discharge. 

Section 402. Application of Trust Money. 

Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall
be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the Trustee. 

  
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 ARTICLE FIVE 

REMEDIES 

Section 501. Events of Default. 

“Event of Default,” wherever used herein with respect to Securities of any series, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
 (a) default in the payment of the principal of or any premium on any Security of that series at its Maturity; or 

(b) default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default
for a period of 30 days; or 
 (c) default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that
series and continuance of such default for a period of 30 days; or 
 (d) default in the performance of, or breach of, any covenant of the
Company in this Indenture (other than a covenant a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has been expressly included in this Indenture solely for the benefit of a series of
Securities other than that series), and continuance of such default or breach for a period of 60 days after there has been given, by first class mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least a
majority in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(e) a default under any bond, debenture, note or other evidence of indebtedness of the Company, or under any mortgage, indenture or other
instrument of the Company (including a default with respect to Securities of any series other than that series) under which there may be issued or by which there may be secured any indebtedness of the Company (or by any Subsidiary, the repayment of
which the Company has guaranteed or for which the Company is directly responsible or liable as obligor or guarantor), whether such indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay an aggregate
principal amount exceeding $                     of such indebtedness when due and payable after the expiration of any applicable grace period with
respect thereto and shall have resulted in such indebtedness in an aggregate principal amount exceeding $                     becoming or being
declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period of 10 days after there
shall have been given, by first class mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least a majority in principal amount of the Outstanding Securities of that series a written notice specifying such
default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” hereunder; or 

  
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 (f) the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy
Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, or (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, or

 (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against the Company
or any Significant Subsidiary in an involuntary case, (ii) appoints a Custodian of the Company or any Significant Subsidiary or for all or substantially all of either of its property, or (iii) orders the liquidation of the Company or any
Significant Subsidiary, and the order or decree remains unstayed and in effect for 90 days; or 
 (h) any other Event of Default provided
with respect to Securities of that series. 
 Section 502. Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default (other than an Event of Default specified in Section 501(f) or 501(g)) with respect to Securities of any series at
the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than a majority of the principal amount of the Outstanding Securities of that series may declare the principal amount of all the Securities
of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof) to be due and payable immediately, by a notice in writing
to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default specified in clause (f) or (g) of
Section 501 with respect to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the
principal amount of such Securities as may be specified by the terms thereof) shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. 

At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree
for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if: 
 (a) the Company has paid or deposited with the Trustee a sum sufficient to pay

 (i) all overdue interest on all Securities of that series, 

(ii) the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of
acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities, 

  
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 (iii) to the extent that payment of such interest is lawful, interest upon overdue interest at
the rate or rates prescribed therefor in such Securities, and (iv) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 

(b) all Events of Default with respect to Securities of that series, other than the non-payment of the
principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

The Trustee shall not be required to act upon an Event of Default unless a Responsible Officer has received written notice of such Event of
Default. 
 Section 503. Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if: 

(a) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a
period of 30 days, or 
 (b) default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity
thereof, 
 the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and
payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the amounts owed to the Trustee, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel. 
 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its
discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

Section 504. Trustee May File Proofs of Claim. 

In case of any judicial proceeding relative to the Company (or any other obligor upon the Securities), its property or its creditors, the
Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In
particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any 

  
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custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section 607. 
 No provision of this Indenture shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities 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; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar
committee. 
 Section 505. Trustee May Enforce Claims Without Possession of Securities. 

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

 Section 506. Application of Money Collected. 

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

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

SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which
or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest, respectively, and 

THIRD: To the Person entitled to receive the same; if no other Person shall be entitled thereto, then to the Company, or as a court of
competent jurisdiction may direct. 

  
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 Section 507. Limitation on Suits. 

No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a) such Holder has previously
given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series; 
 (b) the Holders of not
less than a majority in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c) such Holder or Holders have offered to the Trustee reasonable indemnity satisfactory to it against the costs, expenses and liabilities to
be incurred in compliance with such request; 
 (d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity
has failed to institute any such proceeding; and 
 (e) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of such Holders. 
 Section 508. Unconditional Right of Holders
to Receive Principal, Premium and Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall
have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case
of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

Section 509. Restoration of Rights and Remedies. 

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

  
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 Section 510. Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last
paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 511. Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 512. Control by Holders. 

The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that: 

(a) such direction shall not be in conflict with any rule of law or with this Indenture, and 

(b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

Section 513. Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the
Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default: 
 (a) in the
payment of the principal of or any premium or interest on any Security of such series, or 
 (b) in respect of a covenant or provision hereof
which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected. 

  
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 Upon any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 514. Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered
or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs (including reasonable attorneys’ fees and expenses) against any such party litigant, in
the manner and to the extent provided in the Trust Indenture Act. Except as otherwise provided in the Trust Indenture Act, this section does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 508 hereof, or a suit by
Holders of more than 10% in principal amount of the Outstanding Securities. 
 Section 515. Waiver of Usury, Stay or Extension Laws.

 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that
it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted. 
 ARTICLE SIX 

THE TRUSTEE 

Section 601. Certain Duties and Responsibilities. 

The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act. 

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

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on its part, the
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of
any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this
Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

  
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 (b) In case an Event of Default has occurred and is continuing, the Trustee shall exercise such
of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 

(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that 
 (i) this Subsection shall not be construed to limit the effect of Subsection
(a) of this Section; 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer,
unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the Trustee shall not be liable with
respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 

(iv) notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture relating to
the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 

Section 602. Notice of Defaults. 

If a default occurs hereunder with respect to Securities of any series, the Trustee shall give the Holders of Securities of such series notice
of such default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in clause (d) of Section 501 with respect to Securities of such series, no such notice
to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with
respect to Securities of such series. 

  
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 Section 603. Certain Rights of Trustee. 

Subject to the provisions of Section 601: 

(a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper
party or parties (but need not investigate the accuracy of any mathematical calculations or other facts stated therein); 
 (b) any request
or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any resolution of the Board shall be sufficiently evidenced by a Board Resolution; 

(c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate; 

(d) the Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with
such request or direction; 
 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or
by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation; 

(g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(h) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to
be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

  
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 (i) in no event shall the Trustee be responsible or liable for special, indirect, punitive, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; 

(j) the Trustee shall not be deemed to have notice of any Default or Event of Default unless written notice of any event which is in fact such
a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture; 

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

(l) the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture. 
 Section 604. Not Responsible for Recitals or Issuance of
Securities. 
 The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be
taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the
Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof. 

Section 605. May Hold Securities. 

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any
other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar
or such other agent. 
 Section 606. Money Held in Trust. 

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

  
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 Section 607. Compensation, Reimbursement and Indemnification. 

The Company agrees: 
 (1) to pay
to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all expenses, disbursements and advances
incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall have
been caused by its own negligence or willful misconduct; and 
 (3) to fully indemnify each of the Trustee or any predecessor Trustee and
their agents for, and to hold them harmless against, any loss, liability, claim, damage or expense incurred without negligence or willful misconduct on their part, arising out of or in connection with the acceptance or administration of the trust or
trusts hereunder, including the costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder. 

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

The Trustee shall have a lien prior to the Securities as to all property and funds held by it hereunder for any amount owing it or any
predecessor Trustee pursuant to this Section 607, except with respect to funds held in trust for the benefit of the Holders of particular Securities. 

The benefits of this Section shall survive the termination of the Indenture and resignation or removal of the Trustee. 

Section 608. Conflicting Interests. 

If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate
such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a
conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series or a trustee under those certain Indentures between the Company and the Trustee dated as of September 6, 2002 and as of
November 20, 2006, each as amended and supplemented. 
 Section 609. Corporate Trustee Required; Eligibility. 

There shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder
for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such, and has a combined capital and surplus of at least $50,000,000. If any such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent 

  
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permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in
this Article. 
 Section 610. Resignation and Removal; Appointment of Successor. 

No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611. 
 The Trustee may
resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such
series. 
 The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series, upon 30 days’ written notice, delivered to the Trustee and to the Company. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been
delivered to the Trustee within 30 days after such removal, the retiring Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such
series. 
 If at any time: 

(1) the Trustee shall fail to comply with Section 608 after written request therefor by the Company or by any Holder who has been a bona
fide Holder of a Security for at least six months, or 
 (2) the Trustee shall cease to be eligible under Section 609 and shall fail to
resign after written request therefor by the Company or by any such Holder, or 
 (3) the Trustee shall become incapable of acting or shall
be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, then, in any such case, (A) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject to Section 514, any Holder who has been a bona fide Holder of a Security for at least six
months may, on behalf of such Holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

  
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 If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it
being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and
shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be
appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor
Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such
series for at least six months may, on behalf of such Holder and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office. 
 Section 611. Acceptance of Appointment by Successor.

 In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed
shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder. 
 In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not
all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment
and which (a) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates, (b) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those 

  
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series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (c) shall add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon
the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor
Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates. 
 Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully
and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 

No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article. 
 Section 612. Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee
had itself authenticated such Securities. 
 Section 613. Preferential Collection of Claims Against Company. 

If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject
to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 

  
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 Section 614. Appointment of Authenticating Agent. 

The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on
behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 306, and Securities so authenticated shall be entitled
to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section. 
 Any corporation into which an Authenticating Agent may be merged
or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate
trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the
Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and
to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or
in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of
such appointment in the manner provided in Section 106 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall
become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this
Section. 
 The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this
Section. 

  
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 If an appointment with respect to one or more series is made pursuant to this Section, the
Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	  

	As Trustee

 
			
		
	By	 	  

			
	Authorized Signatory

 
			
	
	  

	As Authenticating Agent

 
			
		
	By	 	  

 
			
	Authorized Signatory

 ARTICLE SEVEN 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 701. Company to Furnish Trustee Names and Addresses of Holders. 

The Company will furnish or cause to be furnished to the Trustee: 

(a) semi-annually, not later than January 15 and July 15 in each year, a list, in such form as the Trustee may reasonably require, of
the names and addresses of the Holders of Securities of each series as of the preceding December 31 or June 30, as the case may be, and 

(b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of
similar form and content as of a date not more than 15 days prior to the time such list is furnished; excluding from any such list names and addresses received by the Trustee in its capacity as Security Registrar. 

Section 702. Preservation of Information; Communications to Holders. 

The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon
receipt of a new list so furnished. 
 The rights of Holders to communicate with other Holders with respect to their rights under this
Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 

Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 

  
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 Section 703. Reports by Trustee. 

The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to
the Trust Indenture Act at the times and in the manner provided pursuant thereto. 
 A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any stock exchange and of
any delisting thereof. 
 Section 704. Reports by Company. 

The Company shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such
summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto; provided that any such information, documents or reports required to be filed with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission. 

Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive or actual notice or knowledge of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates). 
 ARTICLE EIGHT 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 

Section 801. Company May Consolidate, Etc., Only on Certain Terms. 

The Company shall not consolidate with or merge with or into any other Person, or sell, transfer, lease, convey, or otherwise dispose of all or
substantially all of its properties or assets to any Person (including pursuant to a statutory arrangement), whether in a single transaction or series of related transactions, unless (i) the Person formed by such consolidation or into which the
Company is merged or the Person that leases or acquires, by sale, transfer, conveyance or otherwise, all or substantially all of the property or assets of the Company expressly assumes, by an indenture supplemental hereto, executed and delivered to
the Trustee, in form satisfactory to the Trustee, all the obligations of the Company under the Securities, this Indenture and any supplement or amendment to this Indenture then in effect with respect to any Securities; (ii) immediately after
giving effect to such transaction or series of transactions, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and (iii) the Person formed by
such consolidation, the Person into which the Company is merged or the Person that leases or acquires, by sale, transfer, conveyance or otherwise, all or substantially all of the property or assets of the Company, shall be a corporation,
partnership, limited liability company or trust and shall be organized and validly existing under the laws of the United States of America, any state thereof or the District 

  
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of Columbia. The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate and an Opinion of Counsel, each stating that such
proposed transaction 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. 
 Section 802. Successor Substituted. 

Upon any consolidation of the Company with, or merger of the Company into, any other Person or any sale, transfer, lease or conveyance of all
or substantially all of the properties and assets of the Company in accordance with Section 801, the successor Person formed by such consolidation or into which the Company is merged or to which such sale, transfer, lease or conveyance is made
shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a
lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 
 ARTICLE NINE

 SUPPLEMENTAL INDENTURES 

Section 901. Supplemental Indentures Without Consent of Holders. 

Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may
enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
 (a) to
evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Securities; or 

(b) to add to the covenants of the Company 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 such series) or to surrender any right or power herein conferred upon the Company; or 

(c) to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of
Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); or 

(d) to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of
Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form; or 

  
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 (e) to add to, change or eliminate any of the provisions of this Indenture in respect of one or
more series of Securities, provided that any such addition, change or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such
provision nor (B) modify the rights of the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding; or 

(f) to establish the form or terms of Securities of any series as permitted by Sections 201 and 301; or 

(g) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611; or 

(h) to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this clause (h) shall not adversely affect the interests of the Holders of Securities of any series
in any material respect; or 
 (i) to add to or change any of the provisions of this Indenture in respect of one or more series of Securities
solely to conform such provisions to the description of the Securities contained in the prospectus or other offering document pursuant to which such Securities were sold. 

Section 902. Supplemental Indentures With Consent of Holders. 

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security affected thereby: 
 (a) change the Stated Maturity of the
principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an
Original Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change any Place of Payment where, or the coin or currency in which,
any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or

 (b) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for
any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or 

  
 47 

 (c) modify any of the provisions of this Section, Section 513 or Section 1006, except
to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that this clause shall not
be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1006, or the deletion of this proviso, in accordance with the
requirements of Section 611 and clause (h) of Section 901. 
 A supplemental indenture which changes or eliminates any
covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such
covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 

It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such Act shall approve the substance thereof. 
 Section 903. Execution of Supplemental Indentures.

 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel and Officers’ Certificate stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise. 
 Section 904. Effect of Supplemental Indentures. 

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

Section 905. Conformity with Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act. 

Section 906. Reference in Securities to Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall
if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of
the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 

  
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 ARTICLE TEN 

COVENANTS 

Section 1001. Payment of Principal, Premium and Interest. 

The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any
premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. 

Section 1002. Maintenance of Office or Agency. 

The Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be
presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may
be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands. 
 The Company may also from time to time designate one or more other offices or agencies
where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in
the location of any such other office or agency. 
 Section 1003. Money for Securities Payments to Be Held in Trust. 

If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of
the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until
such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 

Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal of or
any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of its action or failure so to act. 

  
 49 

 The Company will cause each Paying Agent (other than the Trustee) for any series of Securities to
execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the provisions of the Trust Indenture Act
applicable to it as a Paying Agent and (2) during the continuance of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series, upon the written
request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series. 

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any
premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and
all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a
newspaper published in the English language, customarily published on each Business Day and of general circulation in                     , notice
that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 

Section 1004. Statement by Officers as to Default. 

The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an
Officers’ Certificate, stating whether or not, to the best knowledge of the signers thereof, the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any
period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge. The Company will also deliver to the Trustee,
promptly after an officer of the Company becomes aware of the occurrence of any Event of Default, an Officers’ Certificate setting forth the nature and status of such Event of Default and, if then formulated, the action that the Company
proposes to take with respect thereto. 

  
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 Section 1005. Existence. 

Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its
existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise if the Board shall determine that the preservation thereof is no longer desirable in the
conduct of the business of the Company. 
 Section 1006. Waiver of Certain Covenants. 

Except as otherwise specified as contemplated by Section 301 for Securities of such series, the Company may, with respect to the
Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to clause (r) of Section 301 or clause (b) or (g) of Section 901 for the
benefit of the Holders of such series or in Section 1005, if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive
such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver
shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

ARTICLE ELEVEN 

REDEMPTION OF SECURITIES 

Section 1101. Applicability of Article. 

Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 301 for such Securities) in accordance with this Article. 
 Section 1102.
Election to Redeem; Notice to Trustee. 
 The election of the Company to redeem any Securities shall be evidenced by a Board Resolution
or in another manner specified as contemplated by Section 301 for such Securities. In case of any redemption at the election of the Company of less than all the Securities of any series (including any such redemption affecting only a single
Security), the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of
such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction. 

  
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 Section 1103. Selection of Securities to Be Redeemed. 

If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be
redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date, from the Outstanding Securities of such series not previously called
for redemption, in accordance with applicable depositary procedures which may provide for the selection for redemption of a portion of the principal amount of any Security of such series, provided that the unredeemed portion of the principal amount
of any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. If less than all the Securities of such series and of a specified tenor are to be redeemed (unless such
redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date, from the Outstanding Securities of such series and specified tenor not previously called for
redemption in accordance with the preceding sentence. 
 The Trustee shall promptly notify the Company in writing of the Securities selected
for redemption as aforesaid and, in case of any Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed. 

The provisions of the two preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such
Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security. 
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to
the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 

Section 1104. Notice of Redemption. 

Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption
Date, to each Holder of Securities to be redeemed, at his or her address appearing in the Security Register. 
 All notices of redemption
shall state: 
 (a) the Redemption Date, 

(b) the Redemption Price, 
 (c) if
less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification (and, in the case of partial redemption of any such Securities, the principal amounts) of the particular
Securities to be redeemed and, if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal amount of the particular Security to be redeemed, 

  
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 (d) that on the Redemption Date, the Redemption Price will become due and payable upon each such
Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 
 (e) that on the Redemption
Date, if such is the case, the right of the holders of each such Security to convert the Securities shall terminate, 
 (f) the place or
places where each such Security is to be surrendered for payment of the Redemption Price, 
 (g) that the redemption is for a sinking fund,
if such is the case, and 
 (h) applicable “CUSIP” numbers. 

Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s
request and provision to the Trustee of such notice provisions at least two days prior to the date the notice of redemption is to be given to the Holders, by the Trustee in the name and at the expense of the Company and shall be irrevocable. 

Section 1105. Deposit of Redemption Price. 

Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which
are to be redeemed on that date. 
 Section 1106. Securities Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at
the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for
redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by
Section 301, installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the
relevant Record Dates according to their terms and the provisions of Section 307. 
 If any Security called for redemption shall not be
so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 

  
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 Section 1107. Securities Redeemed in Part. 

Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his or her attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 
 ARTICLE TWELVE 

SINKING FUNDS 

Section 1201. Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise
specified as contemplated by Section 301 for such Securities. 
 The minimum amount of any sinking fund payment provided for by the
terms of any Securities 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 such Securities is herein referred to as an “optional sinking fund
payment.” If provided for by the terms of any Securities, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Securities as
provided for by the terms of such Securities. 
 Section 1202. Satisfaction of Sinking Fund Payments with Securities. 

The Company (1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as
a credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
in each case in satisfaction of all or any part of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities as and to the extent provided for by the terms of such Securities;
provided that the Securities to be so credited have not been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the Redemption Price, as specified in the Securities so to be
redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 

  
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 Section 1203. Redemption of Securities for Sinking Fund. 

Not less than 30 days prior to each sinking fund payment date for any Securities, the Company will deliver to the Trustee an Officers’
Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which
is to be satisfied by delivering and crediting Securities pursuant to Section 1202 and will also deliver to the Trustee any Securities to be so delivered. Not less than 15 days prior to each such sinking fund payment date, the Securities to be
redeemed upon such sinking fund payment date shall be selected in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in
Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 

ARTICLE THIRTEEN 

DEFEASANCE AND COVENANT DEFEASANCE 

Section 1301. Company’s Option to Effect Defeasance or Covenant Defeasance. 

The Company may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any Securities or any series of
Securities, as the case may be, designated pursuant to Section 301 as being defeasible pursuant to such Section 1302 or 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the
conditions set forth below in this Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities. 

Section 1302. Defeasance and Discharge. 

Upon the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case
may be, the Company shall be deemed to have been discharged from its obligations with respect to such Securities as provided in this Section on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called
“Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such
Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise terminated
or discharged hereunder: (a) the rights of Holders of such Securities to receive, solely from the trust fund described in Section 1304 and as more fully set forth in such Section, payments in respect of the principal of and any premium and
interest on such Securities when payments are due, (b) the Company’s obligations with respect to such Securities under Sections 304, 305, 306, 1002 and 1003, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder
and (d) this Article. Subject to compliance with this Article, the Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise of its option (if any) to have Section 1303
applied to such Securities. 

  
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 Section 1303. Covenant Defeasance. 

Upon the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case
may be, (a) the Company shall be released from its obligations under clause (c) of Section 801 and any covenants provided pursuant to clause (r) of Section 301, Section 1005 or clause (b) or (g) of Section 901 for
the benefit of the Holders of such Securities, and (b) the occurrence of any event specified in clause (d) of Section 501 (with respect to any of clause (c) of Section 801 and any such covenants provided pursuant to clause
(r) of Section 301, Section 1005 or clause (b) or (g) of Section 901) or clause (e) of Section 501 shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities as
provided in this Section on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such
Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of clause (d) of Section 501),
whether directly or indirectly by reason of any reference elsewhere herein to any such Section or Article or by reason of any reference in any such Section or Article to any other provision herein or in any other document, but the remainder of this
Indenture and such Securities shall be unaffected thereby. 
 Section 1304. Conditions to Defeasance or Covenant Defeasance.

 The following shall be the conditions to the application of Section 1302 or Section 1303 to any Securities or any series of
Securities, as the case may be: 
 (a) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another
trustee which satisfies the requirements contemplated by Section 609 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as
security for, and dedicated solely to, the benefits of the Holders of such Securities, (i) money in an amount, or (ii) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in
accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and any premium
and interest on such Securities on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government Obligation” means (x) any security which is (i) a
direct obligation of the United States of America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an obligation 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, which, in either case (i) or (ii), is not callable or redeemable at the
option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and
held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal
or interest evidenced by such depositary receipt. 

  
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 (b) In the event of an election to have Section 1302 apply to any Securities or any series
of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since
the date of this instrument, there has been a change in the applicable Federal income tax law, in either case (i) or (ii) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will not recognize
gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times
as would be the case if such deposit, Defeasance and discharge were not to occur. 
 (c) In the event of an election to have
Section 1303 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for
Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case
if such deposit and Covenant Defeasance were not to occur. 
 (d) The Company shall have delivered to the Trustee an Officer’s
Certificate to the effect that neither such Securities nor any other Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit. 

(e) No event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities or any other
Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in clause (e) or (f) of Section 501, at any time on or prior to the 90th day after the date of such deposit (it being
understood that this condition shall not be deemed satisfied until after such 90th day). 
 (f) Such Defeasance or Covenant Defeasance shall
not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of such Act). 

(g) Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or
instrument to which the Company is a party or by which it is bound. 
 (h) Such Defeasance or Covenant Defeasance shall not result in the
trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act unless such trust shall be registered under the Investment Company Act or exempt from registration thereunder. 

(i) At the time of such deposit, (i) no default in the payment of any principal of or premium or interest on any Senior Debt shall have
occurred and be continuing, (ii) no event of default with respect to any Senior Debt shall have resulted in such Senior Debt becoming, and continuing to be, due and payable prior to the date on which it would otherwise have become due and
payable (unless payment of such Senior Debt has been made or duly provided for), and (iii) 

  
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no other event of default with respect to any Senior Debt shall have occurred and be continuing permitting (after notice or lapse of time or both) the holders of such Senior Debt (or a trustee on
behalf of such holders) to declare such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable. 

(j) The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent with respect to such Defeasance or Covenant Defeasance have been complied with. 
 Section 1305. Deposited Money and U.S.
Government Obligations to Be Held in Trust; Miscellaneous Provisions. 
 Subject to the provisions of the last paragraph of
Section 1003, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 1306, the Trustee and any such other trustee
are referred to collectively as the “Trustee”) pursuant to Section 1304 in respect of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to
the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal
and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent required by law. 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 1304 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities. 

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

Section 1306. Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant
to Section 1302 or 1303 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust
pursuant to Section 1305 with respect to such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest on any such Security following such reinstatement of
its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust. 

  
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 This instrument may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. In proving the existence of this Indenture it shall not be necessary to produce more than one copy. 

[Remainder of page intentionally left blank. 

Next page is signature page.] 

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

			
	WELLTOWER INC.

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
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