Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 INDENTURE 

Dated as of August 17, 2020 

Among 
 GROUP 1 AUTOMOTIVE, INC.

 THE SUBSIDIARY GUARANTORS PARTY HERETO 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION, 
 as Trustee 

4.000% SENIOR NOTES DUE 2028 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	 
	 SECTION 1.1.
	 	 Definitions
	  	 	1	 
	 SECTION 1.2.
	 	 Other Definitions
	  	 	25	 
	 SECTION 1.3.
	 	 Rules of Construction
	  	 	26	 
	 SECTION 1.4.
	 	 Limited Condition Transactions
	  	 	26	 
		
	ARTICLE II THE NOTES	  	 	27	 
	 SECTION 2.1.
	 	 Form and Dating
	  	 	27	 
	 SECTION 2.2.
	 	 Execution and Authentication
	  	 	28	 
	 SECTION 2.3.
	 	 Registrar; Paying Agent
	  	 	29	 
	 SECTION 2.4.
	 	 Paying Agent to Hold Money in Trust
	  	 	29	 
	 SECTION 2.5.
	 	 Holder Lists
	  	 	30	 
	 SECTION 2.6.
	 	 Book-Entry Provisions for Global Notes
	  	 	30	 
	 SECTION 2.7.
	 	 Replacement Notes
	  	 	33	 
	 SECTION 2.8.
	 	 Outstanding Notes
	  	 	33	 
	 SECTION 2.9.
	 	 Treasury Notes
	  	 	33	 
	 SECTION 2.10.
	 	 Temporary Notes
	  	 	34	 
	 SECTION 2.11.
	 	 Cancellation
	  	 	34	 
	 SECTION 2.12.
	 	 Defaulted Interest
	  	 	34	 
	 SECTION 2.13.
	 	 Computation of Interest
	  	 	34	 
	 SECTION 2.14.
	 	 CUSIP and ISIN Numbers
	  	 	34	 
	 SECTION 2.15.
	 	 Transfer and Exchange
	  	 	35	 
	 SECTION 2.16.
	 	 Issuance of Additional Notes
	  	 	37	 
		
	ARTICLE III REDEMPTION AND PREPAYMENT	  	 	38	 
	 SECTION 3.1.
	 	 Notices to Trustee
	  	 	38	 
	 SECTION 3.2.
	 	 Selection of Notes to Be Redeemed
	  	 	38	 
	 SECTION 3.3.
	 	 Notice of Redemption
	  	 	38	 
	 SECTION 3.4.
	 	 Effect of Notice of Redemption
	  	 	39	 
	 SECTION 3.5.
	 	 Deposit of Redemption Price
	  	 	40	 
	 SECTION 3.6.
	 	 Notes Redeemed in Part
	  	 	40	 
	 SECTION 3.7.
	 	 Optional Redemption
	  	 	40	 
		
	ARTICLE IV COVENANTS	  	 	41	 
	 SECTION 4.1.
	 	 Payment of Notes
	  	 	41	 
	 SECTION 4.2.
	 	 Maintenance of Office or Agency
	  	 	42	 
	 SECTION 4.3.
	 	 Provision of Financial Information
	  	 	42	 
	 SECTION 4.4.
	 	 Compliance Certificate
	  	 	43	 
	 SECTION 4.5.
	 	 Taxes
	  	 	44	 
	 SECTION 4.6.
	 	 Stay, Extension and Usury Laws
	  	 	44	 
	 SECTION 4.7.
	 	 Limitation on Restricted Payments
	  	 	44	 
	 SECTION 4.8.
	 	 Limitation on Dividend and Other Restrictions Affecting Restricted Subsidiaries
	  	 	48	 
	 SECTION 4.9.
	 	 Limitation on Debt
	  	 	50	 

  
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	 SECTION 4.10.
	 	 Limitation on Asset Dispositions.
	  	 	53	 
	 SECTION 4.11.
	 	 Limitation on Transactions with Affiliates.
	  	 	56	 
	 SECTION 4.12.
	 	 Limitation on Liens.
	  	 	58	 
	 SECTION 4.13.
	 	 Offer to Purchase upon Change of Control.
	  	 	59	 
	 SECTION 4.14.
	 	 Corporate Existence.
	  	 	60	 
	 SECTION 4.15.
	 	 Future Guarantees.
	  	 	60	 
	 SECTION 4.16.
	 	 Designation of Restricted and Unrestricted Subsidiaries.
	  	 	61	 
	 SECTION 4.17.
	 	 Covenant Suspension.
	  	 	62	 
		
	ARTICLE V SUCCESSORS	  	 	63	 
	 SECTION 5.1.
	 	 Consolidation, Merger, Conveyance, Transfer or Lease.
	  	 	63	 
		
	ARTICLE VI DEFAULTS AND REMEDIES	  	 	65	 
	 SECTION 6.1.
	 	 Events of Default
	  	 	65	 
	 SECTION 6.2.
	 	 Acceleration
	  	 	67	 
	 SECTION 6.3.
	 	 Other Remedies
	  	 	67	 
	 SECTION 6.4.
	 	 Waiver of Past Defaults
	  	 	68	 
	 SECTION 6.5.
	 	 Control by Majority
	  	 	68	 
	 SECTION 6.6.
	 	 Limitation on Suits
	  	 	68	 
	 SECTION 6.7.
	 	 Rights of Holders of Notes to Receive Payment
	  	 	69	 
	 SECTION 6.8.
	 	 Collection Suit by Trustee
	  	 	69	 
	 SECTION 6.9.
	 	 Trustee May File Proofs of Claim
	  	 	69	 
	 SECTION 6.10.
	 	 Priorities
	  	 	70	 
	 SECTION 6.11.
	 	 Undertaking for Costs
	  	 	70	 
	 SECTION 6.12.
	 	 Restoration of Rights and Remedies
	  	 	70	 
	 SECTION 6.13.
	 	 Rights and Remedies Cumulative
	  	 	70	 
	 SECTION 6.14.
	 	 Delay or Omission Not Waiver
	  	 	71	 
		
	ARTICLE VII TRUSTEE	  	 	71	 
	 SECTION 7.1.
	 	 Duties of Trustee.
	  	 	71	 
	 SECTION 7.2.
	 	 Rights of Trustee.
	  	 	72	 
	 SECTION 7.3.
	 	 Individual Rights of the Trustee
	  	 	73	 
	 SECTION 7.4.
	 	 Trustee’s Disclaimer
	  	 	74	 
	 SECTION 7.5.
	 	 Notice of Defaults
	  	 	74	 
	 SECTION 7.6.
	 	 Compensation and Indemnity
	  	 	74	 
	 SECTION 7.7.
	 	 Replacement of Trustee
	  	 	75	 
	 SECTION 7.8.
	 	 Successor Trustee by Merger, Etc.
	  	 	76	 
	 SECTION 7.9.
	 	 Eligibility; Disqualification
	  	 	76	 
		
	ARTICLE VIII DEFEASANCE; DISCHARGE OF THIS INDENTURE	  	 	76	 
	 SECTION 8.1.
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	76	 
	 SECTION 8.2.
	 	 Legal Defeasance
	  	 	76	 
	 SECTION 8.3.
	 	 Covenant Defeasance
	  	 	77	 
	 SECTION 8.4.
	 	 Conditions to Legal or Covenant Defeasance
	  	 	77	 
	 SECTION 8.5.
	 	 Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous
Provisions
	  	 	78	 
	 SECTION 8.6.
	 	 Repayment to Company
	  	 	79	 
	 SECTION 8.7.
	 	 Reinstatement
	  	 	79	 
	 SECTION 8.8.
	 	 Discharge
	  	 	80	 

  
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	ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER	  	 	81	 
	 SECTION 9.1.
	 	 Without Consent of Holders of the Notes
	  	 	81	 
	 SECTION 9.2.
	 	 With Consent of Holders of Notes
	  	 	82	 
	 SECTION 9.3.
	 	 Revocation and Effect of Consents
	  	 	83	 
	 SECTION 9.4.
	 	 Notation on or Exchange of Notes
	  	 	83	 
	 SECTION 9.5.
	 	 Trustee to Sign Amendments, Etc.
	  	 	83	 
		
	ARTICLE X SUBSIDIARY GUARANTEES	  	 	84	 
	 SECTION 10.1.
	 	 Subsidiary Guarantees
	  	 	84	 
	 SECTION 10.2.
	 	 Execution and Delivery of Guarantee
	  	 	85	 
	 SECTION 10.3.
	 	 Severability
	  	 	86	 
	 SECTION 10.4.
	 	 Limitation of Subsidiary Guarantors’ Liability
	  	 	86	 
	 SECTION 10.5.
	 	 Releases
	  	 	86	 
	 SECTION 10.6.
	 	 Benefits Acknowledged
	  	 	87	 
		
	ARTICLE XI MISCELLANEOUS	  	 	87	 
	 SECTION 11.1.
	 	 Notices
	  	 	87	 
	 SECTION 11.2.
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	88	 
	 SECTION 11.3.
	 	 Statements Required in Certificate or Opinion
	  	 	89	 
	 SECTION 11.4.
	 	 Rules by Trustee and Agents
	  	 	89	 
	 SECTION 11.5.
	 	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	89	 
	 SECTION 11.6.
	 	 Governing Law; Consent to Jurisdiction; Waiver of Jury Trial
	  	 	89	 
	 SECTION 11.7.
	 	 No Adverse Interpretation of Other Agreements
	  	 	90	 
	 SECTION 11.8.
	 	 Successors
	  	 	90	 
	 SECTION 11.9.
	 	 Severability
	  	 	90	 
	 SECTION 11.10.
	 	 Execution in Counterparts
	  	 	90	 
	 SECTION 11.11.
	 	 Table of Contents, Headings, Etc.
	  	 	90	 
	 SECTION 11.12.
	 	 Acts of Holders
	  	 	90	 
	 SECTION 11.13.
	 	 Force Majeure
	  	 	93	 
	 SECTION 11.14.
	 	 Legal Holidays
	  	 	93	 
	 SECTION 11.15.
	 	 USA PATRIOT Act
	  	 	93	 

 Exhibits 
  

			
	Exhibit A	  	Form of Note
		
	Exhibit B	  	Form of Supplemental Indenture to be Delivered by Subsequent Subsidiary Guarantors
		
	Exhibit C	  	Form of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S
		
	Exhibit D	  	Form of Certificate to be Delivered in Connection with Transfers to IAIs

  
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 This Indenture, dated as of August 17, 2020, is by and among Group 1 Automotive, Inc.,
a Delaware corporation (collectively with successors and assigns, the “Company”), the Subsidiary Guarantors party hereto and Wells Fargo Bank, National Association, as trustee (the “Trustee”), paying agent and
registrar. 
 The Company, the Subsidiary Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and
ratable benefit of the Holders (as defined herein) of (i) the Company’s 4.000% Senior Notes due 2028 to be issued in an initial aggregate principal amount of $550.0 million on the date hereof (the “Initial Notes”) and
(ii) Additional Notes (as defined herein): 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1. Definitions. 

“Additional Notes” means Notes (other than the Initial Notes) issued pursuant to Article II and otherwise in compliance with
the provisions of this Indenture. 
 “Affiliate” of any Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such Person. For the purposes of this definition, “control,” when used with respect to any 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. 

“Agent” means any Registrar, Paying Agent, co-registrar or other agent appointed
pursuant to this Indenture. 
 “amend” means to amend, supplement, restate, amend and restate or otherwise modify,
including successively, and “amendment” shall have a correlative meaning. 
 “Applicable Premium” means,
with respect to any Note on any applicable redemption date, the greater of: 
 (1) 1.0% of the then outstanding principal
amount of such Note; and 
 (2) the excess, if any, of: 

(a) the present value at such redemption date of the sum of (i) the redemption price of such Note at August 15, 2023
(such redemption price being set forth in the table appearing in Section 3.7(b)) plus (ii) all required interest payments due on such Note through August 15, 2023 (excluding accrued but unpaid interest), such present value to be
computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 
 (b) the
then outstanding principal amount of such Note. 

 “asset” means any asset or property, including, without limitation, Capital
Stock. 
 “Asset Disposition” by any Person means any transfer, conveyance, sale, lease or other disposition (but excluding
the creation of any Lien permitted under Section 4.12 or any disposition in connection therewith) by such Person or any of its Restricted Subsidiaries (including a consolidation or merger or other sale of any such Restricted Subsidiary with,
into or to another Person in a transaction in which such Restricted Subsidiary ceases to be a Restricted Subsidiary, but excluding a disposition by a Restricted Subsidiary of such Person to such Person or a Restricted Subsidiary of such Person or by
such Person to a Restricted Subsidiary of such Person) of: 
 (1) shares of Capital Stock (other than directors’
qualifying shares) or other ownership interests of a Restricted Subsidiary of such Person, 
 (2) substantially all of the
assets of such Person or any of its Restricted Subsidiaries representing a division or line of business, or 
 (3) other
assets or rights of such Person or any of its Restricted Subsidiaries outside of the ordinary course of business. 
 The term “Asset
Disposition” shall not include any transfer, conveyance, sale, lease or other disposition: 
 (a) that consists of a
Restricted Payment or Permitted Investment that is made in compliance with Section 4.7, 
 (b) that constitutes a
“Change of Control,” 
 (c) that is of cash or Cash Equivalents, or a disposition or termination or surrender of
contract rights, including settlement of any hedging obligations, or licensing or sublicensing of intellectual property or general intangibles, 

(d) that is of obsolete or unusable equipment or assets that are not used or useful in the business, in each case disposed of
in the ordinary course of business, 
 (e) that consists of defaulted receivables for collection or any sale, transfer or
other disposition of defaulted receivables for collection, 
 (f) arising from foreclosures, condemnation or any similar
action on assets or the granting of Liens not prohibited by this Indenture, 
 (g) that is of Capital Stock in, or Debt or
other securities of, an Unrestricted Subsidiary, 
 (h) in compliance with Section 5.1, 

  
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 (i) arising from any financing transaction with respect to property built or
acquired by the Company or any Restricted Subsidiary after the Issue Date, including without limitation any sale and leaseback transaction or asset securitization, or 

(j) any transaction or series of related transactions for which the aggregate consideration is less than $20.0 million.

 “Average Life” means, as of any date of determination, with respect to any Debt, the quotient obtained by dividing
(1) the sum of the products of the number of years from such date of determination to the dates of each successive scheduled principal payments of such Debt by the amount of each such principal payment by (2) the sum of all such principal
payments. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal, state or foreign law for the relief of
debtors, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, winding-up, restructuring,
examinership or similar debtor relief laws. 
 “Board of Directors” means, as to any Person, the Board of Directors, or
similar governing body, of such Person or any duly authorized committee thereof. 
 “Business Day” means a day other than a
Saturday, Sunday or other day on which banking institutions in the State of New York are authorized or required by law to close. 

“Capital Stock” of any Person means any and all shares, interests, participations, warrants, options or other rights to
acquire or other equivalents of or interests in (however designated) corporate stock or other equity participations, including partnership interests, whether general or limited, of such Person, but in each case excluding any debt security that is
convertible or exchangeable for Capital Stock. 
 “Cash Equivalents” means: 

(1) dollars and, in the case of Foreign Subsidiaries, the local currency where such Foreign Subsidiary is operating, 

(2) securities issued or directly and fully Guaranteed or insured by the United States government or any agency or
instrumentality thereof having maturities of not more than six months from the date of acquisition, 
 (3) certificates of
deposit and Eurodollar time deposits with maturities of six months or less from the date of acquisition, bankers’ acceptances with maturities not exceeding six months and bank deposits, in each case with any lender party to the Revolving Credit
Facility or with any domestic commercial bank having capital and surplus in excess of $250.0 million and a Moody’s, S&P or Fitch rating of “B” or better, 

(4) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses
(2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above, 

  
 3 

 (5) commercial paper having a rating of at least P-1 from Moody’s and a rating of at least A-1 from S&P, 

(6) deposits available for withdrawal on demand with any commercial bank not meeting the qualifications specified in clause
(3) above, and 
 (7) investments in money market or other mutual funds substantially all of whose assets comprise
securities of the types described in clauses (2) through (6) above. 
 “Change of Control” means the occurrence of any
of the following events: 
 (1) the consummation of any transaction as a result of which any Person or any Persons acting
together that would constitute a “group” for purposes of Section 13(d) of the Exchange Act, or any successor provision thereto, other than the Company, any Subsidiary of the Company or any employee benefit plan of the Company or any
such Subsidiary becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision thereto) of at least 50% of the aggregate voting power of all classes of Voting
Stock of the Company, other than in a transaction in which the Company becomes a Wholly Owned Subsidiary of another Person and in such transaction the Voting Stock of the Company outstanding immediately prior to such transaction is converted into or
exchanged for Voting Stock of such Person representing more than 50% of the voting power of all classes of Voting Stock of such Person immediately after giving effect to such transaction; 

(2) the sale, assignment, conveyance, transfer, lease or other disposition, in one or a series of related transactions, of all
or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole to any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) other than a Restricted Subsidiary; or 

(3) the adoption by the stockholders of the Company of a plan or proposal for the liquidation or dissolution of the Company.

 Notwithstanding the foregoing, a transaction effected to create a holding company of the Company, (a) pursuant to which the Company
becomes a Wholly Owned Subsidiary of such holding company, and (b) as a result of which the holders of Capital Stock of such holding company are substantially the same as the holders of Capital Stock of the Company immediately prior to such
transaction, shall not be deemed to involve a “Change of Control;” provided further that following such a holding company transaction, references in this definition of “Change of Control” to the Company shall thereafter be
treated as references to such holding company. 
 “Common Stock” of any Person means Capital Stock of such Person that does
not rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding-up of such Person, to shares of Capital Stock of any
other class of such Person. 

  
 4 

 “Consolidated Cash Flow” for any period means the Consolidated Net Income
for such period increased (to the extent deducted in computing Consolidated Net Income) by the sum of (without duplication): 

(1) Consolidated Fixed Charges for such period, plus 

(2) Consolidated Income Tax Expense for such period, plus 

(3) the consolidated depreciation and amortization expense included in the income statement of the Company and its Restricted
Subsidiaries for such period, plus 
 (4) other non-cash expenses (excluding
any such non-cash expense to the extent that it represents an accrual of, or reserve for, cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) included
in the income statement of the Company and its Restricted Subsidiaries for such period, and 
 (5) decreased (without
duplication) by non-cash items increasing Consolidated Net Income for such period, other than items that were accrued in the ordinary course of business, in each case, on a consolidated basis and determined in
accordance with GAAP. 
 “Consolidated Coverage Ratio” as of any date of determination means the ratio of: 

(1) Consolidated Cash Flow for the period of the most recently completed four consecutive fiscal quarters for which quarterly
or annual financial statements are available to 
 (2) Consolidated Fixed Charges for such period; 

provided, however, that Consolidated Fixed Charges shall be adjusted to give effect on a pro forma basis to any Debt that has
been Incurred, repaid or redeemed by the Company or any Restricted Subsidiary (other than revolving credit borrowings Incurred for working capital purposes unless, in connection with any such repayment, the commitments to lend associated with such
revolving credit borrowings are permanently reduced or canceled) since the beginning of such period and to any Debt that is proposed to be Incurred, repaid or redeemed by the Company or any Restricted Subsidiary as if in each case such Debt had been
Incurred, repaid or redeemed on the first day of such period; provided, however, that in making such computation, the Consolidated Fixed Charges attributable to interest on any proposed Debt bearing a floating interest rate shall be
computed on a pro forma basis as if the rate in effect on the date of computation had been the applicable rate for the entire period; and provided further that, in the event the Company or any of its Restricted Subsidiaries has made Asset
Dispositions or acquisitions of assets not in the ordinary course of business (including acquisitions of other Persons by merger, consolidation or purchase of Capital Stock) during or after such period, such computation shall be made on a pro forma
basis as if the Asset Dispositions or acquisitions had taken place on the first day of such period. For purposes of this definition, whenever pro forma effect is to be given to any calculation under this definition, the pro forma calculations will
be determined in good faith by a responsible 

  
 5 

 
financial or accounting officer of the Company; provided that such officer may in his or her discretion include any reasonably identifiable and factually supportable pro forma changes to
Consolidated Cash Flow, including any pro forma expenses and cost reductions, that have occurred or in the judgment of such officer are reasonably expected to occur within 12 months of the date of the applicable transaction (regardless of whether
such expense or cost reduction or any other operating improvements could then be reflected properly in pro forma financial statements prepared in accordance with Regulation S-X under the Securities Act or any
other regulation or policy of the SEC). 
 “Consolidated Fixed Charges” means for any period the consolidated interest
expense, other than interest expense or other items set forth below with respect to Floor Plan Debt and non-cash interest expense attributable to convertible debt securities, included in a consolidated income
statement (without deduction of interest income) of the Company and its Restricted Subsidiaries for such period calculated on a consolidated basis in accordance with GAAP, including without limitation or duplication (or, to the extent not so
included, with the addition of), subject to the limitations above: 
 (1) the amortization of Debt discounts; 

(2) the consolidated amount of interest capitalized by the Company and its Restricted Subsidiaries during such period
calculated in accordance with GAAP; 
 (3) any payments or fees with respect to letters of credit, bankers’ acceptances
or similar facilities; 
 (4) net fees with respect to interest rate swap or similar agreements or foreign currency hedge,
exchange or similar agreements; 
 (5) Preferred Stock dividends of Restricted Subsidiaries of the Company (other than with
respect to Redeemable Stock) declared and paid or payable (other than in exchange for Capital Stock (other than Redeemable Stock)); 

(6) accrued Redeemable Stock dividends of the Company and its Restricted Subsidiaries, whether or not declared or paid (other
than dividends payable in Capital Stock that is not Redeemable Stock); 
 (7) interest on Debt Guaranteed by the Company and
its Restricted Subsidiaries; 
 (8) interest on Debt issued or Guaranteed by the Company and its Restricted Subsidiaries paid
by the issuance of additional Debt; and 
 (9) the portion of rental expense deemed to be representative of the interest
factor attributable to Finance Lease Obligations. 
 “Consolidated Income Tax Expense” for any period means the
consolidated provision for income taxes of the Company and its Restricted Subsidiaries for such period calculated on a consolidated basis in accordance with GAAP. 

  
 6 

 “Consolidated Net Income” for any period means the consolidated net income
(or loss) of the Company and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded therefrom (without duplication): 

(1) the net income (or loss) of any Person that is not a Restricted Subsidiary except to the extent of the amount of dividends
or other distributions actually paid to the Company or a Restricted Subsidiary by such Person during such period, 
 (2)
gains or losses on Asset Dispositions outside of the ordinary course of business by the Company or its Subsidiaries, 
 (3)
all extraordinary gains and extraordinary losses (calculated on an after tax basis), 
 (4) gains or losses from the early
retirement or extinguishment of indebtedness (less all fees and expenses or charges related thereto), 
 (5) the cumulative
effect of changes in accounting principles during such period, 
 (6) non-cash gains
or losses resulting from fluctuations in currency exchange rates, 
 (7) unrealized hedging gains or losses, or goodwill or
other non-cash asset impairment charges, 
 (8)
non-cash interest expense related to convertible debt securities, 
 (9) any net after-tax effect of gains and losses attributable to discontinued operations, and 
 (10) non-cash compensation expense related to equity awards, 
 provided, further, that for purposes of any
determination pursuant to the provisions of Section 4.7, there shall further be excluded therefrom the net income (but not net loss) of any Restricted Subsidiary that is not a Subsidiary Guarantor that is subject to a restriction which prevents
the payment of dividends or the making of distributions to the Company or another Restricted Subsidiary to the extent of such restriction. 

“Consolidated Total Assets” of any Person means, as of any date of determination, the total assets reflected on the most
recent publicly available annual or quarterly consolidated balance sheet of such Person and its Restricted Subsidiaries prepared in accordance with GAAP. 

“Corporate Trust Office” means the offices of the Trustee at which at any time its corporate trust business shall be
principally administered, which office as of the date hereof is located at Wells Fargo Bank, National Association, MAC Z3094-063, 1 Independent Drive, Suite 620, Jacksonville, Florida 3220275201, Attention:
Corporate Trust Escrow Services, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the corporate trust office of any successor trustee (or such other address as such successor trustee
may designate from time to time by notice to the Holders and the Company). 

  
 7 

 “Credit Facilities” means one or more credit facilities, debt facilities,
indentures or commercial paper facilities (including, without limitation, the Revolving Credit Facility), in each case with banks or other financial institutions or lenders or investors, providing for revolving credit loans, term loans, private
placements, debt securities, receivables financings (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit or letter of credit
guarantees, in each case, as amended, restated, modified, supplemented, extended, renewed, refunded, replaced or refinanced in whole or in part from time to time. 

“Debt” means (without duplication), with respect to any Person, whether recourse is to all or a portion of the assets of such
Person and whether or not contingent: 
 (1) every obligation of such Person for money borrowed; 

(2) every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments; 

(3) every reimbursement obligation of such Person with respect to letters of credit, bankers’ acceptances or similar
facilities issued for the account of such Person (excluding obligations with respect to letters of credit securing obligations (other than obligations with respect to borrowed money) entered into in the ordinary course of business of such Person to
the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth business day following receipt by such Person of a demand for reimbursement following payment on the letter
of credit); 
 (4) every obligation of such Person issued or assumed as the deferred purchase price of property or services
(including securities repurchase agreements but excluding trade accounts payable or accrued liabilities arising in the ordinary course of business and with respect to services, excluding deferred compensation to employees), which purchase price is
due more than six months after the date of placing such property in service or taking delivery and title thereto or engaging such services; 

(5) every Finance Lease Obligation of such Person; 

(6) all Receivables Sales of such Person to the extent sold with recourse to such Person; 

(7) all Redeemable Stock issued by such Person valued at the greater of its voluntary or involuntary maximum fixed repurchase
price plus accrued and unpaid dividends; 
 (8) if such Person is a Restricted Subsidiary, all Preferred Stock issued by such
Person; 

  
 8 

 (9) every net obligation under Interest Rate, Currency or Commodity Price
Agreements of such Person; and 
 (10) every obligation of the type referred to in clauses (1) through (9) of another
Person and all dividends of another Person the payment of which, in either case, (a) such Person has Guaranteed or is responsible or liable, directly or indirectly, as obligor, Guarantor or otherwise or (b) is secured by (or for which the
holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien upon or with respect to property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not
assumed or become liable for the payment of such Debt or dividends, 
 if and to the extent that any of the preceding items (other than in respect of
letters of clause (4)) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. 

Notwithstanding the foregoing, Debt shall not include any obligation arising from any agreement entered into in connection with the
acquisition of any business or assets with any seller of such business or assets that provides for the payment of earn-outs to such seller or guarantees to such seller a minimum price to be realized by such seller upon the sale of any Capital Stock
(other than Redeemable Stock) of the Company that was issued by the Company to such seller in connection with such acquisition. 

“Default” means (1) any Event of Default or (2) any event, act or condition that, after notice or the passage of
time or both, would be an Event of Default. 
 “Depositary” means with respect to the Notes issuable or issued in whole or
in part in global form, the Person specified in Section 2.3 hereof as the Depositary with respect to the Global Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable
provision of this Indenture. 
 “Designated Noncash Consideration” means the Fair Market Value of non-cash consideration received by the Company or any of its Restricted Subsidiaries in connection with an Asset Disposition that is so designated in good faith by senior management of the Company. The aggregate
Fair Market Value of the Designated Noncash Consideration, taken together with the Fair Market Value at the time of receipt of all other Designated Noncash Consideration received, shall not exceed in the aggregate outstanding at any one time the
greater of (i) $35.0 million and (ii) 1.0% of the Company’s Consolidated Total Assets determined at the time of such Asset Disposition (with the Fair Market Value being measured at the time received and without giving effect to subsequent
changes in value). 
 “Disinterested Director” means, with respect to any transaction or series of related transactions, a
member of the Board of Directors of the Company who does not have any material direct or indirect financial interest in, or with respect to, such transaction or series of transactions. 

“dollar”, “U.S. dollar” or “$” means the lawful money of the United States of America. 

  
 9 

 “Domestic Restricted Subsidiary” means any Restricted Subsidiary that is
not a Foreign Subsidiary. 
 “DTC” means The Depository Trust Company and any successor. 

“Equity Offering” means an offering of Capital Stock (other than Redeemable Stock) of the Company that results in aggregate
net cash proceeds to the Company, other than (1) public offerings registered on Form S-4 or S-8 or (2) an issuance to any Subsidiary. 

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

“Fair Market Value” means, with respect to any asset or property, the sale value that would be obtained in an arm’s-length free market transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, determined in good faith by senior
management or the Board of Directors of the Company, whose determination will be conclusive for all purposes under this Indenture. 

“Finance Lease Obligation” of any Person means the obligation to pay rent or other payment amounts under a lease of real or
personal property of such Person which is required to be classified and accounted for as a finance lease in accordance with GAAP as in effect on the Issue Date. For the avoidance of doubt, no existing or future lease that is or would be required to
be accounted for as an operating lease under GAAP as in effect on the Issue Date will be deemed to be a Finance Lease Obligation. The Stated Maturity of such obligation shall be the date of the last payment of rent or any other amount due under such
lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. The principal amount of such obligation shall be the capitalized amount thereof that would appear on the face of a balance sheet of
such Person in accordance with GAAP. 
 “Floor Plan Debt” means (i) Debt Incurred as a Floor Plan Loan (or other
Inventory financing arrangement) under the Revolving Credit Facility, (ii) Debt Incurred under Inventory financing arrangements provided by vehicle manufacturers and/or their affiliates, and (iii) Debt of Foreign Subsidiaries Incurred
primarily to finance Inventory in a principal amount not to exceed 110% of the value of the Inventory of such Foreign Subsidiary at the time of Incurrence of such Debt; provided, however, that such Inventory is not subject to a Lien
securing any other Floor Plan Debt. 
 “Foreign Subsidiary” means any Restricted Subsidiary (x) that is not organized
under the laws of the United States of America or any State thereof or the District of Columbia or (y) for purposes of Section 10.1 and the covenant described under Section 4.15, that is organized under the laws of the United States
of America or any State thereof or the District of Columbia and has no material assets other than Capital Stock of one or more foreign entities of the type described in clause (x) above. 

“GAAP” means accounting principles generally accepted in the United States 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 from time to time (except as otherwise provided in the definition of “Finance Lease Obligation”). 

  
 10 

 “Global Note Legend” means the legend identified as such in Exhibit
A. 
 “Global Notes” means the Notes that are in the form of Exhibit A issued in global form and registered in
the name of the Depositary or its nominee. 
 “Guarantee” by any Person means any obligation, contingent or otherwise, of
such Person guaranteeing, or having the economic effect of guaranteeing, any Debt of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including, without limitation, any obligation of such Person,

 (1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or to purchase (or to advance
or supply funds for the purchase of) any security for the payment of such Debt, 
 (2) to purchase property, securities or
services for the purpose of assuring the holder of such Debt of the payment of such Debt, or 
 (3) to maintain working
capital, equity capital or other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Debt (and “Guaranteed”, “Guaranteeing” and “Guarantor” shall have
meanings correlative to the foregoing); 
 provided, however, that the Guarantee by any Person shall not include endorsements by such Person
for collection or deposit, in either case, in the ordinary course of business. 
 “Holder” means a Person in whose name the
Note is registered on the Registrar’s books. 
 “IAI” means an investor constituting an “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Incur” means, with
respect to any Debt or other obligation of any Person, to create, issue, incur (by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Debt or other obligation including by acquisition of Subsidiaries
or the recording, as required pursuant to GAAP or otherwise, of any such Debt or other obligation on the balance sheet of such Person (and “Incurrence”, “Incurred”, and “Incurring” shall have meanings correlative to the
foregoing); provided, however, that a change in GAAP that results in an obligation of such Person that exists at such time becoming Debt shall not be deemed an Incurrence of such Debt. 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

“Initial Notes” has the meaning set forth in the preamble hereto. 

“Interest Rate, Currency or Commodity Price Agreement” of any Person means any forward contract, futures contract, swap,
option or other financial agreement or arrangement 

  
 11 

 
(including, without limitation, caps, floors, collars and similar agreements) relating to, or the value of which is dependent upon, interest rates, currency exchange rates or commodity prices or
indices (excluding contracts for the purchase or sale of goods in the ordinary course of business). 
 “Inventory” of any
Person means the motor vehicle and motor vehicle parts and supplies inventories of such Person that are held for sale or lease, or are to be used or consumed by such Person, in the ordinary course of business. The value of each particular item of
inventory shall be the historical purchase price thereof. 
 “Investment” by any Person means any direct or indirect loan,
advance or other extension of credit or capital contribution (by means of transfers of cash or other property (other than Capital Stock that is neither Redeemable Stock nor Preferred Stock of a Restricted Subsidiary) to others or payments for
property or services for the account or use of others, or otherwise) to, or purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidence of Debt issued by, any other Person, including any Guarantee of any
obligation of such other Person, but shall not include: 
 (1) trade accounts receivable in the ordinary course of business,

 (2) any Permitted Interest Rate, Currency or Commodity Price Agreement and 

(3) endorsements of negotiable instruments and documents in the ordinary course of business. 

“Issue Date” means August 17, 2020. 

“Lien” means, with respect to any property or assets, any mortgage or deed of trust, pledge, hypothecation, assignment,
deposit arrangement, security interest, lien (statutory or otherwise), charge, easement (other than any easement not materially impairing usefulness or marketability), encumbrance, preference, priority or other security agreement or preferential
arrangement of any kind or nature whatsoever on or with respect to such property or assets (including, without limitation, any sale and leaseback arrangement, conditional sale or other title retention agreement having substantially the same economic
effect as any of the foregoing). 
 “Limited Condition Transaction” means (1) any Investment or acquisition (whether
by merger, consolidation or otherwise), whose consummation is not conditioned on the availability of, or on obtaining, third-party financing, (2) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Debt requiring
irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge or repayment, (3) any dividends or distributions on, or redemptions of, the Company’s Capital Stock requiring irrevocable notice in
advance thereof. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency
business. 
 “Mortgage Facilities” means one or more or more credit facilities or other loans, Finance Leases or other
financing arrangements providing for financing for the acquisition or construction of real property, fixtures and improvements thereon, in each case that are used in 

  
 12 

 
the business of the Company and its Restricted Subsidiaries and which are secured primarily by Liens on such real property, fixtures or improvements and related assets including insurance
payments, leases or rents with respect thereto or proceeds of the foregoing, in each case as amended, restated, modified, supplemented, extended, renewed, refunded, replaced or refinanced in whole or in part from time to time. 

“Net Available Proceeds” from any Asset Disposition by any Person means cash or Cash Equivalents received (including by way
of sale or discounting of a note, installment receivable or other receivable, but excluding any other consideration received in the form of assumption by the acquirer of Debt or other obligations relating to such properties or assets) therefrom by
such Person, net of: 
 (1) all legal, title and recording tax expenses, commissions and other fees and expenses Incurred and
all federal, state, foreign and local taxes required to be accrued as a liability as a consequence of such Asset Disposition; 

(2) all payments made by such Person or its Restricted Subsidiaries on any Debt which is secured by such assets in accordance
with the terms of any Lien upon, or with respect to, such assets or which must by the terms of such Lien, or in order to obtain a necessary consent to such Asset Disposition or by applicable law, be repaid out of the proceeds from such Asset
Disposition; 
 (3) all distributions and other payments made to minority interest holders in Restricted Subsidiaries of such
Person or joint ventures as a result of such Asset Disposition; and 
 (4) appropriate amounts to be provided by such Person
or any Restricted Subsidiary thereof, as the case may be, as a reserve in accordance with GAAP against any liabilities associated with such assets and retained by such Person or any Restricted Subsidiary thereof, as the case may be, after such Asset
Disposition, including, without limitation, liabilities under any indemnification obligations and severance and other employee termination costs associated with such Asset Disposition, in each case as determined in good faith by senior management of
the Company. 
 “Note Custodian” means the Person appointed as custodian for the Depositary with respect to the Global
Notes, or any successor entity thereto. 
 “Notes” means the Initial Notes and any Additional Notes. The Initial Notes and
the Additional Notes, if any, shall be treated as a single class for all purposes under this Indenture. 
 “Offer to
Purchase” means a written offer (the “Offer”) sent by the Company by first class mail, postage prepaid, to each Holder at his address appearing in the security register or, with respect to Global Notes, given in accordance
with DTC procedures on the date of the Offer offering to purchase up to the principal amount of Notes specified in such Offer at the purchase price specified in such Offer (as determined pursuant to this Indenture). Unless otherwise required by
applicable law, the Offer shall specify an expiration date (the “Offer Expiration Date”) of the Offer to Purchase which shall be, subject to any contrary requirements of applicable law, not less than 30 days or more than 60 days
after the date of such Offer and a 

  
 13 

 
settlement date (the “Purchase Date”) for purchase of Notes within three Business Days after the Offer Expiration Date. The Offer shall contain a description of the events
requiring the Company to make the Offer to Purchase and all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Offer to Purchase. The Offer shall also state: 

(1) the section of this Indenture pursuant to which the Offer to Purchase is being made; 

(2) the Offer Expiration Date and the Purchase Date and, if such Offer is made in advance of a Change of Control and condition
upon the occurrence of a Change of Control, that the Offer is conditioned upon the occurrence of a Change of Control; 
 (3)
the aggregate principal amount of the outstanding Notes offered to be purchased by the Company pursuant to the Offer to Purchase (including, if less than 100%, the manner by which such has been determined pursuant to the section of this Indenture
requiring the Offer to Purchase) (the “Purchase Amount”); 
 (4) the purchase price to be paid by the
Company for each $1,000 aggregate principal amount of Notes accepted for payment (as specified pursuant to this Indenture) (the “Purchase Price”); 

(5) that the Holder may tender all or any portion of the Notes registered in the name of such Holder and that any portion of a
Note tendered must be tendered in an integral multiple of $1,000 principal amount; 
 (6) the place or places where Notes are
to be surrendered for tender pursuant to the Offer to Purchase; 
 (7) that interest on any Note not tendered or tendered but
not purchased by the Company pursuant to the Offer to Purchase will continue to accrue; 
 (8) that on the Purchase Date the
Purchase Price will become due and payable upon each Note being accepted for payment pursuant to the Offer to Purchase and that interest thereon shall cease to accrue on and after the Purchase Date; 

(9) that each Holder electing to tender a Note pursuant to the Offer to Purchase will be required to surrender such Note at the
place or places specified in the Offer prior to the close of business on the Expiration Date (such Note being, if the Company or the Trustee so requires, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to
the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing); 
 (10) that
Holders will be entitled to withdraw all or any portion of Notes tendered if the Company (or its Paying Agent) receives, not later than the close of business on the Expiration Date, a telegram, telex, facsimile or other electronic transmission or
letter setting forth the name of the Holder, the principal amount of the Note the Holder tendered, the certificate number of the Note the Holder tendered and a statement that such Holder is withdrawing all or a portion of his tender; 

  
 14 

 (11) that (a) if Notes in an aggregate principal amount less than or
equal to the Purchase Amount are duly tendered and not withdrawn pursuant to the Offer to Purchase, the Company shall purchase all such Notes and (b) if Notes in an aggregate principal amount in excess of the Purchase Amount are tendered and
not withdrawn pursuant to the Offer to Purchase, the Company shall purchase Notes having an aggregate principal amount equal to the Purchase Amount on a pro rata basis (with such adjustments as may be deemed appropriate so that only Notes in
denominations of $1,000 or integral multiples thereof shall be purchased); and 
 (12) that in the case of any Holder whose
Note is purchased only in part, the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder, in an
aggregate principal amount equal to and in exchange for the unpurchased portion of the Note so tendered. 
 If any of the Notes subject to
an Offer to Purchase is in global form, then the Offer shall be modified by the Company to the extent necessary to comply with the procedures of the Depositary applicable to repurchases. Any Offer to Purchase shall be governed by and effected in
accordance with the Offer for such Offer to Purchase. 
 “Offering Memorandum” means the Company’s offering
memorandum, dated August 3, 2020, relating to the offer and sale of the Initial Notes. 
 “Officer” means any of the
following of the Company or any Subsidiary Guarantor: the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer or the Secretary (or, with respect to a
Subsidiary Guarantor, any member or general partner authorized to act on behalf of such Subsidiary Guarantor). 
 “Officers’
Certificate” means a certificate signed by two Officers that meets the requirements of Section 11.3 of this Indenture. 

“Opinion of Counsel” means a written opinion from legal counsel reasonably acceptable to the Trustee. The counsel may be an
employee of, or counsel to, the Company or the Trustee. 
 “Pari Passu Debt” means Debt of the Company or a Subsidiary
Guarantor that is pari passu in right of payment with the Notes, in the case of the Company, or the Subsidiary Guarantees, in the case of the Subsidiary Guarantor. For the purposes of this definition, no Debt will be considered to be senior
or junior by virtue of being secured on a first or junior priority basis. 
 “Participant” means, with respect to the
Depositary, a Person who has an account with the Depositary. 
 “Paying Agent” means any Person authorized by the Company
to pay the principal of, premium, if any, or interest on any Notes on behalf of the Company. 

  
 15 

 “Permitted Acquisition Debt” means Debt of the Company or any of the
Restricted Subsidiaries to the extent that: 
 (1) such Debt consists of Debt of an acquired Person that was outstanding
prior to the date on which such Person became a Restricted Subsidiary as a result of having been acquired by the Company or a Restricted Subsidiary and any Debt Incurred, including by the Company or any Restricted Subsidiary, in contemplation of
such acquisition; or 
 (2) such Debt consists of Debt of a Person that was outstanding prior to the date on which such
Person was merged, consolidated or amalgamated with or into the Company or a Restricted Subsidiary and any Debt Incurred, including by the Company or any Restricted Subsidiary, in contemplation of such merger, consolidation or amalgamation; 

provided that on the date such Person became a Restricted Subsidiary or the date such Person was merged, consolidated and amalgamated with or into the
Company or a Restricted Subsidiary, as applicable, after giving pro forma effect thereto, 
 (a) the Company would be
permitted to Incur at least $1.00 of additional Debt (other than Permitted Debt) pursuant to Section 4.9(a), or 
 (b)
the Consolidated Coverage Ratio of the Company would be not less than the Consolidated Coverage Ratio of the Company immediately prior to giving effect to such transaction. 

“Permitted Interest Rate, Currency or Commodity Price Agreement” of any Person means any Interest Rate, Currency or Commodity
Price Agreement entered into with one or more financial institutions (or, in the case of commodity protection agreement, utilities) in the ordinary course of business that is designed to protect such Person against fluctuations in interest rates or
currency exchange rates with respect to Debt Incurred or proposed to be Incurred and which shall have a notional amount no greater than the payments due with respect to the Debt being hedged thereby, or in the case of currency or commodity
protection agreements, against currency exchange rate or commodity price fluctuations, in each case, and not for purposes of speculation. 

“Permitted Investments” means: 

(1) any Investment in the Company or a Restricted Subsidiary or a Person that will become or be merged into or consolidated
with a Restricted Subsidiary as a result of such Investment, and any Investment held by a Person at the time it is acquired by or merged into the Company or a Restricted Subsidiary; 

(2) any Investment in a Permitted Joint Venture which, together with any other outstanding Investment made pursuant to this
clause (2), does not exceed the greater of (i) $50.0 million and (ii) 1.5% of the Company’s Consolidated Total Assets at the time of such Investment; 

  
 16 

 (3) any Investment in cash and Cash Equivalents, or investments in Permitted
Interest Rate, Currency or Commodity Price Agreements; 
 (4) any non-cash
consideration received in connection with an Asset Disposition (or a disposition excluded from the definition of Asset Disposition) that was made in compliance with Section 4.10; 

(5) prepaid expenses advanced to employees in the ordinary course of business or other loans or advances to employees in the
ordinary course of business not to exceed $2.5 million in the aggregate at any one time outstanding; 
 (6) guarantees
of Debt made in compliance with Section 4.9; 
 (7) any Investment existing on the Issue Date or made pursuant to
binding commitments in effect on the Issue Date or an Investment consisting of any extension, modification or renewal of any Investment existing on the Issue Date; provided that the amount of any such Investment may only be increased pursuant
to this clause (7) to the extent required by the terms of such Investment as in existence on the Issue Date or as otherwise permitted under this Indenture; 

(8) Investments acquired with the net cash proceeds received by the Company after the Issue Date from the issuance and sale of
Capital Stock (other than Redeemable Stock) or made in exchange for Capital Stock (other than Redeemable Stock or Preferred Stock); provided that such net cash proceeds are used to make such Investment within 10 days of the receipt thereof
and the amount of all such net cash proceeds will be excluded from clause (4)(iii)(2) of Section 4.7(a); and 
 (9) any
other Investment that, when taken together with all other Investments made pursuant to this clause (9) since the Issue Date and outstanding on the date such Investment is made, does not exceed the greater of (i) $100.0 million and (ii)
2.5% of Consolidated Total Assets. 
 “Permitted Joint Venture” means any joint venture arrangement (which may be
structured as a corporation, partnership, trust, limited liability company or any other Person) or other Person (other than a Restricted Subsidiary) in which the Company or a Restricted Subsidiary owns Capital Stock. 

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

(1) Liens securing Debt under Credit Facilities outstanding or Incurred under clause (1) of the definition of Permitted
Debt; 
 (2) Liens securing Debt under Mortgage Facilities and Liens securing Floor Plan Debt; 

(3) Liens securing any Debt which became Debt pursuant to a transaction permitted under Section 5.1 or securing Debt which
was created prior to (and not created in connection with, or in contemplation of) the Incurrence of such Debt (including any assumption, guarantee or other liability with respect thereto by any Restricted Subsidiary) and which Debt is permitted
under the provisions of Section 4.9; 

  
 17 

 (4) Liens imposed by law, including carriers’, warehousemen’s and
mechanics’ Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings if a reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made in respect thereof; 

(5) Liens for taxes, assessments or other governmental charges not yet subject to penalties for nonpayment or which are being
contested in good faith by appropriate proceedings provided appropriate reserves required pursuant to GAAP have been made in respect thereof; 

(6) Liens under the Company’s joint collateral accounts, concentration accounts, deposit accounts or other funds
maintained with a depositary institution or bank; provided that such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Company in excess of those set forth by regulations
issued by the Federal Reserve Board; 
 (7) Liens on assets, property or shares of stock of a Person existing at the time
such Person becomes a Restricted Subsidiary or is merged with or into or consolidated or amalgamated with the Company or any Restricted Subsidiary of the Company; provided, however, that such Liens shall not extend to any other
property owned by the Company or any Restricted Subsidiary; 
 (8) encumbrances, ground leases, easements or reservations of,
or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in
title and similar encumbrances) as to the use of real properties or liens incidental to the conduct of the business of such Person or to the ownership of its properties which do not in the aggregate materially adversely affect the value of said
properties or materially impair their use in the operation of the business of such Person; 
 (9) leases, licenses, subleases
and sublicenses of assets (including, without limitation, real property and intellectual property rights) which do not materially interfere with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; 

(10) Liens existing on the Issue Date (other than Liens permitted under clause (1)); 

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

  
 18 

 (12) judgment Liens not giving rise to an Event of Default so long as such
Lien is adequately bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired; 

(13) any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or
similar arrangement pursuant to any joint venture or similar agreement; 
 (14) Liens for the purpose of securing the payment
of all or a part of the purchase price of, purchase money obligations or other payments Incurred to finance the acquisition, lease, improvement or construction of or repairs or additions to, assets or property acquired or constructed by the Company
or a Restricted Subsidiary in the ordinary course of business; provided that: (a) the aggregate principal amount of Debt secured by such Liens is otherwise permitted to be Incurred under this Indenture and does not exceed the cost of the
assets or property so acquired or constructed; and (b) such Liens are created within 180 days of the later of the acquisition, lease, completion of improvements, construction, repairs or additions or commencement of full operation of the assets
or property subject to such Lien and do not encumber any other assets or property of the Company or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto; 

(15) any interest or title of a lessor under any Finance Lease Obligation; provided that such Liens do not extend to any
property or assets which is not leased property subject to such Finance Lease Obligation; 
 (16) Liens upon specific items
of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory
or other goods; 
 (17) Liens securing reimbursement obligations with respect to commercial letters of credit which encumber
documents and other property relating to such letters of credit and products and proceeds thereof; 
 (18) Liens encumbering
deposits made to secure obligations arising from statutory, regulatory, contractual, or warranty requirements of the Company or any of its Subsidiaries, including rights of offset and set-off; 

(19) Liens securing Permitted Interest Rate, Currency or Commodity Price Agreements; 

(20) Liens to secure Debt of any Foreign Subsidiary of the Company or any Restricted Subsidiary that is not a Subsidiary
Guarantor securing Debt of such Foreign Subsidiary or such Restricted Subsidiary that is permitted by the terms of this Indenture to be Incurred; 

  
 19 

 (21) Liens on cash, cash equivalents or other property arising in connection
with the discharge or redemption of Debt; 
 (22) Liens on any real property constituting exceptions to title as set forth in
a mortgage title policy delivered to a secured lender with respect thereto; 
 (23) Liens on insurance policies and the
proceeds thereof securing the financing of premiums with respect thereto; provided that such Liens shall not exceed the amount of such premiums so financed; 

(24) Liens in favor of the Company or a Restricted Subsidiary; 

(25) Liens not otherwise covered by clauses (1) through (24) securing Debt in an aggregate amount outstanding at any one
time not to exceed $75.0 million; and 
 (26) Liens securing Debt Incurred to refinance Debt (other than Liens permitted
under clause (1)) that was previously so secured (or otherwise replacing any such Lien), provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or
distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could secure) the Debt being refinanced or is in respect of property that is the security for a Permitted Lien hereunder. 

“Permitted Refinancing Debt” means any Debt of the Company or any of its Restricted Subsidiaries issued in exchange for, or
the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Debt of the Company or any of its Restricted Subsidiaries; provided that: 

(1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Debt does not exceed the principal
amount of, plus premium, if any, and accrued and unpaid interest on the Debt so extended, refinanced, renewed, replaced, defeased or refunded (plus the amount of reasonable expenses incurred in connection therewith); 

(2) the Permitted Refinancing Debt has a final maturity date no earlier than the earlier of the final maturity date of the Debt
being extended, refinanced, renewed, replaced, deferred or refunded or 91 days after the final maturity date of the Notes; 

(3) the Permitted Refinancing Debt has an Average Life at the time such Permitted Refinancing Debt is Incurred that is equal to
or greater than the shorter of (A) the Average Life of the Debt being extended, refinanced, renewed, replaced, deferred or refunded and (B) 91 days after the Average Life of the Notes; 

  
 20 

 (4) if the Debt being extended, refinanced, renewed, replaced, defeased or
refunded is subordinated in right of payment to the Notes or a Subsidiary Guarantee, such Permitted Refinancing Debt is subordinated in right of payment to the Notes or such Subsidiary Guarantee on terms at least as favorable, taken as a whole, to
the Holders of Notes as those contained in the documentation governing the Debt being extended, refinanced, renewed, replaced, defeased or refunded; and 

(5) such Debt shall not include Debt of a Restricted Subsidiary that is not a Subsidiary Guarantor that refinances Debt of the
Company or a Subsidiary Guarantor. 
 “Person” means any individual, corporation, partnership, limited liability company,
joint venture, incorporated or unincorporated association, joint-stock company, trust, mutual fund trust, unincorporated organization or government or other agency or political subdivision thereof or other legal entity of any kind. 

“Preferred Stock” of any Person means Capital Stock of such Person of any class or classes (however designated) that ranks
prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding-up of such Person, to shares of Capital Stock of any other class
of such Person. 
 “Rating Agencies” means Moody’s and S&P. 

“Receivables” means receivables, chattel paper, instruments, documents or intangibles evidencing or relating to the right to
payment of money. 
 “Receivables Sale” of any Person means any sale of Receivables of such Person (pursuant to a purchase
facility or otherwise), other than in connection with a disposition of the business operations of such Person relating thereto or a disposition of defaulted Receivables for purposes of collection and not as a financing arrangement. 

“Redeemable Stock” of any Person means any Capital Stock of such Person that by its terms (or by the terms of any security
into which it is convertible or for which it is exchangeable) or otherwise (including upon the occurrence of an event) matures or is required to be redeemed (other than in exchange for Capital Stock of the Company that is not Redeemable Stock) or is
convertible into or exchangeable for Debt or is redeemable at the option of the holder thereof (other than in exchange for Capital Stock of the Company that is not Redeemable Stock), in whole or in part, at any time prior to the final Stated
Maturity of the Notes. Notwithstanding the preceding sentence, any Capital Stock that would constitute Redeemable Stock solely because the holders thereof have the right to require the Company to repurchase such Capital Stock upon the occurrence of
a change of control or an asset sale shall not constitute Redeemable Stock if the terms of such Capital Stock provide that the Company shall not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or
redemption complies with Section 4.7. 
 “Regulation S Legend” means the legend identified as such in Exhibit
A. 

  
 21 

 “Replacement Assets” means: 

(1) properties and assets (other than cash, Cash Equivalents, any Capital Stock or other security) that will be used in the
automotive retail business, the business of the Company and its Restricted Subsidiaries as conducted on the Issue Date or any business ancillary thereto or supportive thereof; and 

(2) Capital Stock of any Person that is engaged in the automotive retail business, the business of the Company and its
Restricted Subsidiaries as conducted on the Issue Date or any business ancillary thereto or supportive thereof and that will be merged or consolidated with or into the Company or a Restricted Subsidiary or that will become a Restricted Subsidiary.

 “Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of
the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of
this Indenture. 
 “Restricted Notes Legend” means the legend identified as such in Exhibit A. 

“Restricted Subsidiary” means any Subsidiary of the Company, whether existing on or after the Issue Date, unless such
Subsidiary is an Unrestricted Subsidiary. 
 “Revolving Credit Facility” means the Eleventh Amended and Restated Revolving
Credit Agreement dated as of June 27, 2019 among the Company, its subsidiaries listed therein, U.S. Bank, National Association, as administrative agent, Comerica Bank, as floorplan agent, JPMorgan Chase Bank, N.A., Bank of America, N.A. and
Wells Fargo Bank, N.A., as syndication agents, BBVA USA and Branch Banking & Trust Company as documentation agents and other lending institutions party thereto and any amendment, modification, renewal, extension, refinancing, refunding or
replacement thereof in one or more agreements. 
 “S&P” means S&P Global Ratings, and any successor to its rating
agency business. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Significant Restricted Subsidiary” means, at any date of determination, any Restricted Subsidiary that, together with its
Restricted Subsidiaries represents 10% or more of the Company’s total consolidated assets at the end of the most recent fiscal quarter for which financial information is available or 10% or more of the Company’s consolidated net revenues
or consolidated operating income for the most recent four quarters for which financial information is available. 
 “Stated
Maturity” means, when used with respect to any Debt or any installment of interest on such Debt, the dates specified in such Debt as the fixed date on which the principal of such Debt or such installment of interest, as the case may be, is
due and payable. 

  
 22 

 “Subordinated Debt” means Debt of the Company or a Subsidiary Guarantor
that is expressly subordinated or junior in right of payment to the Notes or a Subsidiary Guarantee, as applicable, pursuant to a written agreement to that effect. 

“Subsidiary” of any Person means: 

(1) a corporation more than 50% of the combined voting power of the outstanding Voting Stock of which is owned, directly or
indirectly, by such Person or by one or more other Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof, or 

(2) any other Person (other than a corporation) in which such Person, or one or more other Subsidiaries of such Person or such
Person and one or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership and power to direct the policies, management and affairs thereof. 

“Subsidiary Guarantee” means the Guarantee by any Subsidiary Guarantor of the Company’s obligations under this
Indenture. 
 “Subsidiary Guarantor” means each Restricted Subsidiary of the Company on the Issue Date that is a
party to this Indenture for purposes of providing a Subsidiary Guarantee with respect to the Notes, and each other Restricted Subsidiary that is required to, or at the election of the Company, does become a Subsidiary Guarantor by the terms of this
Indenture after the Issue Date and their respective successors and assigns, in each case, until such Person is released from its Subsidiary Guarantee in accordance with the terms of this Indenture. 

“Total Leverage Ratio” means, as of any date of determination, the ratio of (1) Debt for money borrowed of the Company
and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which quarterly or annual financial statements prepared on a consolidated basis in accordance with GAAP are available (the “balance sheet date”) to
(2) Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the period of the most recently completed four consecutive fiscal quarters ending on the balance sheet date. The Total Leverage Ratio shall be adjusted on a pro forma
basis in a manner consistent with the definition of “Consolidated Coverage Ratio.” 
 “Transfer Restricted Notes”
means Notes that bear or are required to bear the Restricted Notes Legend. 
 “Treasury Rate” means, with respect to any
redemption date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly
available at least two Business Days prior to such redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to
August 15, 2023; provided, however, that if the period from such redemption date to August 15, 2023 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant
maturity of one year shall be used. 

  
 23 

 “Trustee” has the meaning set forth in the preamble of this Indenture and
any successor thereto. 
 “United States” or “U.S.” means the United States of America. 

“U.S. Government Obligations” means direct non-callable obligations of, or guaranteed
by, the United States for the payment of which guarantee or obligations the full faith and credit of the United States is pledged. 

“Voting Stock” of any Person means Capital Stock of such Person which ordinarily has voting power for the election of
directors (or persons performing similar functions) of such Person, whether at all times or only so long as no senior class of securities has such voting power by reason of any contingency. 

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

  
 24 

 SECTION 1.2. Other Definitions. 

 

						
	 Term
	  	Defined in Section
	“acceleration declaration”	  	      6.2
	“Act”	  	    11.14
	“Alternate Offer”	  	      4.13
	“Authentication Order”	  	      2.2
	“Change of Control Offer”	  	      4.13
	“Change of Control Purchase Price”	  	      4.13
	“Covenant Defeasance”	  	      8.3
	“Deposit Trustee”	  	      8.5
	“EDGAR”	  	      4.3(a)
	“Event of Default”	  	      6.1
	“Excess Proceeds”	  	      4.10(c)
	“Institutional Accredited Investor Note”	  	      2.1(b)
	“LCT Election”	  	      1.4
	“LCT Test Date”	  	      1.4
	“Legal Defeasance”	  	      8.2
	“Note Amount”	  	      4.10(c)(1)
	“Offer Date”	  	      4.10(c)
	“Offer Expiration Date”	  	      1.1
	“Offered Price”	  	      4.10(c)
	“Pari Passu Debt Amount”	  	      4.10(c)(2)
	“Pari Passu Offer”	  	      4.10(c)(2)
	“Permitted Debt”	  	      4.9(b)
	“Purchase Date”	  	      1.1
	“QIBs”	  	      2.1(b)
	“Registrar”	  	      2.3
	“Regulation S”	  	      2.1(b)
	“Regulation S Global Note”	  	      2.1(b)
	“Required Filing Dates”	  	      4.3(a)
	“Resale Restriction Termination Date”	  	      2.15(a)
	“Restricted Payment”	  	      4.7(a)(4)
	“Restricted Period”	  	      2.15(b)
	“Rule 144A”	  	      2.1(b)
	“Rule 144A Global Note”	  	      2.1(b)
	“Successor Company”	  	      5.1(a)(1)
	“Successor Subsidiary Guarantor”	  	      5.1(b)(1)(A)
	“Unrestricted Subsidiary”	  	      4.16(a)

  
 25 

 SECTION 1.3. Rules of Construction. Unless the context otherwise
requires: 
 (1) a term has the meaning assigned to it herein; 

(2) an accounting term not otherwise defined herein has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

(4) words in the singular include the plural, and in the plural include the singular; 

(5) unless otherwise specified, any reference to Section, Article or Exhibit refers to such Section, Article or Exhibit, as the
case may be, of this Indenture; 
 (6) provisions apply to successive events and transactions; 

(7) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not any particular Article, Section, clause or other subdivision; and 
 (8) references to sections
of or rules under the Securities Act or the Exchange Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time. 

SECTION 1.4. Limited Condition Transactions. When calculating the availability under any basket or ratio under this Indenture or
compliance with any provision of this Indenture in connection with any Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the Incurrence or issuance of Debt and the use of the proceeds
thereof, the Incurrence of Liens, repayments, Restricted Payments and Asset Dispositions), in each case, at the option of the Company (the Company’s election to exercise such option, an “LCT Election”), the date of determination for
availability under any such basket or ratio and whether any such action or transaction is permitted (or any requirement or condition therefor is complied with or satisfied (including as to the absence of any Default or Event of Default)) under this
Indenture shall be deemed to be the date (the “LCT Test Date”) the definitive agreements for such Limited Condition Transaction are entered into (or, if applicable, the date of delivery of an irrevocable notice, declaration of a dividend
or similar event) and if, after giving pro forma effect to the Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the Incurrence or issuance of Debt and the use of proceeds thereof,
the Incurrence of Liens, repayments, Restricted Payments and Asset Dispositions) and any related pro forma adjustments, the Company or any of its Restricted Subsidiaries would have been permitted to take such actions or consummate such transactions
on the relevant LCT Test Date in compliance with such ratio, test or basket (and any related requirements and conditions), such ratio, test or basket (and any related requirements and conditions) shall be deemed to have been complied with (or
satisfied) for all purposes; provided that (a) compliance with such ratios, tests or baskets (and any related requirements and conditions) shall not be determined or tested at any time after the applicable LCT Test Date for such Limited
Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the Incurrence or issuance of Debt and the use of proceeds thereof, the Incurrence of Liens, repayments, Restricted Payments and Asset Sales)
and (b) Consolidated 

  
 26 

 
Cash Flow for purposes of the Consolidated Coverage Ratio will be calculated using an assumed interest rate based on the indicative interest margin contained in any financing commitment
documentation with respect to such Debt or, if no such indicative interest margin exists, as reasonably determined by the Company in good faith. 

For the avoidance of doubt, if the Company has made an LCT Election, (1) if any of the ratios, tests or baskets for which compliance was
determined or tested as of the LCT Test Date would at any time after the LCT Test Date have been exceeded or otherwise failed to have been complied with as a result of fluctuations in any such ratio, test or basket, including due to fluctuations in
Consolidated Cash Flow of the Company, such baskets, tests or ratios will not be deemed to have been exceeded or failed to have been complied with as a result of such fluctuations (and no Default or Event of Default shall be deemed to have occurred
due to such failure to comply), and (2) in calculating the availability under any ratio, test or basket in connection with any action or transaction unrelated to such Limited Conditional Transaction following the relevant LCT Test Date and
prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement or date for redemption, purchase or repayment specified in an irrevocable notice for such Limited Condition
Transaction is terminated, expires or passes, as applicable, without consummation of such Limited Condition Transaction, any such ratio, test or basket shall be determined or tested giving pro forma effect to such Limited Condition Transaction. 

ARTICLE II 
 THE NOTES 

SECTION 2.1. Form and Dating. The Notes shall be substantially in the form of Exhibit A attached
hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. The Notes will be issued in registered form, without coupons, and in denominations
of $2,000 and integral multiples of $1,000 in excess thereof. The registered Holder will be treated as the owner of such Note for all purposes. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Company and
the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the
provisions of this Indenture shall govern and be controlling. 
 (a) The Notes shall be issued initially in the form of one
or more Global Notes, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Note Custodian, and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and
authenticated by the Trustee as hereinafter provided. 
 Each Global Note shall represent such of the outstanding Notes as
shall be specified therein, and each shall provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be
reduced or increased, as 

  
 27 

 
appropriate, to reflect exchanges, redemptions and transfers of interests. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes
represented thereby shall be made by the Trustee or the Note Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.6. 

(b) The Initial Notes are being issued by the Company only (i) to “qualified institutional buyers” (as defined
in Rule 144A under the Securities Act (“Rule 144A”)) (“QIBs”) and (ii) in reliance on Regulation S under the Securities Act (“Regulation S”). After such initial issuance, Initial Notes that are
Transfer Restricted Notes may be transferred to QIBs in reliance on Rule 144A, outside the United States pursuant to Regulation S, to IAIs or to the Company, in accordance with certain transfer restrictions. Initial Notes that are offered in
reliance on Rule 144A shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A and bear the Restricted Notes Legend (collectively, the “Rule 144A Global Note”),
deposited with the Note Custodian, duly executed by the Company and authenticated by the Trustee as hereinafter provided. Initial Notes that are offered in offshore transactions in reliance on Regulation S shall be issued in the form of one or more
permanent Global Notes substantially in the form set forth in Exhibit A and bear the Regulation S Legend (collectively, the “Regulation S Global Note”), deposited with the Note Custodian, duly executed by the Company and
authenticated by the Trustee as hereinafter provided. Initial Notes resold to IAIs in the United States shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A and bear the Restricted
Notes Legend (collectively, the “Institutional Accredited Investor Note”), deposited with the Note Custodian, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of
each Global Note may from time to time be increased or decreased by adjustments made on the records of the Note Custodian, at the direction of the Trustee. Transfers of Notes among QIBs, to or by purchasers pursuant to Regulation S and to or by IAIs
shall be represented by appropriate increases and decreases to the respective amounts of the appropriate Global Notes, as more fully provided in Section 2.15. 

(c) Section 2.1(b) shall apply only to Global Notes deposited with or on behalf of the Depositary. 

The Company shall execute and the Trustee shall, in accordance with this Section 2.1 and Section 2.2, authenticate
and deliver the Global Notes that (i) shall be registered in the name of the Depositary or the nominee of the Depositary and (ii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions or held
by the Note Custodian for the Depositary. 
 SECTION 2.2. Execution and Authentication. An Officer shall sign the Notes
for the Company by manual, facsimile or PDF transmission signature. 
 If an Officer whose signature is on a Note no longer holds that
office at the time a Note is authenticated, the Note shall nevertheless be valid. 

  
 28 

 A Note shall not be valid until authenticated by the manual signature of a Responsible
Officer of the Trustee. The signature of a Responsible Officer of the Trustee shall be conclusive evidence that the Note has been authenticated under this Indenture. 

The Trustee shall, upon receipt of a written order of the Company signed by an Officer of the Company (an “Authentication
Order”) directing the Trustee to authenticate the Notes and an Officers’ Certificate and Opinion of Counsel stating that all conditions precedent to the issuance of the Notes contained herein have been complied with, authenticate Notes
for original issue in the aggregate principal amount stated in such written order. 
 The Trustee may appoint an authenticating agent
reasonably acceptable to the Company to authenticate Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by such agent or agents. An authenticating agent has the same rights as an Agent to deal with Holders or the Company. 

SECTION 2.3. Registrar; Paying Agent. The Company shall maintain (i) an office or agency where Notes may be presented
for registration of transfer or for exchange (“Registrar”) and (ii) an office or agency where Notes may be presented for payment to a Paying Agent. The Registrar shall keep a register of the Notes and of their transfer and
exchange. The Company may appoint one or more co-registrars and one or more additional Paying Agents. The term “Registrar” includes any co-registrar, and the
term “Paying Agent” includes any additional Paying Agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company and/or any Restricted Subsidiary may act as Paying Agent or Registrar.The Company
shall notify the Trustee in writing, and the Trustee shall notify the Holders, of the name and address of any Agent not a party to this Indenture. The Company shall enter into an appropriate agency agreement with any Agent not a party to this
Indenture. If the Company fails to appoint or maintain a Registrar or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such, and shall be entitled to appropriate compensation in accordance with Section 7.6. 

The Company initially appoints the Trustee to act as the Registrar and Paying Agent at the Corporate Trust Office of the Trustee. 

The Company initially appoints DTC to act as the Depositary with respect to the Global Notes. 

SECTION 2.4. Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent other than the Trustee to agree in
writing that the Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or interest on the Notes, and shall notify the Trustee of any Default by the
Company in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay to the Trustee all money held by it in trust for the benefit of the Holders or the Trustee. The Company at any time may require a
Paying Agent to pay all money held by it in trust for the benefit of the Holders or the Trustee to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or any of its

  
 29 

 
Subsidiaries) shall have no further liability for such money. If the Company or any of its Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit
of the Holders all money held by it as Paying Agent. Upon the occurrence of any of the events specified in Section 6.1, the Trustee shall serve as Paying Agent for the Notes. 

SECTION 2.5. Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven (7) Business Days before each interest payment date and at such other times as the
Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders, including the aggregate principal amount of the Notes held by each Holder thereof. 

SECTION 2.6. Book-Entry Provisions for Global Notes. 

(a) Each Global Note shall (i) be registered in the name of the Depositary for such Global Notes or the nominee of such
Depositary, (ii) be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions or held by the Note Custodian for the Depositary and (iii) bear the Global Note legends as required by Section 2.6(e).

 Members of, or Participants in, the Depositary shall have no rights under this Indenture with respect to any Global Note
held on their behalf by the Depositary, or the Note Custodian, or under such Global Note, and the Depositary may be treated by the Company, and the Trustee or any Agent and any of their respective agents, as the absolute owner of such Global Note
for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any Agent or their respective agents from giving effect to any written certification, proxy or other authorization furnished by the
Depositary or impair, as between the Depositary and its Participants, the operation of customary practices governing the exercise of the rights of an owner of a beneficial interest in any Global Note. 

Neither the Trustee nor any Agent shall have any responsibility or obligation to any Holder that is a member of (or a
Participant in) the Depositary or any other Person with respect to the accuracy of the records of the Depositary (or its nominee) or of any member or Participant thereof, with respect to any ownership interest in the Notes or with respect to the
delivery of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to the Notes. The Trustee and any Agent may rely (and shall be fully protected in
relying) upon information furnished by the Depositary with respect to its members, Participants and any beneficial owners in the Notes. 

Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary. 

(b) Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to the Depositary,
its successors or their respective nominees. Interests of beneficial owners in a Global Note may be transferred in 

  
 30 

 
accordance with Section 2.15 and the rules and procedures of the Depositary. In addition, certificated Notes shall be transferred to beneficial owners in exchange for their beneficial
interests only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for the Global Notes and a successor depositary is not appointed by the Company within 90 days of such notice, (ii) the
Depositary ceases to be a “clearing agency” registered under the Exchange Act and a successor depositary is not appointed by the Company within 90 days of such notice, (iii) an Event of Default of which a Responsible Officer of the
Trustee has written notice has occurred and is continuing and the Registrar has received a request from any Holder of a Global Note to issue such certificated Notes or (iv) the Company, in its sole discretion, notifies the Trustee in writing
that it elects to cause the issuance of certificated Notes. 
 (c) In connection with the transfer of an entire Global Note
to beneficial owners pursuant to Section 2.6(b), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver to each beneficial owner
identified by the Depositary in exchange for its beneficial interest in such Global Note an equal aggregate principal amount of certificated Notes of authorized denominations. 

(d) The registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including Participants and
Persons that may hold interests through Participants, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(e) Each Global Note shall bear the Global Note Legend on the face thereof. 

(f) At such time as all beneficial interests in Global Notes have been exchanged for certificated Notes, redeemed, repurchased
or cancelled, all Global Notes shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for certificated
Notes, redeemed, repurchased or cancelled, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note, by the Trustee or the Note Custodian, at the direction of the
Trustee, to reflect such reduction. 
 (g) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global
Notes and certificated Notes upon receipt of an Authentication Order in accordance with Section 2.2 or at the Registrar’s request. 

(2) No service charge shall be made to a Holder for any registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any stamp or transfer tax or similar governmental charge payable in connection therewith (other than any such stamp or transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to
Section 2.7, Section 2.10, Section 3.6, Section 4.10, Section 4.13 or Section 9.4). 

  
 31 

 (3) All Global Notes and certificated Notes issued upon any registration of
transfer or exchange of Global Notes or certificated Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes (or interests therein) or certificated
Notes surrendered upon such registration of transfer or exchange. 
 (4) The Registrar is not required (A) to issue, to
register the transfer of or to exchange Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes under Section 3.2 hereof and ending at the close of business on the day of such selection,
(B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a
record date and the next succeeding interest payment date. 
 (5) Prior to due presentment for the registration of a transfer
of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all
other purposes, and none of the Trustee, any Agent, or the Company shall be affected by notice to the contrary. 
 (6) The
Trustee shall authenticate Global Notes and certificated Notes in accordance with the provisions of Section 2.2. Except as provided in Section 2.6(b), neither the Trustee nor the Registrar shall authenticate or deliver any certificated
Note in exchange for a Global Note. 
 (7) Each Holder agrees to indemnify the Company and the Trustee against any liability
that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable United States federal or state securities law. 

(8) Neither the Trustee nor any Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with
any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants or beneficial owners of interests in any Global Note)
other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof. 
 (9) The transferor of any Note held in certificated form shall
provide or cause to be provided to the Trustee all information necessary to allow the 

  
 32 

 
Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Internal Revenue Code of 1986, as
amended. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 

SECTION 2.7. Replacement Notes. If any mutilated Note is surrendered to the Trustee, the Registrar or the Company and the
Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s
requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating
agent from any loss that any of them may suffer if a Note is replaced. The Company, the Trustee and the Agents may charge for their expenses in replacing a Note. 

Every replacement Note is an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
 SECTION 2.8. Outstanding Notes. The Notes outstanding at
any time are all the Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and
those described in this Section 2.8 as not outstanding. Except as set forth in Section 2.9, a Note does not cease to be outstanding because the Company, the Subsidiary Guarantors or any of their respective Affiliates holds the Note. 

If a Note is replaced pursuant to Section 2.7, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is considered paid under Section 4.1 hereof, it
ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate
of any thereof) holds, on the maturity date or date of redemption, money sufficient to pay all amounts under the Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue
interest. 
 SECTION 2.9. Treasury Notes. In determining whether the Holders of the required aggregate principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the Company, the Subsidiary Guarantors or by any of their respective Affiliates shall be considered as though not outstanding, except that for the purposes of determining whether the
Trustee shall be protected in relying on any such direction, waiver or consent, only Notes of which a Responsible Officer of the Trustee has written notice as being so owned shall be so disregarded. Notwithstanding the foregoing, Notes that are to
be acquired by the Company or an Affiliate of the Company pursuant to an exchange offer, tender offer or other agreement shall not be deemed to be owned by such entity until legal title to such Notes passes to such entity. 

  
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 SECTION 2.10. Temporary Notes. Until certificated Notes are ready for delivery,
the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Company considers
appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall upon receipt of a written order of the Company signed by one Officer, authenticate certificated Notes in certificate form in exchange for
temporary Notes. 
 Holders of temporary Notes shall be entitled to all of the benefits of this Indenture. 

SECTION 2.11. Cancellation. The Company at any time may deliver to the Trustee for cancellation any Notes previously
authenticated and delivered hereunder or which the Company may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee. All Notes surrendered for registration of transfer, exchange or payment, if
surrendered to any Person other than the Trustee, shall be delivered to the Trustee. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation. Subject to Sections 2.7
and 2.16, the Company may not issue new Notes to replace Notes that it has redeemed or paid or that have been delivered to the Trustee for cancellation. All cancelled Notes held by the Trustee shall be disposed of in accordance with its customary
practice. 
 SECTION 2.12. Defaulted Interest. If the Company defaults in a payment of interest on the Notes, it shall
pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, which date shall be the earliest practicable date but in all
events at least five (5) Business Days prior to the payment date, in each case at the rate provided in the Notes and in Section 4.1; provided that no special record date shall be required with respect to any defaulted interest that
is paid within the applicable grace period. The Company shall fix or cause to be fixed each such special record date and payment date and shall promptly thereafter notify the Trustee of any such date. At least 15 days before the special record date,
the Company (or the Trustee, in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. The Trustee
will have no duty whatsoever to determine whether any defaulted interest is payable or the amount thereof. 
 SECTION 2.13.
Computation of Interest. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

SECTION 2.14. CUSIP and ISIN Numbers. The Company in issuing the Notes may use “CUSIP” and “ISIN”
numbers, and, if it does so, the Trustee shall use the CUSIP and/or ISIN number in notices of redemption or exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness or
accuracy of such numbers printed in the notice or on the Notes and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or exchange shall not be affected by any defect in or omission of
such numbers. The Company shall promptly notify the Trustee in writing of any change in the CUSIP number and ISIN number. 

  
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 SECTION 2.15. Transfer and Exchange. 

(a) The following provisions shall apply with respect to any proposed transfer of a Rule 144A Note or an Institutional
Accredited Investor Note prior to the date which is one year after the later of the date of its original issue, the original issue date of any Additional Notes and the last date on which the Company or any Affiliate of the Company was the owner of
such securities (or any predecessor thereto) (the “Resale Restriction Termination Date”): 
 (1) a transfer
of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein to a QIB shall be made upon the representation of the transferee, in the form of assignment as set forth on the reverse of the Note, that it is
purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by Rule 144A; 
 (2) a transfer of a Rule 144A
Note or an Institutional Accredited Investor Note or a beneficial interest therein to an IAI shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit D from the proposed
transferee and, if requested by the Company or the Trustee, the receipt by the Trustee or its agent of an Opinion of Counsel, certification and/or other information satisfactory to each of them; and 

(3) a transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein to a non-U.S. person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit C from the proposed transferor and, if requested by the Company or the
Trustee, the delivery of an Opinion of Counsel, certification and/or other information satisfactory to each of them. 
 After the Resale
Restriction Termination Date, interests in a Rule 144A Note or an Institutional Accredited Investor Note may be transferred in accordance with applicable law without requiring the certifications set forth under Exhibit C or Exhibit D
or any additional certification. 

  
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 (b) The following provisions shall apply with respect to any proposed
transfer of a Regulation S Note prior to the date which is forty days after the later of the Issue Date, the closing date of the issuance of any Additional Notes and when the Notes or any predecessor of the Notes are first offered to Persons other
than distributors (as defined in Rule 902 of Regulation S) in reliance on Regulation S (the “Restricted Period”): 

(1) a transfer of a Regulation S Note or a beneficial interest therein to a QIB shall be made upon the representation of the
transferee, in the form of assignment as set forth on the reverse of the Note, that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB,
and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A; 

(2) a transfer of a Regulation S Note or a beneficial interest therein to an IAI shall be made upon receipt by the Trustee
or its agent of a certificate substantially in the form set forth under Exhibit D from the proposed transferee and, if requested by the Company or the Trustee, the delivery of an Opinion of Counsel, certification and/or other information
satisfactory to each of them; and 
 (3) a transfer of a Regulation S Note or a beneficial interest therein to a non-U.S. person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit C hereof from the proposed transferor and, if requested by the Company
or the Trustee, receipt by the Trustee or its agent of an Opinion of Counsel, certification and/or other information satisfactory to each of them. 

After the expiration of the Restricted Period, interests in the Regulation S Note may be transferred in accordance with applicable law without
requiring the certifications set forth under Exhibit C or Exhibit D or any additional certification 
 (c) In
the event that a Global Note is exchanged for Notes in certificated, registered form pursuant to Section 2.6, such Notes may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of clauses
(a) and (b) of this Section 2.15 above (including the certification requirements intended to ensure that such transfers comply with Rule 144A or Regulation S, as the case may be) and such other procedures as may from time to time be
adopted by the Company and notified to the Trustee in writing. 
 (d) Restricted Notes Legend. Upon the transfer,
exchange or replacement of Notes not bearing the Restricted Notes Legend, the Registrar shall deliver Notes that do not bear the Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes bearing the Restricted Notes Legend, the
Registrar shall deliver only Notes that bear the Restricted Notes Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company to the effect that neither such legend nor the related restrictions on
transfer are required in order to maintain compliance with the provisions of the Securities Act. 

  
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 (e) Regulation S Legend. Upon the transfer, exchange or replacement
of Notes not bearing the Regulation S Legend, the Registrar shall deliver Notes that do not bear the Regulation S Legend. Upon the transfer, exchange or replacement of Notes bearing the Regulation S Legend, the Registrar shall deliver only Notes
that bear the Regulation S Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company to the effect that neither such legend nor the related restrictions on transfer are required in order to
maintain compliance with the provisions of the Securities Act. 
 (f) General. By its acceptance of any Note bearing
the Restricted Notes Legend or the Regulation S Legend, as applicable, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Restricted Notes Legend or the Regulation S Legend, as
applicable, and agrees that it shall transfer such Note only as provided in this Indenture. A transfer of a beneficial interest in a Global Note that does not involve an exchange of such interest for a certificated Note or a beneficial interest in
another Global Note shall be subject to compliance with applicable law and the applicable procedures of the Depositary but is not subject to any procedure required by this Indenture. 

In connection with any proposed transfer pursuant to Regulation S or pursuant to any other available exemption from the registration
requirements of the Securities Act (other than pursuant to Rule 144A), the Company may require the delivery of an Opinion of Counsel, other certifications or other information satisfactory to the Company. 

The Registrar shall retain copies of all letters, notices and other written communications received pursuant to this Section 2.15. 

SECTION 2.16. Issuance of Additional Notes. The Company shall be entitled to issue Additional Notes in an unlimited
aggregate principal amount under this Indenture that shall have identical terms as the Initial Notes, other than with respect to the date of issuance, issue price, first interest payment date applicable thereto, first date from which interest will
accrue, transfer restrictions, any registration rights agreement and additional interest with respect thereto; provided that such issuance is not prohibited by the terms of this Indenture, including Section 4.9 and provided,
further, that if any Additional Notes are not fungible with the existing Notes for U.S. federal income tax purposes, as determined by the Company, such Additional Notes will have a separate CUSIP number and ISIN. The Initial Notes and any
Additional Notes shall be treated as a single class for all purposes under this Indenture. 
 With respect to any Additional Notes, the
Company shall set forth in an Officers’ Certificate, a copy of which shall be delivered to the Trustee, the following information: 

(1) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 

(2) the issue price, the issue date, the CUSIP and/or ISIN number of such Additional Notes, the first interest payment date and the amount of
interest payable on such first interest payment date applicable thereto and the date from which interest shall accrue; 

  
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 (3) whether such Additional Notes shall be Transfer Restricted Notes; and 

(4) that such issuance is not prohibited by this Indenture. 

The Trustee shall, upon receipt of the Officers’ Certificate, authenticate the Additional Notes in accordance with the provisions of
Section 2.2 of this Indenture. 
 ARTICLE III 

REDEMPTION AND PREPAYMENT 

SECTION 3.1. Notices to Trustee. If the Company elects to redeem Notes pursuant to the optional redemption provisions of
Section 3.7, it shall furnish to the Trustee, at least five Business Days (or such shorter period as is acceptable to the Trustee) before sending a notice of such redemption, an Officers’ Certificate setting forth the (i) the
paragraph of the Notes and/or section of this Indenture pursuant to which the redemption shall occur, (ii) redemption date (which, in the case of a redemption subject to conditions, may be subject to extension until such conditions are
satisfied), (iii) principal amount of Notes to be redeemed and (iv) the redemption price or the method for determining the redemption price.  

SECTION 3.2. Selection of Notes to Be Redeemed. In the event that less than all of the Notes are to be redeemed at any
time, the Trustee shall select the Notes (or portions of Notes) to be redeemed among the Holders in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not then
listed on a national security exchange, on a pro rata basis (except that any Notes represented by a Global Note will be redeemed by such method the Depositary may require); provided, however, that no Notes of $2,000 in original
principal amount or less shall be redeemed in part. Notwithstanding anything to the contrary stated herein, to the extent any such Notes are held in the form of Global Notes, the Notes to be redeemed shall be selected in accordance with the
applicable procedures and requirements of DTC. 
 SECTION 3.3. Notice of Redemption. The Company shall mail or cause to
be mailed (in each case sent by first class mail) in accordance with Section 11.1 and, in the case of Global Notes given in accordance with DTC procedures, a notice of redemption pursuant to Section 3.7 to each Holder whose Notes are to be
redeemed at its registered address (with a copy to the Trustee), at least 10 days but not more than 60 days before the expected redemption date (except that notices may be delivered more than 60 days before a redemption date if the notice is issued
in accordance with Article VIII) (which, in the case of a redemption subject to conditions, may be subject to extension of not more than three months until such conditions are satisfied). The notice shall identify the Notes to be redeemed (including
the name of the Notes, the series, “CUSIP” numbers and corresponding “ISINs”, if applicable, interest rate, maturity date and, if known, certificate numbers) and shall state: 

(1) the redemption date (which, in the case of a redemption subject to conditions, may be subject to extension until such
conditions are satisfied); 
 (2) the redemption price (or the method by which it is to be determined); 

  
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 (3) if any Note is being redeemed in part, the portion of the principal
amount of such Note to be redeemed and that, after the redemption date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Note (or appropriate
adjustments to the amount and beneficial interests in a Global Note will be made, as appropriate); 
 (4) the name and
address of the Paying Agent; 
 (5) that Notes called for redemption must be surrendered to the Paying Agent to collect the
redemption price; 
 (6) that, unless the Company defaults in making such redemption payment, interest, if any, on Notes
called for redemption ceases to accrue on and after the redemption date; 
 (7) the paragraph of the Notes and/or Section of
this Indenture pursuant to which the Notes called for redemption are being redeemed; 
 (8) that no representation is made as
to the correctness or accuracy of the CUSIP number and ISIN number, if any, listed in such notice or printed on the Notes; and 

(9) any conditions precedent to such redemption. 

At the Company’s written request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s
expense; provided, however, that the Company shall have delivered to the Trustee, at least five Business Days prior to the date of the giving of the notice of redemption (or such shorter period as is acceptable to the Trustee), an
Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in the notice as provided in the preceding paragraph. The notice sent in the manner herein provided shall be deemed to have been
duly given whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Note shall not affect the validity of the proceeding for the redemption of any other Note. 

SECTION 3.4. Effect of Notice of Redemption. Subject to the next paragraph, once notice of redemption is delivered in
accordance with Section 3.3, Notes called for redemption become due and payable on the redemption date at the applicable redemption price. 

Any redemption notice may, at the Company’s discretion, be subject to the satisfaction or waiver of one or more conditions precedent,
including completion of an Equity Offering or other corporate transaction. In addition, if such redemption is subject to satisfaction or waiver of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the
redemption date may be delayed until such time as any or all such conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied
or waived by the redemption date, or by the redemption date so delayed. The Company shall provide written notice of the satisfaction or waiver of such conditions, the delay of such redemption date or the rescission of such notice of redemption to
the Trustee no later than the redemption date, and upon receipt the Trustee shall provide such notice of each holder of the Notes in the same manner in which the notice of redemption was given. 

  
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 SECTION 3.5. Deposit of Redemption Price. On or before 11:00 a.m. (New
York City time) on the redemption date, the Company shall deposit with the Trustee or with the Paying Agent (other than the Company or an Affiliate of the Company) money sufficient to pay the redemption price, together with accrued and unpaid
interest, if any, to the applicable redemption date on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of
the amounts necessary to pay the redemption price and accrued and unpaid interest, if any, to the applicable redemption date on all Notes to be redeemed. 

If the Company has deposited with the Trustee or Paying Agent money sufficient to pay the redemption price of, and unpaid and accrued
interest, if any, on, all Notes to be redeemed, on and after the redemption, interest shall cease to accrue on the Notes or the portions of Notes called for redemption (regardless of whether certificates for such securities are actually
surrendered). If a Note is redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of
business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal from the
redemption until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case, at the rate provided in the Notes and in Section 4.1. 

SECTION 3.6. Notes Redeemed in Part. Upon surrender and cancellation of a Note that is redeemed in part, the Company shall
issue and, upon the written request of an Officer of the Company, the Trustee shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered and canceled;
provided that each such new Note will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. 

SECTION 3.7. Optional Redemption. 

(a) The Notes may be redeemed, in whole or in part, at any time or from time to time prior to August 15, 2023 at the
option of the Company, at a redemption price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date (subject
to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date). The Company will calculate the Treasury Rate and Applicable Premium and, prior to the redemption date, file an
Officers’ Certificate with the Trustee setting forth the Treasury Rate and Applicable Premium and showing the calculation of each in reasonable detail. 

(b) At any time or from time to time on or after August 15, 2023, the Company, at its option, may redeem the Notes in
whole or in part, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set 

  
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forth below, together with accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date (subject to the right of Holders of record on the relevant record date to
receive interest due on the relevant interest payment date), if redeemed during the 12-month period beginning August 15 of the years indicated below: 

 

					
	 Year
	  	Redemption Price	 
	 2023
	  	 	102.000	% 
	 2024
	  	 	101.333	% 
	 2025
	  	 	100.667	% 
	 2026 and thereafter
	  	 	100.000	% 

 (c) In the event that on or before August 15, 2023, the Company receives net cash proceeds
from one or more Equity Offerings, the Company may use an amount not greater than the amount of such net cash proceeds to redeem up to 40% of the original aggregate principal amount of all Notes issued (calculated after giving effect to any issuance
of Additional Notes) at a redemption price of 104.000% of the principal amount thereof, plus accrued and unpaid interest, if any, to but excluding, the applicable redemption date (subject to the rights of Holders of Notes on the relevant regular
record date to receive interest due on the relevant interest payment date that is on or prior to the applicable redemption date); provided that: 

(1) at least 60.0% of the aggregate principal amount of Notes issued on the Issue Date remains outstanding immediately after
giving effect to each such redemption; and 
 (2) the redemption occurs not more than 120 days after the date of the closing
of any such Equity Offering. 
 (d) The Notes may be redeemed as provided in Section 4.13. 

(e) Nothing herein shall limit the ability of the Company or its Affiliates to purchase or acquire Notes in open market
purchases, tender or exchange offers or other negotiated transactions. 
 ARTICLE IV 

COVENANTS 
 SECTION 4.1.
Payment of Notes. 
 (a) The Company shall pay or cause to be paid the principal of, premium, if any, and interest on the
Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid for all purposes hereunder on the date the Trustee or the Paying Agent (if other than the Company or a Subsidiary thereof)
holds, as of 11:00 a.m. (New York City time) on the relevant payment date, U.S. dollars deposited by the Company in immediately available funds and designated for and sufficient to pay all such principal, premium, if any, and interest then due. 

  
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 (b) The Company shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law)
on overdue installments of interest (without regard to any applicable grace period), at the same rate to the extent lawful. 

SECTION 4.2. Maintenance of Office or Agency. The Company shall maintain an office or agency in the United States where
Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company and the Subsidiary Guarantors in respect of the Notes and this Indenture may be served. The Company shall give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The Company may also
from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the United States for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency. 
 The Company hereby designates the Corporate Trust Office of the Trustee as one
such office or agency of the Company in accordance with Section 2.3. 
 SECTION 4.3. Provision of Financial
Information. 
 (a) Whether or not the Company is subject to Section 13(a) or 15(d) of the
Exchange Act, or any successor provision thereto, the Company shall provide to the Trustee and Holders the annual reports, quarterly reports and other reports which the Company would have been required to file with the SEC pursuant to such
Section 13(a) or 15(d), or any successor provision thereto if the Company were so required, such documents to be provided to the Trustee and Holders on or prior to the respective dates (the “Required Filing Dates”) by which the
Company would have been required to file such documents with the SEC if the Company were so required; provided that any such reports and documents filed with the SEC pursuant to its Electronic Data Gathering, Analysis and Retrieval system
(“EDGAR”) (or any successor system) or made publicly available on the Company’s website shall be deemed to have been delivered to the Trustee and the Holders of Notes for purposes of the foregoing requirements. 

(b) So long as any of the Notes remain outstanding, if at any time the Company is not subject to Section 13(a) or 15(d)
under the Exchange Act, the Company will make available to any prospective purchaser of Notes or beneficial owner of Notes, upon their request, the information required by Rule 144A(d)(4) under the Securities Act,

  
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until such time as the Holders of the Notes, other than Holders that are Affiliates of the Company, are able to sell all such Notes immediately without restriction pursuant to the provisions of
Rule 144 under the Securities Act, or any successor provision thereto. 
 (c) In the event that any direct or indirect parent
company of the Company becomes a guarantor of the Notes, the Company may satisfy its obligations under this Section 4.3 with respect to financial information relating to the Company by furnishing financial information relating to such parent
company; provided that the same is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating to the Company and
its Subsidiaries on a standalone basis, on the other hand. 
 (d) Any and all Defaults or Events of Default arising from a
failure to furnish in a timely manner any information required by this covenant shall be deemed cured (and the Company shall be deemed to be in compliance with this covenant) upon furnishing such information as contemplated by this covenant (but
without regard to the date on which such financial statement or report is so furnished). 
 (e) Delivery of reports and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive knowledge or notice of any information contained therein or determinable from information contained
therein, including the Company’s or any Subsidiary Guarantor’s, as the case may be, compliance with any of its covenants under this Indenture (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate of the
Company). The Trustee shall have no obligation or responsibility to determine whether the Company is required to file any report or other information with the SEC, whether the Company’s information is available on EDGAR (or any successor
system) or the Company’s website or whether the Company has otherwise delivered any notice or report in accordance with the requirements specified in this Section 4.3. 

SECTION 4.4. Compliance Certificate. The Company shall deliver to the Trustee, within 90 days after the end of each fiscal
year beginning with the fiscal year ending December 31, 2020, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the
signing Officers with a view to determining whether each has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that, to his or her knowledge, each
entity has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event
of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto). 

The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, within 30 days after any Officer becomes aware of any
Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

  
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 SECTION 4.5. Taxes. The Company shall pay, and shall cause each of its
Subsidiaries to pay, prior to delinquency all material taxes, assessments and governmental levies, except such as are contested in good faith and by appropriate proceedings and with respect to which appropriate reserves have been taken in accordance
with GAAP or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 

SECTION 4.6. Stay, Extension and Usury Laws. The Company and each of the Subsidiary Guarantors covenants (to the extent
that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of this Indenture, and the Company and each of the Subsidiary Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall
not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

SECTION 4.7. Limitation on Restricted Payments. 

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

(1) directly or indirectly declare or pay any dividend on, or make any distribution (including any payment in connection with
any merger or consolidation derived from assets of the Company or any Restricted Subsidiary) in respect of its Capital Stock or to the holders thereof in their capacity as holders of Capital Stock, other than: 

(i) any dividends or distributions by the Company payable solely in shares of its Capital Stock (other than Redeemable Stock)
or in options, warrants or other rights to acquire its Capital Stock (other than Redeemable Stock), and 
 (ii) in the case
of a Restricted Subsidiary, dividends or distributions payable to the Company or a Restricted Subsidiary or, in the case of dividends or distributions made by a Restricted Subsidiary that is not wholly owned, dividends or distributions are made on a
pro rata basis (or on a basis more favorable to the Company), 
 (2) purchase, redeem or otherwise acquire or retire for
value any Capital Stock of the Company or any parent thereof, other than in exchange for Capital Stock (other than Redeemable Stock) of the Company; 

(3) make, any Investment in any Person, other than a Permitted Investment; and 

(4) redeem, repurchase, defease, prepay or otherwise acquire or retire for value, prior to any scheduled maturity, repayment or
sinking fund payment, 

  
 44 

 
any Subordinated Debt (other than Debt owed by the Company or any Restricted Subsidiary of the Company to another Restricted Subsidiary of the Company or the Company, or any such payment on Debt
due within one year of the date of redemption, repurchase, defeasance, prepayment, decrease or other acquisition or retirement) (each of clauses (1) through (4) above being a “Restricted Payment”) unless: 

(i) no Event of Default, or an event that with the passing of time or the giving of notice, or both, would constitute an Event
of Default, has occurred and is continuing or would result from such Restricted Payment, 
 (ii) after giving pro forma
effect to such Restricted Payment as if such Restricted Payment had been made at the beginning of the applicable four fiscal quarter period, the Company could Incur at least $1.00 of additional Debt pursuant to Section 4.9(a), and 

(iii) upon giving effect to such Restricted Payment, the aggregate of all Restricted Payments declared or made subsequent to
the Issue Date (other than pursuant to clauses (2) and (4) through (11) of Section 4.7(b)) does not exceed the sum of: 

(1) 50% of cumulative Consolidated Net Income (or, in the case Consolidated Net Income shall be negative, less 100% of such
deficit) of the Company since July 1, 2020 through the last day of the last full fiscal quarter ending immediately preceding the date of such Restricted Payment for which quarterly or annual financial statements are publicly available (taken as
a single accounting period), plus 
 (2) (i) 100% of the aggregate net cash proceeds, and the Fair Market Value of property
other than cash, in each case received by the Company or a Restricted Subsidiary after the Issue Date from contributions of capital or the issuance and sale (other than to a Subsidiary of the Company) of Capital Stock (other than Redeemable Stock)
of the Company or any options, warrants or other rights to acquire Capital Stock (other than Redeemable Stock) of the Company, or any net payment received by the Company in connection with the termination or settlement of options relating to its
Capital Stock, provided that any such net proceeds received by the Company from an employee stock ownership plan financed by loans from the Company or a Subsidiary of the Company shall be included only to the extent such loans have been
repaid with cash on or prior to the date of determination, (ii) 100% of the aggregate net cash proceeds received by the Company after the Issue Date from the issuance and sale of convertible or exchangeable Debt of the Company that has been
converted into or exchanged for Capital Stock (other than Redeemable Stock and other than by or from a Subsidiary of the Company) of the Company, provided that any such net proceeds received by the Company from an employee stock ownership
plan financed by 

  
 45 

 
loans from the Company or a Subsidiary of the Company shall be included only to the extent such loans have been repaid with cash on or prior to the date of determination, and (iii) without
duplication, any reduction of Debt on the balance sheet of the Company to the extent such Debt is converted into or exchanged for Capital Stock of the Company (other than Redeemable Stock) after the Issue Date, plus 

(3) in the case of a disposition, liquidation or repayment (including by way of dividends) of Investments by the Company and
its Restricted Subsidiaries, subsequent to the Issue Date, in any Person subject to clause (3) above, an amount (to the extent not included in Consolidated Net Income) equal to the lesser of the return on capital with respect to such Investment
and the initial amount of such Investment, in either case, less the cost of the disposition of such Investment and net of taxes; plus 

(4) in the case of a designation of an Unrestricted Subsidiary as a Restricted Subsidiary, the Fair Market Value of the
Company’s interest in such Subsidiary, plus 
 (5) $146.7 million. 

(b) Notwithstanding the foregoing, Section 4.7(a) will not prohibit: 

(1) payment of any dividend on Capital Stock of any class within 60 days after the declaration thereof, or redemption of any
Subordinated Debt within 30 days after giving notice of redemption thereof, if, on the date when the dividend was declared or such notice of redemption given, the Company or such Restricted Subsidiary could have paid such dividend or redeemed such
Subordinated Debt in accordance with this Section 4.7; 
 (2) repayment or refinancing of any Subordinated Debt with
Permitted Refinancing Debt, or any Restricted Payment made in exchange for, by conversion into or out of the net proceeds of the substantially concurrent sale (other than from or to a Subsidiary of the Company or from or to an employee stock
ownership plan financed by loans from the Company or a Subsidiary of the Company) of shares of Capital Stock (other than Redeemable Stock) of the Company; 

(3) the payment of dividends on the Company’s shares of Common Stock in the aggregate amount per fiscal year equal to
$1.20 per share for each share of Common Stock (or any securities convertible into Common Stock to the extent they are entitled to such a dividend) of the Company outstanding as of the applicable record date for such dividends (as such $1.20 shall
be adjusted for specified changes in the capitalization of the Company upon recapitalizations, reclassifications, stock splits, stock dividends, reverse stock splits, stock consolidations and similar transactions); 

  
 46 

 (4) the acquisition of shares of Capital Stock in connection with
(x) the exercise of employee or director stock options or stock appreciation rights by way of cashless exercise and (y) the withholding of a portion of such Capital Stock to pay taxes associated therewith, and the purchase of fractional
shares of Capital Stock of the Company or any Restricted Subsidiary arising out of stock dividends, splits or combinations or business combinations; 

(5) the acquisition of shares of the Company’s Capital Stock pursuant to equity repurchases from future, present or former
directors, officers or employees in an amount of up to $10.0 million per any calendar year (and any portion of such $10.0 million not used in any calendar year may be carried forward to the next succeeding calendar year); 

(6) dividends on Redeemable Stock of the Company or a Restricted Subsidiary, or dividends on Preferred Stock of a Restricted
Subsidiary, in each case incurred in compliance with Section 4.9; 
 (7) the payment of cash in lieu of the issuance of
Capital Stock in connection with the conversion, retirement, repurchase or redemption of any series of convertible debt securities of the Company or its Restricted Subsidiaries; 

(8) upon the occurrence of a Change of Control or an Asset Disposition and after the completion of the Offer to Purchase under
Section 4.10 or 4.13 (including the purchase of all Notes tendered and required to be purchased), any purchase, repurchase, redemption, defeasance, acquisition or other retirement for value of Subordinated Debt required under the terms thereof
as a result of such Change of Control or Asset Disposition at a purchase or redemption price not to exceed 101% (in the case of a Change of Control) or 100% (in the case of an Asset Disposition) of the outstanding principal amount thereof, plus
accrued and unpaid interest thereon, if any; provided that, in the case of an Asset Disposition, such purchase, repurchase, redemption, defeasance, acquisition or other retirement for value of Subordinated Debt does not exceed the Net
Available Proceeds from such Asset Disposition; 
 (9) the payment of the deferred purchase price or earn-outs, including
holdbacks (and the receipt of any corresponding consideration therefor), or payments with respect to fractional shares, in each case in connection with an acquisition to the extent such payment would have been permitted by this Indenture at the time
of such acquisition; 
 (10) Restricted Payments in an aggregate amount not to exceed $30.0 million per calendar year so
long as, after giving pro forma effect thereto, the Total Leverage Ratio of the Company would not exceed 3.25 to 1.00; and 

(11) other Restricted Payments in an aggregate amount not to exceed $50.0 million; 

  
 47 

 provided, however, that at the time of, and after giving effect to, any
Restricted Payment permitted under clauses (5), (6), (8), (10) and (11), no Default shall have occurred and be continuing or would otherwise occur as a consequence thereof. 

The amount of net proceeds from any exchange for, conversion into or sale of Capital Stock of the Company pursuant to foregoing
clause (2) of this Section 4.7(b) shall be excluded from the calculation of the amount available for Restricted Payments pursuant to clause (a)(4)(iii)(2) of this Section 4.7. 

(c) For purposes of determining compliance with this Section 4.7, if a Restricted Payment meets the criteria of more than
one of the types of Restricted Payments described in clauses (1) through (11) of Section 4.7(b) or pursuant to Section 4.7(a), the Company, in its sole discretion, may order and classify, and subsequently reorder and reclassify, such
Restricted Payment in any manner in compliance with this Section 4.7. 
 (d) For purposes of this Section 4.7, if a
particular Restricted Payment involves a non-cash payment, including a distribution of assets, then such Restricted Payment shall be deemed to be an amount equal to the cash portion of such Restricted Payment,
if any, plus an amount equal to the Fair Market Value of the non-cash portion of such Restricted Payment. The Fair Market Value of any assets or securities that are required to be valued for purposes of this
Section 4.7 will be determined by, in the case of amounts under $50.0 million, by an Officer of the Company and, in the case of amounts greater than or equal to $50.0 million, the Board of Directors of the Company (and a copy of the
resolution with respect thereto will be delivered to the Trustee). 
 SECTION 4.8. Limitation on Dividend and Other Restrictions
Affecting Restricted Subsidiaries. 
 (a) The Company shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary: 

(1) to pay dividends (in cash or otherwise) or make any other distributions in respect of its Capital Stock owned by the
Company or any other Restricted Subsidiary or pay any Debt or other obligation owed to the Company or any other Restricted Subsidiary (it being understood that the priority of any Preferred Stock in receiving dividends, distributions or liquidating
distributions prior to dividends, distributions or liquidating distributions being paid on Capital Stock shall not be deemed a restriction on the ability to make distributions on Capital Stock); 

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

(3) otherwise to transfer any of its property or assets to the Company or any other Restricted Subsidiary. 

  
 48 

 (b) Notwithstanding the restrictions in Section 4.8(a), the Company
may, and may permit any Restricted Subsidiary to, suffer to exist any such encumbrance or restriction: 
 (1) pursuant to any
agreement in effect on the Issue Date (including the Revolving Credit Facility); 
 (2) pursuant to this Indenture, the Notes
and the Subsidiary Guarantees; 
 (3) pursuant to an agreement relating to any Debt Incurred by or Capital Stock of a Person
(other than a Restricted Subsidiary existing on the Issue Date or any Restricted Subsidiary carrying on any of the businesses of any such Restricted Subsidiary) prior to the date on which such Person became a Restricted Subsidiary and outstanding on
such date and not Incurred in connection with, or anticipation of, becoming a Restricted Subsidiary, which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person so acquired;
provided, that the Incurrence of such Debt was permitted under Section 4.9; 
 (4) pursuant to an agreement
effecting a renewal, refunding, replacement, refinancing or extension of Debt Incurred pursuant to an agreement referred to in clause (1) or (3) of this Section 4.8(b); provided, however, that the provisions contained in such
renewal, refunding, replacement, refinancing or extension agreement relating to such encumbrance or restriction are not materially more restrictive, taken as a whole, than the provisions contained in the agreement being renewed, refunded, replaced,
refinanced or extended; 
 (5) in the case of a restriction described in clause (3) of Section 4.8(a), contained in
any security agreement (including a Finance Lease or any Floor Plan Debt facility) securing Debt of a Restricted Subsidiary otherwise permitted under this Indenture, but only to the extent such restrictions restrict the transfer of the assets or
property subject to such security agreement; provided that any such encumbrance or restriction is released to the extent the underlying Lien is released or the related Debt repaid; 

(6) in the case of a restriction described in clause (3) of Section 4.8(a), consisting of customary non-assignment provisions entered into in the ordinary course of business in leases and other contracts to the extent such provisions restrict the transfer or subletting of any such lease or the assignment of rights
under any such contract; 
 (7) which is contained in a franchise or other agreement entered into in the ordinary course of
business with an motor vehicle manufacturer and which has terms reasonably customary for such agreements between or among such motor vehicle manufacturer, its dealers and/or the owners of such dealers; 

  
 49 

 (8) with respect to a Restricted Subsidiary, imposed pursuant to an
agreement which has been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Restricted Subsidiary, provided that such restriction terminates if such transaction is closed or abandoned;

 (9) in bona fide contracts for the sale of any property or assets; 

(10) any encumbrance or restriction contained in the terms of any Debt or Capital Stock otherwise permitted to be Incurred
under this Indenture if the Company determines that any such encumbrance or restriction either (i) will not materially affect the Company’s ability to make principal or interest payments on the Notes and such restrictions are not
materially less favorable to Holders of Notes than is customary in comparable financings or (ii) are not materially more restrictive, taken as a whole, with respect to any Restricted Subsidiary than those in effect on the Issue Date with
respect to that Restricted Subsidiary pursuant to agreements in effect on the Issue Date or those contained in this Indenture or the Revolving Credit Facility, in each case as determined in good faith by the Board of Directors or an Officer of the
Company; 
 (11) restrictions applicable to Foreign Subsidiaries in agreements or instruments governing Debt of Foreign
Subsidiaries; or 
 (12) if such encumbrance or restriction is the result of applicable laws or regulations. 

SECTION 4.9. Limitation on Debt. 

(a) The Company shall not, and shall not permit any Restricted Subsidiary to, Incur any Debt except that the Company and any
Restricted Subsidiary may Incur Debt if after giving pro forma effect to the Incurrence of such Debt and the receipt and application of the proceeds thereof the Consolidated Coverage Ratio of the Company would be not less than 2.00 to 1.00. 

(b) Notwithstanding the above, the following Debt may be Incurred (collectively, the “Permitted Debt”): 

(1) Debt of the Company or any Restricted Subsidiary under one or more Credit Facilities in an aggregate principal amount
Incurred under this clause (1) at any one time outstanding (excluding, for the avoidance of doubt, Debt Incurred under clauses (2) or (3) below) not to exceed the greater of (i) $400.0 million and (ii) 10% of the Company’s
Consolidated Total Assets determined at the time of such Incurrence; 
 (2) Debt of the Company or any Restricted Subsidiary
consisting of Floor Plan Debt; 

  
 50 

 (3) Debt of the Company or any Restricted Subsidiary under one or more
Mortgage Facilities Incurred under this clause (3) at any one time outstanding not to exceed the greater of (i) $400.0 million and (ii) 10% of Consolidated Total Assets determined at the time of such Incurrence; 

(4) Debt of the Company or any Restricted Subsidiary outstanding on the Issue Date and not otherwise referred to in clauses
(1), (2) or (3) of this Section 4.9(b); 
 (5) Debt owed by the Company to any Restricted Subsidiary or Debt owed
by a Restricted Subsidiary to the Company or a Restricted Subsidiary; provided, however, that: 
 (A) any such
Debt owing by the Company or a Subsidiary Guarantor to a Restricted Subsidiary that is not a Subsidiary Guarantor shall be expressly subordinated to the prior payment in full in cash of all obligations with respect to the Notes, and 

(B) upon either the transfer or other disposition by such Restricted Subsidiary or the Company of any Debt so permitted to a
Person other than the Company or another Restricted Subsidiary or the issuance (other than directors’ qualifying shares), sale, lease, transfer or other disposition of shares of Capital Stock (including by consolidation or merger) of such
Restricted Subsidiary to a Person other than the Company or another Restricted Subsidiary such that it ceases to be a Restricted Subsidiary, the provisions of this clause (5) shall no longer be applicable to such Debt and such Debt shall be
deemed to have been Incurred at the time of such transfer or other disposition; 
 (6) Debt consisting of the Notes (other
than any Additional Notes); 
 (7) the Subsidiary Guarantees and Guarantees by the Company or any Restricted Subsidiary of
any Debt of the Company or a Restricted Subsidiary permitted to be Incurred under this Indenture; 
 (8) Debt of the Company
or any of its Restricted Subsidiaries represented by Finance Lease Obligations or purchase money obligations, in each case, Incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of
property, plant or equipment used in the business of the Company or such Restricted Subsidiary, in an aggregate principal amount, including all Debt Incurred to refund or refinance any Debt Incurred pursuant to this clause (8), not to exceed, at any
one time outstanding, the greater of (i) $75.0 million and (ii) 2.0% of Consolidated Total Assets determined at the time of Incurrence; 

(9) Debt of the Company or any Restricted Subsidiary consisting of Permitted Interest Rate, Currency or Commodity Price
Agreements; 

  
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 (10) Permitted Acquisition Debt; 

(11) Debt of Foreign Subsidiaries in an aggregate amount Incurred pursuant to this clause (11) at any one time outstanding
not to exceed the greater of (i) $50.0 million and (ii) 1.5% of Consolidated Total Assets of the Company determined at the time of such Incurrence; 

(12) Permitted Refinancing Debt which is exchanged for or the proceeds of which are used to refinance or refund, or any
extension or renewal of Debt Incurred pursuant to Section 4.9(a) or pursuant to clauses (4), (6), (7), (8), (10) or (16) of this definition of Permitted Debt and this clause (12); 

(13) obligations arising from agreements by the Company or a Restricted Subsidiary to provide for indemnification, customary
purchase price closing adjustments, earn-outs or other similar obligations, in each case, Incurred in connection with the acquisition or disposition of any business or assets; 

(14) Debt Incurred by the Company or its Restricted Subsidiaries in respect of workers’ compensation claims, health,
disability or other employee benefits or property, casualty or liability insurance, self- insurance obligations, performance, bid, surety and similar bonds and completion Guarantees (not for borrowed money) provided in the ordinary course of
business; 
 (15) Debt of the Company or any of its Restricted Subsidiaries arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Debt is
extinguished within five business days of Incurrence; and 
 (16) in addition to the items referred to in clauses
(1) through (15) above, Debt of the Company or any Restricted Subsidiary which, together with any other outstanding Debt Incurred pursuant to this clause (16), and including any renewals, extensions, substitutions, refinancings or replacements
of such Debt, has an aggregate principal amount at any one time outstanding not to exceed the greater of (i) $100.0 million and (ii) 2.5% of Consolidated Total Assets determined at the time of Incurrence. 

(c) For purposes of determining compliance with, and the outstanding principal amount of any particular Debt Incurred pursuant
to, and in compliance with, this Section 4.9: 
 (1) in the event that Debt meets the criteria of more than one of the
types of Debt described in Section 4.9(a) and Section 4.9(b) of this covenant, the Company, in its sole discretion, may classify such item of Debt on the date of Incurrence (or later classify or reclassify such Debt, in its sole
discretion) in any manner permitted by this covenant and shall only be required to include the amount and type of such Debt in one of such clauses; 

  
 52 

 (2) Guarantees of, or obligations in respect of letters of credit relating
to, Debt which is otherwise included in the determination of a particular amount of Debt shall not be included; 
 (3) the
principal amount of any Redeemable Stock or Preferred Stock of the Company or a Restricted Subsidiary will be equal to the greater of the maximum redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or
the liquidation preference thereof; 
 (4) Debt permitted by this covenant need not be permitted solely by reference to one
provision permitting such Debt but may be permitted in part by one such provision and in part by one or more other provisions of this covenant permitting such Debt; 

(5) any Receivables Sale shall be the amount for which there is recourse to the seller; and 

(6) the amount of Debt issued at a price that is less than the principal amount thereof will be equal to the amount of the
liability in respect thereof determined in accordance with GAAP. 
 (d) Accrual of interest, accrual of dividends, the
accretion of accreted value, the payment of interest in the form of additional Debt and the payment of dividends in the form of additional shares of Preferred Stock or Redeemable Stock will not be deemed to be an Incurrence of Debt for purposes of
this Section 4.9. 
 (e) For purposes of determining compliance with any U.S. dollar-denominated restriction on the
Incurrence of Debt, the U.S. dollar-equivalent principal amount of Debt denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Debt was Incurred, in the case of term Debt, or
first committed, in the case of revolving credit Debt; provided that if such Debt is Incurred to refinance other Debt denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-dominated restriction to be
exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-dominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Debt does
not exceed the principal amount of such Debt being refinanced. Notwithstanding any other provision of this Section 4.9, the maximum amount of Debt that the Company may Incur pursuant to this Section 4.9 shall not be deemed to be exceeded
solely as a result of fluctuations in the exchange rate of currencies. 
 SECTION 4.10. Limitation on Asset Dispositions.

 (a) The Company shall not, and shall not permit any Restricted Subsidiary to, make any Asset Disposition unless: 

(1) the Company or the Restricted Subsidiary, as the case may be, receives consideration for such Asset Disposition at least
equal to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Disposition) for the assets or Capital Stock sold or disposed of; and 

  
 53 

 (2) at least 75% of the consideration for such Asset Disposition and all
other Asset Dispositions since the Issue Date on a cumulative basis consists of: 
 (i) cash or Cash Equivalents; 

(ii) the assumption of Debt of the Company or such Restricted Subsidiary (other than Debt that is subordinated to the Notes or
such Restricted Subsidiary’s Subsidiary Guarantee) relating to such assets and release from all liability on the Debt assumed; 

(iii) Replacement Assets; 

(iv) Designated Noncash Consideration; or 

(v) any combination of the foregoing; 

provided that the amount of any consideration received by the Company or such Restricted Subsidiary that is converted
into cash within 180 days of the closing of such Asset Disposition shall be deemed to be cash for purposes of this Section 4.10(a) (to the extent of the cash received). The foregoing clauses (1) or (2) of this Section 4.10(a) shall
not apply with respect to any condemnation, event of loss or other involuntary Asset Disposition. 
 (b) Within 365 days
after the receipt of any Net Available Proceeds from an Asset Disposition the Company (or the applicable Restricted Subsidiary, as the case may be) may apply such Net Available Proceeds at its option, in any combination of the following: 

(1) to repay, repurchase or otherwise retire (i) any Debt of the Company or any Subsidiary Guarantor that is not
Subordinated Debt or (ii) any Debt of any Restricted Subsidiary of the Company that is not a Subsidiary Guarantor; in each case, other than Debt owed to the Company or an Affiliate of the Company; 

(2) to acquire Replacement Assets or make capital expenditures; provided that, the Company or such Restricted Subsidiary
will be deemed to have complied with its obligations under this Section 4.10(b) if it enters into a binding commitment to acquire Replacement Assets prior to 365 days after the receipt of the applicable Net Available Proceeds and such
acquisition of Replacement Assets is consummated prior to 545 days after the date of receipt of the applicable Net Available Proceeds; provided, further, that upon any abandonment or termination of such commitment, the Net Available
Proceeds not so applied shall constitute Excess Proceeds and be applied as set in clause (c) below; or 
 (3) any
combination of the foregoing. 

  
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 (c) Any Net Available Proceeds that are not applied or invested as provided
in Section 4.10(b) will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million, or earlier, at the Company’s election, the Company will apply the Excess Proceeds to the
repayment of the Notes and any other Pari Passu Debt outstanding with similar provisions requiring the Company to make an Offer to Purchase such Debt with the proceeds from any Asset Disposition as follows: 

(1) the Company will make an Offer to Purchase from all Holders of the Notes in accordance with the procedures set forth in
this Indenture in the maximum principal amount (expressed in amounts of $2,000 or integral multiples of $1,000 in excess thereof) of Notes that may be purchased out of an amount (the “Note Amount”) equal to the product of such
Excess Proceeds multiplied by a fraction, the numerator of which is the outstanding principal amount of the Notes, and the denominator of which is the sum of the outstanding principal amount of the Notes and such Pari Passu Debt (subject to
proration in the event such amount is less than the aggregate Offered Price (as defined below) for all Notes tendered); and 

(2) to the extent required by such Pari Passu Debt, the Company will make an offer to purchase or otherwise repurchase or
redeem Pari Passu Debt (a “Pari Passu Offer”) in an amount (the “Pari Passu Debt Amount”) equal to the excess of the Excess Proceeds over the Note Amount. However, in no event will the Company be required to make a
Pari Passu Offer in a Pari Passu Debt Amount exceeding the principal amount of such Pari Passu Debt plus the amount of any premium required to be paid to repurchase such Pari Passu Debt. 

The offer price for the Notes will be payable in cash in an amount equal to 100% of the principal amount of the Notes plus
accrued and unpaid interest, if any, to, but not including, the date (the “Offer Date”) such Offer to Purchase is consummated (the “Offered Price”), in accordance with the procedures set forth in this Indenture. To
the extent that the aggregate Offered Price of the Notes tendered pursuant to the Offer to Purchase is less than the Note Amount relating to the tendered Notes or the aggregate amount of Pari Passu Debt that is purchased in a Pari Passu Offer is
less than the Pari Passu Debt Amount, the Company may use any remaining Excess Proceeds for general corporate purposes. If the aggregate principal amount of Notes and Pari Passu Debt surrendered by holders thereof exceeds the amount of Excess
Proceeds, the Trustee shall select the Notes and Pari Passu Debt to be purchased on a pro rata basis; provided, that, in the case of Global Notes, beneficial interests in such Notes shall be repurchased on a pro rata basis based on amounts
tendered only if such proration is consistent with the procedures of the applicable Depositary; otherwise, such beneficial interests shall be selected for repurchase in accordance with such procedures. Upon the completion of the purchase of all the
Notes tendered pursuant to an Offer to Purchase and the completion of a Pari Passu Offer, the amount of Excess Proceeds, if any, shall be reset at zero. 

(d) If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued
and unpaid interest, if any, will be paid on the relevant interest payment date to the Person in whose name a Note is registered at the 

  
 55 

 
close of business on such record date and will not be paid as part of the Offered Price. If the Company becomes obligated to make an Offer to Purchase pursuant to this Section 4.10, the
Notes (in amounts of $2,000 and integral multiples of $1,000 in excess thereof), and the Pari Passu Debt shall be purchased by the Company, at the option of the Holders thereof, in whole or in part, on a date that is not earlier than 30 days and not
later than 60 days from the date the notice of the Offer to Purchase is given to Holders, or such later date as may be necessary for the Company to comply with the requirements under the Exchange Act. 

(e) The Company shall comply with all applicable securities laws and regulations in the United States, including, without
limitation, the requirements of Rule 14e-1 under the Exchange Act and any other applicable laws and regulations in connection with the purchase of Notes pursuant to an Offer to Purchase. To the extent that the
provisions of any applicable securities laws or regulations conflict with this Section 4.10, the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this
Section 4.10 by virtue of such compliance. 
 SECTION 4.11. Limitation on Transactions with Affiliates. 

(a) The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, enter into any
transaction or series of related transactions having a value in excess of $2.5 million with or for the benefit of an Affiliate of the Company or a Restricted Subsidiary, including any Investment, either directly or indirectly, unless such
transaction is on terms no less favorable to the Company or such Restricted Subsidiary than those that could be obtained in a comparable arm’s-length transaction with an entity that is not an Affiliate or
is otherwise fair to the Company from a financial point of view. For any transaction or series of related transactions involving aggregate value in excess of $25.0 million, such transaction or series of related transactions is approved by
either (x) a majority of the Disinterested Directors of the Board of Directors of the Company, if any, or in the event there is only one Disinterested Director, by such Disinterested Director, or (y) the audit committee of the Board of
Directors of the Company (with any Director on such committee that is not a Disinterested Director recusing himself or herself). 

(b) The preceding requirements shall not apply to: 

(1) any transaction pursuant to agreements in effect on the Issue Date, as these agreements may be amended, modified,
supplemented, extended or renewed from time to time, so long as any such amendment, modification, supplement, extension or renewal is not more disadvantageous to the Holders in any material respect in the good faith judgment of the Board of
Directors or senior management of the Company, when taken as a whole, than the terms of the agreements in effect on the Issue Date; 

(2) any employment agreement or employee benefit arrangements with any officer or director, including under any stock option or
stock incentive 

  
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plans, entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business of the Company or such Restricted Subsidiary or approved by a majority of the
disinterested members of the Board of Directors; 
 (3) transactions between or among the Company and/or its Restricted
Subsidiaries and any Guarantees issued by the Company or a Restricted Subsidiary for the benefit of the Company or a Restricted Subsidiary, as the case may be, in accordance with Section 4.9; 

(4) any transaction with any Person (x) that is not an Affiliate of the Company immediately before the consummation of
such transaction that becomes an Affiliate of the Company as a result of such transaction or (y) that is an Affiliate of the Company solely because the Company, directly or indirectly, owns Capital Stock in, or controls, such Person; 

(5) transactions with joint ventures entered into in the ordinary course of business, provided that no other Affiliate
of the Company (other than a Subsidiary thereof) directly or indirectly holds any Capital Stock of such joint venture; 
 (6)
payment of reasonable directors fees to Persons who are not otherwise employees of the Company; 
 (7) indemnities of
officers, directors and employees of the Company or any Subsidiary of the Company pursuant to bylaws, or statutory provisions or indemnification agreements or the purchase of indemnification insurance for any director or officer; 

(8) any Restricted Payment or Permitted Investment that is permitted to be made pursuant to Section 4.7; and 

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

(10) the grant, issuance or sale of Capital Stock (other than Redeemable Stock) to Affiliates of the Company and the granting
of registration rights and other customary rights in connection therewith; 
 (11) any transaction as to which the Company
delivers to the Trustee a written opinion of an investment banking firm of national standing or other recognized independent expert with experience in appraising the terms and conditions of the type of transaction or series of related transactions
for which an 

  
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opinion is required stating that the transaction or series of related transactions is fair to the Company or such Restricted Subsidiary from a financial point of view or stating that the terms
are no less favorable to the Company or such Restricted Subsidiary than those that could be obtained in a comparable arm’s-length transaction with an entity that is not an Affiliate; and 

(12) written agreements entered into or assumed in connection with mergers or acquisitions of other businesses with Persons who
were not Affiliates prior to such transactions; provided that such agreement was not entered into in contemplation of such merger or acquisition, and any amendment thereto, so long as any such amendment is not disadvantageous to the Holders
in the good faith judgment of the Board of Directors or senior management of the Company, when taken as a whole, as compared to the applicable agreement as in effect on the date of such acquisition or merger. 

(c) Notwithstanding the preceding, the requirements set forth in the third sentence of Section 4.11(a) relating to an
opinion from an investment banking firm of national standing or other recognized independent expert shall not apply to leases of property or equipment entered into in the ordinary course of business. 

SECTION 4.12. Limitation on Liens. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create,
incur, assume or suffer to exist any Lien (other than a Permitted Lien) on any property or asset (including any intercompany notes) of the Company or a Restricted Subsidiary now owned or hereafter acquired, or assign or convey a right to receive any
income or profits from such Liens, to secure (a) any Debt of the Company unless prior to, or contemporaneously therewith, the Notes are equally and ratably secured for so long as such other Debt is so secured, or (b) any Debt of any
Subsidiary Guarantor, unless prior to, or contemporaneously therewith, the Subsidiary Guarantee of such Subsidiary Guarantor is equally and ratably secured for so long as such other Debt is so secured; provided, however, that if such
Debt is expressly subordinated to the Notes or a Subsidiary Guarantee, the Lien securing such Debt will be subordinated and junior to the Lien securing the Notes or such Subsidiary Guarantee, as the case may be, with the same relative priority as
such Debt has with respect to the Notes or such Subsidiary Guarantee. 
 (b) Notwithstanding the foregoing, any Lien securing
the Notes or any Subsidiary Guarantee granted pursuant to this Section 4.12 will be automatically and unconditionally released and discharged upon the release by the holders of the Debt described above in clause (a) of their Lien on the
property or assets of the Company or any Restricted Subsidiary (including any deemed release upon payment in full of all obligations under such Debt), at such time as the holders of all such Debt also release their Lien on the property or assets of
the Company or such Restricted Subsidiary, or upon any sale, exchange or transfer to any Person that is not an Affiliate of the Company of the property or assets secured by such Lien, or of all of the Capital Stock held by the Company or any
Restricted Subsidiary in, or all or substantially all the assets of, any Restricted Subsidiary creating such Lien. 

  
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 SECTION 4.13. Offer to Purchase upon Change of Control. No later than 30
days after the occurrence of a Change of Control, the Company will be required to make an Offer to Purchase (a “Change of Control Offer”), with a copy to the Trustee, all outstanding Notes at a purchase price equal to 101% of their
principal amount plus accrued and unpaid interest, if any, to, but not including, the date of purchase (the “Change of Control Purchase Price”) (subject to the right of Holders of record on the relevant record date to receive
interest due on an interest payment date that is on or prior to the date of purchase). 
 On or before the Purchase Date, the Company will,
to the extent lawful, deposit with the Paying Agent an amount equal to the Change of Control Purchase Price in respect of the Notes or portions of Notes properly tendered. 

On the Purchase Date, the Company will, to the extent lawful: 

(1) accept for payment all Notes or portions of Notes (of $2,000 or integral multiples of $1,000 in excess thereof) properly
tendered pursuant to the Change of Control Offer; and 
 (2) deliver or cause to be delivered to the Trustee the Notes so
accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

The Paying Agent will promptly deliver to each Holder who has so tendered Notes the Change of Control Purchase Price for such Notes, and the
Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes so tendered, if any; provided that each such new Note will be
in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. 
 If the Purchase Date is on or after an interest record
date and on or before the related interest payment date, any accrued and unpaid interest, if any, will be paid on the relevant interest payment date to the Person in whose name a Note is registered at the close of business on such record date and
will not be paid as part of the Change of Control Purchase Price. 
 The Company will not be required to make a Change of Control Offer upon
a Change of Control if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and
purchases all Notes validly tendered and not validly withdrawn under such Change of Control Offer, (ii) a notice of redemption for all outstanding Notes has been given pursuant to Article III, unless and until there is a default in payment of
the applicable redemption price or (iii) in connection with or in contemplation of any publicly announced Change of Control, the Company has made an offer to purchase (an “Alternate Offer”) any and all Notes validly tendered at
a cash price equal to or higher than the Change of Control Purchase Price and has purchased all Notes validly tendered and not validly withdrawn in accordance with the terms of the Alternate Offer. 

  
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 If Holders of not less than 90.0% in aggregate principal amount of the outstanding Notes
validly tender and do not withdraw such Notes in a Change of Control Offer or Alternate Offer and the Company, or any other Person making a Change of Control Offer in lieu of the Company as described above, purchases all of the Notes validly
tendered and not validly withdrawn by such Holders, the Company will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer or
Alternate Offer, as applicable, to redeem all Notes that remain outstanding following such purchase at a redemption price in cash equal to the applicable Change of Control Purchase Price or Alternate Offer price, as applicable, plus accrued and
unpaid interest, if any, to the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the date of redemption). 

The Company shall comply with all applicable securities legislation in the United States, including, without limitation, the requirements of
Rule 14e-1 under the Exchange Act and any other applicable laws and regulations in connection with the purchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any
applicable securities laws or regulations conflict with this Section 4.13, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.13 by
virtue of such compliance. 
 The provisions under this Indenture relating to the Company’s obligation to make a Change of Control
Offer may be waived, modified or terminated with the written consent of the Holders of a majority in principal amount of the Notes then outstanding. 

Notwithstanding anything to the contrary contained herein, a Change of Control Offer or Alternate Offer may be made in advance of a Change of
Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer or Alternate Offer. 

SECTION 4.14. Corporate Existence. Subject to Article V, the Company shall do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence and the corporate, partnership, limited liability company or other existence of each of the Subsidiary Guarantors in accordance with the respective organizational documents (as the
same may be amended from time to time) of the Company or any such Subsidiary Guarantor and the rights (charter and statutory), licenses and franchises of the Company and the Subsidiary Guarantors; provided that the Company shall not be
required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of the Subsidiary Guarantors, if the Company shall determine that the preservation thereof is no longer desirable in the conduct of
the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders. 

SECTION 4.15. Future Guarantees. If any Domestic Restricted Subsidiary that is not already a Subsidiary Guarantor guarantees any
Debt of the Company or a Subsidiary Guarantor under, or borrows Debt under, the Revolving Credit Facility on or after the Issue Date, then such Domestic Restricted Subsidiary shall execute, within 30 days of the date on which it became a guarantor
or borrower with respect to such other Debt, a supplemental indenture in substantially the form attached hereto as Exhibit B, pursuant to which such Domestic Restricted Subsidiary shall become a Subsidiary Guarantor with respect to the Notes,
upon the terms and subject to the release provisions and other limitations set forth in Article X. 

  
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 SECTION 4.16. Designation of Restricted and Unrestricted
Subsidiaries. 
 (a) The Company, by delivery of an Officer’s Certificate to the Trustee, may
designate any Restricted Subsidiary to be an “Unrestricted Subsidiary”, in which event such Subsidiary and each other Person that is then or thereafter becomes a Subsidiary of such Subsidiary will be deemed to be an Unrestricted
Subsidiary, if (1) neither the Company nor any of its other Subsidiaries (other than another Unrestricted Subsidiary) provides credit support for, or a Guarantee of, any Debt of such Subsidiary or any Subsidiary of such Subsidiary (including
any undertaking, agreement or instrument evidencing such Debt) or is directly or indirectly liable for any Debt of such Subsidiary or any Subsidiary of such Subsidiary, and no default with respect to any Debt of such Subsidiary or any Subsidiary of
such Subsidiary (including any right which the holders thereof may have to take enforcement action against such Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Debt of the Company and its Subsidiaries (other
than another Unrestricted Subsidiary) to declare a default on such other Debt or cause the payment thereof to be accelerated or payable prior to its final scheduled maturity except, in either case to the extent that the amount of any such Debt
constitutes a Restricted Payment or Permitted Investment that is made in compliance with Section 4.7, (2) such Subsidiary does not own any Capital Stock of, or does not own or hold any Lien on any property of, any other Restricted Subsidiary
which is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted Subsidiary, (3) at the time of designation, the Company could make a Restricted Payment or Permitted Investment in an amount equal to the greater of
the Fair Market Value and book value of its interest in such Subsidiary pursuant to Section 4.7, (4) such Subsidiary is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect
obligation to (a) subscribe for additional Capital Stock of such Subsidiary or (b) maintain or preserve such Subsidiary’s financial condition or to cause such Subsidiary to achieve any specified levels of operating results, except in
either case to the extent that the amount of any such obligation constitutes a Restricted Payment or Permitted Investment that is made in compliance with Section 4.7; and (5) no Default shall have occurred and be continuing at the time of,
or immediately after giving effect to, such designation. Any such designation by Company shall be evidenced to the Trustee by delivery to the Trustee an Officers’ Certificate certifying that such designation complies with the foregoing
conditions. 
 (b) The Company, by delivery of an Officer’s Certificate to the Trustee, may at any time designate any
Unrestricted Subsidiary to be a Restricted Subsidiary of the Company if (1) the Company would be able to Incur at least $1.00 of additional Debt pursuant to Section 4.9(a), or the Consolidated Coverage Ratio of the Company would not be
less than the Consolidated Coverage Ratio of the Company immediately prior to such designation, in each case on a pro forma basis taking into account such designation; (2) all Liens of such Unrestricted Subsidiary outstanding immediately
following such designation would, if Incurred at such time, have been permitted to be Incurred for all purposes of this Indenture; and (3) no Default or Event of Default would occur and be 

  
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continuing following such designation. Any such redesignation shall be evidenced to the Trustee by delivery of an Officers’ Certificate certifying that such redesignation complies with the
foregoing conditions. 
 SECTION 4.17. Covenant Suspension. 

(a) If on any date following the Issue Date, the Notes are rated either Baa3 or better by Moody’s or BBB- or better by S&P (or, if either such entity ceases to rate the Notes for reasons outside of the control of the Company, the equivalent investment grade credit rating from any other “nationally
recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency) and no Default or Event of Default has occurred and is then continuing, then upon
delivery by the Company to the Trustee of an Officers’ Certificate to the foregoing effect, the Company and the Restricted Subsidiaries will no longer be subject to the following covenants: 

(1) Section 4.7; 

(2) Section 4.8; 

(3) Section 4.9; 

(4) Section 4.10; 

(5) Section 4.11; 

(6) Section 4.15; and 

(7) Section 5.1(a)(3). 

During any period that the foregoing covenants have been suspended, the Company shall not designate any of the Company’s
Subsidiaries as Unrestricted Subsidiaries pursuant to Section 4.16. 
 (b) Notwithstanding the foregoing, if the rating
assigned to the Notes by both Rating Agencies should subsequently decline to below Baa3 and BBB-, respectively, the foregoing covenants will be reinstated as of and from the date of such rating decline,
subject to further suspension in the future upon the satisfaction of the conditions described in Section 4.17(a) above. Any Debt Incurred during the period when the covenants are suspended will be classified as having been Incurred pursuant to
Section 4.9(a) or one of the clauses of Section 4.9(b). To the extent such Debt would not be so permitted to be Incurred, such Debt will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under
clause (4) of Section 4.9(b). Calculations under the reinstated Section 4.7 will be made as if Section 4.7 had been in effect since the Issue Date. However, no Default or Event of Default will be deemed to have occurred with
respect to the suspended covenants as a result of any actions taken by the Company or its Restricted Subsidiaries during the period when such covenants are suspended. 

  
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 (c) Promptly following the occurrence of any suspension or reinstatement of
the covenants as described above, the Company shall provide an Officers’ Certificate to the Trustee regarding such occurrence. The Trustee shall have no obligation to independently determine or verify if a suspension or reinstatement has
occurred or notify the Holders of any suspension or reinstatement. The Trustee may provide a copy of such Officers’ Certificate to any Holder of the Notes upon request. 

ARTICLE V 
 SUCCESSORS 

SECTION 5.1. Consolidation, Merger, Conveyance, Transfer or Lease. 

(a) The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all its
assets in a single transaction or series of related transactions to, another Person, unless: 
 (1) the resulting, surviving
or transferee Person (the “Successor Company”) shall be a corporation, partnership, trust or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of
Columbia and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of the Company under this Indenture
and the Notes and, if the Successor Company is not a corporation, a co-obligor of the Notes is a corporation organized or existing under such laws; 

(2) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 (3) except in the case of any such consolidation or merger of the Company with or into a Restricted Subsidiary,
immediately after giving pro forma effect to such transaction and treating any Debt which becomes an obligation of the Company or a Restricted Subsidiary as a result of such transaction as having been Incurred by the Company or such Restricted
Subsidiary at the time of the transaction, either (i) the Company (including any Successor Company) could Incur at least $1.00 of additional Debt (other than Permitted Debt) pursuant to Section 4.9(a), or (ii) the Consolidated
Coverage Ratio of the Company or such Successor Company is not less immediately after such transaction than it was immediately before such transaction; 

(4) at the time of such transaction, unless the Company is the Successor Company, each Subsidiary Guarantor will have by
supplemental indenture confirmed that its Subsidiary Guarantee shall apply to such Person’s obligations under this Indenture and the Notes; and 

(5) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, stating that such
consolidation, merger, conveyance, transfer or lease and such supplemental indenture, if any, comply with this Indenture. 

  
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 Notwithstanding the foregoing, (i) any Restricted Subsidiary may merge
into the Company or another Restricted Subsidiary, (ii) the provisions of clauses (2) or (3) above shall not apply to a merger of the Company with or into a Restricted Subsidiary, and (iii) the above provisions shall not apply to any
transfer of assets between or among the Company and any Restricted Subsidiary. 
 For purposes of this Section 5.1(a),
the sale, lease, conveyance, assignment, transfer, or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such
Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of
the properties and assets of the Company. 
 The Successor Company will succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture, and, except in the case of a lease of all or substantially all its assets, the Company will be released from the obligation to pay the principal of, and interest on, the Notes and all other
obligations under this Indenture. 
 (b) Except in circumstances under which this Indenture provides for the release of
Subsidiary Guarantees as described under Section 10.5, each Subsidiary Guarantor will not, and the Company will not permit a Subsidiary Guarantor to, consolidate with or merge with or into, or convey or transfer or lease all or substantially
all its assets to, another Person (other than the Company or another Subsidiary Guarantor), unless at the time and after giving effect thereto: 

(1) 

(A) the resulting, surviving or transferee Person (the “Successor Subsidiary Guarantor”) shall be a
corporation, partnership, trust or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Subsidiary Guarantor (if not the Subsidiary
Guarantor) shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of the Subsidiary Guarantor under this Indenture and its Subsidiary Guarantee;

 (B) immediately after giving effect to such transaction no Default or Event of Default shall have occurred and be
continuing; and 
 (C) the Subsidiary Guarantor shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture, if any, comply with this Indenture; or 

(2) such transaction does not violate Section 4.10. 

  
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 For purposes of this Section 5.1(b), the sale, lease, conveyance,
assignment, transfer, or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of a Subsidiary Guarantor, which properties and assets, if held by such Subsidiary Guarantor instead of such
Subsidiaries, would constitute all or substantially all of the properties and assets of such Subsidiary Guarantor on a consolidated basis, shall be deemed to be the sale, lease, conveyance, assignment, transfer or other disposition of all or
substantially all of the properties and assets of such Subsidiary Guarantor. 
 The Successor Subsidiary Guarantor will
succeed to, and be substituted for, and may exercise every right and power of, the Subsidiary Guarantor under this Indenture, but, in the case of a lease of all or substantially all its assets, the Subsidiary Guarantor will not be released from its
obligations under its Subsidiary Guarantee. 
 ARTICLE VI 

DEFAULTS AND REMEDIES 

SECTION 6.1. Events of Default. Each of the following is an “Event of Default”: 

(1) failure to pay principal of (or premium, if any, on) any Note when due and payable, at maturity, upon redemption or
otherwise; 
 (2) failure to pay any interest on any Note when due and payable and such default continues for 30 days; 

(3) default in the payment of principal, premium and interest on Notes required to be purchased pursuant to an Offer to
Purchase as described under Section 4.10 and Section 4.13 when due and payable; 
 (4) failure to perform or comply
with the provisions described under Section 5.1; 
 (5) failure to perform any other covenant or agreement of the
Company under this Indenture or the Notes and such default continues for 60 days (or 120 days with respect to Section 4.3) after written notice to the Company by the Trustee or Holders of at least 25% in aggregate principal amount of
outstanding Notes; 
 (6) default under the terms of any instrument evidencing or securing any Debt of the Company or any
Restricted Subsidiary having an outstanding principal amount of $50.0 million, individually or in the aggregate, which default results in the acceleration of the payment of all or any portion of such Debt or constitutes the failure to pay all
or any portion of the principal amount of such Debt when due (after giving effect to any applicable grace period provided in such Debt) and if, within 20 business days of such 

  
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payment default or acceleration, such Debt has not been discharged or such payment default has not been cured or such acceleration has not been rescinded or annulled; provided that in
connection with any series of convertible or exchangeable securities (a) any conversion or exchange of such securities by a holder thereof into shares of Capital Stock, cash or a combination of cash and shares of Capital Stock, (b) the
rights of holders of such securities to convert or exchange into shares of Capital Stock, cash or a combination of cash and shares of Capital Stock and (c) the rights of holders of such securities to require any repurchase by the Company of
such securities in cash shall not, in itself, constitute an Event of Default under this clause (6); 
 (7) the rendering of
one or more final judgments, orders or decrees (not subject to appeal) of any court or regulatory or administrative agency against the Company or any Restricted Subsidiary or any of their respective properties in an amount in excess of
$50.0 million, either individually or in the aggregate, (exclusive of any portion of any such payment covered by insurance) which remains undischarged or unstayed for a period of 60 days after the date on which the right to appeal has expired;

 (8) the Company or any Significant Restricted Subsidiary of the Company or group of Restricted Subsidiaries of the Company
that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Restricted Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences a voluntary case, 

(B) consents to the entry of an order for relief against it in an involuntary case, 

(C) consents to the appointment of a custodian of it or for all or substantially all of its property, 

(D) makes a general assignment for the benefit of its creditors, or 

(E) admits in writing that it generally is not paying its debts as they become due; or 

(9) 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 Restricted Subsidiary of the Company or group of Restricted
Subsidiaries of the Company that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Restricted Subsidiary, in an involuntary case; 

(ii) appoints a custodian of the Company or any Significant Restricted Subsidiary of the Company or group of Restricted
Subsidiaries 

  
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of the Company that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Restricted
Subsidiary or for all or substantially all of the property of the Company or any of its Restricted Subsidiaries; or 
 (iii)
orders the liquidation of the Company or any Significant Restricted Subsidiary of the Company or group of Restricted Subsidiaries of the Company that, taken together (as of the latest audited consolidated financial statements for the Company and its
Restricted Subsidiaries), would constitute a Significant Restricted Subsidiary 
 and, in each case, the order or decree remains unstayed and
in effect for 60 consecutive days; or 
 (10) the Subsidiary Guarantee of any Subsidiary Guarantor is held by a final non-appealable order or judgment of a court of competent jurisdiction to be unenforceable or invalid or ceases for any reason to be in full force and effect (other than in accordance with the terms of this
Indenture) or any Subsidiary Guarantor or any Person acting on behalf of any Subsidiary Guarantor denies or disaffirms such Subsidiary Guarantor’s obligations under its Subsidiary Guarantee (other than by reason of a release of such Subsidiary
Guarantor from its Subsidiary Guarantee in accordance with the terms of this Indenture). 
 SECTION 6.2. Acceleration. If an
Event of Default (other than an Event of Default specified in clause (8) or (9) of Section 6.1) shall have occurred and be continuing under this Indenture, the Trustee, by written notice to the Company, or the Holders of at least 25.0% in
aggregate principal amount of the Notes then outstanding by written notice to the Company and the Trustee, may declare (an “acceleration declaration”) the principal of, and accrued and unpaid interest, if any, on all outstanding amounts
owing under the Notes to be due and payable. Upon such acceleration declaration, the aggregate principal of and accrued and unpaid interest, if any, on the outstanding Notes shall become due and payable immediately. 

At any time after such acceleration pursuant to this Section 6.2, but before a judgment or decree based on acceleration, the Holders of a
majority in aggregate principal amount of the Notes then outstanding may rescind and annul such acceleration if: 
 (1) the
rescission would not conflict with any judgment or decree; 
 (2) all existing Events of Default have been cured or waived
other than nonpayment of accelerated principal and interest; 
 (3) to the extent the payment of such interest is lawful,
interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; 

(4) the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its reasonable expenses,
disbursements and advances; and 
 (5) in the event of the cure or waiver of an Event of Default of the type described in
clauses (8) or (9) of Section 6.1 hereof, the Trustee shall have received an Officers’ Certificate and an Opinion of Counsel that such Event of Default has been cured or waived. 

  
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 No such rescission shall affect any subsequent Default or impair any right consequent
thereto. 
 If an Event of Default specified in clause (8) or (9) of Section 6.1 occurs, then all unpaid principal of, and accrued
and unpaid interest, if any, on all of the outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other action or notice on the part of the Trustee or any Holder of the Notes to the extent permitted
by applicable law. 
 SECTION 6.3. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any
available remedy to collect the payment of principal, premium, if any, and interest, if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the
extent permitted by law. 
 SECTION 6.4. Waiver of Past Defaults. Subject to Section 9.2, the Holders of a majority in
aggregate principal amount of the Notes then outstanding by written notice to the Trustee may, on behalf of the Holders of all of the Notes, waive any existing Default or Event of Default and its consequences under this Indenture except a continuing
Default or Event of Default in the payment of interest or premium on, or the principal of, the Notes (other than any such payment that has become due because of an acceleration that has been rescinded). 

SECTION 6.5. Control by Majority. The Holders of a majority in aggregate principal amount of the then
outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust power conferred on it. However, (i) the Trustee may require indemnity satisfactory
to it be furnished prior to taking such actions, (ii) the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders not
joining in the giving of such direction (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such direction is unduly prejudicial to the rights of such other Holders) or that would involve any
personal liability for the Trustee and (iii) the Trustee may take any other action it deems proper that is not inconsistent with any such direction received from the Holders. 

SECTION 6.6. Limitation on Suits. Subject to Section 6.7, no Holder of a Note will have any right to institute any proceeding with
respect to this Indenture, or for the appointment of a receiver or a trustee, or for any other remedy thereunder unless (a) such Holder has 

  
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previously given to the Trustee written notice of a continuing Event of Default with respect to the Notes, (b) the Holders of at least 25% in aggregate principal amount of the outstanding
Notes have made written request, and such Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee to institute such proceeding as trustee, (c) the Trustee has failed to institute such proceeding, and (d) the
Trustee has not received from the Holders of a majority in aggregate principal amount of the outstanding Notes a direction inconsistent with such request, within 60 days after such notice, request and offer. 

A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder (it
being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such use by a Holder prejudices the rights of any other Holders or obtains priority or preference over such other Holders). 

SECTION 6.7. Rights of Holders of Notes to Receive Payment. Notwithstanding any other provision of this Indenture, the right of
any Holder to receive payment of principal of, premium or interest on, such Note or to bring suit for the enforcement of any such payment, on or after the due date expressed in the Notes, shall not be modified or amended in a manner adverse to such
Holder without the consent of the Holder. 
 SECTION 6.8. Collection Suit by Trustee. If an
Event of Default specified in clauses (1) or (2) of Section 6.1 occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of
principal of, premium, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 SECTION 6.9. Trustee May File Proofs of
Claim. The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes including the Subsidiary Guarantors), its creditors or its property and shall be
entitled and empowered to collect, receive and distribute any money or other securities or property payable or deliverable upon the conversion or exchange of the Notes or on any such claims, and any custodian in any such judicial proceeding is
hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.6. To the extent that the payment of any such compensation, expenses, disbursements and advances to the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.6 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and
all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding, whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing in this Section 6.9
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any 

  
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plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding. 
 SECTION 6.10. Priorities. If the Trustee collects any money or property pursuant to this
Article VI, it shall pay out the money and property in the following order: 
 First: to the Trustee, its agents and
attorneys for amounts due under Section 7.6, including payment of all reasonable compensation, expenses and liabilities incurred, and all advances made, by it and the costs and expenses of collection; 

Second: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; 

Third: without duplication, to the Holders for any other obligations owing to the Holders under this Indenture and the
Notes; and 
 Fourth: to the Company or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as the Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not
apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7, or a suit by Holders of more than 10.0% in principal amount of the then outstanding Notes. 

SECTION 6.12. 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 proceedings, 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 has been instituted. 
 SECTION 6.13. Rights and Remedies Cumulative. Except as otherwise provided with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.7 hereof, 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 

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

SECTION 7.1. Duties of Trustee. 

(a) If 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 its exercise as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 

(b) Except during the continuance of an Event of Default: 

(1) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and no implied covenants
or obligations shall be read into this Indenture against the Trustee; and 
 (2) 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 need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein); however, the Trustee shall examine the certificates and opinions furnished to it to determine whether or not they conform to the requirements of this Indenture. 

(c) The Trustee may not be relieved from liabilities for its own grossly negligent action, its own negligent failure to act, or
its own willful misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of this
Section 7.1; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer of the Trustee, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 

  
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 (3) the Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant to Section 6.5; and 
 (4) no
provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. 
 (d) The
Trustee shall not be liable for interest on or the investment of any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent
required by law. 
 (e) Whether or not therein expressly so provided, every provision of this Indenture that in any way
relates to the Trustee is subject to this Section 7.1. 
 SECTION 7.2. Rights of Trustee. 

(a) The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on any resolution,
certificate, statement, instrument, opinion, notice, report, request, direction, consent, order, bond, debenture or other document (whether in original or facsimile form or PDF transmission) believed by it to be genuine and to have been signed or
presented by the proper Person. The Trustee need not investigate any fact or matter stated therein. 
 (b) Before the Trustee
acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or
Opinion of Counsel. Prior to taking, suffering or admitting any action, the Trustee may consult with counsel of the Trustee’s own choosing, and the Trustee shall be fully protected from liability in respect of any action taken, suffered or
omitted by it hereunder in good faith and in conclusive reliance on the advice or opinion of such counsel. 
 (c) The Trustee
may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or agent appointed with due care. 

(d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or
within the discretion or rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided
in this Indenture, any demand, request, direction or notice from the Company or a Subsidiary Guarantor shall be sufficient if signed by an Officer of the Company or such Subsidiary Guarantor. 

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such
request or direction. 

  
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 (g) 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 documents, 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 during normal business hours
the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company, and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(h) 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, to the Agents and to each other agent, custodian and Person employed to act hereunder. 

(i) The Trustee may request that the Company and each of the Subsidiary Guarantors shall deliver to the Trustee an
Officers’ Certificate setting forth the names of individuals and/or titles of Officers of the Company and each Subsidiary Guarantor, as applicable, authorized at such time to take specified actions pursuant to this Indenture of the Company, the
Notes and the Subsidiary Guarantees, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in any such certificate previously delivered and not
superseded. 
 (j) The Trustee shall not be deemed to have notice or be charged with knowledge of any Default or Event of
Default unless a Responsible Officer of the Trustee has actual knowledge thereof or the Trustee shall have received from the Company or Subsidiary Guarantor or from any Holder written notice thereof at its address set forth in Section 11.1 and
such notice references the Notes and this Indenture. In the absence of such notice, the Trustee may conclusively assume that no such Default or Event of Default exists. 

(k) 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. 

(l) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder. 
 (m) 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 thereunder, or in the exercise of any of its rights or powers. 
 SECTION
7.3. Individual Rights of the Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the 

  
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Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. The Trustee is also subject to
Section 7.9. 
 SECTION 7.4. Trustee’s Disclaimer. The Trustee shall not be responsible
for and makes no representation as to the validity or adequacy of this Indenture, the Notes or any Subsidiary Guarantee, it shall not be accountable for the use of the proceeds from the Notes or any money paid to the Company or upon the
Company’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital
herein or any statement in the Notes, any Officers’ Certificate delivered to the Trustee hereunder, or any other document in connection with the sale of the Notes or pursuant to this Indenture other than the Trustee’s certificate of
authentication hereunder. 
 SECTION 7.5. Notice of Defaults. If a Default or Event of Default occurs and is continuing and the
Trustee has notice or knowledge thereof as provided in Section 7.2(j), the Trustee shall deliver to Holders a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in
payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as the board of directors, the executive committee or a trust committee of directors or Responsible Officers of the Trustee in good
faith determines that the withholding of such notice is in the interest of the Holders. 
 SECTION 7.6. Compensation and
Indemnity. The Company shall pay to the Trustee from time to time compensation for its acceptance of this Indenture and for all services rendered by it hereunder as agreed upon in writing. The Trustee’s compensation shall not be limited by
any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee, as applicable, promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation
for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

Each of the Company and the Subsidiary Guarantors, jointly and severally, shall indemnify, defend, protect and hold the Trustee (which for
purposes of this Section 7.6 shall include its officers, directors, employees and agents) harmless against any and all claims, damages, losses, liabilities, costs or expenses suffered or incurred by it (including, without limitation, the fees
and expenses of its agents and counsel) arising out of or in connection with the acceptance or administration of its duties under this Indenture, the performance of its obligations and/or exercise of its rights hereunder, including the costs and
expenses of enforcing this Indenture against the Company or any Subsidiary Guarantor (including this Section 7.6) and defending itself against any claim (whether asserted by the Company or any Holder or any other Person) or liability in
connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, claim, damage, liability or expense shall have been found by a court of competent jurisdiction in a non-appealable final decision to have been caused by its own gross negligence or willful misconduct. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee
to so notify the Company shall not relieve the Company of its obligations hereunder. The Trustee may have one 

  
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separate counsel, and the Company shall pay the reasonable fees and expenses of such counsel for the Trustee. The Company need not pay for any settlement made without its consent, which consent
shall not be unreasonably withheld. 
 The obligations of the Company and the Subsidiary Guarantors under this Section 7.6 shall
survive the satisfaction and discharge of this Indenture, the payment of the Notes or the resignation or removal of the Trustee. 
 To
secure the Company’s payment obligations in this Section 7.6, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal or interest, if any, on
particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture, the payment of the Notes and the resignation or removal of the Trustee. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(7) occurs, the expenses and the
compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

SECTION 7.7. Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor trustee’s acceptance of appointment as provided in this Section 7.7. 
 The Trustee may resign
in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee upon thirty days’ written notice to the
Trustee and the Company. The Company may remove the Trustee if no Event of Default exists and: 
 (a) the Trustee is adjudged
a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
 (b) a
custodian or public officer takes charge of the Trustee or its property; or 
 (c) the Trustee becomes incapable of acting.

 If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Company shall promptly
appoint a successor trustee. Within one year after the successor trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor trustee to replace the successor trustee appointed by the
Company. 
 If a successor trustee does not take office within 30 days after the retiring Trustee resigns or is removed, such retiring
Trustee (at the expense of the Company), the Company or the Holders of at least 10.0% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor trustee. 

  
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 If the Trustee, after written request by any Holder who has been a Holder for at least six
months, fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. 

A successor trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor trustee shall have all the rights, powers and the duties of the Trustee under this Indenture. The successor trustee shall mail a notice of its succession to the
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided that all sums owing to such Trustee hereunder have been paid and subject to the Lien provided for in Section 7.6.
Notwithstanding replacement of the Trustee pursuant to this Section 7.7, the Company’s and the Subsidiary Guarantors’ obligations under Section 7.6 shall continue for the benefit of the retiring Trustee. 

SECTION 7.8. Successor Trustee by Merger, Etc. If the Trustee or any Agent consolidates, merges or converts into, or transfers all
or substantially all of its corporate trust business (including this transaction) to, another corporation, the successor corporation without any further act shall be the successor Trustee or Agent, as applicable. 

SECTION 7.9. Eligibility; Disqualification. There shall at all times be a Trustee hereunder that is a corporation organized and
doing business under the laws of the United States or of any state thereof that is authorized under such laws to exercise corporate trustee power and that is subject to supervision or examination by federal or state authorities. Such Trustee
together with its affiliates shall at all times have a combined capital surplus of at least $50.0 million as set forth in its most recent annual report of condition. 

ARTICLE VIII 
 DEFEASANCE;
DISCHARGE OF THIS INDENTURE 
 SECTION 8.1. Option to Effect Legal Defeasance or Covenant Defeasance. The Company may, by
delivery of an Officers’ Certificate, at any time, elect to have either Section 8.2 or Section 8.3 applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 

SECTION 8.2. Legal Defeasance. Upon the Company’s exercise under Section 8.1 of the option applicable to this
Section 8.2, the Company and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.4, be deemed to have been discharged from their obligations with respect to all outstanding Notes and
Subsidiary Guarantees and this Indenture on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Subsidiary Guarantors shall be
deemed to have paid and discharged all of the obligations with respect to this Indenture, the Notes and the Subsidiary Guarantees, which shall thereafter be deemed to be outstanding only for the purposes of Section 8.5 and the other Sections of
this Indenture referred to in (a) and (b) below, and to have satisfied all of their other obligations under such Notes, Subsidiary Guarantees and this Indenture (and the Trustee, on written demand of and at the expense of the Company, shall
execute instruments acknowledging the same), and this Indenture shall cease to be of further effect as to all such Notes and Subsidiary Guarantees, 

  
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except for the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive payments in respect of
the principal of, and interest and premium on, such Notes when such payments are due from the trust funds referred to in Section 8.4(1); (b) the Company’s obligations with respect to such Notes under Section 2.2, Section 2.3,
Section 2.4, Section 2.6, Section 2.7, Section 2.10, and Section 4.2; (c) the rights, powers, trusts, duties and immunities of the Trustee, including without limitation thereunder, under Section 7.6, Section 8.5
and Section 8.7 and the obligations of the Company and the Subsidiary Guarantors in connection therewith; and (d) the provisions of this Article VIII. Subject to compliance with this Article VIII, the Company may exercise its option under
this Section 8.2 notwithstanding the prior exercise of its option under Section 8.3. 
 SECTION 8.3.
Covenant Defeasance. Upon the Company’s exercise under Section 8.1 above of the option applicable to this Section 8.3, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.4 below, be
released from its obligations under Sections 4.3, 4.5, 4.7 through Section 4.16 and Section 5.1(a)(3) on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes
shall thereafter be deemed not outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed outstanding for
all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company or any of its
Subsidiaries may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by
reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1, and the Events of Default in clauses
(3) through (7) or (8) (with respect to a Subsidiary) and (9) (with respect to a Subsidiary) of Section 6.1 shall no longer apply but, except as specified above, the remainder of this Indenture and such Notes and any Subsidiary Guarantees
shall be unaffected thereby. 
 SECTION 8.4. Conditions to Legal or Covenant Defeasance. The following shall be the conditions
to the application of either Section 8.2 or Section 8.3 to the outstanding Notes: 
 (1) the Company must
irrevocably deposit with the Trustee, as trust funds, in trust solely for the benefit of the Holders, U.S. dollars, non-callable U.S. Government Obligations or a combination thereof, in such amounts as will be
sufficient without consideration of any reinvestment of interest (if U.S. Government Obligations are deposited, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants selected by the
Company and delivered to the Trustee), to pay the principal of, premium, if any, and interest, if any, on the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and any other amounts
owing under this Indenture (in the case of an optional redemption date prior to electing to exercise either Legal Defeasance or Covenant Defeasance, the Company has delivered to the Trustee an irrevocable notice to redeem all of the outstanding
Notes on such redemption date), 

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

(A) the Company has received from, or there has been published by, the United States Internal Revenue Service a ruling, or 

(B) since the Issue Date, there has been a change in the applicable U.S. federal income tax law, 

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to customary assumptions and
exclusions, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Legal Defeasance had not occurred, 
 (3) in the case
of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the beneficial owners of the
outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Covenant Defeasance had not occurred, 
 (4) no Default or Event of Default shall have
occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and (and any similar concurrent deposit relating to other Debt) and the Incurrence
of Liens associated with any such borrowings), 
 (5) the Legal Defeasance or Covenant Defeasance shall not result in a
breach or violation of, or constitute a default under any material agreement or instrument (other than this Indenture and the agreements governing any other Debt being defeased, discharged or replaced) to which the Company or any of its Restricted
Subsidiaries is a party or by which the Company or any of its Restricted Subsidiaries is bound, 
 (6) the Company shall have
delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or
defrauding any other creditors of the Company or others, and 
 (7) the Company shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel (which opinion may be subject to customary assumptions and exclusions) each stating that the applicable conditions precedent provided for in clauses (1) through (6) of this Section 8.4
have been complied with. 
 SECTION 8.5. Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous
Provisions. Subject to Section 8.6, all U.S. dollar and U.S. 

  
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Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.5, the “Deposit
Trustee”) pursuant to Section 8.4 or Section 8.8 in respect of the outstanding Notes shall be held in trust, shall not be invested, and shall be applied by the Deposit Trustee in accordance with the provisions of such Notes and
this Indenture to the payment, either directly or through any Paying Agent (including the Company or any Subsidiary acting as Paying Agent) as the Deposit Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon
in respect of principal, premium, if any, and interest, if any, but such money need not be segregated from other funds except to the extent required by law. 

The Company shall pay and indemnify the Deposit Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to Section 8.4 or Section 8.8 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law
is for the account of the Holders of the outstanding Notes. 
 Anything in this Article VIII to the contrary notwithstanding, the Deposit
Trustee shall deliver or pay to the Company from time to time upon the written request of the Company and be relieved of all liability with respect to any U.S. dollars or non-callable U.S. Government
Obligations held by it as provided in Section 8.4 or Section 8.8 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Deposit Trustee (which
may be the opinion delivered under Section 8.4(1)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance or satisfaction and discharge, as the case may
be. 
 SECTION 8.6. Repayment to Company. Subject to applicable escheat laws, 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, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal and premium, if any, or interest has become due and payable shall
be paid to the Company on its written request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof; and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required
to make any such repayment, may at the expense and written request of the Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company.  

SECTION 8.7. Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. dollars or U.S. Government Obligations in
accordance with Section 8.2, Section 8.3 or Section 8.8, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the
obligations of the Company and the Subsidiary Guarantors under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.2, Section 8.3 or Section 8.8

  
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until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.2, Section 8.3 or Section 8.8, as the case may be; provided,
however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive
such payment from the money held by the Trustee or Paying Agent. 
 SECTION 8.8. Discharge. This Indenture will be
discharged and will cease to be of further effect (except as to rights of registration of transfer or exchange of Notes which shall survive until all Notes have been canceled and the rights, protections and immunities of the Trustee) as to all
outstanding Notes and Subsidiary Guarantees when either: 
 (1) all the Notes that have been authenticated and delivered
(except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from this
trust), have been delivered to the Trustee for cancellation; or 
 (2) (a) all Notes not delivered to the Trustee for
cancellation otherwise (i) have become due and payable, (ii) will become due and payable, or may be called for redemption, within one year or (iii) have been called for redemption pursuant to Article III and, in any case, the Company
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars in such amounts as will be sufficient without consideration of any reinvestment of interest (if
U.S. Government Obligations are deposited, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants selected by the Company and delivered to the Trustee) to pay and discharge the entire Debt
(including all principal and accrued interest, if any) on the Notes not theretofore delivered to the Trustee for cancellation; 

(b) the Company has paid or caused to be paid all other sums payable by it under this Indenture; and 

(c) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward
the payment of the Notes at maturity or on the date of redemption, as the case may be. 
 In addition, the Company must deliver an
Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been complied with. 

After the Notes are no longer outstanding, the Company’s and the Subsidiary Guarantors’ obligations in Section 7.6,
Section 8.5 and Section 8.7 shall survive any discharge pursuant to this Section 8.8. 
 After such delivery or irrevocable
deposit and receipt of the Officers’ Certificate and Opinion of Counsel, the Trustee, upon written request, shall acknowledge in writing the discharge of the Company’s obligations under the Notes and this Indenture except for those
surviving obligations specified above. 

  
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 ARTICLE IX 

AMENDMENT, SUPPLEMENT AND WAIVER 

SECTION 9.1. Without Consent of Holders of the Notes. Notwithstanding Section 9.2, without the consent of any Holders, the
Company, the Subsidiary Guarantors and the Trustee, at any time and from time to time, may amend or supplement this Indenture, the Subsidiary Guarantees or the Notes issued hereunder for any of the following purposes: 

(1) to evidence the succession of another Person to the Company or a Subsidiary Guarantor under this Indenture, Notes or the
applicable Subsidiary Guarantee, and the assumption by any such successor of the covenants of the Company or such Subsidiary Guarantor under this Indenture, Notes and in such Subsidiary Guarantee in accordance with Section 5.1; 

(2) to add to the covenants of the Company or any Subsidiary Guarantor for the benefit of the Holders of the Notes or to
surrender any right or power conferred upon the Company or any Subsidiary Guarantor, as applicable, in this Indenture, in the Notes or in any Subsidiary Guarantee; 

(3) to cure any ambiguity, or to correct or supplement any provision in this Indenture or in any supplemental indenture, the
Notes or any Subsidiary Guarantee which may be defective or inconsistent with any other provision in this Indenture, the Notes or any Subsidiary Guarantee; 

(4) to make any change that would provide any additional rights or benefits to the Holders of the Notes; 

(5) to make any other provisions with respect to matters or questions arising under this Indenture, the Notes or any Subsidiary
Guarantee; provided that, in each case, such provisions shall not adversely affect the interest of the Holders of the Notes in any material respect; 

(6) to comply with the requirements of the SEC in order to effect or maintain the qualification of this Indenture under the
Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended; 
 (7) to add a Subsidiary Guarantor under
this Indenture or otherwise provide a Guarantee of the Notes; 
 (8) to evidence and provide the acceptance of the
appointment of a successor Trustee under this Indenture; 
 (9) to mortgage, pledge, hypothecate or grant a security interest
in favor of the Trustee for the benefit of the Holders of the Notes as additional security for the payment and performance of the Company’s and any Subsidiary Guarantor’s obligations under 

  
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this Indenture, in any property, or assets, including any of which are required to be mortgaged, pledged or hypothecated, or in which a security interest is required to be granted to the Trustee
pursuant to this Indenture or otherwise; 
 (10) to provide for the issuance of Additional Notes under this Indenture in
accordance with the terms and subject to the limitations set forth in this Indenture; 
 (11) to comply with the rules of any
applicable Depositary; or 
 (12) to conform the text of this Indenture, the Notes or the Subsidiary Guarantees to any
provision of the “Description of notes” section of the Offering Memorandum to the extent such provision was intended to be a recitation of a provision of this Indenture, as certified in an Officers’ Certificate delivered to the
Trustee. 
 After an amendment under this Indenture becomes effective, the Company shall deliver to Holders of the Notes a notice briefly
describing such amendment. However, the failure to give such notice to all Holders, or any defect therein, will not impair or affect the validity of the amendment. 

SECTION 9.2. With Consent of Holders of Notes. With the consent of the Holders of not less than a majority in aggregate principal
amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), the Company, the Subsidiary Guarantors and the Trustee may amend or
supplement this Indenture, the Notes or any Subsidiary Guarantees or waive any existing Default or Event of Default or compliance with any provision of this Indenture or the Notes; provided, however, that no such amendment, supplement
or waiver shall, without the consent of the Holder of each outstanding Note affected thereby (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes): 

(1) change the Stated Maturity of the principal of, or any installment of interest on, any Note; 

(2) reduce the principal amount of, (or the premium) or interest on, any Note; 

(3) change the place or currency of payment of principal of (or premium), or interest on, any Note; 

(4) (i) modify, in any manner adverse to the Holders of the Notes, the right to institute suit for the enforcement of any
payment of principal of (or, premium) or interest on or with respect to any Note when due, or (ii) waive any payment in respect thereof except a default in payment arising solely from an acceleration of the Notes that has been rescinded; 

(5) modify any provisions of this Indenture relating to the modification and amendment of this Indenture or the waiver of past
defaults or covenants which require each Holder’s consent; 

  
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 (6) amend any provisions relating to the redemption of the Notes (other than
notice provisions), it being understood that for the avoidance of doubt, the provisions described under Section 4.10 and Section 4.13 shall not be covered by this clause; 

(7) modify the Subsidiary Guarantees in any manner adverse to the Holders, except in accordance with this Indenture; or 

(8) modify any of the provisions of this Indenture or the related definitions affecting the ranking of the Notes. 

It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form of any proposed amendment
or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 SECTION 9.3. Revocation and Effect of
Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the
consenting Holder’s Note, even if notation of the consent is not made on the Note. However, any such Holder or subsequent Holder may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the
waiver, supplement or amendment becomes effective. When an amendment, supplement or waiver becomes effective in accordance with its terms, it thereafter binds every Holder. 

The Company may, but shall not be obligated to, fix a record date for determining which Holders consent to such amendment, supplement or
waiver. 
 SECTION 9.4. Notation on or Exchange of Notes. The Trustee may place an appropriate notation about an amendment,
supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 SECTION 9.5. Trustee to Sign Amendments, Etc. The Trustee shall sign any amended or supplemental indenture authorized pursuant to
this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In signing or refusing to sign any amendment or supplemental indenture, the Trustee shall be provided with and
(subject to Section 7.1) shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amendment or supplemental indenture is authorized or permitted by this Indenture and that
all conditions precedent thereto have been met or waived. 

  
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 ARTICLE X 

SUBSIDIARY GUARANTEES 

SECTION 10.1. Subsidiary Guarantees. 

(a) Each Subsidiary Guarantor hereby jointly and severally, fully and unconditionally guarantees the Notes and obligations of
the Company hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee, that: (i) the principal of and premium, if any, and interest on the Notes shall be paid in full when
due, whether at Stated Maturity, by acceleration, call for redemption or otherwise, together with interest on the overdue principal, if any, and interest on any overdue interest, to the extent lawful, and all other obligations of the Company to the
Holders or the Trustee under this Indenture or the Notes shall be paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or of any such other
obligations, the same shall be paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Each of the Subsidiary Guarantees shall be a guarantee of payment
and not of collection. 
 (b) Each Subsidiary Guarantor hereby agrees that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any
judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. 

(c) Each Subsidiary Guarantor hereby waives the benefits of diligence, presentment, demand for payment, filing of claims with a
court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company or any other Person, protest, notice and all demands whatsoever and covenants that the Subsidiary Guarantee of such Subsidiary
Guarantor shall not be discharged as to any Note or this Indenture except by complete performance of the obligations contained in such Note and this Indenture and such Subsidiary Guarantee. Each of the Subsidiary Guarantors hereby agrees that, in
the event of a Default in payment of principal or premium, if any, or interest on any Note, whether at its Stated Maturity, by acceleration, call for redemption, purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of,
or by, the Holder of such Note, subject to the terms and conditions set forth in this Indenture, directly against each of the Subsidiary Guarantors to enforce each such Subsidiary Guarantor’s Subsidiary Guarantee without first proceeding
against the Company or any other Subsidiary Guarantor. Each Subsidiary Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable law from
exercising their respective rights to accelerate the maturity of the Notes, to collect interest on the Notes, or to enforce or exercise any other right or remedy with respect to the Notes, such Subsidiary Guarantor shall pay to the Trustee for the
account of the Holders, upon demand therefor, the amount 

  
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that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders and any other amounts due and owing to the Trustee
under this Indenture. 
 (d) If any Holder or the Trustee is required by any court or otherwise to return to the Company or
any Subsidiary Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Company or any Subsidiary Guarantor, any amount paid by any of them to the Trustee or such Holder, the Subsidiary Guarantee of each
of the Subsidiary Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. This paragraph (d) shall remain effective notwithstanding any contrary action which may be taken by the Trustee or any Holder in
reliance upon such amount required to be returned. This paragraph (d) shall survive the termination of this Indenture. 

(e) Each Subsidiary Guarantor further agrees that, as between each Subsidiary Guarantor, on the one hand, and the Holders and
the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of the Subsidiary Guarantee of such Subsidiary Guarantor, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in Article VI, such obligations (whether or not due and payable) shall
forthwith become due and payable by each Subsidiary Guarantor for the purpose of the Subsidiary Guarantee of such Subsidiary Guarantor. 

(f) Each Subsidiary Guarantor that makes a payment for distribution under its Subsidiary Guarantee is entitled upon payment in
full of all guaranteed obligations under this Indenture to seek contribution from each other Subsidiary Guarantor in a pro rata amount of such payment based on the respective net assets of all the Subsidiary Guarantors at the time of such
payment in accordance with GAAP. 
 SECTION 10.2. Execution and Delivery of Guarantee. To evidence its Subsidiary Guarantee set
forth in Section 10.1, each Subsidiary Guarantor agrees that this Indenture or a supplemental indenture in substantially the form attached hereto as Exhibit B shall be executed on behalf of such Subsidiary Guarantor by an Officer of such
Subsidiary Guarantor (or, if an officer is not available, by a board member or director or other duly authorized signatory) on behalf of such Subsidiary Guarantor. Each Subsidiary Guarantor hereby agrees that its Subsidiary Guarantee set forth in
Section 10.1 hereof shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Subsidiary Guarantee on the Notes. In case the Officer, board member or director of such Subsidiary Guarantor whose
signature is on this Indenture or supplemental indenture, as applicable, no longer holds office at the time the Trustee authenticates any Note, the Subsidiary Guarantee shall be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee
set forth in this Indenture on behalf of the Subsidiary Guarantors. 

  
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 SECTION 10.3. Severability. In case any provision of any Subsidiary Guarantee
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 10.4. Limitation of Subsidiary Guarantors’ Liability. Each Subsidiary Guarantor and by its acceptance hereof
each Holder confirms that it is the intention of all such parties that the Subsidiary Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention, the Trustee, the Holders and Subsidiary Guarantors
hereby irrevocably agree that the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee shall be limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of such Subsidiary
Guarantor (including, without limitation, any guarantees under the Revolving Credit Agreement) and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Subsidiary Guarantor in
respect of the obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee, result in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee constituting a fraudulent conveyance, fraudulent preference or
fraudulent transfer or otherwise reviewable under applicable law. 
 SECTION 10.5. Releases. A Subsidiary Guarantee of a
Subsidiary Guarantor shall be automatically and unconditionally released and discharged upon: 
 (a) any sale, transfer or
other disposition of all or substantially all of the assets of such Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted
Subsidiary of the Company, if the sale or other disposition does not violate Section 4.10 of this Indenture; 
 (b) any
sale, transfer or other disposition of Capital Stock of such Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary
of the Company, if after such sale, transfer or disposition, the Subsidiary Guarantor would cease to be a Restricted Subsidiary and the sale or other disposition does not violate Section 4.10 of this Indenture; 

(c) the exercise by the Company of its Legal Defeasance option or its Covenant Defeasance option or the satisfaction and
discharge of this Indenture, in each case as provided under Article VIII; 
 (d) the proper designation of such Subsidiary
Guarantor by the Company as an Unrestricted Subsidiary in accordance with the terms of this Indenture; or 
 (e) the
Subsidiary Guarantor ceasing to guarantee any Debt of the Company or a Subsidiary Guarantor under, or be a borrower under, the Revolving Credit Facility and no Event of Default has occurred and is continuing. 

  
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 Upon delivery to the Trustee of an Officers’ Certificate and an Opinion of Counsel to
the effect that all conditions precedent to the release of a Subsidiary Guarantor’s Subsidiary Guarantee set forth in this Indenture have been satisfied, the Trustee shall execute any documents reasonably requested by the Company in writing in
order to evidence the release of any Subsidiary Guarantor from its obligations under its Subsidiary Guarantee. 
 Any Subsidiary Guarantor
not released from its obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Subsidiary Guarantor under this Indenture as provided in this
Article X. 
 SECTION 10.6. Benefits Acknowledged. Each Subsidiary Guarantor acknowledges that it will receive direct and
indirect benefits from the financing arrangements contemplated by this Indenture and that its guarantee and waivers pursuant to its Subsidiary Guarantee are knowingly made in contemplation of such benefits. 

ARTICLE XI 
 MISCELLANEOUS 

SECTION 11.1. Notices. Any notice, request, direction, instruction or communication by the Company, any Subsidiary Guarantor or
the Trustee to the others is duly given if in writing and delivered in person or mailed by first class mail (registered or certified, return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the addresses set
forth below: 
 If to the Company or any Subsidiary Guarantor: 

Group 1 Automotive, Inc. 
 800
Gessner, Suite 500 
 Houston, Texas 77024 

Facsimile: (713) 647-5858 

Attention: Chief Financial Officer 

With a copy (which shall not constitute notice) to: 

Vinson & Elkins L.L.P. 

1001 Fannin Street, Suite 2500 

Houston, Texas 77002-6760 

Facsimile: (713) 615-5794 

Attention: Gillian A. Hobson 
 If
to the Trustee: 
 Wells Fargo Bank, National Association 

MAC Z3094-063 

1 Independent Drive, Suite 620 

Jacksonville, Florida 32202 

Facsimile: (866) 558-8345 

Attention: Corporate Trust Services 

  
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 The parties hereto, by written notice to the others, may designate additional or different
addresses for subsequent notices or communications. 
 Any notice or communication to a Holder and the Trustee shall be mailed by first
class mail or by overnight air courier promising next Business Day delivery to its address shown on the register kept by the Registrar. Notwithstanding the foregoing, as long as the Notes are Global Notes, notices to be given to the Holders shall be
given to the Depositary in accordance with its applicable policies as in effect from time to time. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

In respect of this Indenture, the Trustee shall not have any duty or obligation to verify or confirm that the Person sending instructions,
directors, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directors, reports notices or other communications or information on behalf of the party
purporting to send such electronic transmission; and the Trustee shall not have any liability for any losses, liability, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions
directors, reports, notices or other communications or information. Each other party, agrees to assume all risks arising out of the use of electronic methods to submit instructions, directions, reports, notices or other communications or
indemnifications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risks of interception and misuse by third parties. 

If a notice or communication is delivered in the manner provided above within the time prescribed, it is duly given, whether or not the
addressee receives it, except in the case of notices or communications given to the Trustee, which shall be effective only upon actual receipt. 

If the Company delivers a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 

SECTION 11.2. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to
take any action under this Indenture, the Company shall furnish to the Trustee upon request: 
 (a) an Officers’
Certificate (which shall include the statements set forth in Section 11.3) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been
satisfied; and 
 (b) an Opinion of Counsel (which shall include the statements set forth in Section 11.3) stating that,
in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

  
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 SECTION 11.3. Statements Required in Certificate or Opinion. Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.4) shall include substantially: 

(a) a statement that the Person making such certificate or opinion has read and understands such covenant or condition; 

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

(d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

SECTION 11.4. Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. Each of
the Agents may make reasonable rules and set reasonable requirements for its functions. 
 SECTION 11.5. No Personal
Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer, employee, incorporator or stockholder, partner or member of the Company or any Subsidiary Guarantor, as such, will have any liability for
any indebtedness, obligations or liabilities of the Company under the Notes or this Indenture or of any Subsidiary Guarantor under the Notes, the Subsidiary Guarantee or this Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Subsidiary Guarantees. 

SECTION 11.6. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED
TO CONSTRUE THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES. Each of the parties to this Indenture each hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan
in The City of New York in any action or proceeding arising out of or relating to the Notes, the Subsidiary Guarantees or this Indenture, and all such parties hereby irrevocably agree that all claims in respect of such action or proceeding may be
heard and determined in such New York State or federal court and hereby irrevocably waive, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. EACH OF THE COMPANY,
THE SUBSIDIARY GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE BONDS OR THE
TRANSACTION CONTEMPLATED HEREBY. 

  
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 SECTION 11.7. No Adverse Interpretation of Other Agreements. This Indenture may
not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

SECTION 11.8. Successors. All agreements of the Company and the Subsidiary Guarantors in this Indenture and the Notes and the
Subsidiary Guarantees, as applicable, shall bind their respective successors and assigns. All agreements of the Trustee in this Indenture shall bind its respective successors and assigns. 

SECTION 11.9. Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 11.10. Execution in Counterparts. This Indenture may be executed in two or more counterparts, which when so executed shall
constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in
lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. Except with respect to authentication of the Notes by the Trustee or
an authenticating agent, the words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Indenture or any document to be signed in connection with this Indenture shall
be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use
of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

SECTION 11.11. Table of Contents, Headings, Etc. The Table of Contents, Cross-Reference Table and Headings of the Articles and
Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

SECTION 11.12. Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing (or, with respect to Global Notes, otherwise in accordance
with the rules and procedures of the Depositary); 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 Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 11.12. 

  
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 (b) The fact and date of the execution by any Person of any such instrument
or writing may be proved (1) 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 such officer the execution thereof or (2) in any other manner reasonably deemed sufficient by the Trustee. Where such execution is by a signer acting in a capacity other than such signer’s individual capacity, such
certificate or affidavit shall also constitute sufficient proof of such signer’s 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. 
 (c) The ownership of Notes shall be proved by the register maintained by the
Registrar hereunder. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder
of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the
Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Note. 
 (e) If the
Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to an Officer’s Certificate, fix in advance a record date for the
determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders
of the requisite proportion of outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Notes shall be computed as of such
record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after
the record date. 
 (f) The Trustee may, but shall not be obligated to, set any day as a record date for the purpose of
determining the Holders entitled to join in the giving or making of (1) any notice of default under Section 6.1, (2) any declaration of acceleration referred to in Section 6.2, (3) any direction referred to in Section 6.5 or
(4) any request to pursue a remedy as permitted in Section 6.6. If any record date is set pursuant to this paragraph, the Holders on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or
direction, whether or not such Holders remain Holders 

  
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after such record date; provided that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by Holders of the requisite
principal amount of Notes or each affected Holder, as applicable, on such record date. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed
action by Holders and the applicable Expiration Date to be given to the Company and to each Holder in the manner set forth in Section 11.1. 

(g) Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so
with regard to all or any part of the principal amount of such Note 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. Any notice given or action
taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such different part. 

(h) Without limiting the generality of the foregoing, a Holder, including a Depositary that is the Holder of a Global Note, may
make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and a Depositary that is
the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such Depositary’s standing instructions and customary practices. 

(i) The Company may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any
Global Note held by a Depositary entitled under the procedures of such Depositary, if any, to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action
provided in this Indenture to be made, given or taken by Holders; provided that if such a record date is fixed, only the beneficial owners of interests in such Global Note on such record date or their duly appointed proxy or proxies shall be
entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such beneficial owners remain beneficial owners of interests in such Global Note after such record date. No such
request, demand, authorization, direction, notice, consent, waiver or other action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date. 

(j) With respect to any record date set pursuant to this Section 11.12, the party hereto that sets such record date 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 other party hereto in writing, and to each Holder of Notes in the manner set forth in Section 11.1, on or prior to both the existing and the new Expiration Date. If an Expiration Date is not designated with respect to any record
date set pursuant to this Section 11.12, the party hereto which set such record date shall be deemed to have initially designated the 90th 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 clause (j). 

  
 92 

 SECTION 11.13. Force Majeure. In no event shall the Trustee or any Agent 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, fire, riots, strikes, or work stoppages for
any reason, embargoes, governmental actions, 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 and each Agent shall use reasonable efforts which are consistent with accepted practices in the U.S. banking industry to resume performance as soon as practicable under the
circumstances. 
 SECTION 11.14. Legal Holidays. If any payment date with respect to the Notes falls on a day that
is not a Business Day, the payment to be made on such payment date will be made on the next succeeding Business Day with the same force and effect as if made on such payment date, and no additional interest will accrue solely as a result of such
delayed payment. 
 SECTION 11.15. USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of
the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that
establishes a relationship or opens an account. The Company agrees that it will provide the Trustee with information about the Company as the Trustee may reasonably request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 [Signature pages follow] 

  
 93 

							
	Dated as of August 17, 2020	 		 	GROUP 1 AUTOMOTIVE, INC.
				
		 		 	By:	 	 /s/ Darryl M. Burman

		 		 	Name:	 	Darryl M. Burman
		 		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	GUARANTORS:
	
	Advantagecars.com, Inc., a Delaware corporation
	Amarillo Motors-F, Inc., a Delaware corporation
	Bob Howard Automotive-East, Inc., an Oklahoma corporation
	Bob Howard Chevrolet, Inc., an Oklahoma corporation
	Bob Howard Dodge, Inc., an Oklahoma corporation
	Bob Howard Motors, Inc., an Oklahoma corporation
	Bob Howard Nissan, Inc., an Oklahoma corporation
	Chaperral Dodge, Inc., a Delaware corporation
	Danvers-S, Inc., a Delaware corporation
	Danvers-SB, Inc., a Delaware corporation
	Danvers-T, Inc., a Delaware corporation
	Danvers-TII, Inc., a Delaware corporation
	Danvers-TL, Inc., a Delaware corporation
	GPI AL-N, Inc., a Delaware corporation
	GPI CA-DMII, Inc., a Delaware corporation
	GPI CA-F, Inc., a Nevada corporation
	GPI CA-SV, Inc., a Delaware corporation
	GPI CA-TII, Inc., a Delaware corporation
	GPI CC, Inc., a Delaware corporation
	GPI GA Holdings, Inc., a Delaware corporation
	GPI KS Motors, Inc., a Delaware corporation
	GPI KS-SB, Inc., a Delaware corporation
	GPI KS-SH, Inc., a Delaware corporation
	GPI KS-SK, Inc., a Delaware corporation
	GPI MS-H, Inc., a Delaware corporation
	GPI MS-N, Inc., a Delaware corporation
	GPI MS-SK, Inc., a Delaware corporation
	GPI NH-T, Inc., a Delaware corporation
	GPI NH-TL, Inc., a Delaware corporation
	GPI NM-J, Inc., a New Mexico corporation
	GPI NM-LRII, Inc., a New Mexico corporation
	GPI NM-SB, Inc., a New Mexico corporation
	GPI NM-SBII, Inc., a New Mexico corporation
	GPI NM-TL, Inc., a New Mexico corporation
	GPI NY Holdings, Inc., a Nevada corporation
	GPI OK-HII, Inc., a Nevada corporation
	GPI OK-SH, Inc., a Delaware corporation
	GPI SAC-T, Inc., a Delaware corporation
	GPI SC, Inc., a Delaware corporation 
	GPI SC Holdings, Inc., a Delaware corporation

 
			
		
	By:	 	 /s/ Darryl M. Burman

	Name:	 	Darryl M. Burman
	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

 
			
	GPI SD-DC, Inc., a Delaware corporation
	GPI TX-A, Inc., a Nevada corporation
	GPI TX-AII, Inc., a Texas corporation
	GPI TX-AIII, Inc., a Texas corporation
	GPI TX-ARGMIII, Inc., a Nevada corporation
	GPI TX-DMII, Inc., a Nevada corporation
	GPI TX-DMIII, Inc., a Nevada corporation 
	GPI TX-DMIV, Inc., a Nevada corporation
	GPI TX-EPGM, Inc., a Delaware corporation
	GPI TX-F, Inc., a Delaware corporation
	GPI TX-FM, Inc., a Nevada corporation
	GPI TX-HAII, Inc., a Nevada corporation
	GPI TX-HGM, Inc., a Delaware corporation
	GPI TX-HGMII, Inc., a Nevada corporation
	GPI TX-HGMIV, Inc., a Nevada corporation
	GPI TX-HIII, Inc., a Texas corporation
	GPI TX-NVI, Inc., a Nevada corporation
	GPI TX-P, Inc., a Texas corporation
	GPI TX-SBII, Inc., a Delaware corporation
	GPI TX-SBIII, Inc., a Nevada corporation
	GPI TX-SHII, Inc., a Delaware corporation
	GPI TX-SK, Inc., a Delaware corporation
	GPI TX-SKII, Inc., a Nevada corporation
	GPI TX-SU, Inc., a Texas corporation
	GPI TX-SV, Inc., a Delaware corporation
	GPI TX-SVII, Inc., a Delaware corporation
	GPI TX-SVIII, Inc., a Delaware corporation
	Group 1 Associates, Inc., a Delaware corporation 
	Group 1 FL Holdings, Inc., a Delaware corporation
	Group 1 Funding, Inc., a Delaware corporation
	Group 1 LP Interests-DC, Inc., a Delaware corporation
	Group 1 Realty, Inc., a Delaware corporation
	Howard-GM II, Inc., a Delaware corporation
	Howard-GM, Inc., a Delaware corporation
	Howard-H, Inc., a Delaware corporation
	Howard-HA, Inc., a Delaware corporation
	Howard-SB, Inc., a Delaware corporation
	HRI Procurement, Inc., a Texas corporation
	Kutz-N, Inc., a Delaware corporation
	Lubbock Motors, Inc., a Delaware corporation

 
			
		
	By:	 	 /s/ Darryl M. Burman

	Name:	 	Darryl M. Burman
	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

 
			
	Lubbock Motors-F, Inc., a Delaware corporation
	Lubbock Motors-GM, Inc., a Delaware corporation
	Lubbock Motors-S, Inc., a Delaware corporation
	Lubbock Motors-SH, Inc., a Delaware corporation
	Lubbock Motors-T, Inc., a Delaware corporation
	Maxwell Ford, Inc., a Delaware corporation
	Maxwell-GMII, Inc., a Delaware corporation
	Maxwell-N, Inc., a Delaware corporation
	Maxwell-NII, Inc., a Delaware corporation
	McCall-F, Inc., a Delaware corporation
	McCall-H, Inc., a Delaware corporation
	McCall-HA, Inc., a Delaware corporation
	McCall-N, Inc., a Delaware corporation
	McCall-SB Inc., a Delaware corporation
	McCall-T, Inc., a Delaware corporation
	McCall-TII, Inc., a Delaware corporation
	McCall-TL, Inc., a Delaware corporation
	Mike Smith Automotive-H, Inc., a Delaware corporation
	Mike Smith Automotive-N, Inc., a Texas corporation
	Mike Smith Autoplaza, Inc., a Texas corporation
	Mike Smith Autoplex Dodge, Inc., a Texas corporation
	Mike Smith Autoplex, Inc., a Texas corporation
	Mike Smith Autoplex-German Imports, Inc., a Texas corporation
	Mike Smith Imports, Inc., a Texas corporation
	Miller Automotive Group, Inc., a California corporation
	Miller-DM, Inc., a Delaware corporation
	NJ-H, Inc., a Delaware corporation
	NJ-HAII, Inc., a Delaware corporation
	NJ-SV, Inc., a Delaware corporation
	Rockwall Automotive-F, Inc., a Delaware corporation

 
			
		
	By:	 	 /s/ Darryl M. Burman

	Name:	 	Darryl M. Burman
	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

 
					
	Baron Leasehold, LLC, a Kansas limited liability company
		
	By: 	 	Baron Development Company, LLC, a Kansas limited liability company, its Sole Member
	
	Baron Development Company, LLC, a Kansas limited liability company
	G1R Clear Lake, LLC, a Texas limited liability company
	G1R Florida, LLC, a Delaware limited liability company
	G1R Mass, LLC, a Delaware limited liability company
	GPI SC-SBII, LLC, a Delaware limited liability company
	Ivory Auto Properties of South Carolina, LLC, a South Carolina limited liability company
	Tate CG, L.L.C., a Maryland limited liability company
		
	By:	 	 Group 1 Realty, Inc., a Delaware corporation,

its Sole Member

			
		 	By:	 	 /s/ Darryl M. Burman

		 	Name:	 	Darryl M. Burman
		 	Title:	 	Vice President
	
	Harvey Ford, LLC, a Delaware limited liability company
		
	By:	 	Bohn-FII, LLC, a Delaware limited liability company, its Sole Member
	
	Bohn-FII, LLC, a Delaware limited liability company
	GPI LA-FII, LLC, a Delaware limited liability company
	GPI LA-H, LLC, a Louisiana limited liability company
	Harvey GM, LLC, a Delaware limited liability company
	Harvey Operations-T, LLC, a Delaware limited liability company
		
	By:	 	Bohn Holdings, LLC, a Delaware limited liability company, its Sole Member
			
		 	By:	 	Group 1 Automotive, Inc., a Delaware corporation, its Sole Member
			
		 	By:	 	 /s/ Darryl M. Burman

		 	Name:	 	Darryl M. Burman
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	GPI AL-SB, LLC, a Delaware limited liability company
		
	By:	 	GPI AL-N, Inc. a Delaware corporation, its Sole Member
			
		 	By:	 	 /s/ Darryl M. Burman

		 	Name:	 	Darryl M. Burman
		 	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

 
					
	GPI GA Liquidation, LLC, a Delaware limited liability company
	GPI GA-CC, LLC, a Georgia limited liability company
	GPI GA-CGM, LLC, a Nevada limited liability company
	GPI GA-DM, LLC, a Delaware limited liability company
	GPI GA-FII, LLC, a Delaware limited liability company
	GPI GA-FIII, LLC, a Delaware limited liability company
	GPI GA-FM, LLC, a Nevada limited liability company
	GPI GA-SU, LLC, a Nevada limited liability company
	GPI GA-T, LLC, a Delaware limited liability company
	GPI GA-TII, LLC, a Nevada limited liability company
		
	By:	 	GPI GA Holdings, Inc., a Delaware corporation, its Sole Member
			
		 	By:	 	 /s/ Darryl M. Burman

		 	Name:	 	Darryl M. Burman
		 	Title:	 	Vice President
	
	GPI SC-SB, LLC, a Delaware limited liability company
	GPI SC-T, LLC, a Delaware limited liability company
		
	By:	 	GPI SC Holdings, Inc., a Delaware corporation, its Sole Member
			
		 	By:	 	 /s/ Darryl M. Burman

		 	Name:	 	Darryl M. Burman
		 	Title:	 	Vice President
	
	GPI FL-A, LLC, a Nevada limited liability company
	GPI FL-H, LLC, a Delaware limited liability company
	GPI FL-VW, LLC, a Delaware limited liability company
		
	By:	 	Group 1 FL Holdings, Inc., a Delaware corporation, its Sole Member
			
		 	By:	 	 /s/ Darryl M. Burman

		 	Name:	 	Darryl M. Burman
		 	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

 
					
	GPI NJ-HA, LLC, a Nevada limited liability company
	GPI NJ-HII, LLC, a Nevada limited liability company
		
	By:	 	NJ-H, Inc., a Delaware corporation, its Sole Member
			
		 	By:	 	 /s/ Darryl M. Burman

		 	Name:	 	Darryl M. Burman
		 	Title:	 	Vice President
	
	GPI NJ-SB, LLC, a Nevada limited liability company
		
	By:	 	NJ-SV, Inc., a Delaware corporation, its Sole Member
			
		 	By:	 	 /s/ Darryl M. Burman

		 	Name:	 	Darryl M. Burman
		 	Title:	 	Vice President
	
	GPI NM-SC, LLC, a New Mexico limited liability company
		
	By:	 	GPI NM-SB, Inc., a New Mexico corporation, its Sole Member
			
		 	By:	 	 /s/ Darryl M. Burman

		 	Name:	 	Darryl M. Burman
		 	Title:	 	Vice President
	
	GPI NM-SCII, LLC, a New Mexico limited liability company
		
	By:	 	GPI NM-SBII, Inc., a New Mexico corporation, its Sole Member
			
		 	By:	 	 /s/ Darryl M. Burman

		 	Name:	 	Darryl M. Burman
		 	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

 
					
	Danvers-SU, LLC, a Delaware limited liability company
		
	By:	 	Group 1 Holdings-S, L.L.C., a Delaware corporation, its Sole Member
	
	Bohn Holdings, LLC, a Delaware limited liability company
	GPI MD-SB, LLC, a Delaware limited liability company
	Group 1 Holdings-DC, L.L.C., a Delaware limited liability company
	Group 1 Holdings-F, L.L.C., a Delaware limited liability company
	Group 1 Holdings-GM, L.L.C., a Delaware limited liability company
	Group 1 Holdings-H, L.L.C., a Delaware limited liability company
	Group 1 Holdings-N, L.L.C., a Delaware limited liability company
	Group 1 Holdings-S, L.L.C., a Delaware limited liability company
	Group 1 Holdings-T, L.L.C., a Delaware limited liability company
	Howard-DCIII, LLC, a Delaware limited liability company
	Key Ford, LLC, a Delaware limited liability company
		
	By:	 	Group 1 Automotive, Inc., a Delaware corporation, its Sole Member
			
		 	By:	 	 /s/ Darryl M. Burman

		 	Name:	 	Darryl M. Burman
		 	Title:	 	Senior Vice President
	
	Ira Automotive Group, LLC, a Delaware limited liability company
		
	By:	 	Danvers-T, Inc., a Delaware corporation, its Sole Member
			
		 	By:	 	 /s/ Darryl M. Burman

		 	Name:	 	Darryl M. Burman
		 	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

 
					
	GPI, Ltd., a Texas limited partnership
	Rockwall Automotive-DCD, Ltd., a Texas limited partnership
		
	By:	 	Group 1 Associates, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 /s/ Darryl M. Burman

		 	Name:	 	Darryl M. Burman
		 	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

							
	Dated as of August 17, 2020	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION
		 		 	as Trustee
				
		 		 	By:	 	 /s/ Patrick T. Giordano

		 		 		 	Patrick T. Giordano
		 		 		 	Vice President

  
 [Signature Page to
Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 (Face of 4.000%
Senior Note) 
 4.000% Senior Notes due 2028 

[Global Note Legend] 
 UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR TO SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE
DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE
REVERSE HEREOF. 
 [Restricted Notes Legend] 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR
NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTE, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE
(THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE
OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN 

  
 A-1 

 
DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES, IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL
“ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE NOTES OF $250,000, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
 BY ITS ACQUISITION AND HOLDING OF THIS SECURITY, THE HOLDER HEREOF
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN CONSTITUTES ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF
THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR ANY PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”) OR AN ENTITY
WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT OR (2) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS SECURITY OR ANY INTEREST THEREIN WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 

[Regulation S Legend] 
 THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH 

  
 A-2 

 
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY
INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTE, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL
ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) IN RELIANCE ON REGULATION
S UNDER THE SECURITIES ACT, ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTE ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES, IN
COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND
THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE NOTE OF $250,000, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR
OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT
PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 

BY ITS ACQUISITION AND HOLDING OF THIS SECURITY, THE HOLDER HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE
ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN CONSTITUTES ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OR ANY PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE,

  
 A-3 

 
LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”) OR AN ENTITY WHOSE
UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT OR (2) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS SECURITY OR ANY INTEREST THEREIN WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 

  
 A-4 

 No.         

CUSIP NO. 1 

ISIN 
 Group 1 Automotive, Inc.
(including any successor thereto) promises to pay to [Cede & Co.]2 or registered assigns, the principal sum of
                     [(as may be increased or decreased as set forth on the Schedule of Increases and Decreases attached hereto)]3 on August 15, 2028. 
 Interest Payment Dates: February 15 and August 15,
beginning February 15, 2021 
 Record Dates: February 1 and August 1 (whether or not a Business Day) 

Reference is made to further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on
the reverse hereof by manual signature, this Note shall not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

 

	1 	 Rule 144A Note CUSIP: 398905AN9 Rule 144A Note ISIN: US398905AN98 Regulation S Note CUSIP: U03903AE8 Regulation
S Note ISIN: USU03903AE82 IAI Note CUSIP: 398905AP4 IAI Note ISIN: US398905AP47 

	2 	 For Global Notes only. 

	3 	 For Global Notes only. 

  
 A-5 

 
					
	GROUP 1 AUTOMOTIVE, INC.
		
	By:	 	  

		 	Name:	 	Darryl Burman
		 	Title:	 	Senior Vice President

 This is one of the Notes referred to in the 

within-mentioned Indenture: 
 Dated: 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee 
  

			
	By:	 	  

		 	Authorized Signatory

  
 A-6 

 (Back of 4.00% Senior Note) 

4.000% Senior Notes due 2028 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) Interest. Group 1 Automotive, Inc., a Delaware corporation, and any successor thereto (the “Company”) promises to
pay interest on the unpaid principal amount of this 4.000% Senior Note due 2028 (a “Note”) at a fixed rate of 4.000% per annum. The Company will pay interest in U.S. dollars semiannually in arrears on February 15 and
August 15, commencing on February 15, 2021 (each an “Interest Payment Date”) or if any such day is not a Business Day, on the next succeeding Business Day with the same force and effect as if made on such Interest Payment
Date, and no additional interest shall accrue solely as a result of such delayed payment. Interest on the Notes shall accrue from the most recent date to which interest has been paid, or, if no interest has been paid, from and including the date of
issuance. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period), at the same rate to the extent lawful. Interest shall be computed on the
basis of a 360-day year comprised of twelve 30-day months. 

(2) Method of Payment. The Company will pay interest on the Notes (except defaulted interest) on the applicable Interest Payment Date
to the Persons who are registered Holders at the close of business on the February 1 and August 1 preceding the Interest Payment Date (whether or not a Business Day), even if such Notes are cancelled after such record date and on or before
such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. If a Holder having an aggregate principal amount of more than $5,000,000 has given written wire transfer instructions to that
holder’s U.S. dollar account within the United States to the Trustee at least 10 Business Days prior to the applicable Interest Payment Date, the Company will make all payments of principal, premium and interest, on such Holder’s Notes by
wire transfer of immediately available funds to the account specified in those instructions. Otherwise, payments on the Notes will be made at the office or agency of the Trustee or Paying Agent unless the Company elects to make interest payments by
check mailed to the Holders at their addresses set forth in the register of Holders. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

 Any payments of principal of this Note prior to Stated Maturity shall be binding upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. The final principal amount due and payable at the maturity of this Note shall be payable only upon presentation and surrender of
this Note at an office of the Trustee or the Trustee’s agent appointed for such purposes. Payments in respect of Global Notes will be made by wire transfer of immediately available funds to the Depositary. 

  
 A-7 

 (3) Paying Agent and Registrar. Initially, Wells Fargo Bank, National Association
shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder, and the Company and/or any Restricted Subsidiaries may act as Paying Agent or Registrar. 

(4) Indenture. The Company issued the Notes under an Indenture, dated as of August 17, 2020 (the “Indenture”), among the
Company, the Subsidiary Guarantors thereto and the Trustee. The terms of the Notes include those stated in the Indenture. To the extent the provisions of this Note are inconsistent with the provisions of the Indenture, the Indenture shall govern.
The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. The Initial Notes issued on the Issue Date were initially issued in an aggregate principal amount of $550,000,000. The Indenture
permits the issuance of Additional Notes subject to compliance with certain conditions. 
 The payment of principal, interest on the Notes
and all other amounts under the Indenture is unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Subsidiary Guarantors. 

(5) Optional Redemption. 

(a) The Notes may be redeemed, in whole or in part, at any time or from time to time prior to August 15, 2023 at the
option of the Company, at a redemption price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any to, but excluding, the applicable redemption date (subject to the
right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). 
 (b)
At any time or from time to time on or after August 15, 2023, the Company, at its option, may redeem the Notes in whole or in part at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth
below, together with accrued and unpaid interest, if any, to, but excluding, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date), if
redeemed during the 12-month period beginning August 15 of the years indicated below: 
  

					
	 Year
	  	Redemption Price	 
	 2023
	  	 	102.000	% 
	 2024
	  	 	101.333	% 
	 2025
	  	 	100.667	% 
	 2026 and thereafter
	  	 	100.000	% 

 (c) In the event that on or before August 15, 2023, the Company receives net cash
proceeds from the sale of its Common Stock in one or more Equity Offerings, the Company may use an amount not greater than the amount of such net cash proceeds to redeem up to 40% of the original aggregate principal amount of all Notes issued
(calculated after giving effect to any issuance of Additional Notes) at a redemption price 

  
 A-8 

 
of 104.000% of the principal amount thereof, plus accrued and unpaid interest, if any, to but excluding, the applicable redemption date (subject to the rights of Holders of Notes on the relevant
regular record date to receive interest due on the relevant interest payment date that is on or prior to the applicable redemption date); provided that: 

(1) at least 60.0% of the aggregate principal amount of Notes issued on the Issue Date remains outstanding immediately after
giving effect to each such redemption; and 
 (2) the redemption occurs not more than 120 days after the date of the closing
of any such Equity Offering. 
 (d) The Notes may also be redeemed in certain circumstances set forth in Section 4.13 of
the Indenture. 
 (6) Offer to Purchase upon Change of Control. 

(a) Upon the occurrence of a Change of Control, the Company may be required to offer to repurchase all or any part of each
Holder’s Notes pursuant to a Change of Control Offer on terms set forth in the Indenture. 
 (b) Upon the occurrence of
certain Asset Dispositions, the Company may be required to offer to purchase Notes as provided in the Indenture. 
 (c)
Holders of the Notes that are the subject of an offer to purchase will receive notice of an Offer to Purchase pursuant to Section 4.10 or the Change of Control Offer, as applicable, from the Company prior to any related purchase date and may
elect to have such Notes purchased by completing the form titled “Option of Holder to Elect Purchase” attached hereto. 
 (7)
Notice of Redemption. Notice of redemption shall be delivered at least 10 days but not more than 60 days before the redemption date (except that notices may be delivered more than 60 days before an expected redemption date if the notice is
issued in accordance with Article VIII of the Indenture) to each Holder whose Notes are to be redeemed in accordance with Section 11.1 of the Indenture. Notices of redemption may be subject to conditions precedent as set forth in the
Indenture. Notes in denominations larger than $2,000 may be redeemed in part so long as no partial redemption results in a Note having a principal amount of less than $2,000. 

(8) Denominations, Transfer, Exchange. The Notes are in registered form without coupons in initial denominations of $2,000 and integral
multiples of $1,000 in excess thereof. The transfer of the Notes may be registered and the Notes may be exchanged as provided in the Indenture. The Registrar, the Trustee and the Company may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents, and the Company may require a Holder to pay any stamp or transfer tax or similar government charge required by law or permitted by the Indenture in accordance with Section 2.6(g)(2) of the
Indenture. The Registrar is not required (A) to issue, to register the transfer of or to exchange Notes during a period beginning at the opening of 15 days before the day of any selection of Notes for redemption and ending at the close of
business on the day of such selection, (B) to register the 

  
 A-9 

 
transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to
exchange a Note between a record date and the next succeeding Interest Payment Date. 
 (9) Persons Deemed Owners. The registered
Holder of a Note may be treated as its owner for all purposes. 
 (10) Amendment, Supplement and Waiver. The Indenture, the Notes and
the Subsidiary Guarantees may be amended or supplemented as provided in the Indenture. 
 (11) Defaults and Remedies. If an Event of
Default (other than an Event of Default relating to certain bankruptcy events) shall have occurred and be continuing under the Indenture, the Trustee, by written notice to the Company, or the Holders of at least 25.0% in aggregate principal amount
of the Notes then outstanding by written notice to the Company and the Trustee, may declare all amounts owing under the Notes to be due and payable. Upon such acceleration declaration, the aggregate principal of and accrued and unpaid interest on
the outstanding Notes shall become due and payable immediately. If an Event of Default relating to specified bankruptcy events occurs, then all unpaid principal of, and premium, if any, and accrued and unpaid interest, if any, on all of the
outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other action or notice on the part of the Trustee or any Holder of the Notes. Accelerations may be rescinded, and Events of Default may be waived
as provided in the Indenture. 
 (12) No Recourse Against Others. No director, officer, employee, incorporator or stockholder,
partner or member of the Company or any Subsidiary Guarantor, as such, will have any liability for any indebtedness, obligations or liabilities of the Company under the Notes or the Indenture or of any Subsidiary Guarantor under its Subsidiary
Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the
Notes and the Subsidiary Guarantees, to the extent permitted by applicable law. 
 (13) Authentication. This Note shall not be valid
until authenticated by the manual signature of the Trustee or an authenticating agent. 
 (14) Abbreviations. Customary abbreviations
may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian) and U/G/M/A (=
Uniform Gifts to Minors Act). 
 (15) CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to the Holders. No representation is made as to
the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

  
 A-10 

 The Company shall furnish to any Holder upon written request and without charge a copy of
the Indenture. Requests may be made to: 
 Group 1 Automotive, Inc. 

800 Gessner, Suite 500 
 Houston,
Texas 77024 
 Facsimile: (713) 647-5858 

Attention: Chief Financial Officer 

  
 A-11 

 ASSIGNMENT FORM 

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

 

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

	
	  

	
	  

	
	  

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

 and irrevocably appoint 
  

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

  

									
	Date:	 	  
	 		 		 	
					
		 		 		 	Your Signature :	 	  

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

 Signature guarantee: 

  
 A-12 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or Section 4.13 of the Indenture, check the
box below: 
 [    ] Section 4.10          [    ]
Section 4.13 
 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or
Section 4.13 of the Indenture, state the amount you elect to have purchased: $         
  

							
	Date:	 		 	
				
		 		 	Your Signature :	 	  

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

 Tax Identification No.: 

Signature guarantee: 

  
 A-13 

 [INCLUDE IN TRANSFER RESTRICTED NOTES] 

CERTIFICATE TO BE DELIVERED UPON 

EXCHANGE OF TRANSFER RESTRICTED NOTES 
 Group 1
Automotive, Inc. 
 800 Gessner, Suite 500 
 Houston, Texas
77024 
 Facsimile: (713) 647-5858 

Attention: Chief Financial Officer 
 Wells Fargo Bank, National
Association 
 Corporate Trust – DAPS REORG 
 600 Fourth
Street South, 7th Floor 
 MAC N9300 070 

Minneapolis, MN 55415 
 Phone: 1-800-344-5128 
 Re: 4.000% Senior Notes due 2028 CUSIP
NO.          
 Reference is hereby made to that certain Indenture dated August 17, 2020 (the
“Indenture”) among Group 1 Automotive, Inc. (the “Company”), the guarantors named therein, and Wells Fargo Bank, National Association, as trustee (the “Trustee”). Capitalized terms used but not
defined herein shall have the meanings set forth in the Indenture. 
 This certificate relates to
$         principal amount of Notes held in (check applicable space)                      book-entry or
                     definitive form by the undersigned. 

In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the Resale Restriction
Termination Date, the undersigned confirms that such Notes are being transferred as follows: 
 CHECK ONE BOX BELOW: 

 

			
	(1) ☐	  	to the Company or any of its subsidiaries; or
		
	(2) ☐	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended) that purchases for its own account or for the account of a qualified institutional buyer
to whom notice is given that such transfer is being made in reliance on Rule 144A under the Securities Act of 1933, as amended, in each case pursuant to and in compliance with Rule 144A thereunder; or
		
	(3) ☐	  	transferred pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”); or
		
	(4) ☐	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act, in compliance with Rule 904 thereunder; or

  
 A-14 

			
		
	(5) ☐	  	transferred to an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act), that has furnished to the Trustee a signed letter containing certain
representations and agreements (the form of which letter appears as Exhibit D of the Indenture); or
		
	(6) ☐	  	transferred pursuant to another available exemption from the registration requirements under the Securities Act.

 Unless one of the boxes is checked, the Registrar will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered Holder thereof; provided, however, that if box (4), (5) or (6) is checked, the Trustee or the Company may require, prior to registering any such transfer of the
Securities, the delivery of an opinion of counsel, certification and/or other information satisfactory to each of them to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act, such as the exemption provided by Rule 144 under such Act.. 
  

	
	  

	Signature

  

					
	Signature Guarantee:	 		 	  

		 		 	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

 TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that each of it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”), and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is
aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
		 		 		 	[Name of Transferee]
				
		 		 		 	  

		 		 		 	NOTICE: To be executed by an executive officer, if an entity
				
	Dated:	 	  
	 		 	

  
 A-15 

 SCHEDULE OF INCREASES AND DECREASES OF 4.000% SENIOR NOTES DUE 20284 
 The following transfers, exchanges and redemption of this Global Note have been
made: 
  

									
	 Date of Transfer,
Exchange
or
Redemption
	  	 Amount of Decrease
in Principal
Amount
of this Global Note
	  	 Amount of Increase
in Principal
Amount
of this Global Note
	  	 Principal Amount of
this Global
Note
Following Such
Decrease (or
Increase)
	  	 Signature of Trustee
or Note
Custodian

					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	

  

	4 	 For Global Notes only. 

  
 A-16 

 EXHIBIT B 

[FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED 

BY SUBSEQUENT SUBSIDIARY GUARANTORS] 

This Supplemental Indenture and Subsidiary Guarantee, dated as of
                    , 20     (this “Supplemental Indenture” or “Subsidiary Guarantee”),
among                      (the “New Guarantor”), Group 1 Automotive, Inc. (together with its successors and assigns, the
“Company”), each other then-existing Subsidiary Guarantor under the Indenture referred to below (the “Subsidiary Guarantors”), and Wells Fargo Bank, National Association, as Trustee, paying agent and registrar under
such Indenture. 
 W I T N E S S E T H: 

WHEREAS, the Company, the Subsidiary Guarantors and the Trustee have heretofore executed and delivered an Indenture, dated as of
August 17, 2020 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 4.000% Senior Notes due 2028 of the Company (the
“Notes”); 
 WHEREAS, Section 4.15 of the Indenture provides that in certain circumstances the Company may be required
to cause certain Restricted Subsidiaries of the Company to execute and deliver a Guarantee with respect to the Notes on the same terms and conditions as those set forth in the Indenture. 

WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee, the Company and the Subsidiary Guarantors are authorized to execute and
deliver this Supplemental Indenture to amend the Indenture, without the consent of any Holder to add an additional Subsidiary Guarantor. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the New Guarantor, the Company, the existing Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

ARTICLE I 
 Definitions 

SECTION 1.1 Defined Terms. As used in this Supplemental Indenture, capitalized terms defined in the Indenture or in the preamble or
recitals thereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and
not to any particular section hereof. 
 ARTICLE II 

Agreement to be Bound; Guarantee 

SECTION 2.1 Agreement to be Bound. The New Guarantor hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such
shall have all of the rights and be subject to 

  
 B-1 

 
all of the obligations and agreements of a Subsidiary Guarantor under the Indenture. The New Guarantor agrees to be bound by all of the provisions of the Indenture applicable to a Subsidiary
Guarantor and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture, subject to the release provisions and other limitations set forth in the Indenture. 

ARTICLE III 
 Miscellaneous

 SECTION 3.1 Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the
State of New York. 
 SECTION 3.2 Severability Clause. In case any provision in this Supplemental Indenture 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 and such provision shall be ineffective only to the extent of such invalidity, illegality or
unenforceability. 
 SECTION 3.3 Ratification of Indenture; Supplemental Indentures Part of Indenture; No Liability of Trustee.
Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture
for all purposes, and every Holder of a Note heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture or the New
Guarantor’s Subsidiary Guarantee. Additionally, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the
Company, the New Guarantor and the Subsidiary Guarantors, and the Trustee makes no representation with respect to any such matters. 

SECTION 3.4 Counterparts. This Supplemental Indenture may be executed in two or more counterparts, which when so executed shall
constitute one and the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties
hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

SECTION 3.5 Headings. The headings of the Articles and the sections in this Subsidiary Guarantee are for convenience of reference only
and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
 [Signatures on following page]

  
 B-2 

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

			
	GROUP 1 AUTOMOTIVE, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	[EXISTING GUARANTORS]
		
	By:	 	  

		 	Name:
		 	Title:
	
	[NEW GUARANTOR],
	as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-3 

 EXHIBIT C 

[FORM OF CERTIFICATE TO BE DELIVERED 

IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S] 

Group 1 Automotive, Inc. 
 800 Gessner, Suite 500 

Houston, Texas 77024 
 Facsimile: (713) 647-5858 
 Attention: Chief Financial Officer 

Wells Fargo Bank, National Association 
 Corporate Trust –
DAPS REORG 
 600 Fourth Street South, 7th Floor 

MAC N9300 070 
 Minneapolis, MN 55415 

Phone: 1-800-344-5128 

Facsimile: (866) 558-8345 

Re: Group 1 Automotive, Inc. (the “Company”) 4.000% Senior Notes due 2028 (the “Notes”) 

Ladies and Gentlemen: 
 In connection with our
proposed sale of $         aggregate principal amount of the Notes (CUSIP No.                     ), we
confirm that such sale has been effected pursuant to and in accordance with Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent
that: 
 (1) the offer of the Notes was not made to a person in the United States; 

(2) either (a) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on our
behalf reasonably believed that the transferee was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither we
nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

(3) no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S, as applicable; and 
 (4) the transaction is not part of a plan or scheme to evade the registration requirements of the
Securities Act. 
 In addition, if the sale is made during a restricted period and the provisions of Rule 903(b) or Rule 904(b) of
Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b) or Rule 904(b), as the case may be. 

  
 C-1 

 The Company and you are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 

 

			
	Very truly yours,
	
	  
 [Name of
Transferor]

		
	By:	 	  

		 	Authorized Signature

  
 C-2 

 EXHIBIT D 

[FORM OF CERTIFICATE TO BE DELIVERED 

IN CONNECTION WITH TRANSFERS TO IAIs] 
 Group 1
Automotive, Inc. 
 800 Gessner, Suite 500 
 Houston, Texas
77024 
 Facsimile: (713) 647-5858 

Attention: Chief Financial Officer 
 Wells Fargo Bank, National
Association 
 Corporate Trust – DAPS REORG 
 600 Fourth
Street South, 7th Floor 
 MAC N9300 070 

Minneapolis, MN 55415 
 Phone: 1-800-344-5128 
 Re: Group 1 Automotive, Inc. (the
“Company”) 4.000% Senior Notes due 2028 (the “Notes”) 
 Ladies and Gentlemen: 

This certificate is delivered to request a transfer of $         principal amount of the Notes. 

Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

 

									
		 	Name:	 	  
	  	

									
				
		 	Address:	 	  
	  	

									
				
		 	 Taxpayer ID Number:
	 	  
	  	

 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of
1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Securities, and we are acquiring the
Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our
investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 

  
 D-1 

 2. We understand that the Notes have not been registered under the Securities Act (or the
securities laws of any state or other jurisdiction) and, unless so registered, may not be reoffered, sold, assigned, transferred, pledged, encumbered or otherwise disposed of except as permitted in the following sentence. We agree on our own behalf
and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date of original issue, the original issue date of any additional Notes
and the last date on which the Company or any affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to the Company or any of its subsidiaries,
(b) pursuant to a registration statement that has been declared effective under the Securities Act, (c) for so long as the Securities are eligible for resale pursuant to Rule 144A under the Securities Act, in a transaction complying
with the requirements of Rule 144A under the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A under the Securities Act (a “QIB”) that is purchasing for its
own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales that occur outside the United States to
non-U.S. persons, in compliance with Regulation S under the Securities Act, (e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
(7) under the Securities Act that is not a QIB and is purchasing for its own account or for the account of another institutional “accredited investor,” in each case in a minimum principal amount of Securities of $250,000, for
investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act or (f) pursuant to any other available exemption from the registration requirements of the Securities Act,
subject in each of the foregoing cases to any requirement of law that the disposition of our property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state
securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above prior to the Resale
Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and Wells Fargo Bank, National Association, as trustee (the “Trustee”), which shall
provide, among other things, that the transferee is an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and that it is acquiring such Securities for investment
purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction Termination Date of the
Notes pursuant to clause (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee. 

3. We [are] [are not] an affiliate of the Company. 

  
 D-2 

 The Trustee and the Company are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	  
 [Name of
Transferor]

		
	By:	 	  

		 	Authorized Signature

  
 D-3Exhibit 4.7

  

  

  

  PARK NATIONAL CORPORATION

   

  

  Issuer

   

  

  And

   

  

  [TRUSTEE]

   

  

  Trustee

   

  

  INDENTURE

   

  

  Dated as of               , 20

   

  

  SUBORDINATED DEBT SECURITIES

   

  

  
    
      

  

  
  CROSS-REFERENCE TABLE

   

  

  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; 610

        
	
          §311(a)

        	 	
          613

        
	
          (b)

        	 	
          613

        
	
          §312(a)

        	 	
          701; 702

        
	
          (b)

        	 	
          702

        
	
          (c)

        	 	
          702

        
	
          §313(a)

        	 	
          703

        
	
          (b)

        	 	
          703

        
	
          (c)

        	 	
          703

        
	
          (d)

        	 	
          703

        
	
          §314(a)

        	 	
          704

        
	
          (a)(1)

        	 	
          704

        
	
          (a)(2)

        	 	
          704

        
	
          (a)(3)

        	 	
          704

        
	
          (a)(4)

        	 	
          1004

        
	
          (b)

        	 	
          Not Applicable

        
	
          (c)(1)

        	 	
          102

        
	
          (c)(2)

        	 	
          102

        
	
          (c)(3)

        	 	
          Not Applicable

        
	
          (d)

        	 	
          Not Applicable

        
	
          (e)

        	 	
          102

        
	
          (f)

        	 	
          Not Applicable

        
	
          §315(a)

        	 	
          601, 603

        
	
          (b)

        	 	
          602

        
	
          (c)

        	 	
          601

        
	
          (d)

        	 	
          601

        
	
          (e)

        	 	
          514

        
	
          §316(a)

        	 	
          101

        
	
          (a)(1)(A)

        	 	
          502; 512

        
	
          (a)(1)(B)

        	 	
          513

        
	
          (a)(2)

        	 	
          Not Applicable

        
	
          (b)

        	 	
          508

        
	
          (c)

        	 	
          104

        
	
          §317(a)(1)

        	 	
          503

        
	
          (a)(2)

        	 	
          504

        
	
          (b)

        	 	
          1003

        
	
          §318(a)

        	 	
          107

        

   

  

  NOTE:  This table shall not, for any purpose, be deemed to be a part of the Indenture.

   

  

  
    i

    
      

  

  TABLE OF CONTENTS

   

  

  	
          ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

        	
          1

        
	 	
          Section 101

        	
          Definitions

        	
          1

        
	 	
          Section 102

        	
          Compliance Certificates and Opinions

        	
          6

        
	 	
          Section 103

        	
          Form of Documents Delivered to Trustee

        	
          6

        
	 	
          Section 104

        	
          Acts of Holders; Record Dates

        	
          7

        
	 	
          Section 105

        	
          Notices, Etc., to Trustee and Company

        	
          8

        
	 	
          Section 106

        	
          Notice to Holders; Waiver

        	
          8

        
	 	
          Section 107

        	
          Conflict with Trust Indenture Act

        	
          9

        
	 	
          Section 108

        	
          Effect of Headings and Table of Contents

        	
          9

        
	 	
          Section 109

        	
          Successors and Assigns

        	
          9

        
	 	
          Section 110

        	
          Separability Clause

        	
          9

        
	 	
          Section 111

        	
          Benefits of Indenture

        	
          9

        
	 	
          Section 112

        	
          Governing Law

        	
          9

        
	 	
          Section 113

        	
          Legal Holidays

        	
          9

        
	 	
          Section 114

        	
          Language of Notices, Etc.

        	
          9

        
	 	
          Section 115

        	
          Interest Limitation

        	
          10

        
	 	
          Section 116

        	
          No Personal Liability of Officers, Directors, Employees or Shareholders

        	
          10

        
	 	
          Section 117

        	
          Applicability of Depositary

        	
          10

        
	 	
          Section 118

        	
          Duplicate Originals; Electronic Delivery

        	
          11

        
	 	 	 	 
	
          ARTICLE II SECURITY FORMS

        	
          11

        
	 	
          Section 201

        	
          Forms Generally

        	
          11

        
	 	
          Section 202

        	
          Form of Face of Security

        	
          11

        
	 	
          Section 203

        	
          Form of Reverse of Security

        	
          13

        
	 	
          Section 204

        	
          Global Securities

        	
          17

          

        
	 	
          Section 205

        	
          Form of Trustee’s Certificate and Authorization

        	
          17

        
	 	 	 	 
	
          ARTICLE III THE SECURITIES

        	
          17

        
	 	
          Section 301

        	
          Amount Unlimited; Issuable in Series

        	
          17

        
	 	
          Section 302

        	
          Denominations

        	
          20

        
	 	
          Section 303

        	
          Execution, Authentication, Delivery and Dating

        	
          20

        
	 	
          Section 304

        	
          Temporary Securities

        	
          22

          

        
	 	
          Section 305

        	
          Registration, Registration of Transfer and Exchange

        	
          22

        
	 	
          Section 306

        	
          Mutilated, Destroyed, Lost and Stolen Securities

        	
           23

          

        
	 	
          Section 307

        	
          Payment of Interest; Interest Rights Preserved

        	
          24

        
	 	
          Section 308

        	
          Persons Deemed Owners

        	
          25

          

        
	 	
          Section 309

        	
          Cancellation

        	
          25

        
	 	
          Section 310

        	
          Computation of Interest

        	
          25

        
	 	
          Section 311

        	
          CUSIP Numbers

        	
          25

        
	 	 	 	 
	
          ARTICLE IV SATISFACTION AND DISCHARGE

        	26

        
	 	
          Section 401

        	
          Satisfaction and Discharge of Indenture

        	26

        
	 	
          Section 402

        	
          Application of Trust Money

        	
          27

        
	 	 	 	 
	
          ARTICLE V DEFAULTS AND REMEDIES

        	27

        
	 	
          Section 501

        	
          Events of Default

        	
          27

          

        
	 	
          Section 502

        	
          Acceleration of Maturity; Rescission and Annulment

        	
          27

        
	 	
          Section 503

        	
          Collection of Indebtedness and Suits for Enforcement by Trustee

        	
          28

        
	 	
          Section 504

        	
          Trustee May File Proofs of Claim

        	
          29

          

        
	 	
          Section 505

        	
          Trustee May Enforce Claims Without Possession of Securities

        	
          29

        
	 	
          Section 506

        	
          Application of Money Collected

        	
          29

        

   

  
    ii

    
      

  

  	 	
          Section 507

        	
          Limitation on Suits

        	
          29

        
	 	
          Section 508

        	
          Unconditional Right of Holders to Receive Principal, Premium and Interest

        	
          30

        
	 	
          Section 509

        	
          Restoration of Rights and Remedies

        	
          30

        
	 	
          Section 510

        	
          Rights and Remedies Cumulative

        	
          30

        
	 	
          Section 511

        	
          Delay or Omission Not Waiver

        	
          30

        
	 	
          Section 512

        	
          Control by Holders

        	
          31

          

        
	 	
          Section 513

        	
          Waiver of Past Defaults

        	
          31

          

        
	 	
          Section 514

        	
          Undertaking for Costs

        	
          31

        
	 	 	 	 
	
          ARTICLE VI THE TRUSTEE

        	
          31

        
	 	
          Section 601

        	
          Certain Duties and Responsibilities

        	
          31

        
	 	
          Section 602

        	
          Notice of Defaults

        	
          32

        
	 	
          Section 603

        	
          Certain Rights of Trustee

        	
          33

        
	 	
          Section 604

        	
          Not Responsible for Recitals or Issuance of Securities

        	
          34

          

        
	 	
          Section 605

        	
          May Hold Securities

        	
          34

        
	 	
          Section 606

        	
          Money Held in Trust

        	
          34

        
	 	
          Section 607

        	
          Compensation and Reimbursement

        	
          34

        
	 	
          Section 608

        	
          Disqualification; Conflicting Interests

        	
          35

        
	 	
          Section 609

        	
          Corporate Trustee Required; Eligibility

        	
          35

        
	 	
          Section 610

        	
          Resignation and Removal; Appointment of Successor

        	
          35

        
	 	
          Section 611

        	
          Acceptance of Appointment by Successor

        	
          36

        
	 	
          Section 612

        	
          Merger, Conversion, Consolidation or Succession to Business

        	
          37

        
	 	
          Section 613

        	
          Preferential Collection of Claims Against Company

        	
          37

        
	 	
          Section 614

        	
          Appointment of Authenticating Agent

        	
          38

          

        
	 	 	 	 
	
          ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY

        	
          39

        
	 	
          Section 701

        	
          Company to Furnish Trustee Names and Addresses of Holders

        	
          39

          

        
	 	
          Section 702

        	
          Preservation of Information; Communications to Holders

        	
          39

          

        
	 	
          Section 703

        	
          Reports by Trustee

        	
          39

        
	 	
          Section 704

        	
          Reports by Company

        	
          39

        
	 	 	 	 
	
          ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR
              LEASE

        	
          40

        
	 	
          Section 801

        	
          Company May Consolidate, Etc., Only on Certain Terms

        	
          40

        
	 	
          Section 802

        	
          Successor Substituted

        	
          40

        
	 	 	 	 
	
          ARTICLE IX SUPPLEMENTAL INDENTURES

        	
          40

        
	 	
          Section 901

        	
          Supplemental Indentures Without Consent of Holders

        	
          40

        
	 	
          Section 902

        	
          Supplemental Indentures with Consent of Holders

        	
          41

          

        
	 	
          Section 903

        	
          Execution of Supplemental Indentures

        	
          42

          

        
	 	
          Section 904

        	
          Effect of Supplemental Indentures

        	
          42

        
	 	
          Section 905

        	
          Conformity with Trust Indenture Act

        	
          42

        
	 	
          Section 906

        	
          Reference in Securities to Supplemental Indentures

        	
          42

        
	 	 	 	 
	
          ARTICLE X COVENANTS

        	
          43

        
	 	
          Section 1001

        	
          Payment of Principal, Premium and Interest

        	
          43

        
	 	
          Section 1002

        	
          Maintenance of Office or Agency

        	
          43

        
	 	
          Section 1003

        	
          Money for Securities Payments to Be Held in Trust

        	
          43

        

  

  

  
    iii

    
      

  

  	 	
          Section 1004

        	
          Statement by Officers as to Default; Change in Fiscal Year

        	
          44

        
	 	
          Section 1005

        	
          Waiver of Certain Covenants

        	
          44

        
	 	 	 	 
	
          ARTICLE XI REDEMPTION OF SECURITIES

        	
          45

          

        
	 	
          Section 1101

        	
          Applicability of Article

        	
          45

        
	 	
          Section 1102

        	
          Election to Redeem; Notice to Trustee

        	
          45

        
	 	
          Section 1103

        	
          Selection by Trustee of Securities to be Redeemed

        	
          45

        
	 	
          Section 1104

        	
          Notice of Redemption

        	
          45

        
	 	
          Section 1105

        	
          Deposit of Redemption Price

        	
          46

        
	 	
          Section 1106

        	
          Securities Payable on Redemption Date

        	
          46

        
	 	
          Section 1107

        	
          Securities Redeemed in Part

        	
          46

        
	 	 	 	 
	
          ARTICLE XII SINKING FUNDS

        	
          47

        
	 	
          Section 1201

        	
          Applicability of Article

        	
          47

        
	 	
          Section 1202

        	
          Satisfaction of Sinking Fund Payments with Securities

        	
          47

        
	 	
          Section 1203

        	
          Redemption of Securities for Sinking Fund

        	
          47

        
	 	 	 	 
	
          ARTICLE XIII DEFEASANCE

        	
          47

        
	 	
          Section 1301

        	
          Applicability of Article

        	
          47

        
	 	
          Section 1302

        	
          Legal Defeasance

        	
          48

        
	 	
          Section 1303

        	
          Covenant Defeasance

        	
          49

        
	 	
          Section 1304

        	
          Application by Trustee of Funds Deposited for Payment of Securities

        	
          50

        
	 	
          Section 1305

        	
          Repayment to Company

        	
          50

        
	 	
          Section 1306

        	
          Reinstatement

        	
          50

        
	 	 	 	 
	
          ARTICLE XIV SUBORDINATION OF SECURITIES

        	
          50

        
	 	
          Section 1401

        	
          Securities Subordinated to Senior Debt

        	
          50

        

   

  

  
    iv

    
      

  

  
  INDENTURE dated as of              , 20    , between PARK NATIONAL CORPORATION, an Ohio corporation (the “Company”), having its principal office at 50 North Third Street, Newark, Ohio 43055, and
    [TRUSTEE], a                    (the “Trustee”), having a corporate trust office at    .

  

   

  

  RECITALS OF THE COMPANY

   

  

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

   

  

  All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

   

  

  This Indenture is subject to the provisions of the Trust Indenture Act that are required to be a part of this Indenture and, to the extent applicable, shall be governed by such provisions.

   

  

  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 any
    series thereof, as follows:

   

  

  ARTICLE I

  DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

   

  

  Section 101.          Definitions

   

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

   

  

  	

        	(1)	
          the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

        

   

  

  	

        	(2)	
          all 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;

        

   

  

  	

        	(3)	
          all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

        

   

  

  	

        	(4)	
          the word “including” means “including without limitation”;

        

   

  

  	

        	(5)	
          the words “hereby,” “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; and

        

   

  

  	

        	(6)	
          the words “Article” and “Section” refer to an Article and Section, respectively, of this Indenture.

        

   

  

  “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.

   

  

  
    1

    
      

  

  “Authorized Newspaper” means a newspaper, in the English language or in an official language of the country of publication, customarily published on each Business Day, whether or not published on
    Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the term is used or in the financial community of such place.

   

  

  “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors or the protection of creditors.

   

  

  “Board of Directors” means:

   

  

  	

        	(1)	
          with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board;

        

   

  

  	

        	(2)	
          with respect to a partnership, the Board of Directors of the general partner of the partnership;

        

   

  

  	

        	(3)	
          with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof; and

        

   

  

  	

        	(4)	
          with respect to any other Person (including a business trust), the board of trustees or committee of such Person serving a similar function.

        

   

  

  “Board Resolution” means a copy of a resolution certified by the Secretary of the Company, the principal financial officer of the Company or any other authorized officer of the Company or a Person
    duly authorized by any of them, to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. Where any provision of this Indenture refers to action to be taken
    pursuant to a Board Resolution (including the establishment of any series of the Securities and the forms and terms thereof), such action may be taken by any committee, officer or employee of the Company authorized to take such action by the Board of
    Directors as evidenced by a Board Resolution.

   

  

  “Business Day”, when used with respect to any Place of Payment or other location, means, except as otherwise provided as contemplated by Section 301 with respect to any series of Securities, each
    Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment or other location are authorized or obligated by law, executive order or regulation to close.

   

  

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

   

  

  “Company” means the Person named as the “Company” in the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and
    thereafter “Company” shall mean such successor Person.

   

  

  “Company Request” or “Company Order” means a written request or order signed in the name of the Company by any officer serving as the Chairman of the Board, the Chief Executive Officer, the President, the
    Chief Financial Officer or the Chief Accounting Officer of the Company, and by any one of the Treasurer or the Secretary of the Company, and delivered to the Trustee.

   

  

  “Corporate Trust Office” means the office of the Trustee located at        , or at such other address as the Trustee shall have notified to the Company and the Holders.

   

  

  “Corporation” means a corporation, association, partnership (general or limited), limited liability company, joint-stock company or business trust.

   

  

  “Covenant Defeasance” has the meaning specified in Section 1303.

   

  

  
    2

    
      

  

  “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

   

  

  “Debt” means any debt for money borrowed.

   

  

  “Default” means, with respect to a series of Securities, 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.

   

  

  “Defaulted Interest” has the meaning specified in Section 307.

   

  

  “Defeasance” has the meaning specified in Section 1302.

   

  

  “Definitive Security” means a Security other than a Global Security or a temporary Security.

   

  

  “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, until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter shall mean or include each Person which is
    then a Depositary hereunder, and if at any time there is more than one such Person, shall be a collective reference to such Persons.

   

  

  “Dollar” or “$” means such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

   

  

  “DTC” has the meaning specified in Section 104.

   

  

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

   

  

  “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any statute successor thereto.

   

  

  “Fiscal Year” means, with respect to the Company, each 12-month period beginning on January 1 and ending on December 31.

   

  

  “GAAP” means accounting principles generally accepted in the United States, consistently applied, as from time to time in effect.

   

  

  “Global Security” means a Security in global form that evidences all or part of the Securities of any series and is registered in the name of the Depositary for such Securities or a nominee thereof.

   

  

  “Holder” means a Person in whose name a Security is registered in the Security Register.

   

  

  “Indenture” means this instrument as originally executed or as it may from time to time be amended, supplemented or otherwise modified in accordance herewith, including by one or more indentures
    supplemental hereto entered into pursuant to the applicable provisions hereof, and 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” means, with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, 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.

   

  

  
    3

    
      

  

  “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.

   

  

  “Officers’ Certificate” of a Person means a certificate signed by any two of the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, the Chief
    Accounting Officer, the Treasurer or the Secretary of the Person, or if such Person is a partnership, of its general partner, and delivered to the Trustee.  One of the officers or such other Persons (as applicable) signing an Officers’ Certificate
    given pursuant to Section 1004 shall be the principal executive, financial or accounting officer of the Person, or if such Person is a partnership, of its general partner.

   

  

  “Opinion of Counsel” means a written opinion of legal counsel, who may be an employee of or counsel for the Company, which opinion shall comply with the provisions of Sections 102 and 103.

   

  

  “Original Issue Discount Security” means any Security which provides for an amount less than the stated 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:

   

  

  	

        	(1)	
          Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

        

   

  

  	

        	(2)	
          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, however, that if such Securities are to be
            redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor has been made;

        

   

  

  	

        	(3)	
          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; and

        

   

  

  	

        	(4)	
          Securities, except to the extent provided in Sections 1302 and 1303, with respect to which the Company has effected Defeasance or Covenant Defeasance as provided in Article XIII;

        

   

  

  provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any
    request, demand, authorization, direction, notice, consent or waiver hereunder, (A) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and
    payable as of the date of such determination upon acceleration of the Maturity thereof on such date pursuant to Section 502, (B) the principal amount of a Security denominated in one or more currencies or currency units other than Dollars shall be the
    Dollar equivalent of such currencies or currency units, determined in the manner provided as contemplated by Section 301 on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security,
    the Dollar equivalent (as so determined) on the date of original issuance of such Security, of the amount determined as provided in clause (A) above) of such Security, and (C) 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 or waiver, only Securities which the Trustee actually knows to be so owned shall be so disregarded. Securities so owned as described in clause (C) above which have been pledged in good faith may be regarded as Outstanding if the pledgee
    certifies to 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.

   

  

  
    4

    
      

  

  “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.

   

  

  “Periodic Offering” means an offering of Securities of a series from time to time, the specific terms of which Securities, including the rate or rates of interest or formula for determining the rate
    or rates of interest thereon, if any, the Stated Maturity or Stated Maturities thereof, the original issue date or dates thereof, the redemption provisions, if any, with respect thereto, and any other terms specified as contemplated by Section 301 with
    respect thereto, are to be determined by the Company upon the issuance of such Securities.

   

  

  “Person” means any individual, Corporation, joint venture, 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, unless otherwise specifically provided for with respect to such series as contemplated by Section 301, the office
    specified as such in Section 1002 and such other place or places where, subject to the provisions of Section 1002, the principal of and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 301.

   

  

  “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, determined for such Security pursuant to this Indenture, as contemplated by
    Section 301 and/or by the terms of such Security.

   

  

  “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.

   

  

  “Securities” has the meaning specified in the first recital of this Indenture.

   

  

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

   

  

  “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 the principal of 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, and does not include any contingent obligation to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled
    for the payment thereof.

   

  

  “Subsidiary” means, with respect to any Person, any entity of which more than 50% of the total voting power of the equity interests entitled, without regard to the occurrence of any contingency, to
    vote in the election of directors, managers or trustees thereof; or any partnership of which more than 50% of the partners’ equity interests, considering all partners’ equity interests as a single class, is at the time owned or controlled, directly or
    indirectly, by that Person or one or more of the other Subsidiaries of that Person or combination thereof.

   

  

  “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force on the date as of which this instrument was executed, except as otherwise provided in Section 905; provided, however, that if 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.

   

  

  
    5

    
      

  

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

   

  

  “U.S. Government Obligations” means securities which are (i) direct obligations of the United States for the payment of which its full faith and credit is pledged, or (ii) obligations of a Person
    controlled or supervised by and acting as an agency or instrumentality of the United States, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, each of which are not callable or redeemable at
    the option of the issuer thereof.

   

  

  Section 102.          Compliance Certificates and Opinions

   

  Upon any application or request by the Company to the Trustee to take or refrain from taking any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’
    Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied
    with, and an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. Each such certificate or opinion shall be given in the
    form of an Officers’ Certificate, if to be given by officers 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 Officers’ Certificate or Opinion of Counsel (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.

        

   

  

  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. 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.

   

  

  Any certificate or opinion of an officer of or counsel for 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 that the certificate or opinion or representations with respect to such matters are erroneous.

   

  

  
    6

    
      

  

  Any certificate or opinion of an officer of or counsel for the Company may be delivered electronically.

   

  

  Whenever, subsequent to the receipt by the Trustee of any Board Resolution, Officers’ Certificate, Opinion of Counsel or other document or instrument, a clerical, typographical or other inadvertent or
    unintentional error or omission shall be discovered therein, a new document or instrument may be substituted therefor in corrected form with the same force and effect as if originally received in the corrected form and, irrespective of the date or
    dates of the actual execution and/or delivery thereof, such substitute document or instrument shall be deemed to have been executed and/or delivered as of the date or dates required with respect to the document or instrument for which it is
    substituted. Without limiting the generality of the foregoing, any Securities issued under the authority of such defective document or instrument shall nevertheless be the valid obligations of the Company entitled to the benefits of this Indenture
    equally and ratably with all other Outstanding Securities.

   

  

  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 or taken by Holders may be embodied in and evidenced by one or more
    instruments of substantially similar tenor signed (either physically or by means of a facsimile or an electronic transmission, provided that such electronic transmission is transmitted through the facilities
    of a Depositary) by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered (either physically or by means
    of a facsimile or an electronic transmission, provided that such electronic transmission is transmitted through the facilities of a Depositary) 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 315 of the Trust Indenture Act) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.

   

  

  Without limiting the generality of the foregoing, a Holder, including a Depositary that is a Holder of a Global Security, may make, give or take, by a proxy or proxies, duly appointed in writing, any
    request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and a Depositary that is a Holder of a Global Security may provide its proxy or proxies to the
    beneficial owners of interests in any such Global Security. With respect to any Global Security the Depositary for which is The Depository Trust Company (“DTC”), any consent or other action given, made or taken by an “agent member” of DTC by
    electronic means in accordance with the Automated Tender Offer Procedures system or other applicable procedures of, and pursuant to authorization by, DTC shall be deemed to constitute the “Act” of the Holder of such Global Security, and such Act
    shall be deemed to have been delivered to the Company and the Trustee upon the delivery by DTC of an “agent’s message” or other notice of such consent or other action having been so given, made or taken in accordance with the applicable procedures of
    DTC.

   

  

  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 such Person the execution thereof. Where such execution is by a signer acting in a capacity other than the signer’s
    individual capacity, such certificate or affidavit shall also constitute sufficient proof of the signer’s 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, principal amount and serial numbers of Securities held by any Person, and the date of commencement of such Person’s holding the same, shall be proved by the Security Register.

   

  

  
    7

    
      

  

  Any request, demand, authorization, direction, notice, consent, waiver or other action 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.

   

  

  Without limiting the foregoing, a Holder entitled hereunder to give or 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 different part of such principal amount.

   

  

  The Company may set any day as the record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give or take any request, demand, authorization, direction,
    notice, consent, waiver or other action provided or permitted by this Indenture to be given or taken by Holders of Securities of such series, but the Company shall have no obligation to do so. With regard to any record date set pursuant to this
    paragraph, the Holders of Outstanding Securities of the relevant series on such record date (or their duly appointed agents), and only such Persons, shall be entitled to give or take the relevant action, whether or not such Holders remain Holders after
    such record date.

   

  

  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 in writing and actually received by the Trustee at its office at          , or at any other address previously
            furnished in writing by the Trustee, 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 50 North Third Street, Newark, Ohio 43055, Attention: Chief Financial Officer, or at any other address previously furnished in writing to the Trustee by the Company.

        

   

  

  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
    (if international mail, by air mail), to each Holder affected by such event, at its 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. Any
    notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such notice.

   

  

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

   

  

  In case 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.

   

  

  Where this Indenture provides for notice or other communication with respect to any event to a Holder of a Global Security, such notice or other communication shall be sufficiently given if given to the
    Depositary for such Security (or its designee), pursuant to its applicable procedures, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice or other communication.

   

  

  
    8

    
      

  

  Section 107.          Conflict with Trust Indenture Act

   

  If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the provision of the Trust
    Indenture Act shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the Trust Indenture Act shall be deemed to apply to this Indenture as so
    modified or excluded, as the case may be. Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture.

   

  

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

   

  

  Section 110.          Separability 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 any designated senior debt and the
    Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

   

  

  Section 112.          Governing Law

   

  This Indenture and the Securities shall be governed by and construed in accordance with the law of the state of New York without reference to its principles of conflict of laws (other than Section 5-1401 of
    the General Obligations Law).

   

  

  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 the Securities of any series 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, provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be.

   

  

  Section 114.          Language of Notices, Etc.

   

  Any request, demand, authorization, direction, notice, consent, waiver or Act required or permitted under this Indenture shall be in the English language, except that any published notice may be in an
    official language of the country of publication.

   

  

  
    9

    
      

  

  Section 115.          Interest Limitation

   

  It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated
    hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under
    applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall
    have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that
    constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in
    full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by
    applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such
    Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed
    to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change,
    then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law
    as so amended to allow the greater amount or rate of interest.

   

  

  The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided,
    however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.

   

  

  Section 116.          No Personal Liability of Officers, Directors, Employees or Shareholders

   

  Obligations of the Company under this Indenture and the Securities hereunder are payable only out of cash flow and assets of the Company. The Trustee, and each Holder of a Security by its acceptance
    thereof, will be deemed to have agreed in this Indenture that no director, officer, employee, or shareholder, as such, of the Company, the Trustee, or any Affiliate of any of the foregoing entities shall have any personal liability in respect of the
    obligations of the Company under this Indenture or such Securities by reason of his, her or its status. The agreements set forth in this Section are part of the consideration for the issuance of the Securities.

   

  

  Section 117.          Applicability of Depositary

   

  Notwithstanding any other provision of this Indenture, so long as a series of Securities is a Global Security, the parties hereto will be bound at all times by the applicable procedures of the Depositary
    with respect to such series, and the Trustee shall not be deemed to have knowledge, at any time, of the identity of the beneficial owners of the Securities unless it shall have been provided with a list of the beneficial owners by the Depository as of
    such time.

   

  

  
    10

    
      

  

  Section 118.          Duplicate Originals; Electronic Delivery

   

  The parties may execute any number of counterparts of this Indenture and of any indenture supplemental hereto. Each executed copy hereof or thereof shall be an original, but all of such copies
      together shall represent one and the same instrument.  The parties agree that the electronic signature of a party to this Agreement shall be as valid as an original signature of such party and shall be effective to bind such party to this
    Agreement.  The words “execution,” “signed,” “signature,” and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by
    facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign). The use of electronic signatures and electronic records (including, without
    limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based
    recordkeeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including,
    without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limiting the foregoing, the parties agree that any electronically signed document (including this Agreement) shall be deemed (i)
    to be “written” or “in writing”, (ii) to have been signed, and (iii) to constitute a record established and maintained in the ordinary course of business and an original written record when printed from electronic files.  Such paper copies or
    “printouts”, if introduced as evidence in any judicial, arbitral, mediation or administrative proceeding, will be admissible as between the parties to the same extent and under the same conditions as other original business records created and
    maintained in documentary form.  Neither party shall contest the admissibility of true and accurate copies of electronically signed documents on the basis of the best evidence rule or as not satisfying the business records exception to the hearsay
    rule. The Company agrees to assume all risks (other than as a result of Trustee’s gross negligence, willful misconduct or bad faith) arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee,
    including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

   

  

  ARTICLE II

  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 applicable laws or the rules of any securities exchange or automated quotation system on which the Securities of such series may be listed or traded or of any Depositary therefor or as may,
    consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the Securities. If the form of Securities of any series is established by action taken by or pursuant to a Board Resolution, a copy of an
    appropriate record of such action shall be certified by an authorized officer or other authorized Person on behalf 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. Any form of Security approved by or pursuant to a Board Resolution must be acceptable as to form by the Trustee, such acceptance to be evidenced by the Trustee’s authentication of Securities in that form.

   

  

  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

   

  The form of the Securities shall be as follows:

   

  

  [Insert any legend required by the United States Internal Revenue Code and the regulations thereunder.]

   

  

  [If a Global Security, insert legend required by Section 204 of the Indenture]

   

  

  [If applicable, insert-UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE COMPANY OR
    ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE
    TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED
    OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

   

  

  
    11

    
      

  

  PARK NATIONAL CORPORATION

   

  

  [TITLE OF SECURITY]

   

  

  	
          No.

        	
          $

        
	 	 
	
          [CUSIP No.]

        	 

   

  

  PARK NATIONAL CORPORATION, an Ohio corporation (together with any successor thereto under the Indenture hereinafter referred to, the “Company”), for value received, hereby promises to pay to [     ], or
    registered assigns, the principal sum of       United States Dollars [state other currency] on [     ] [if the Security is to bear interest prior to Maturity, insert-, 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-, and at the rate of [     ] % per annum on any overdue principal and premium and on any overdue installment of interest]. [If applicable, insert-The amount of interest payable for any period shall be computed on the basis of twelve 30-day
    months and a 360-day year. The amount of interest payable for any partial period shall be computed on the basis of a 360-day year of twelve 30-day months and the days elapsed in any partial month. In the event that any date on which interest is payable
    on this Security is not a Business Day, then a payment of the interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and
    effect as if made on the date the payment was originally payable. A “Business Day” shall mean, when used with respect to any Place of Payment, 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, executive order or regulation to close.] 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 shall 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 of which 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 or automated quotation system on which the Securities of this series may be listed or traded,
    and upon such notice as may be required by such exchange or automated quotation system, all as more fully provided in such Indenture].

   

  

  [If the Security is not to bear interest prior to Maturity, insert-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 of this Security shall bear interest at the rate of [     ]% per annum, which shall accrue from the date of such default in payment to the date payment of such principal has been
    made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal that is not so paid on demand shall bear interest at the rate of [     ]% per annum, which shall accrue from the date of
    such demand for payment to the date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.]

   

  

  [If a Global Security, insert-Payment of the principal of [(and premium, if any)] and [if applicable, insert-any such] interest on this Security will be made by transfer of immediately available funds to a
    bank account in [     ] designated by the Holder 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 [state other currency].]

   

  

  
    12

    
      

  

  [If a Definitive Security, insert-Payment of the principal of [(and premium, if any)] and [if applicable, insert-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] [state other currency] [or subject to any laws or regulations
    applicable thereto and to the right of the Company (as provided in the Indenture) to rescind the designation of any such Paying Agent, at the [main] offices of [     ] in [     ] and [     ] in [     ], or at such other offices or agencies as the
    Company may designate, by [United States Dollar] [state other currency] check drawn on, or transfer to a [United States Dollar] account maintained by the payee with, a bank in [     ] (so long as the applicable Paying Agent has received proper transfer
    instructions in writing at least [     ] days prior to the payment date)] [if applicable, insert-; provided, however, that payment of interest may be made at the option
    of the Company by [United States Dollar] [state other currency] check mailed to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register] [or by transfer to a [United States Dollar] [state other currency]
    account maintained by the payee with a bank in [     ] [state other Place of Payment] (so long as the applicable Paying Agent has received proper transfer instructions in writing by the Record Date prior to the applicable Interest Payment Date)].]

   

  

  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.

   

  

  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.

   

  

  	
          Dated:

        	 	 	 
	 	 	 	 
	 	 	 	
          PARK NATIONAL CORPORATION

        
	 	 	 	 
	 	 	 	
          By:

        	 
	 	 	 	
          Name:

        	 
	 	 	 	
          Title:

        	 

   

  

  Section 203.          Form of Reverse of Security

   

  The form of the reverse side of the Securities shall be as follows:

   

  

  This Security is one of a duly authorized issue of securities of the Company (the “Securities”), issued and to be issued in one or more series under an Indenture dated as of , 20 (the “Indenture”), between
    the Company and [TRUSTEE], as Trustee (together with any successor trustee under the Indenture, the “Trustee”), to which the Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights,
    limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee, the holders of any designated senior debt and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
    and delivered. As provided in the Indenture, the Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at different rates,
    may be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided or
    permitted. This Security is one of the series designated on the face hereof [if applicable, insert-, limited in aggregate principal amount to U.S. $ [     ]].

   

  

  
    13

    
      

  

  [If applicable, insert-The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, [if applicable, insert-(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-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-on or before [     ], [     ]%, and if redeemed] during the 12-month period beginning [     ] of the
    years indicated,

  

  

  	
          Year

        	 	
          Redemption Price for

          Redemption Through

          Operation of the Sinking

          Fund

        	 	
          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 [if applicable, insert-(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 Securities of this series are subject to redemption upon not less than 30 nor more than 60 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-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 Sinking

          Fund

        	 	
          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 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,-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,-mandatory] sinking fund
    payments may be credited against subsequent [if applicable,-mandatory] sinking fund payments otherwise required to be made [if applicable,-in the inverse order in which they become due].]

   

  

  [If the Security is subject to redemption in part of any kind, insert-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.]

   

  

  [If applicable, insert-The Securities of this series are not redeemable prior to Stated Maturity.]

   

  

  [If the Security is not an Original Issue Discount Security, insert-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.]

   

  

  
    14

    
      

  

  [If the Security is an Original Issue Discount Security, insert-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 (1) of the amount of principal so declared due and payable,
    and (2) of interest on any overdue principal and overdue interest, all of the Company’s obligations in respect of the payment of the principal of 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 not less than the Holders of a majority in aggregate principal amount of the Outstanding Securities of all series to be affected (voting as
    one class). The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Outstanding Securities of all affected series (voting as one class), on behalf of the Holders of all Securities of such series,
    to waive compliance by the Company with certain provisions of the Indenture. The Indenture permits, with certain exceptions as therein provided, the Holders of a majority in principal amount of Securities of any series then Outstanding to waive past
    defaults under the Indenture with respect to such series 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 herefor 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 25% 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, the Trustee shall have been offered indemnity reasonably
    satisfactory to it, 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 the Trustee 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.

   

  

  No reference herein to the Indenture and no provision of this Security or of the Indenture shall, without the consent of the Holder, 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(s) and rate, and in the coin or currency, herein prescribed, except for Section 115 of the Indenture (which limits interest to the maximum amount
    permissible by law), the provisions of which are incorporated herein by reference.

   

  

  [If a Global Security, insert -- This Global Security or portion hereof may not be exchanged for Definitive Securities of this series except in the limited circumstances provided in the Indenture.

   

  

  The holders of beneficial interests in this Global Security will not be entitled to receive physical delivery of Definitive Securities except as described in the Indenture and will not be considered the
    Holders thereof for any purpose under the Indenture.]

   

  

  [If a Definitive Security, insert -- As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon surrender
    of this Security for registration of transfer at the office or agency of the Company in [if applicable, insert-any place where the principal of and any premium and interest on this Security are payable] [if applicable, insert-[     ] [, or, subject to
    any laws or regulations applicable thereto and to the right of the Company (limited as provided in the Indenture) to rescind the designation of any such transfer agent, at the [main] offices of [     ] in [     ] and in [     ] or at such other offices
    or agencies as the Company may designate]], 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 its 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.]

   

  

  
    15

    
      

  

  The Securities of this series are issuable only in registered form without coupons in denominations of U.S. $ [state other currency] and any integral multiple in excess 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 is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

   

  

  This Security is subordinated in right of payment to any designated senior debt, to the extent provided in the Indenture.

   

  

  Obligations of the Company under the Indenture and the Securities thereunder, including this Security, are payable only out of cash flow and assets of the Company. The Trustee, and each Holder of a Security
    by its acceptance hereof, will be deemed to have agreed in the Indenture that no director, officer, employee, or shareholder, as such, of the Company, the Trustee, or any Affiliate of any of the foregoing entities shall have any personal liability in
    respect of the obligations of the Company under the Indenture or such Securities by reason of his, her or its status.

   

  

  The Indenture contains provisions that relieve the Company from the obligation to comply with certain restrictive covenants in the Indenture and for satisfaction and discharge at any time of the entire
    indebtedness upon compliance by the Company with certain conditions set forth in the Indenture.

   

  

  This Security shall be governed by and construed in accordance with the laws of the state of New York.

   

  

  All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

   

  

  [If a Definitive Security, insert as a separate page -- FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto [     ] (Please Print or Typewrite Name and Address of Assignee)
    the within instrument of PARK NATIONAL CORPORATION, and does hereby irrevocably constitute and appoint [     ] Attorney to transfer said instrument on the books of the within-named Company, with full power of substitution in the premises.

   

  

  Please Insert Social Security or Other Identifying Number of Assignee:

   

  

  	
          Dated:

        	 	 	 	
          (Signature)

        
	
          Signature Guarantee:

        	 	 	 

   

  

  (Participant in a Recognized Signature

  Guaranty Medallion Program)

   

  

  NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.]

   

  

  
    16

    
      

  

  Section 204.          Global Securities

   

  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 TRANSFERRED TO, OR
    REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY
    AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

   

  

  If Securities of a series are issuable in whole or in part in the form of one or more Global Securities, as contemplated by Section 301, then, notwithstanding Section 301(9) and Section 302, any Global
    Security shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and that the aggregate
    amount of Outstanding Securities represented thereby may from time to time be reduced or increased, as the case may be, to reflect exchanges. Any endorsement of a Global Security to reflect the amount, or any reduction or increase in the amount, of
    Outstanding Securities represented thereby shall be made in such manner and upon instructions given by such Person or Persons as shall be specified therein or in a Company Order. Subject to the provisions of Sections 303, 304 and 305, the Trustee shall
    deliver and redeliver any Global Security in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. Any instructions by the Company with respect to endorsement or delivery or redelivery of
    a Global Security shall be in a Company Order (which need not comply with Section 102 and need not be accompanied by an Opinion of Counsel).

   

  

  The provisions of the last sentence of Section 303 shall apply to any Security represented by a Global Security if such Security was never issued and sold by the Company and the Company delivers to the
    Trustee the Global Security together with a Company Order (which need not comply with Section 102 and need not be accompanied by an Opinion of Counsel) with regard to the reduction or increase, as the case may be, in the principal amount of Securities
    represented thereby.

   

  

  Section 205.          Form of Trustee’s Certificate and Authorization

   

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

   

  

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

   

  

  	 	
          [TRUSTEE]

        
	 	
          As Trustee

        
	 	 
	 	
          By:

        	 
	 	 	
          Authorized Signatory

        

   

  

  ARTICLE III

  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.

   

  

  
    17

    
      

  

  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, to the extent established pursuant to rather than set forth
    in a Board Resolution, in an Officers’ Certificate or Company Order setting forth, or determining the manner of, such establishment) or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:

   

  

  	

        	(1)	
          the form and title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);

        

   

  

  	

        	(2)	
          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);

        

   

  

  	

        	(3)	
          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;

        

   

  

  	

        	(4)	
          the date or dates on which the Securities will be issued and on which the principal of, and premium, if any, on the Securities of the series is payable or the method of determination thereof;

        

   

  

  	

        	(5)	
          the rate or rates (which may be fixed or variable) at which the Securities of the series shall bear interest, if any, or the method of determination thereof, the date or dates from which such interest shall
            accrue, or the method of determination thereof, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any interest payable on any Interest Payment Date;

        

   

  

  	

        	(6)	
          the place or places where, subject to the provisions of Section 1002, the principal of and any premium and interest on Securities of the series shall be payable, Securities of the series may be surrendered for
            registration of transfer, Securities of the series may be surrendered for exchange and notices, and demands to or upon the Company in respect of the Securities of the series and this Indenture may be served;

        

   

  

  	

        	(7)	
          the period or periods, if any, within which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company or
            otherwise, if the Company is to have that option;

        

   

  

  	

        	(8)	
          the obligation, if any, and the option, if any, of the Company to redeem, purchase or repay Securities of the series pursuant to any sinking fund or analogous provisions or upon the happening of a specified event
            or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to
            such obligation;

        

   

  

  	

        	(9)	
          if other than minimum denominations of $1,000 and any integral multiple in excess thereof, the minimum denominations in which Securities of the series shall be issuable;

        

   

  

  	

        	(10)	
          whether payment of principal of and premium, if any, and interest, if any, on the Securities of the series shall be without deduction for taxes, assessments or governmental charges paid by Holders of the series;

        

   

  

  	

        	(11)	
          the currency, currencies or currency units in which payment of the principal of and any premium and interest on any Securities of the series shall be denominated, payable, redeemable or purchasable if other than
            Dollars and the manner of determining the equivalent thereof in Dollars for purposes of the definition of “Outstanding” in Section 101;

        

   

  

  
    
      	 	
              (12)

            	
              if the amount of payments of principal of or any premium or interest on any Securities of the series may be determined with reference to an index (including an index based on a currency or currencies other
                than that in which the Securities of that series are payable), the index, any replacement indices, the manner in which such indices shall be selected and the manner in which such amounts shall be determined;

            

    

     

    

  

  
    18

    
      

  

  	

        	(13)	
          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 a Holder thereof, in one or more currencies or currency units other than that or
            those in which the Securities are stated to be payable, the currency, currencies or currency units in which payment of the principal of and any premium and interest on Securities of such series as to which such election is made shall be
            payable, and the periods within which and the terms and conditions upon which such election is to be made;

        

   

  

  	

        	(14)	
          the right, if any, of the Company to defer payments of interest by extending the interest payment periods and specify the duration of such extension, the Interest Payment Dates on which such interest shall be
            payable and whether and under what circumstances additional interest on amounts deferred shall be payable;

        

   

  

  	

        	(15)	
          if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502
            or provable in bankruptcy pursuant to Section 504 or the method of determination thereof;

        

   

  

  	

        	(16)	
          if and as applicable, that the Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities (and whether in temporary or permanent global form) and, in such case,
            the Depositary or Depositaries for such Global Security or Global Securities and any circumstances other than those set forth in Section 305 in which any such Global Security may be transferred to, and registered and exchanged for Securities
            registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which any such transfer may be registered;

        

   

  

  	

        	(17)	
          any deletions from, modifications of or additions to the Events of Default set forth in Section 501 or the covenants of the Company set forth in Article X pertaining to the Securities of the series;

        

   

  

  	

        	(18)	
          if and the terms and conditions upon which any Securities of the series may be converted into or exchanged for securities, which may include capital stock, of any class or series of the Company or any other
            issuer;

        

   

  

  	

        	(19)	
          if other than as provided in Article IV and Sections 1302 and 1303, the terms and conditions upon which and the manner in which such series of Securities may be defeased or discharged;

        

   

  

  	

        	(20)	
          if other than the Trustee, the identity of any other trustee, the Security Registrar and any Paying Agent;

        

   

  

  	

        	(21)	
          if other than as provided in Section 305, any restrictions or other provisions with respect to the transfer or exchange of the Securities; and

        

   

  

  	

        	(22)	
          any other terms of the Securities of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 901(3)).

        

   

  

  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 or Officers’ Certificate referred
    to above or in any such indenture supplemental hereto.

   

  

  Any such Board Resolution or Officers’ Certificate referred to above with respect to Securities of any series filed with the Trustee on or before the initial issuance of the Securities of such series shall
    be incorporated herein by reference with respect to Securities of such series and shall thereafter be deemed to be a part of the Indenture for all purposes relating to Securities of such series as fully as if such Board Resolution or Officers’
    Certificate were set forth herein in full.

   

  

  
    19

    
      

  

  All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for increases in the aggregate principal
    amount of such series of Securities and issuances of additional Securities of such series or for the establishment of additional terms with respect to the Securities of such series.

   

  

  If any of the terms of the series are established by action taken by or pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by an authorized officer or other
    authorized Person on behalf of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or Company Order setting forth, or providing the manner for determining, the terms of the series.

   

  

  With respect to Securities of a series subject to a Periodic Offering, such Board Resolution or Officers’ Certificate may provide general terms for Securities of such series and provide either that the
    specific terms of particular Securities of such series shall be specified in a Company Order, or that such terms shall be determined by the Company, or one or more of the Company’s agents designated in an Officers’ Certificate, in accordance with a
    Company Order.

   

  

  Section 302.          Denominations

   

  The Securities of each series shall be issuable only in registered form without coupons 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 minimum denominations of $1,000 and any integral multiple in excess thereof.

   

  

  Section 303.          Execution, Authentication, Delivery and Dating

   

  The Securities shall be executed on behalf of the Company by the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, the Chief Accounting Officer, the Treasurer
    or the Secretary of the Company and need not be attested. 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; provided, however, that in the
    case of Securities offered in a Periodic Offering, the Trustee shall authenticate and deliver such Securities from time to time in accordance with such other procedures (including the receipt by the Trustee of oral or electronic instructions from the
    Company or its duly authorized agents, thereafter promptly confirmed in writing) acceptable to the Trustee as may be specified by or pursuant to a Company Order delivered to the Trustee prior to the time of the first authentication of Securities of
    such series. If the form or terms of the Securities of the series have been established in 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 entitled to receive, in addition to any Officers’ Certificate and Opinion of Counsel required to be furnished to the Trustee pursuant to Section 102, and
    (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel to the effect that:

   

  

  
    20

    
      

  

  	

        	(1)	
          if the form (or the manner of determining 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;

        

   

  

  	

        	(2)	
          if the terms of such Securities have been, or in the case of Securities of a series offered in a Periodic Offering, will be, established by or pursuant to a Board Resolution as permitted by Section 301, that such
            terms have been, or in the case of Securities of a series offered in a Periodic Offering, will be, established in conformity with the provisions of this Indenture, subject, in the case of Securities of a series offered in a Periodic Offering,
            to any conditions specified in such Opinion of Counsel;

        

   

  

  	

        	(3)	
          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 equitable principles, whether applied in an action at law or in equity, and will be entitled to the benefits of this Indenture, equally and ratably with all other Securities, if any, of such series Outstanding; and

        

   

  

  	

        	(4)	
          such other matters as the Trustee may reasonably request;

        

   

  

  or, if the authentication and delivery relates to a new series of Securities created by an indenture supplemental hereto, an Opinion of Counsel to the effect that all conditions precedent to the execution of the supplemental
    indenture with respect to that series of Securities have been complied with, the Company has the power to execute and deliver any such supplemental indenture and has taken all necessary action for those purposes and any such supplemental indenture has
    been executed and delivered and constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its terms (subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
    applicability relating to or affecting creditors’ rights and to general equitable principles, whether applied in an action at law or in equity).

   

  

  Notwithstanding that 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.

   

  

  Notwithstanding the provisions of Sections 102, 301 and the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Board
    Resolution, Officers’ Certificate, Company Order, Opinion of Counsel or supplemental indenture otherwise required pursuant thereto at or prior to the time of authentication of each Security of such series, so long as such documents are delivered at or
    prior to the authentication upon original issuance of the first Security of such series to be issued.

   

  

  With respect to Securities of a series not to be originally issued all at one time, the Trustee may rely upon the Opinion of Counsel and the other documents delivered pursuant to Sections 201 and 301 and
    this Section, as applicable, in connection with the first authentication of Securities of such series and any subsequent request by the Company to the Trustee to authenticate Securities of such series upon their original issuance shall constitute a
    representation and warranty by the Company that as of the date of such request, the statements made in the Officers’ Certificate shall be true and correct as if made on such date.

   

  

  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 of an authorized signatory, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered
    hereunder and is entitled to the benefits of this Indenture. 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.

   

  

  
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  Section 304.          Temporary Securities

   

  Pending the preparation of Definitive Securities of any series, the Company may execute, and upon receipt of the documents required by Sections 102, 201, 301 and 303, as applicable, together with a 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 of like
    series 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 maintained pursuant to Section 1002 for
    the purpose of exchanges of Securities of such 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 a like aggregate principal amount and tenor. 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 a register (the register maintained in such office or in any other office or agency of the Company in a Place of Payment being herein
    sometimes 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 Company hereby appoints the
    Trustee as the initial security registrar for the purpose of registering Securities and transfers of Securities as herein provided (the registrar responsible for so registering Securities and transfers thereof being herein sometimes referred to as the
    “Security Registrar”). The Company may at any time replace such Security Registrar, change such office or agency or act as its own Security Registrar. The Company will give prompt written notice to the Trustee of any change of the Security
    Registrar or of the location of such office or agency. At all reasonable times the Security Register shall be available for inspection by the Trustee.

   

  

  Upon surrender for registration of transfer of any Security of any series at the office or agency of the Company maintained pursuant to Section 1002 for such purpose, 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 a like aggregate principal amount and tenor.

   

  

  At the option of the Holder, Securities of any series (except a Global Security) may be exchanged for other Securities of the same series, of any authorized denominations and of a like aggregate principal
    amount and tenor, 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 its attorney duly authorized in writing.

   

  

  
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  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 or 1107 not involving any transfer.

   

  

  Neither the Trustee nor the Company shall be required (1) to issue, register the transfer of or exchange Securities of any series (or of any series and specified tenor, as the case may be) during a period
    beginning at the opening of business 15 days before the day of mailing of a notice of redemption of Securities of that series selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, (2) 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, or (3) to register the transfer of or exchange any Security between a Regular Record Date and the
    next succeeding Interest Payment Date.

   

  

  Notwithstanding any other provision in this Indenture and except as otherwise specified as contemplated by Section 301, no Global Security may be transferred to, or registered or exchanged for Securities
    registered in the name of, any Person other than the Depositary for such Global Security or any nominee thereof, and no such transfer may be registered, except as provided in this paragraph. Every Security authenticated and delivered upon registration
    or transfer of, or in exchange for or in lieu of, a Global Security shall be a Global Security, except as provided in this paragraph. If (1) (A) the Depositary for a Global Security notifies the Company that it is unwilling or unable to continue as
    Depositary for such Global Security or ceases to be a clearing agency registered under the Exchange Act, and (B) a successor Depositary is not appointed by the Company within 90 days, (2) an Event of Default has occurred and is continuing with respect
    to the Securities of such series and the Security Registrar has received a request from the Depositary to issue certificated securities in lieu of all or a portion of the Global Securities of such series (in which case the Company shall deliver
    certificated securities within 30 days of such request) or (3) the Company determines in its sole discretion that Securities of a series issued in global form shall no longer be represented by a Global Security, then such Global Security may be
    exchanged by such Depositary for Definitive Securities of the same series, of any authorized denomination and of a like aggregate principal amount and tenor, registered in the names of, and the transfer of such Global Security or portion thereof may be
    registered to, such Persons as such Depositary shall direct.

   

  

  Section 306.          Mutilated, Destroyed, Lost and Stolen Securities

   

  If any mutilated Security is surrendered to the Trustee, together with such security or indemnity as may be required by the Company or the Trustee to save each of them and any agent of either of them
    harmless, the Company shall execute and upon its request 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 (1) evidence to their satisfaction of the destruction, loss or theft of any Security and (2) 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 upon its request 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. If, after the delivery of such new
    Security, a bona fide purchaser of the original Security in lieu of which such new Security was issued presents for payment or registration such original Security, the Trustee shall be entitled to recover such new Security from the party to whom it was
    delivered or any party taking therefrom, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Company and the Trustee in
    connection therewith.

   

  

  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 (and,
    for clarity, Article XI shall not apply to such payment).

   

  

  
    23

    
      

  

  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 exchange for any mutilated Security or in lieu of any destroyed, lost or stolen Security shall
    constitute an original additional contractual obligation of the Company, whether or not the mutilated, 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.

   

  

  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 (1) or (2) below:

   

  

  	

        	(1)	
          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 mailed, first-class postage prepaid, to each Holder of Securities of such series at its address as it appears in the Security Register, 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 (2).

        

   

  

  	

        	(2)	
          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 or automated quotation system on
            which such Securities may be listed or traded, 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.

        

   

  

  
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  Subject to the foregoing provisions of this Section and Section 305, 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.

   

  

  For each series of Securities, the Company shall, prior to 11:00 a.m. (New York City time) (or such later time of day to which the Trustee may agree) on each payment date for principal and premium, if any,
    and interest, if any, deposit with the Trustee money in immediately available funds sufficient to make cash payments due on the applicable payment date.

   

  

  Section 308.          Persons Deemed Owners

   

  Except as otherwise provided as contemplated by Section 301 with respect to any series of Securities, 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 Sections 305 and 307) any interest on
    such Security and for all other purposes whatsoever, whether or not such Security is overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

   

  

  No holder of any beneficial interest in any Global Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such Global Security, and such Depositary may be
    treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. None of the Company, the Trustee nor any agent of the Company or the Trustee will have any responsibility
    or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

   

  

  Section 309.          Cancellation

   

  In order for any Securities to be surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment such Security must be delivered to the Trustee and
    shall be promptly canceled 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 canceled by the Trustee. No
    Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of in accordance with
    its customary procedures, and the Trustee shall thereafter, from time to time upon written request, deliver to the Company a certificate with respect to such disposition.

   

  

  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
    and interest on the Securities of each series for any partial period shall be computed on the basis of a 360-day year of twelve 30-day months and the number of days elapsed in any partial month.

   

  

  Section 311.          CUSIP Numbers

   

  The Company in issuing the Securities may use CUSIP numbers (in addition to the other identification numbers printed on the Securities), and, if so, the Trustee shall use CUSIP numbers in notices of
    redemption as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such CUSIP 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 CUSIP numbers. The Company
    will promptly notify the Trustee of any change in the CUSIP numbers.

   

  

  
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  ARTICLE IV

  SATISFACTION AND DISCHARGE

   

  

  Section 401.          Satisfaction and Discharge of Indenture

   

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

   

  

  	

        	(1)	
          either

        

   

  

  	

        	(A)	
          all such Securities theretofore authenticated and delivered (other than (i) such Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, and (ii) such
            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

        

   

  

  	

        	(B)	
          all such Securities not theretofore delivered to the Trustee for cancellation

        

   

  

  	

        	(i)	
          have become due and payable,

        

   

  

  	

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

        

   

  

  	

        	(iii)	
          are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,

        

   

  

  and, in the case of clause (i), (ii) or (iii) above, the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for this purpose an amount of money in the
    currency or currency units in which such Securities are payable 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;

   

  

  	

        	(2)	
          the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to such Securities; and

        

   

  

  	

        	(3)	
          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 with respect to such Securities have been complied with.

        

   

  

  Notwithstanding the satisfaction and discharge of this Indenture with respect to Securities of any series, (i) the obligations of the Company to the Trustee under Section 607, the obligations of the Trustee
    to any Authenticating Agent under Section 614 and the right of the Trustee to resign under Section 610 shall survive, and (ii) if money shall have been deposited with the Trustee pursuant to clause (1)(B) above, the obligations of the Company and/or
    the Trustee under Sections 402, 606, 701 and 1002 and the last paragraph of Section 1003 shall survive.

   

  

  
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  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, but such money need not be segregated from other funds except to the extent required by law.

   

  

  ARTICLE V

  DEFAULTS AND 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):

   

  

  	

        	(1)	
          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 (whether or not such payment is prohibited by the
            provisions of Article XIV hereof); or

        

   

  

  	

        	(2)	
          default in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity (whether or not such payment is prohibited by the provisions of Article XIV hereof); or

        

   

  

  	

        	(3)	
          default in the performance, or breach, of any term, covenant or warranty of the Company in this Indenture (other than a term, covenant or warranty a default in whose performance or whose breach is elsewhere in
            this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 90 days after there
            has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by Holders of at least 25% 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

        

   

  

  	

        	(4)	
          the Company pursuant to or within the meaning of any Bankruptcy Law (A) commences a voluntary case, (B) consents to the entry of any order for relief against it in an involuntary case, (C) consents to the
            appointment of a Custodian of it or for all or substantially all of its property, or (D) makes a general assignment for the benefit of its creditors; or

        

   

  

  	

        	(5)	
          a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for relief against the Company in an involuntary case, (B) appoints a Custodian of the Company or for all or
            substantially all of its property, or (C) orders the liquidation of the Company; and the order or decree remains unstayed and in effect for 90 days; or

        

   

  

  	

        	(6)	
          any other Event of Default provided as contemplated by Section 301 with respect to Securities of that series.

        

   

  

  Section 502.          Acceleration of Maturity; Rescission and Annulment

   

  If an Event of Default with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or Holders of not less than 25% in principal amount of
    the Outstanding Securities of that series may declare the principal amount of (or, if any of the Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified in the terms
    thereof) all of the Securities of that series 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.

   

  

  
    27

    
      

  

  At any time after such 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 in this Article provided, 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

   

  

  	

        	(1)	
          the Company has paid or deposited with the Trustee a sum sufficient to pay

        

   

  

  	

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

        

   

  

  	

        	(B)	
          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,

        

   

  

  	

        	(C)	
          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

        

   

  

  	

        	(D)	
          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

        

   

  

  	

        	(2)	
          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.

   

  

  Section 503.          Collection of Indebtedness and Suits for Enforcement by Trustee

   

  The Company covenants that if

   

  

  	

        	(1)	
          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 (whether or not such payment is prohibited by the
            provisions of Article XIV hereof), or

        

   

  

  	

        	(2)	
          default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof (whether or not such payment is prohibited by the provisions of Article XIV hereof),

        

   

  

  then the Company will, upon demand of the Trustee, pay to it, for the benefit of 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 costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and other amounts due to the Trustee pursuant to Section 607.

   

  

  If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so
    due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company, or any other obligor upon such Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out
    of the property of the Company, or any other obligor upon such Securities, wherever situated.

   

  

  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 most effectual 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.

   

  

  
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  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, their property or their 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 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 Custodian, 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 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 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 and any other amounts due to the Trustee under Section 607, be for the ratable benefit of Holders of the Securities in respect of which such judgment has been recovered.

   

  

  Section 506.          Application of Money Collected

   

  Any money or property collected or to be applied 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 or property 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: subject to Article XIV, 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: the balance, if any, to the Company.

   

  

  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 a Security, or for the appointment of a receiver or
    trustee, or for any other remedy hereunder, unless:

   

  

  	

        	(1)	
          such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;

        

   

  

  
    29

    
      

  

  	

        	(2)	
          Holders of not less than 25% 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;

        

   

  

  	

        	(3)	
          such Holder or Holders have offered and, if requested, provided to the Trustee security or indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities that may be incurred in
            compliance with such request;

        

   

  

  	

        	(4)	
          the Trustee for 60 days after its receipt of such notice, request and offer and, if requested, provision of such security or indemnity has failed to institute any such proceeding; and

        

   

  

  	

        	(5)	
          no direction inconsistent with such written request has been given to the Trustee during such 60-day period by 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 Sections 305 and 307) interest on such Security on the respective Stated Maturity 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 in every such case, subject to any determination in such proceeding, the Company, the Trustee and Holders shall be restored severally and respectively to their former positions hereunder, and thereafter
    all rights and remedies of the Trustee and Holders shall continue as though no such proceeding had been instituted.

   

  

  Section 510.          Rights and Remedies Cumulative

   

  Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or
    reserved to the Trustee or to 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.

   

  

  
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  Section 512.          Control by Holders

   

  Subject to the provisions of Sections 507 and 603, Holders of a majority in aggregate 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, however, that

   

  

  	

        	(1)	
          such direction shall not be in conflict with any rule of law or with this Indenture;

        

   

  

  	

        	(2)	
          the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and

        

   

  

  	

        	(3)	
          subject to the provisions of Section 601, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall determine that the proceeding so directed would involve the
            Trustee in personal liability or would otherwise be contrary to applicable law.

        

   

  

  Section 513.          Waiver of Past Defaults

   

  Holders of a majority in aggregate principal amount of the Outstanding Securities of any series may on behalf of Holders of all the Securities of such series waive any past default hereunder with respect to
    such series and its consequences, except

   

  

  	

        	(1)	
          a continuing default in the payment of the principal of or any premium or interest on any Security of such series, or

        

   

  

  	

        	(2)	
          a default in respect of a covenant or provision hereof which under Article IX cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected.

        

   

  

  Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall extend
    to any subsequent or other default or 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 against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided, however,
    that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Trustee or the Company, in any suit instituted by any Holder (or
    group of Holders) holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series to which the suit relates, or in any suit instituted by any Holder for the enforcement of the payment of the principal of (or
    premium, if any) or interest on any Security on or after the respective Stated Maturity expressed by such Security (or, in the case of redemption or repayment, on or after the Redemption Date).

   

  

  ARTICLE VI

  THE TRUSTEE

   

  

  Section 601.          Certain Duties and Responsibilities

   

   (a)          Except during the continuance of an Event of Default with respect to any series of Securities:

   

  

  
    
      	 	
              (1)

            	
              the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with respect to the Securities of such series, and no implied covenants or obligations shall
                read into this Indenture against the Trustee; and

            

    

     

    

  

  
    31

    
      

  

  	

        	(2)	
          in the absence of bad faith on its part, the Trustee may, with respect to Securities of such series, 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 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 on their face to the requirements of this Indenture.

        

   

  

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

   

  

  (c)          No provisions of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own
      grossly negligent failure to act, or its own willful misconduct, except that:

   

  

  	

        	(1)	
          this Subsection shall not be construed to limit the effect of clause (a) above;

        

   

  

  	

        	(2)	
          the Trustee shall not be liable for any error of judgment made in good faith by a responsible officer, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts;

        

   

  

  	

        	(3)	
          the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders or 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

        

   

  

  	

        	(4)	
          no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of
            its rights or powers.

        

   

  

  (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

   

  Subject to the following paragraph, if a Default occurs and is continuing with respect to the Securities of any series, the Trustee shall, within 90 days after it occurs, transmit, in the manner and to the
    extent provided in Section 313(c) of the Trust Indenture Act, notice of all uncured or unwaived Defaults known to it; provided, however, that, except in the case of a Default in payment on the Securities of any
    series, the Trustee shall be protected in withholding the notice if and so long as the board of directors, the executive committee or a trust committee of directors or responsible officers of the Trustee determine in good faith that withholding such
    notice is in the interests of Holders of Securities of such series; provided, further, however, that, in the case of any Default specified in Section 501(3) with respect to the Securities of such series, no
    such notice to Holders shall be given until at least 90 days after the occurrence thereof.

   

  

  The Trustee shall not be deemed to have notice or be charged with knowledge of any Default, except a Default under Sections 501(1) or 501(2) herein, unless the Trustee shall have received from the Company
    or from any Holder written notice thereof at its Corporate Trust Office, and such notice references the Securities in this Indenture. In the absence of any such notice, the Trustee may conclusively assume that no such Default exists.

   

  

  
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  Section 603.          Certain Rights of Trustee

   

  Subject to the provisions of Section 601:

   

  

  	

        	(1)	
          the Trustee may rely on and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond,
            debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

        

   

  

  	

        	(2)	
          any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (or in the case of a Periodic Offering, as agreed in procedures set
            forth in a Company Order pursuant to Section 303) and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution;

        

   

  

  	

        	(3)	
          whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other
            evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate;

        

   

  

  	

        	(4)	
          the Trustee may consult with counsel and the written 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;

        

   

  

  	

        	(5)	
          the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders
            shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;

        

   

  

  	

        	(6)	
          the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond,
            debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may, without obligation to do so, 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 and shall incur no liability or additional liability
            of any kind by reason of such inquiry or investigation;

        

   

  

  	

        	(7)	
          the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or
            negligence on the part of any agent or attorney appointed with due care by it hereunder;

        

   

  

  	

        	(8)	
          the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this
            Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded;

        

   

  

  	

        	(9)	
          the rights, privileges, protections, immunities and benefits given to the Trustee, including 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

        

   

  

  	

        	(10)	
          in no event shall the Trustee be responsible or liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to loss of profit) irrespective of whether the
            Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

        

   

  

  
    33

    
      

  

  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 the Trustee or any Authenticating Agent assumes
    no responsibility for their correctness. Neither the Trustee nor any Authenticating Agent makes any 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.

   

  

  Section 607.          Compensation and Reimbursement

   

  The Company agrees:

   

  

  	

        	(1)	
          to pay to the Trustee from time to time such compensation for all services rendered by it hereunder as shall be mutually agreed upon by the Company and the Trustee in writing (which compensation shall not be
            limited by any provision of law in regard to the compensation of a trustee of an express trust);

        

   

  

  	

        	(2)	
          to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable
            compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its gross negligence or bad faith; and

        

   

  

  	

        	(3)	
          to indemnify, defend, protect and hold each of the Trustee acting in any capacity or any predecessor Trustee and their agents, accountants, consultants, counsel and other experts employed by it in the exercise and performance of its powers
            and duties as Trustee harmless from and against any and all losses, liabilities, damages, costs or expenses suffered or incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture,
            including the costs and expenses of enforcing this Indenture against the Company and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or
            performance of any of its powers or duties hereunder, except to the extent any such loss, liability, damage, cost or expense may be attributable to its gross negligence or willful misconduct, as determined by a final, non-appealable judgment of
            a court of competent jurisdiction, and the reasonable fees and disbursements of the Trustee’s agents, legal counsel, accountants and experts and including taxes (other than taxes based upon, measured by or determined by the income of the
            Trustee).  The Trustee will notify the Company promptly of any claim for which it may seek indemnity.  Failure by the Trustee to so notify the Company will not relieve the Company of its obligations hereunder.  The Company will defend the claim
            and the Trustee will cooperate in the defense.  The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent
            will not be unreasonably withheld. Notwithstanding the foregoing, in no event shall the Company have the right, without the Trustee’s consent, to settle any such claim if such settlement (i) arises from or is part of any criminal action, suit
            or proceeding, (ii) contains a stipulation to, confession of judgment with respect to, or admission or acknowledgement of, any liability or wrongdoing on the part of the Trustee, (iii) provides for injunctive relief, or other relief other than
            monetary damages, or (iv) does not contain an unconditional release of the Trustee from all liability on all claims that are the subject matter of the related dispute or proceeding.

        

   

  

  
    34

    
      

  

  The obligations of the Company under this Section to compensate the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder.

   

  

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

   

  

  Without limiting any rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 501(4) or Section
    501(5), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for such services are intended to constitute expenses of administration under any applicable Bankruptcy Law.

   

  

  The provisions of this Section shall survive the satisfaction and discharge of this Indenture and the Defeasance or Covenant Defeasance of the Securities and the resignation or removal of the Trustee.

   

  

  Section 608.          Disqualification; 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.

   

  

  Section 609.          Corporate Trustee Required; Eligibility

   

  There shall at all times be one or more Trustees hereunder with respect to the Securities of each series, at least one of which shall be a Person that is eligible pursuant to the Trust Indenture Act to act
    as such and has a combined capital and surplus required by the Trust Indenture Act. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of a supervising or examining authority, then for the purposes
    of this Section, 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 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 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, delivered to the
    Trustee and to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the removed Trustee may petition any court of competent
    jurisdiction for the appointment of a successor Trustee.

   

  

  
    35

    
      

  

  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, acting pursuant to the authority of 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 himself 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.

   

  

  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 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 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 himself 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

   

  (a)          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, and all property and money held by such retiring Trustee hereunder; but, on the request of the Company or the successor
      Trustee, such retiring Trustee shall, upon payment of its charges and subject to any claim provided for in Section 607, execute and deliver an instrument transferring to such successor Trustee all the rights, powers, trusts and duties 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.

   

  

  
    36

    
      

  

  (b)          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 (i) 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, (ii) 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 series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) 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 as 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, upon payment of its charges and subject to any claim provided for in Section 607, 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.

   

  

  (c)          Upon the reasonable 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 clause (a) or (b) above.

   

  

  (d)          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 shall 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 (upon notice to the Company) 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 (in accordance with procedures acceptable to the Trustee) 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 all or substantially all of the corporate agency or corporate trust business of such 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 such 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. 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.

   

  

  Except with respect to an Authenticating Agent appointed at the request of the Company, the Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation (for which the
    Company shall not be responsible) for its services under this Section.

   

  

  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.

   

  

  	 	 	 	
          [TRUSTEE]

        
	 	 	 	
          As Trustee

        
	 	 	 	 	 
	
          Date:

        	

        	 	
          By:

        	 
	 	 	 	 	 
	 	 	 	
          As Authenticating Agent

        
	 	 	 	 	 
	 	 	 	
          By:

        	 
	 	 	 	 	 
	 	 	 	
          Authorized Signatory

        

  

  

  
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  ARTICLE VII

  HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY

   

  

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

   

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

   

  

  	

        	(1)	
          semi-annually, not later than each Interest Payment Date in each year (or, if interest is payable quarterly, then quarterly, not later than every second Interest Payment Date in each year), a list for each series
            of Securities, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of the preceding Regular Record Date, and

        

   

  

  	

        	(2)	
          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;

        

   

  

  provided, however, that if and so long as the Trustee shall be the Security Registrar for Securities of a series, no such list need be furnished with respect to such series of
    Securities.

   

  

  Section 702.          Preservation of Information; Communications to Holders

   

  The Trustee shall comply with the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act.

   

  

  The rights of the 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 the names and addresses of Holders made pursuant to the Trust Indenture Act.

   

  

  Section 703.          Reports by Trustee

   

  As promptly as practicable after each May 15 beginning with the May 15 following the date of this Indenture, and in any event prior to July 15 in each year, the Trustee shall mail to each Holder a brief
    report dated as of May 15 that complies with Trust Indenture Act Section 313(a). The Trustee shall also comply with Trust Indenture Act Section 313(b). Prior to delivery to the Holders, the Trustee shall deliver to the Company a copy of any report it
    delivers to Holders pursuant to this Section 703; provided, however, that no recourse may be taken against the Trustee for its failure to deliver a copy of such report
    to the Company prior to its delivery of the report to the Holders.

   

  

  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.

   

  

  Section 704.          Reports by Company

   

  The Company shall file with the Trustee and the Commission, and transmit to Holders, in accordance with Trust Indenture Act Section 314(a) and the rules and regulations prescribed from time to time by the
    Commission, such information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by Trust Indenture Act Section 314(a) and such rules and regulations.

   

  

  
    39

    
      

  

  ARTICLE VIII

  CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

   

  

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

   

  The Company shall not, in a single transaction or a series of related transactions, consolidate with or merge into any other Person, or sell, convey, transfer, lease or otherwise dispose of all or
    substantially all of its and its Subsidiaries’ properties and assets, taken as a whole, to any other Person, unless:

   

  

  	

        	(1)	
          the Person formed by such consolidation or into which the Company is merged or the Person which acquires by sale, conveyance or transfer or other disposition, or which leases, all or substantially all of such
            properties and assets shall be a Corporation, shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume, by an indenture supplemental hereto,
            executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every other covenant of this
            Indenture on the part of the Company to be performed or observed;

        

   

  

  	

        	(2)	
          immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or a Subsidiary as a result of such transaction as having been incurred by the Company
            or such Subsidiary at the time of such transaction, no Default or Event of Default shall have occurred and be continuing;

        

   

  

  	

        	(3)	
          if, as a result of any such consolidation or merger or such conveyance, transfer or lease, such properties or assets would become subject to a mortgage, pledge, lien, security interest or other encumbrance which
            would not be permitted by this Indenture, the Company or such successor Person, as the case may be, shall take such steps as shall be necessary effectively to secure the Securities equally and ratably with (or prior to) all indebtedness secured
            thereby and such encumbrances shall be deemed to be permitted by this Indenture; and

        

   

  

  	

        	(4)	
          the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with
            this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.

        

   

  

  For clarity, this Section and Section 802 shall not apply to the merger of any Person into the Company, provided that the Company is the surviving entity of such merger.

   

  

  Section 802.          Successor Substituted

   

  Upon any consolidation of the Company with, or merger of the Company into, any other Person or any sale, conveyance, transfer, lease or other disposition 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 conveyance, transfer or lease 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 and may liquidate and dissolve.

   

  

  ARTICLE IX

  SUPPLEMENTAL INDENTURES

   

  

  Section 901.          Supplemental Indentures Without Consent of Holders

  

  

  Without the consent of any Holder, the Company 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:

   

  
    40

    
      

  

  	

        	(1)	
          to evidence the succession of another Person to the Company under this Indenture and the Securities and the assumption by such successor Person of the obligations of the Company hereunder;

        

   

  

  	

        	(2)	
          to add covenants and Events of Default for the benefit of the Holders of all or any series of such Securities or to surrender any right or power conferred by this Indenture upon the Company or to make any change
            that does not adversely affect the legal rights hereunder of any Holder in any material respect;

        

   

  

  	

        	(3)	
          to add to, change or eliminate any of the provisions of this Indenture, provided that any such addition, change or elimination shall become effective only after there
            are no such Securities of any series entitled to the benefit of such provision Outstanding;

        

   

  

  	

        	(4)	
          to establish the forms or terms of the Securities of any series issued hereunder;

        

   

  

  	

        	(5)	
          to cure any ambiguity or omission or to correct any defect or inconsistency in this Indenture, or to conform the text of this Indenture or the Securities to the description of the Securities in the prospectus or
            prospectus supplement relating thereto;

        

   

  

  	

        	(6)	
          to evidence the acceptance of appointment by a successor Trustee with respect to one or more series of Securities or otherwise;

        

   

  

  	

        	(7)	
          to effect or maintain the qualification of this Indenture under the Trust Indenture Act;

        

   

  

  	

        	(8)	
          to provide for uncertificated Securities in addition to certificated Securities, or otherwise to alter the provisions of Articles II and III, including to facilitate the issuance, legending or transfer of the
            Securities, in a manner that does not materially adversely affect any Holder and does not result in any violation of applicable securities law;

        

   

  

  	

        	(9)	
          to supplement any provisions of this Indenture necessary to permit or facilitate the Defeasance, Covenant Defeasance or discharge of any series of Securities, provided that

            such action does not adversely affect the interests of the Holders of Securities of such series or any other series; and

        

   

  

  	

        	(10)	
          to comply with the rules or regulations of any securities exchange or automated quotation system on which any of the Securities may be listed or traded.

        

   

  

  Section 902.          Supplemental Indentures with Consent of Holders

   

  With the consent of the Holders of not less than a majority in aggregate principal amount of all Outstanding Securities affected by such supplemental indenture (voting as one class), the Company 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 modifying in any manner the rights of Holders of
    Securities of such series under this Indenture; provided that the Company and the Trustee may not, without the consent of the Holder of each Outstanding Security affected thereby:

   

  

  	

        	(1)	
          change the Stated Maturity of the principal of, or any installment of principal of or interest, if any, on, any Security, or reduce the principal amount thereof or premium, if any, on or the rate of interest
            thereon, or adversely affect any right to convert or exchange any Security into any other security, or alter the method of computation of interest, or make any Security payable in money other than that stated in such Security;

        

   

  

  	

        	(2)	
          reduce the percentage in principal amount of Securities required for any such supplemental indenture or for any waiver provided for in this Indenture;

        

   

  

  	

        	(3)	
          change the Company’s obligation to maintain an office or agency for payment of Securities and the other matters specified herein;

        

   

  
    41

    
      

  

  	

        	(4)	
          impair the right to institute suit for the enforcement of any payment of principal of, premium, if any, or interest on, any Security;

        

   

  

  	

        	(5)	
          modify the provisions of this Indenture with respect to the subordination of any Security in a manner adverse to the Holder thereof; or

        

   

  

  	

        	(6)	
          modify any of the provisions of this Indenture relating to the execution of supplemental indentures with the consent of Holders of Securities which are discussed in this Section or modify any provisions relating
            to the waiver by Holders of Securities of past defaults and covenants, except to increase any required percentage or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each
            Outstanding Security affected thereby.

        

   

  

  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 be
    entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The
    Trustee shall enter into any supplemental indenture which does not adversely affect the Trustee’s own rights, duties or immunities under this Indenture or otherwise. The Trustee may, but shall not be obligated to, enter into any such supplemental
    indenture which adversely affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

   

  

  Section 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 as then in effect.

   

  

  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. Failure to make a notation or issue a new Security shall not affect the validity and effect of any amendment,
    supplement or waiver.

   

  

  
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  ARTICLE X

  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, 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.

   

  

  Except as otherwise specified with respect to a series of Securities as contemplated by Section 301, the Company hereby initially designates as the Place of Payment for each series of Securities the
    Corporate Trust Office, and initially appoints the Trustee at its Corporate Trust Office as the Paying Agent, as the Company’s office or agency for each such purpose.

   

  

  With respect to any Global Security, and except as otherwise may be specified for such Global Security as contemplated by Section 301, the Corporate Trust Office shall be the Place of Payment where such
    Global Security may be presented or surrendered for payment or for registration of transfer or exchange, or where successor Securities may be delivered in exchange therefor; provided, however, that any such payment, presentation, surrender or delivery effected pursuant to the applicable procedures of the Depositary for such Global Security shall be deemed to have been effected at the Place of Payment for such
    Global Security in accordance with the provisions of this Indenture.

   

  

  Section 1003.        Money for Securities Payments to Be Held in Trust

   

  If the Company or any of its Subsidiaries shall at any time act as 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, on or 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.

   

  

  
    43

    
      

  

  The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee,
    subject to the provisions of this Section, that such Paying Agent will (1) hold all sums held by it for the payment of the principal of (and premium, if any) or interest, if any, on Securities of that series in trust for the benefit of the Persons
    entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; (2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment
    of principal (and premium, if any) or interest, if any, on the Securities of that series; and (3) during the continuance of any such default, 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 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 pursuant to a Company Request and the Trustee or any Paying Agent shall be discharged from such trust; and the Holder of such Security shall thereafter, as an
    unsecured general creditor, look only to the state whose escheat laws control 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 payment, may at the expense of the Company cause to be published once, in an Authorized
    Newspaper, 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 paid to the state whose
    escheat laws control.

   

  

  Section 1004.          Statement by Officers as to Default; Change in Fiscal Year

   

  The Company will deliver to the Trustee, within 150 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 notify the Trustee of any change in the Company’s Fiscal Year.

   

  

  Section 1005.          Waiver of Certain Covenants

   

  The Company may omit in any particular instance to comply with any term, provision or condition set forth in Sections 1002 through 1004 with respect to the Securities of any series if before the time for
    such compliance Holders of at least a majority in aggregate principal amount of the Outstanding Securities of all affected series (voting as one class) 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.

   

  

  A waiver which changes or eliminates any term, provision or condition 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 term, provision or condition, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

   

  

  
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  ARTICLE XI

  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 Securities
    of any series) 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. In case of any redemption at the election of the Company of less than all the Securities of any series, the
    Company shall, not less than 40 nor more than 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 (1) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or
    elsewhere in this Indenture, or (2) pursuant to an election of the Company which is subject to a condition specified in the terms of such Securities, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such
    restriction or condition.

   

  

  Section 1103.          Selection by Trustee 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), the particular Securities to be redeemed shall be
    selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, on a pro rata basis that complies with any
    securities exchange or other applicable requirements for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple in excess thereof) of the principal amount of Securities of such series
    of a denomination larger than the minimum authorized denomination for Securities of that series.

   

  

  The Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be
    redeemed.

   

  

  For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities 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 (if international mail, by air 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 its address appearing in the Security Register, provided that notice of redemption may be mailed more than 60 days prior to the Redemption Date in the case of a Defeasance or
    Covenant Defeasance or a discharge pursuant to Article IV.

   

  

  All notices of redemption shall state:

   

  

  	

        	(1)	
          the Redemption Date,

        

   

  

  	

        	(2)	
          the Redemption Price or, if the Redemption Price is not determinable prior to the giving of such notice, the method for calculating the Redemption Price,

        

   

  

  	

        	(3)	
          if less than all the Outstanding Securities of any series and of a specified tenor are to be redeemed, the identification (and, in the case of partial redemption of any Securities, the principal amounts) of the
            particular Securities to be redeemed,

        

   

  
    45

    
      

  

  	

        	(4)	
          that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and that, unless the Company defaults in the payment of the Redemption Price, interest on such
            Security will cease to accrue on and after said date,

        

   

  

  	

        	(5)	
          the place or places where such Securities are to be surrendered for payment of the Redemption Price, and

        

   

  

  	

        	(6)	
          that the redemption is for a sinking fund, if such is the case.

        

   

  

  Notice of redemption of Securities to be redeemed shall be given by the Company or, at the Company’s request made at least five Business Days prior to the date on which notice is to be given, by the Trustee
    in the name and at the expense of the Company.

   

  

  Section 1105.        Deposit of Redemption Price

   

  On or prior to 11:00 a.m. (New York City time) on any Redemption Date (or such later time of day to which the Trustee may agree), 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. The Trustee shall not be required to make any such deposit in the event that the Company fails to do so. The contemplated redemption shall be conditioned on the deposit by the Company of the
    required moneys thereby. The Trustee and any Paying Agent promptly shall pay or return to the Company upon Company Request any money held by them that has been deposited pursuant to this Section in excess of the amounts required to pay such Redemption
    Price.

   

  

  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 shall 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.

   

  

  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 its 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 to such Holder, 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.

   

  

  
    46

    
      

  

  ARTICLE XII

  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 a series except as otherwise specified as contemplated by Section 301 for Securities of such
    series.

   

  

  The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such
    minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any series, 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 of any series as provided for by the terms of Securities of such series.

   

  

  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 the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series; provided that such Securities have not been
    previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment
    shall be reduced accordingly.

   

  

  Section 1203.        Redemption of Securities for Sinking Fund

   

  Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to the Trustee an
    Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, 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 of that series pursuant to Section 1202 and stating the basis for such credit and that such Securities have not been previously so credited, and will also deliver to the Trustee any Securities
    to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date 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 1105,
    1106 and 1107.

   

  

  ARTICLE XIII

  DEFEASANCE

   

  

  Section 1301.        Applicability of Article

   

  The provisions of this Article shall be applicable to each series of Securities except as otherwise specified as contemplated by Section 301 for Securities of such series.

   

  

  
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  Section 1302.        Legal Defeasance

   

  In addition to discharge of the Indenture pursuant to Section 401, the Company shall be deemed to have paid and discharged the entire indebtedness on all the Securities of a series on the 91st day after the
    date of the deposit referred to in clause (1) below, and the provisions of this Indenture with respect to the Securities of such series shall no longer be in effect (except as to (i) rights of registration of transfer and exchange of Securities of such
    series and the Company’s right of optional redemption, if any, (ii) substitution of mutilated, destroyed, lost or stolen Securities, (iii) rights of Holders of Securities to receive payments of principal thereof and interest thereon, upon the original
    stated due dates therefor or on the specified redemption dates therefor (but not upon acceleration), and remaining rights of the Holders to receive mandatory sinking fund payments, if any, (iv) the rights, obligations, duties and immunities of the
    Trustee hereunder, and the Company’s obligations in connection therewith (including, but not limited to, Section 607), (v) the rights, if any, to convert or exchange the Securities of such series, (vi) the rights of Holders of Securities of such series
    as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them, and (vii) the obligations of the Company under Section 1002), and the Trustee, at the expense of the Company, shall, upon a Company
    Request, execute proper instruments acknowledging the same, if the conditions set forth below are satisfied (“Defeasance”):

   

  

  	

        	(1)	
          the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust, for the purposes of making the following payments, specifically pledged as security for, and dedicated
            solely to, the benefit of Holders of the Securities of such series (A) cash in an amount, or (B) in the case of any series of Securities the payments on which may only be made in legal coin or currency of the United States, U.S. Government
            Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of cash, or (C) a combination thereof, 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 (i) the principal and interest and premium, if any, on all Securities of such series on each date that such principal, interest or premium, if any,
            is due and payable or on any Redemption Date established pursuant to clause (3) below, and (ii) any mandatory sinking fund payments on the dates on which such payments are due and payable in accordance with the terms of the Indenture and the
            Securities of such series;

        

   

  

  	

        	(2)	
          the Company has delivered to the Trustee an Opinion of Counsel based on the fact that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the
            date hereof, there has been a change in the applicable federal income tax law, in either case to the effect that, and such opinion shall confirm that, Holders of the Securities of such series will not recognize income, gain or loss for federal
            income tax purposes as a result of such deposit, Defeasance and discharge and will be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, Defeasance and
            discharge had not occurred;

        

   

  

  	

        	(3)	
          if the Securities are to be redeemed prior to Stated Maturity (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall have been duly given pursuant to this
            Indenture or provision therefor satisfactory to the Trustee shall have been made;

        

   

  

  	

        	(4)	
          no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than any Default or Event of Default resulting from the incurrence of Debt the proceeds of which are to be
            applied to such deposit, and the granting of any liens in connection therewith);

        

   

  

  	

        	(5)	
          such 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);

        

   

  

  	

        	(6)	
          such 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;

        

   

  

  	

        	(7)	
          such Defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940, as amended, unless such trust shall be
            registered under such Act or exempt from registration thereunder; and

        

   

  

  	

        	(8)	
          the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the Defeasance contemplated by this provision have
            been complied with.

        

   

  

  For this purpose, such Defeasance means that the Company and any other obligor upon the Securities of such series shall be deemed to have paid and discharged the entire debt represented by the Securities of
    such series, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 1304 and the rights and obligations referred to in clause (i) through (vii), inclusive, of the first paragraph of this Section, and to have satisfied all
    its other obligations under the Securities of such series and this Indenture insofar as the Securities of such series are concerned.

   

  
    48

    
      

  

  Section 1303.        Covenant Defeasance

   

  The Company and any other obligor shall be released on the 91st day after the date of the deposit referred to in clause (1) below from its obligations under Section 704 and Article VIII with respect to the
    Securities of any series on and after the date the conditions set forth below are satisfied (“Covenant Defeasance”), and the Securities of such series shall thereafter be deemed to be not “Outstanding” for the purposes of any request, demand,
    authorization, direction, notice, waiver, consent or declaration or other action or Act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed Outstanding for all other purposes hereunder.
    For this purpose, such Covenant Defeasance means that, with respect to the Securities of such series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section, whether
    directly or indirectly by reason of any reference elsewhere herein to such Section or by reason of any reference in such Section to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an
    Event of Default under Section 501, but, except as specified above, the remainder of this Indenture and the Securities of such series shall be unaffected thereby. The following shall be the conditions to Covenant Defeasance:

   

  

  	

        	(1)	
          the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust, for the purpose of making the following payments, specifically pledged as security for, and dedicated
            solely to, the benefit of Holders of the Securities of such series (A) cash in an amount, or (B) in the case of any Series of Securities the payments on which may only be made in legal coin or currency of the United States, U.S. Government
            Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of cash, or (C) a combination thereof, 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 (i) the principal and interest and premium, if any, on all Securities of such series on each date that such principal, interest or premium, if any,
            is due and payable or on any Redemption Date established pursuant to clause (3) below, and (ii) any mandatory sinking fund payments on the day on which such payments are due and payable in accordance with the terms of the Indenture and the
            Securities of such series;

        

   

  

  	

        	(2)	
          the Company has delivered to the Trustee an Opinion of Counsel which shall confirm that Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result
            of such deposit and Covenant Defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same time as would have been the case if such deposit and Covenant Defeasance had not occurred;

        

   

  

  	

        	(3)	
          if the Securities are to be redeemed prior to Stated Maturity (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall have been duly given pursuant to this
            Indenture or provision therefor satisfactory to the Trustee shall have been made;

        

   

  

  	

        	(4)	
          no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than any Default or Event of Default resulting from the incurrence of Debt the proceeds of which are to be
            applied to such deposit, and the granting of any liens in connection therewith);

        

   

  

  	

        	(5)	
          such 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);

        

   

  

  	

        	(6)	
          such 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;

        

   

  
    49

    
      

  

  	

        	(7)	
          such Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940, as amended, unless such trust shall be
            registered under such Act or exempt from registration thereunder; and

        

   

  

  	

        	(8)	
          the Company has delivered to the Trustee an Officers’ Certificate and Opinion of Counsel stating that all conditions precedent provided for relating to the Covenant Defeasance contemplated by this provision have
            been complied with.

        

   

  

  Section 1304.        Application by Trustee of Funds Deposited for Payment of Securities

   

  Subject to the provisions of the last paragraph of Section 1003, all moneys or U.S. Government Obligations deposited with the Trustee pursuant to Section 1302 or 1303 (and all funds earned on such moneys or
    U.S. Government Obligations) shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to Holders of the particular Securities of such series for the
    payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such money need not be segregated from other funds except to the extent required by law.

   

  

  Section 1305.        Repayment to Company

   

  The Trustee and any Paying Agent promptly shall pay or return to the Company upon Company Request any money and U.S. Government Obligations held by them at any time that have been deposited pursuant to
    Section 1302 or 1303, which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification delivered to the Trustee, are in excess of the amounts required to effect the Defeasance or Covenant
    Defeasance with respect to the Outstanding Securities in question.

   

  

  The provisions of the last paragraph of Section 1003 shall apply to any money held by the Trustee or any Paying Agent under this Article that remains unclaimed for two years after the Maturity of any series
    of Securities for which money or U.S. Government Obligations have been deposited pursuant to Section 1302 or 1303.

   

  

  Section 1306.        Reinstatement

   

  If the Trustee or the Paying Agent is unable to apply any money or U. S. Government Obligations in accordance with this Article by reason of any legal proceeding or by reason of any order or judgment of any
    court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture and the Securities of the applicable series shall be revived and reinstated as though no deposit had
    occurred pursuant to this Indenture until such time as the Trustee or the Paying Agent is permitted to apply all such money or U. S. Government Obligations in accordance with this Article; provided, however,
    that if the Company has made any payment of principal of or interest on any Securities of such series because of the reinstatement of its obligations, the Company shall be subrogated to the rights of Holders of such Securities to receive such payment
    from the money or U.S. Government Obligations held by the Trustee or the Paying Agent.

   

  

  ARTICLE XIV

  SUBORDINATION OF SECURITIES

   

  

  Section 1401.        Securities Subordinated to Senior Debt

   

  The payment by the Company of the principal of, premium, if any, and interest, if any, on any series of Securities issued hereunder shall be subordinated to the extent set forth in an indenture supplemental
    hereto relating to such Securities.

   

  

  [Signature page follows]

   

  

  
    50

    
      

  

  IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed in multiple counterparts, each of which so executed shall be deemed to be an original, but all of which shall together
    constitute but one and the same instrument, all as of the day and year first above written.

   

  

  	 	
          PARK NATIONAL CORPORATION

        
	 	 
	 	
          By:

        	 
	 	
          Name:

        
	 	
          Title:

        
	 	 
	 	
          [TRUSTEE], as Trustee

        
	 	 
	 	
          By:

        
	 	
          Name:

        
	 	
          Title:

        

   

  

  [Signature Page to Indenture]

   

  

   

  

   51

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