Document:

EX-4.1

 Exhibit 4.1 
 Execution Version 
  

 
  

PLAINS ALL AMERICAN PIPELINE, L.P. 
 PAA FINANCE CORP. 
 as Issuers 

$700,000,000 

3.850% SENIOR NOTES DUE 2023 
 TWENTY-FOURTH 
 SUPPLEMENTAL 

INDENTURE 
 Dated
as of August 15, 2013 
 U.S. BANK NATIONAL ASSOCIATION 

as Trustee 
  

 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
	 		  	 	1	  
	 Section 1.01
	 	Establishment	  	 	1	  
		
	 ARTICLE II DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	2	  
	 Section 2.01
	 	Definitions	  	 	2	  
	 Section 2.02
	 	Other Definitions	  	 	7	  
		
	 ARTICLE III THE NOTES
	  	 	7	  
	 Section 3.01
	 	Form	  	 	7	  
	 Section 3.02
	 	Issuance of Additional Notes	  	 	7	  
	 Section 3.03
	 	Global Security Legend	  	 	7	  
		
	 ARTICLE IV REDEMPTION AND PREPAYMENT
	  	 	8	  
	 Section 4.01
	 	Optional Redemption	  	 	8	  
		
	 ARTICLE V COVENANTS
	  	 	8	  
	 Section 5.01.
	 	Compliance Certificate	  	 	8	  
	 Section 5.02.
	 	Limitations on Liens	  	 	9	  
	 Section 5.03.
	 	Restriction of Sale-leaseback Transactions	  	 	10	  
	 Section 5.04.
	 	SEC Reports; Financial Statements	  	 	11	  
	 Section 5.05.
	 	Subsidiary Guarantees	  	 	12	  
		
	 ARTICLE VI SUCCESSORS
	  	 	12	  
	 Section 6.01.
	 	Consolidation and Mergers of the Issuers	  	 	12	  
	 Section 6.02.
	 	Rights and Duties of Successor	  	 	12	  
	 Section 6.03.
	 	Supplemental Indenture	  	 	13	  
		
	 ARTICLE VII DEFAULTS AND REMEDIES
	  	 	13	  
	 Section 7.01.
	 	Events of Default	  	 	13	  
		
	 ARTICLE VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	15	  
	 Section 8.01.
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	15	  
	 Section 8.02.
	 	Legal Defeasance and Discharge	  	 	15	  
	 Sectiosn 8.03.
	 	Covenant Defeasance	  	 	16	  
	 Section 8.04.
	 	Conditions to Legal or Covenant Defeasance	  	 	16	  
	 Section 8.05.
	 	Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	  	 	17	  
	 Section 8.06.
	 	Repayment to Issuers	  	 	18	  
	 Section 8.07.
	 	Reinstatement	  	 	18	  
		
	 ARTICLE IX SUBSIDIARY GUARANTEES
	  	 	19	  
	 Section 9.01.
	 	Subsidiary Guarantees	  	 	19	  
	 Section 9.02.
	 	Limitation on Liability	  	 	20	  
	 Section 9.03.
	 	Successors and Assigns	  	 	21	  

  
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	 Section 9.04.
	 	No Waiver	  	 	21	  
	 Section 9.05.
	 	Modification	  	 	21	  
	 Section 9.06.
	 	Execution of Supplemental Indenture for Future Subsidiary Guarantors	  	 	21	  
	 Section 9.07.
	 	Release of Guarantee	  	 	22	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	22	  
	 Section 10.01.
	 	Additional Amendments	  	 	22	  
	 Section 10.02.
	 	Integral Part	  	 	22	  
	 Section 10.03.
	 	Adoption, Ratification and Confirmation	  	 	22	  
	 Section 10.04.
	 	Counterparts	  	 	22	  
	 Section 10.05.
	 	Governing Law	  	 	23	  
			
	 EXHIBIT A:
	 	Form of Note	  			
	 EXHIBIT B:
	 	Form of Supplemental Indenture	  			

  
 -ii-

 TWENTY-FOURTH SUPPLEMENTAL INDENTURE dated as of August 15, 2013 (this
“Supplemental Indenture”) among PLAINS ALL AMERICAN PIPELINE, L.P., a Delaware limited partnership (the “Partnership”), PAA FINANCE CORP., a wholly owned subsidiary of the Partnership and a Delaware corporation (“PAA
Finance” and, together with the Partnership, the “Issuers”), and U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, the Issuers have heretofore entered into an
Indenture, dated as of September 25, 2002 (the “Original Indenture”), with U.S. Bank National Association (successor to Wachovia Bank, National Association), as trustee; 

WHEREAS, the Original Indenture, as supplemented by this Supplemental Indenture, is herein called the “Indenture;” 

WHEREAS, under the Original Indenture, a new series of Debt Securities may at any time be established by the Boards of Directors of the
Managing General Partner and PAA Finance in accordance with the provisions of the Original Indenture and the form and terms of such series may be established by a supplemental indenture executed by the Issuers and the Trustee; 

WHEREAS, the Issuers propose to create under the Indenture a new series of Debt Securities; 

WHEREAS, additional Debt Securities of other series hereafter established, except as may be limited in the Original Indenture as at the
time supplemented and modified, may be issued from time to time pursuant to the Original Indenture as at the time supplemented and modified; and 
 WHEREAS, all conditions necessary to authorize the execution and delivery of this Supplemental Indenture and to make it a valid and binding obligation of the Issuers have been done or performed.

 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable
consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I

 Section 1.01 Establishment. There is hereby established a new series of Debt Securities to be issued under
the Indenture, to be designated as the Issuers’ 3.850% Senior Notes due 2023 (the “Notes”). Initially, there will be no Subsidiary Guarantors for the Notes. 

  

 (a) There are to be authenticated and delivered $700,000,000 principal amount of Notes on
the Issue Date, and from time to time thereafter there may be authenticated and delivered an unlimited principal amount of Additional Notes. 
 (b) The Notes shall be issued initially in the form of one or more Global Securities in substantially the form set out in Exhibit A hereto. The Depositary with respect to the Notes shall be The
Depository Trust Company. 
 (c) Each Note shall be dated the date of authentication thereof and shall bear interest from the
date of original issuance thereof or from the most recent date to which interest has been paid or duly provided for. 
 (d) If
and to the extent that the provisions of the Original Indenture are duplicative of, or in contradiction with, the provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture shall govern. 

ARTICLE II 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 2.01 Definitions. All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed thereto in the Original Indenture. The following are additional
definitions used in this Supplemental Indenture: 
 “Affiliate” of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession directly
or indirectly of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; and the terms “controlling,” “controlled by”
and “under common control with” shall have correlative meanings. 
 “Attributable Indebtedness,” when used
with respect to any Sale-leaseback Transaction, means, as at the time of determination, the present value (discounted at the rate set forth or implicit in the terms of the lease included in such transaction) of the total obligations of the lessee
for rental payments (other than amounts required to be paid on account of property taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for property rights) during
the remaining term of the lease included in such Sale-leaseback Transaction (including any period for which such lease has been extended). In the case of any lease that is terminable by the lessee upon the payment of a penalty or other
termination payment, such amount shall be the lesser of the amount determined assuming termination upon the first date such lease may be terminated (in which case the amount shall also include the amount of the penalty or termination payment, but no
rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated) or the amount determined assuming no such termination. 

  
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 “Capital Interests” means any and all shares, interests, participations, rights or
other equivalents (however designated) of capital stock, including, without limitation, with respect to partnerships, partnership interests (whether general or limited) and any other interest or participation that confers on a Person the right to
receive a share of the profits and losses of, or distributions of assets of, such Person. 
 “Consolidated Net Tangible
Assets” means, at any date of determination, the total amount of assets after deducting therefrom: (1) all current liabilities (excluding (a) any current liabilities that by their terms are extendible or renewable at the option of the
obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed; and (b) current maturities of long-term debt); and (2) the amount, net of any applicable reserves, of all goodwill, trade names,
trademarks, patents and other like intangible assets, all as set forth on the consolidated balance sheet of the Partnership for its most recently completed fiscal quarter, prepared in accordance with GAAP. 

“Debt” means any obligation created or assumed by any Person for the repayment of money borrowed, any purchase money obligation
created or assumed by such Person, and any guarantee of the foregoing. 
 “Funded Debt” means all Debt maturing one
year or more from the date of the creation thereof, all Debt directly or indirectly renewable or extendible, at the option of the debtor, by its terms or by the terms of any instrument or agreement relating thereto, to a date one year or more from
the date of the creation thereof, and all Debt under a revolving credit or similar agreement obligating the lender or lenders to extend credit over a period of one year or more. 

“Guarantee” means a guarantee of the Notes given by a Subsidiary Guarantor pursuant to the Indenture, including any future
obligations under Article IX hereof. 
 “General Partner” means PAA GP LLC, a Delaware limited liability company, and
its successors and permitted assigns as general partner of the Partnership. 
 “Issue Date” means, with respect to the
Notes, the date on which the Notes are initially issued. 
 “Managing General Partner” means (i) Plains All
American GP LLC, a Delaware limited liability company, and its successors and permitted assigns as the general partner of the sole member of the General Partner or (ii) the business entity with the ultimate authority to manage the business and
operations of the Partnership. 
 “Notes” has the meaning assigned to it in Section 1.01(a) hereof, and includes
both the Notes issued on the Issue Date and any Additional Notes issued thereafter. 
 “Obligations” means any
principal, interest, liquidated damages, penalties, fees, indemnifications, reimbursement obligations, damages and other liabilities payable under the documentation governing any Debt. 

  
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 “Pari Passu Debt” means any Funded Debt of either of the Issuers, whether
outstanding on the Issue Date or thereafter created, incurred or assumed, unless, in the case of any particular Funded Debt, the instrument creating or evidencing the same or pursuant to which the same is outstanding expressly provides that such
Funded Debt shall be subordinated in right of payment to the Notes. 
 “Partnership Agreement” means the Fourth
Amended and Restated Agreement of Limited Partnership of Plains All American Pipeline, L.P., dated as of May 17, 2012, as amended by Amendment No. 1 thereto dated as of October 1, 2012, and as such may be otherwise amended, modified
or supplemented from time to time. 
 “Permitted Liens” means: 

(1) Liens upon rights-of-way for pipeline purposes; 

(2) any statutory or governmental Lien or Lien arising by operation of law, or any mechanics’, repairmen’s,
materialmen’s, suppliers’, carriers’, landlords’, warehousemen’s or similar Lien incurred in the ordinary course of business which is not yet due or which is being contested in good faith by appropriate proceedings and any
undetermined Lien which is incidental to construction, development, improvement or repair; 
 (3) the right
reserved to, or vested in, any municipality or public authority by the terms of any right, power, franchise, grant, license, permit or by any provision of law, to purchase or recapture or to designate a purchaser of, any property; 

(4) Liens of taxes and assessments which are (A) for the then current year, (B) not at the time delinquent, or
(C) delinquent but the validity of which is being contested at the time by an Issuer or any Restricted Subsidiary in good faith; 
 (5) Liens of, or to secure performance of, leases, other than capital leases; 
 (6) any Lien upon, or deposits of, any assets in favor of any surety company or clerk of court for the purpose of obtaining indemnity or stay of judicial proceedings; 

(7) any Lien upon property or assets acquired or sold by an Issuer or any Restricted Subsidiary resulting from the
exercise of any rights arising out of defaults on receivables; 
 (8) any Lien incurred in the ordinary course of
business in connection with worker’s compensation, unemployment insurance, temporary disability, social security, retiree health or similar laws or regulations or to secure obligations imposed by statute or governmental regulations; 

(9) any Lien in favor of an Issuer or any Restricted Subsidiary; 

  
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 (10) any Lien in favor of the United States of America or any state thereof,
or any department, agency or instrumentality or political subdivision of the United States of America or any state thereof, to secure partial, progress, advance, or other payments pursuant to any contract or statute, or any Debt incurred by an
Issuer or any Restricted Subsidiary for the purpose of financing all or any part of the purchase price of, or the cost of constructing, developing, repairing or improving, the property or assets subject to such Lien; 

(11) any Lien securing industrial development, pollution control or similar revenue bonds; 

(12) any Lien securing Debt of an Issuer or any Restricted Subsidiary, all or a portion of the net proceeds of which are
used, substantially concurrently with the funding thereof (and for purposes of determining such “substantial concurrence,” taking into consideration, among other things, required notices to be given to Holders of Outstanding Debt
Securities (including the Notes) in connection with such refunding, refinancing or repurchase, and the required corresponding durations thereof), to refinance, refund or repurchase all Outstanding Debt Securities (including the Notes), including the
amount of all accrued interest thereon and reasonable fees and expenses and premium, if any, incurred by the Issuers or any Restricted Subsidiary in connection therewith; 

(13) Liens in favor of any Person to secure obligations under the provisions of any letters of credit, bank guarantees,
bonds or surety obligations required or requested by any governmental authority in connection with any contract or statute; 
 (14) any Lien upon or deposits of any assets to secure performance of bids, trade contracts, leases or statutory obligations; 

(15) any Lien or privilege vested in any grantor, lessor or licensor or permittor for rent or other charges due or for any
other obligations or acts to be performed, the payment of which rent or other charges or performance of which other obligations or acts is required under leases, easements, rights-of-way, licenses, franchises, privileges, grants or permits, so long
as payment of such rent or the performance of such other obligations or acts is not delinquent or the requirement for such payment or performance is being contested in good faith by appropriate proceedings; 

(16) easements, exceptions or reservations in any property of the Partnership or any of the Restricted Subsidiaries
granted or reserved for the purpose of pipelines, roads, the removal of oil, gas, coal or other minerals, and other like purposes for the joint or common use of real property, facilities and equipment, which are incidental to, and do not materially
interfere with, the ordinary conduct of its business or the business of the Partnership and its Subsidiaries, taken as a whole; 

  
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 (17) Liens arising under operating agreements, joint venture agreements,
partnership agreements, oil and gas leases, farmout agreements, division orders, contracts for sale, transportation or exchange of oil and natural gas, unitization and pooling declarations and agreements, area of mutual interest agreements and other
agreements arising in the ordinary course of the Partnership’s or any Restricted Subsidiary’s business that are customary in the business of marketing, transportation and terminalling of crude oil and/or marketing of liquefied petroleum
gas; or 
 (18) any obligations or duties to any municipality or public authority with respect to any lease,
easement, right-of-way, license, franchise, privilege, permit or grant. 
 “Principal Property” means, whether owned
or leased on the Issue Date or thereafter acquired: (1) any of the pipeline assets of the Partnership or the pipeline assets of any Subsidiary of the Partnership, including any related facilities employed in the transportation, distribution,
terminalling, gathering, treating, processing, marketing or storage of crude oil or refined petroleum products, natural gas, natural gas liquids, fuel additives or petrochemicals, and (2) any processing or manufacturing plant or terminal owned
or leased by the Partnership or any Subsidiary of the Partnership; except, in the case of either clause (1) or (2), (a) any such assets consisting of inventories, furniture, office fixtures and equipment, including data processing
equipment, vehicles and equipment used on, or useful with, vehicles, and (b) any such assets, plant or terminal which, in the good faith opinion of the Board of Directors, is not material in relation to the activities of the Partnership or the
activities of the Partnership and its Subsidiaries, taken as a whole. 
 “Restricted Subsidiary” means any Subsidiary
of the Partnership owning or leasing, directly or indirectly through ownership in another Subsidiary, any Principal Property. 

“Sale-leaseback Transaction” means the sale or transfer by an Issuer or any Subsidiary of the Partnership of any Principal
Property to a Person (other than an Issuer or a Subsidiary of the Partnership) and the taking back by an Issuer or any Subsidiary of the Partnership, as the case may be, of a lease of such Principal Property. 

“Subsidiary” means, with respect to any Person: (1) any other Person of which more than 50% of the total voting power of
shares or other Capital Interests entitled, without regard to the occurrence of any contingency, to vote in the election of directors, managers or trustees (or equivalent persons) thereof is at the time owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof; or (2) in the case of a partnership, more than 50% of the partners’ Capital Interests, considering all partners’ Capital
Interests as a single class, is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof. 

“Subsidiary Guarantors” means each of: 
 (1) any Subsidiary that executes a supplemental Indenture to provide a Guarantee in accordance with the provisions of the Indenture; and 

(2) their respective successors and assigns. 

  
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 Section 2.02 Other Definitions. 

 

					
	 Term
	  	Defined in
Section	 
	 “Additional Notes”
	  	 	3.02	  
	 “Covenant Defeasance”
	  	 	8.03	  
	 “Event of Default”
	  	 	7.01	  
	 “Legal Defeasance”
	  	 	8.02	  
	 “Note Obligations”
	  	 	9.01	  
	 “Payment Default”
	  	 	7.01	  
	 “Required Filing Dates”
	  	 	5.04	  
	 “Successor Company”
	  	 	6.01	  

 ARTICLE III 
 THE NOTES 
 Section 3.01 Form. The Notes shall be issued initially in
the form of one or more Global Securities. The Notes and Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto, the terms of which are incorporated in and made a part of this Supplemental Indenture, and
the Issuers and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 Section 3.02 Issuance of Additional Notes. The Issuers may, from time to time, issue an unlimited amount of additional Notes (“Additional Notes”) under the Indenture, which
shall be issued in the same form as the Notes issued on the Issue Date and which shall have identical terms as the Notes issued on the Issue Date other than with respect to the issue date, the date of first payment of interest, if applicable, and
the payment of interest accruing prior to the issue date. The Notes issued on the Issue Date shall be limited in aggregate principal amount to $700,000,000. The Notes issued on the Issue Date and any Additional Notes subsequently issued shall
be treated as a single series for all purposes under the Indenture, including waivers, amendments, redemptions and offers to purchase. 
 Section 3.03 Global Security Legend. Each of the Global Securities shall bear a legend in substantially the following form: 

THIS GLOBAL SECURITY IS HELD BY OR ON BEHALF OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT 

  
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(A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.08 OF THE ORIGINAL INDENTURE, (B) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART
PURSUANT TO SECTION 2.15 OF THE ORIGINAL INDENTURE, (C) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE ORIGINAL INDENTURE AND (D) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY OR ITS NOMINEE WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS. 
 ARTICLE IV 

REDEMPTION AND PREPAYMENT 
 Section 4.01 Optional Redemption. 
 (a) At their option at any time
prior to maturity, the Issuers may choose to redeem all or any portion of the Notes, at once or from time to time. 
 (b) To
redeem the Notes, the Issuers must pay a redemption price in an amount determined in accordance with the provisions of paragraph number 5 of the form of Note in Exhibit A hereto, plus accrued and unpaid interest, if any, to the redemption date
(subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date). 

(c) Any redemption pursuant to this Section 4.01 shall otherwise be made pursuant to the provisions of Sections 3.01 through 3.03 of
the Original Indenture. The actual redemption price shall be set forth in an Officers’ Certificate delivered to the Trustee no later than two Business Days prior to each redemption date. 

ARTICLE V 

COVENANTS 

Section 5.01. Compliance Certificate. (a) In lieu of the Officers’ Certificate required by Section 4.05 of the
Original Indenture, the Issuers and Subsidiary Guarantors shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Partnership and its Subsidiaries
during the preceding fiscal year has been made under the supervision of the signing Officers (one of whom shall be the principal executive, financial or accounting officer of each Issuer and Subsidiary Guarantor) with a view to determining whether
the Issuers have kept, observed, performed and fulfilled their obligations under the Indenture, and further stating, as to each such person signing such certificate, that to the best of his or her knowledge the Issuers have kept, observed, performed
and fulfilled each and every covenant contained in the Indenture and are not in default in the performance or observance of any of the terms, provisions and conditions of the 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 Issuers are taking or propose to take with respect thereto). 

  
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 (b) The Issuers shall, so long as any of the Notes are outstanding, deliver to the Trustee,
forthwith and in any event within five days upon any officer of an Issuer becoming aware of any Default or Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’
Certificate specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto. 
 Section 5.02. Limitations on Liens. The Issuers will not, nor will they permit any Subsidiary of the Partnership to, create, assume, incur or suffer to exist any Lien upon any Principal
Property or upon any Capital Interests of any Restricted Subsidiary, whether owned or leased on the Issue Date or thereafter acquired, to secure any Debt of an Issuer or any other Person (other than Debt Securities), without in any such case making
effective provision whereby all of the Notes shall be secured equally and ratably with, or prior to, such Debt so long as such Debt shall be so secured. This restriction shall not apply to: 

(a) Permitted Liens; 
 (b) any Lien upon any property or assets created at the time of acquisition of such property or assets by an Issuer or any Restricted Subsidiary or within one year after such time to secure all or a
portion of the purchase price for such property or assets or Debt incurred to finance such purchase price, whether such Debt was incurred prior to, at the time of or within one year after the date of such acquisition; 

(c) any Lien upon any property or assets to secure all or part of the cost of construction, development, repair or improvements thereon or
to secure Debt incurred prior to, at the time of, or within one year after completion of such construction, development, repair or improvements or the commencement of full operations thereof (whichever is later), to provide funds for any such
purpose; 
 (d) any Lien upon any property or assets existing thereon at the time of the acquisition thereof by an Issuer or any
Restricted Subsidiary (whether or not the obligations secured thereby are assumed by an Issuer or any Restricted Subsidiary); provided, however, that such Lien only encumbers the property or assets so acquired; 

(e) any Lien upon any property or assets of a Person existing thereon at the time such Person becomes a Restricted Subsidiary by
acquisition, merger or otherwise; provided, however, that such Lien only encumbers the property or assets of such Person at the time such Person becomes a Restricted Subsidiary; 

(f) any Lien upon any property or assets of an Issuer or any Restricted Subsidiary in existence on December 10, 2003 or provided for
pursuant to agreements existing on December 10, 2003; 

  
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 (g) Liens imposed by law or order as a result of any proceeding before any court or
regulatory body that is being contested in good faith, and Liens which secure a judgment or other court-ordered award or settlement as to which an Issuer or the applicable Restricted Subsidiary, as the case may be, has not exhausted its appellate
rights; 
 (h) any extension, renewal, refinancing, refunding or replacement (or successive extensions, renewals, refinancings,
refundings or replacements) of Liens, in whole or in part, referred to in clauses (a) through (g), inclusive, of this Section 5.02; provided, however, that any such extension, renewal, refinancing, refunding or replacement Lien shall be
limited to the property or assets covered by the Lien extended, renewed, refinanced, refunded or replaced and that the obligations secured by any such extension, renewal, refinancing, refunding or replacement Lien shall be in an amount not greater
than the amount of the obligations secured by the Lien extended, renewed, refinanced, refunded or replaced and any expenses of the Issuers and the Restricted Subsidiaries (including any premium) incurred in connection with such extension, renewal,
refinancing, refunding or replacement; or 
 (i) any Lien resulting from the deposit of moneys or evidence of indebtedness in
trust for the purpose of defeasing Debt of an Issuer or any Restricted Subsidiary. 
 Notwithstanding the foregoing provisions
of this Section 5.02, the Issuers may, and may permit any Restricted Subsidiary to, create, assume, incur or suffer to exist any Lien upon any Principal Property or Capital Interests of a Restricted Subsidiary to secure Debt of an Issuer or any
Person (other than Debt Securities) that is not excepted by clauses (a) through (i), inclusive, of this Section 5.02 without securing the Notes, provided that the aggregate principal amount of all Debt then outstanding secured by such Lien
and all other Liens not excepted by clauses (a) through (i), inclusive, of this Section 5.02, together with all Attributable Indebtedness from Sale-leaseback Transactions (excluding Sale-leaseback Transactions permitted by clauses
(a) through (d), inclusive, of Section 5.03), does not exceed 10% of Consolidated Net Tangible Assets. 

Section 5.03. Restriction of Sale-leaseback Transactions. The Issuers will not, and will not permit any Subsidiary of the
Partnership to, engage in a Sale-leaseback Transaction, unless: 
 (a) such Sale-leaseback Transaction occurs within one year
from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property,
whichever is later; 
 (b) the Sale-leaseback Transaction involves a lease for a period, including renewals, of not more than
three years; 
 (c) the Attributable Indebtedness from that Sale-leaseback Transaction is an amount equal to or less than the
amount the Issuers or such Subsidiary would be allowed to incur as Debt secured by a Lien on the Principal Property subject thereto without equally and ratably securing the Notes under Section 5.02; or 

  
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 (d) the Issuers or such Subsidiary, within a one-year period after such Sale-leaseback
Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-leaseback Transaction to (A) the prepayment, repayment, redemption, reduction or retirement of any Pari Passu Debt of an Issuer or any
Subsidiary of the Partnership, or (B) the expenditure or expenditures for Principal Property used or to be used in the ordinary course of business of the Partnership or its Subsidiaries. 

Notwithstanding the foregoing provisions of this Section 5.03, the Issuers may, and may permit any Subsidiary of the Partnership to,
effect any Sale-leaseback Transaction that is not excepted by clauses (a) through (d), inclusive, of this Section 5.03, provided that the Attributable Indebtedness from such Sale-leaseback Transaction, together with the aggregate principal
amount of then outstanding Debt (other than Debt Securities) secured by Liens upon Principal Properties not excepted by clauses (a) through (i), inclusive, of Section 5.02, does not exceed 10% of Consolidated Net Tangible Assets.

 Section 5.04. SEC Reports; Financial Statements. 

(a) Whether or not the Partnership is then subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the
Partnership shall electronically file with the Commission, so long as the Notes are Outstanding, the annual, quarterly and other periodic reports that the Partnership is required to file (or would otherwise be required to file) with the Commission
pursuant to Sections 13 and 15(d) of the Exchange Act, and such documents shall be filed with the Commission on or prior to the respective dates (the “Required Filing Dates”) by which the Partnership is required to file (or would otherwise
be required to file) such documents, unless, in each case, such filings are not then permitted by the Commission. 
 (b) If such
filings are not then permitted by the Commission, or such filings are not generally available on the Internet free of charge, the Issuers shall provide the Trustee with, and the Trustee will mail to any Holder of Notes requesting in writing to the
Trustee copies of, such annual, quarterly and other periodic reports specified in Sections 13 and 15(d) of the Exchange Act within 15 days after the respective Required Filing Dates. 

(c) [Intentionally omitted.] 
 (d) The Partnership shall provide the Trustee with a sufficient number of copies of all reports and other documents and information that the Trustee may be required to deliver to Holders of Notes under
clause (b) of this Section 5.04. 
 (e) Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Partnership’s compliance with any
of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

  
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 Section 5.05. Subsidiary Guarantees. If any Subsidiary (or its successor) of the
Partnership that is not then a Subsidiary Guarantor guarantees Debt of either of the Issuers, in either case after the Issue Date, then the Partnership shall cause such Subsidiary (or successor) to execute and deliver a supplemental Indenture
providing for the guarantee of the payment of the Notes pursuant to Article IX hereof. 
 ARTICLE VI 

SUCCESSORS 
 With
respect to the Notes, the provisions of this Article VI shall preempt the provisions of Article X of the Original Indenture in their entirety. 
 Section 6.01. Consolidation and Mergers of the Issuers. Neither Issuer shall consolidate or amalgamate with or merge with or into any Person, or sell, convey, transfer, lease or otherwise
dispose of all or substantially all its assets to any Person, whether in a single transaction or a series of related transactions, except (1) in accordance with the provisions of the Partnership Agreement, and (2) unless: (a) either
(i) such Issuer shall be the surviving Person in the case of a merger or (ii) the resulting, surviving or transferee Person if other than such Issuer (the “Successor Company”) shall be a partnership, limited liability company or
corporation organized and existing under the laws of the United States, any state thereof or the District of Columbia (provided that PAA Finance may not merge, amalgamate or consolidate with or into another Person other than a corporation satisfying
such requirement for so long as the Partnership is not a corporation) and the Successor Company shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, the
due and punctual payment of the principal of, premium, if any, and interest on all of the Notes, and the due and punctual performance or observance of all the other obligations under the Indenture to be performed or observed by such Issuer;
(b) immediately after giving effect to such transaction or series of transactions, no Default or Event of Default would occur or be continuing; (c) if such Issuer is not the continuing Person, then each Subsidiary Guarantor, unless it has
become the Successor Company, shall confirm that its Guarantee shall continue to apply to the obligations under the Notes and the Indenture; and (d) such Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, amalgamation, merger, sale, conveyance, transfer, lease or other disposition and such supplemental Indenture (if any) comply with this Section 6.01 and any other applicable provisions of the
Indenture. 
 Section 6.02. Rights and Duties of Successor. In case of any consolidation, amalgamation or merger
where an Issuer is not the continuing Person, or disposition of all or substantially all of the assets of an Issuer in accordance with Section 6.01, the Successor Company shall succeed to and be substituted for such Issuer with the 

  
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same effect as if it had been named herein as the respective party to the Indenture, and the predecessor entity shall be released from all liabilities and obligations under the Indenture and the
Notes, except that no such release will occur in the case of a lease of all or substantially all of an Issuer’s assets. In case of any such consolidation, amalgamation, merger, sale, conveyance, transfer, lease or other disposition, such
changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 

Section 6.03. Supplemental Indenture. Section 9.01 of the Original Indenture is hereby amended, with respect to the
Notes, by adding the words “or the confirmation of a Subsidiary Guarantor’s” immediately after the word “Issuer’s” in Section 9.01(c). 
 ARTICLE VII 
 DEFAULTS AND REMEDIES 

Section 7.01. Events of Default. With respect to the Notes, the provisions of this Section 7.01 shall preempt the
provisions of the first and final paragraphs of Section 6.01 of the Original Indenture in their entirety. 
 (a) An
“Event of Default” occurs if: 
 (i) the Issuers default for 60 days in the payment when due of
interest on the Notes; 
 (ii) the Issuers default in the payment when due of principal of or premium, if any, on
the Notes at maturity, upon redemption or otherwise; 
 (iii) failure by an Issuer or any Subsidiary Guarantor
for 90 days after receipt of notice by the Issuers from the Trustee or to the Issuers and the Trustee by the Holders of at least 25% in principal amount of the Notes then Outstanding to comply with any other term, covenant or warranty in the
Indenture or the Notes (provided that notice need not be given, and an Event of Default shall occur, 90 days after any breach of the provisions of Section 6.01 hereof); 

(iv) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured
or evidenced any Debt of an Issuer or any of the Partnership’s Subsidiaries (or the payment of which is guaranteed by the Partnership or any of its Subsidiaries), whether such Debt or guarantee now exists or is created after the Issue Date, if
that default (A) is caused by a failure to pay principal of or premium, if any, or interest on such Debt prior to the expiration of the grace period provided in such Debt (a “Payment Default”) or (B) results in the
acceleration of the maturity of such Debt to a date prior to its originally stated maturity, and, in each case described in clause (A) or (B), the principal amount of any such Debt, together with the principal amount of any other such Debt
under which there has been a Payment Default or the maturity of 

  
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which has been so accelerated, aggregates $25.0 million or more; provided, further, that if any such default is cured or waived or any such acceleration rescinded, or
such Debt is repaid, within a period of 30 days from the continuation of such default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, such Event of Default and any consequential acceleration of the
Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree; 
 (v) except as permitted by the Indenture, any Guarantee shall cease for any reason to be in full force and effect (except as otherwise provided in the Indenture) or is declared null and void in a judicial
proceeding or any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, shall deny or disaffirm its obligations under the Indenture or its Guarantee; 

(vi) an Issuer or any Subsidiary Guarantor 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) generally is not paying its debts as they become due; or 

(vii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) is for relief against an Issuer or any Subsidiary Guarantor in an involuntary case; 

(B) appoints a custodian of an Issuer or any Subsidiary Guarantor or for all or substantially all of the property of an
Issuer or any Subsidiary Guarantor; or 
 (C) orders the liquidation of an Issuer or any Subsidiary Guarantor;

 and the order or decree remains unstayed and in effect for 60 consecutive days. 

  
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 (b) In the case of an Event of Default arising from Section 7.01(a)(vi) or 7.01(a)(vii)
hereof involving an Issuer (and, for the avoidance of doubt, excluding any such Event of Default that involves only one or more Subsidiary Guarantors), the principal amount of all Outstanding Notes and interest thereon shall become due and payable
immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then Outstanding Notes may declare the principal amount of all the Notes and
interest thereon to be due and payable immediately by a notice in writing to the Issuers (and to the Trustee if given by the Holders) and upon any such declaration such principal amount and interest thereon shall be due and payable immediately.

 ARTICLE VIII 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01. Option to Effect
Legal Defeasance or Covenant Defeasance. The Issuers may, at the option of the Boards of Directors evidenced by a Board Resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be
applied to all outstanding Notes and Guarantees upon compliance with the conditions set forth below in this Article VIII. 

Section 8.02. Legal Defeasance and Discharge. Upon the Issuers’ exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, each of the Issuers and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect
to all outstanding Notes and Guarantees on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that each of the Issuers shall be deemed to have paid and
discharged the entire Debt represented by the outstanding Notes, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 8.05 hereof and the other Sections of the Indenture referred to in (a) and
(b) below, and to have satisfied all its other obligations under such Notes and the Indenture, and each of the Subsidiary Guarantors shall be deemed to have discharged its obligations under its Guarantee (and the Trustee, on demand of and at
the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(a) the rights of Holders of Outstanding Notes to receive solely from the trust fund described in Section 8.04 hereof, and as more
fully set forth in such Section, payments in respect of the principal of, premium on, if any, and interest on such Notes when such payments are due, 
 (b) the Issuers’ obligations with respect to such Notes under Sections 2.07, 2.08, 2.09 and 4.02 of the Original Indenture, 
 (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuers’ obligations in connection therewith, 

(d) this Article VIII, and 

  
 15 

 (e) the Issuers’ rights of optional redemption under Section 4.01 hereof.

 Subject to compliance with this Article VIII, the Issuers may exercise their option under this Section 8.02 notwithstanding the
prior exercise of their option under Section 8.03 hereof. 
 Section 8.03. Covenant Defeasance. Upon the
Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03, each of the Issuers shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its
obligations under the covenants contained in Sections 5.02, 5.03, 5.04 and 5.05 hereof with respect to the Outstanding Notes on and after the date the conditions set forth in Section 8.04 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 Issuers 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 7.01 hereof, but, except as
specified above, the remainder of the Indenture, the Guarantees and such Notes shall be unaffected thereby. 

Section 8.04. Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the application of either
Section 8.02 or 8.03 hereof to the Outstanding Notes: 
 In order to exercise either Legal Defeasance or Covenant
Defeasance: 
 (a) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes,
cash in Dollars, U.S. Government Obligations, or a combination thereof, in such amounts as shall be sufficient, in the written opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium on, if any,
and interest on the Outstanding Notes at the Stated Maturity thereof or on the applicable redemption date, as the case may be, and the Issuers must specify whether the Notes are being defeased to maturity or to a particular redemption date;

 (b) in the case of an election under Section 8.02 hereof, the Issuers shall have delivered to the Trustee an Opinion of
Counsel confirming that (i) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date of the Indenture, there has been a change in the applicable federal income tax law, in
either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Outstanding Notes shall not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and
shall be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

  
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 (c) in the case of an election under Section 8.03 hereof, the Issuers shall have
delivered to the Trustee an Opinion of Counsel confirming that the Holders of the Outstanding Notes shall not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and shall be subject to federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (d) no Default or Event of Default shall have occurred and be continuing either (i) on the date of such deposit (other than a Default or Event of Default resulting from the incurrence of Debt all or
a portion of the proceeds of which shall be applied to such deposit) or (ii) insofar as Section 7.01(a)(vi) or 7.01(a)(vii) hereof is concerned, at any time in the period ending on the 91st day after the date of deposit; 

(e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any
agreement or instrument (other than the Notes and the Indenture) to which the Partnership or any of its Subsidiaries is a party or by which the Partnership or any of its Subsidiaries is bound; 

(f) the Issuers shall have delivered to the Trustee an Opinion of Counsel to the effect that after the 91st day following the deposit, the
trust funds shall not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 
 (g) the Issuers shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuers with the intent of preferring the Holders over any other creditors of
the Issuers or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuers; and 
 (h) the
Issuers shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 Section 8.05. Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous
Provisions. Subject to Section 8.06 hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the
“Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and the Indenture, to the payment, either directly or
through any paying agent (including an Issuer acting as paying agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need
not be segregated from other funds except to the extent required by law. 

  
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 The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the Outstanding Notes. 
 Anything in this Article VIII to the contrary notwithstanding, the Trustee shall
deliver or pay to the Issuers from time to time upon the written request of the Issuers any money or U.S. Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to
effect an equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06. Repayment to Issuers. Any money
deposited with the Trustee or any paying agent, or then held by the Issuers, in trust for the payment of the principal of, premium on, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or
interest has become due and payable shall be paid to the Issuers on their written request or (if then held by the Issuers) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured creditor, look only to the
Issuers for payment thereof, and all liability of the Trustee or such paying agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee or
such paying agent, before being required to make any such repayment, may at the expense of the Issuers cause to be published once, in The New York Times and The Wall Street Journal (U.S. 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 Issuers. 

Section 8.07. Reinstatement. If the Trustee or paying agent is unable to apply any Dollars or U.S. Government Obligations in
accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuers’ obligations
under the Indenture and the Notes and the Subsidiary Guarantors’ obligations under the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or
paying agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Issuers make any payment of principal of, premium on, if any, or interest
on any Note following the reinstatement of their obligations, the Issuers 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. 

  
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 ARTICLE IX 
 SUBSIDIARY GUARANTEES 
 Section 9.01. Subsidiary Guarantees.
(a) Each Subsidiary Guarantor hereby jointly and severally unconditionally and irrevocably guarantees on a senior basis to each Holder and to the Trustee and its successors and assigns (i) the full and punctual payment of principal,
premium, if any, and interest with respect to, the Notes when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Issuers under the Indenture (including obligations to the Trustee) and the
Notes and (ii) the full and punctual performance within applicable grace periods of all other obligations of the Issuers under the Indenture and the Notes (all the foregoing being hereinafter collectively called the “Note
Obligations”). Each Subsidiary Guarantor further agrees that the Note Obligations may be extended or renewed, in whole or in part, without notice or further assent from each such Subsidiary Guarantor, and that each such Subsidiary Guarantor
shall remain bound under this Article IX notwithstanding any extension or renewal of any Note Obligation. 
 (b) Each
Subsidiary Guarantor waives presentation to, demand of, payment from and protest to the Issuers of any of the Note Obligations and also waives notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any Default or Event of
Default under the Notes or the Note Obligations. The obligations of each Subsidiary Guarantor hereunder shall not be affected by (i) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy
against the Issuers or any other Person under the Indenture, the Notes or any other agreement or otherwise; (ii) any extension or renewal of any thereof; (iii) any rescission, waiver, amendment or modification of any of the terms or
provisions of the Indenture, the Notes or any other agreement; (iv) the release of any security held by any Holder or the Trustee for the Note Obligations or any of them; (v) the failure of any Holder or Trustee to exercise any right or
remedy against any other guarantor of the Note Obligations; or (vi) any change in the ownership of such Subsidiary Guarantor, except as provided in Section 9.02 hereof. 

(c) Each Subsidiary Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when
due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Note Obligations. 

(d) The obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination
for any reason other than indefeasible payment in full of the Note Obligations, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Note Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not be discharged or impaired
or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under the Indenture, the Notes or any other agreement, by any 

  
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waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any
other act or thing which may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would otherwise operate as a discharge of any Subsidiary Guarantor as a matter of law or equity. 

(e) Each Subsidiary Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may
be, if at any time payment, or any part thereof, of principal, premium, if any, or interest with respect to any Note Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of either
of the Issuers or otherwise. 
 (f) In furtherance of the foregoing and not in limitation of any other right which any Holder or
the Trustee has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure of the Issuers to pay the principal, premium, if any, or interest with respect to any Note Obligation when and as the same shall become due,
whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Note Obligation, each Subsidiary Guarantor hereby promises to and shall forthwith pay, or cause to be paid, in cash, to the Holders or the
Trustee an amount equal to the sum of (i) the unpaid principal amount of such Note Obligations, (ii) accrued and unpaid interest on such Note Obligations (but only to the extent not prohibited by law) and (iii) all other monetary Note
Obligations of the Issuers to the Holders and the Trustee. 
 (g) Each Subsidiary Guarantor agrees that it shall not be entitled
to any right of subrogation in relation to the Holders in respect of any Note Obligations guaranteed hereby until payment in full of all Note Obligations. Each Subsidiary Guarantor further agrees that, as between it, on the one hand, and the Holders
and the Trustee, on the other hand, (i) the maturity of the Note Obligations guaranteed hereby may be accelerated as provided in Article VII hereof for the purposes of any Subsidiary Guarantor’s Guarantee herein, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the Note Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such obligations as provided in Article VII hereof, such Note
Obligations (whether or not due and payable) shall forthwith become due and payable by such Subsidiary Guarantor for the purposes of this Section 9.01. 
 (h) Each Subsidiary Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights under this
Section 9.01. 
 Section 9.02. Limitation on Liability. Any term or provision of the Indenture to the contrary
notwithstanding, the maximum, aggregate amount of the Note Obligations guaranteed hereunder by any Subsidiary Guarantor shall not exceed the maximum amount that, after giving effect to all other contingent and fixed liabilities of such Subsidiary
Guarantor and to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of its obligations under its Guarantee, can be hereby guaranteed without rendering the Indenture, as it relates to any Subsidiary
Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer. 

  
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 Section 9.03. Successors and Assigns. This Article IX shall be binding upon
each Subsidiary Guarantor and, except as provided in Section 9.07, its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights
by any Holder or the Trustee, the rights and privileges conferred upon that party in the Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of the Indenture.

 Section 9.04. No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in
exercising any right, power or privilege under this Article IX shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and
benefits of the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article IX at law, in equity, by statute or otherwise. 

Section 9.05. Modification. No modification, amendment or waiver of any provision of this Article IX, nor the consent to
any departure by any Subsidiary Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose
for which given. No notice to or demand on any Subsidiary Guarantor in any case shall entitle such Subsidiary Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

Section 9.06. Execution of Supplemental Indenture for Future Subsidiary Guarantors. Each Subsidiary which is required to
become a Subsidiary Guarantor pursuant to Section 5.05 hereof shall promptly execute and deliver to the Trustee a supplemental Indenture in substantially the form of Exhibit B hereto pursuant to which such Subsidiary shall become a
Subsidiary Guarantor under this Article IX and shall guarantee the Note Obligations. Concurrently with the execution and delivery of such supplemental Indenture, the Issuers shall deliver to the Trustee an Opinion of Counsel to the effect that such
supplemental Indenture has been duly authorized, executed and delivered by such Subsidiary and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to
creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Guarantee of such Subsidiary Guarantor is a legal, valid and binding obligation of such Subsidiary Guarantor, enforceable
against such Subsidiary Guarantor in accordance with its terms. 

  
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 Section 9.07. Release of Guarantee. Provided that no Default shall have occurred
and shall be continuing under the Indenture, the Guarantee of a Subsidiary Guarantor under this Article IX shall terminate and be of no further force and effect, and such Subsidiary Guarantor shall be released from the Indenture and all Note
Obligations, upon the following events: 
 (a) upon any sale or other disposition of all or substantially all of the assets of
such Subsidiary Guarantor (including by way of merger, consolidation or otherwise) to any Person that is not an Affiliate of either of the Issuers (provided such sale or other disposition is not prohibited by the Indenture); 

(b) upon any sale or other disposition of all of the Equity Interests of a Subsidiary Guarantor, to any Person that is not an Affiliate of
either of the Issuers; or 
 (c) following the release or discharge of all guarantees by such Subsidiary Guarantor of any Debt of
the Issuers (other than any Debt Securities), upon delivery by the Issuers to the Trustee of a written notice of such release or discharge from the guarantees. 
 ARTICLE X 
 MISCELLANEOUS 

Section 10.01. Additional Amendments. With respect to the Notes, references to (A) “Section 6.01” in the
Original Indenture shall be deemed to be references to “Section 7.01 of this Supplemental Indenture; (B) “Section 11.02” in the Original Indenture shall be deemed to be references to “Section 8.06” of
this Supplemental Indenture; (C) “Section 6.01(g) or (h)” in the Original Indenture shall be deemed to be references to Section 7.01(a)(vi) or (a)(vii) of this Supplemental Indenture; and (D) “Article X”
in the Original Indenture shall be deemed to be a reference to Article VI of this Supplemental Indenture. 
 Section 10.02.
Integral Part. This Supplemental Indenture constitutes an integral part of the Indenture. 
 Section 10.03.
Adoption, Ratification and Confirmation. The Original Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. 

Section 10.04. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which when so
executed shall be deemed an original; and all such counterparts shall together constitute but one and the same instrument. 

  
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 Section 10.05. Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE
NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 [Signatures on
following pages] 

  
 23 

 SIGNATURES 

 

					
	 ISSUERS:
  

PLAINS ALL AMERICAN PIPELINE, L.P.

		
	By:	 	PAA GP LLC
		 	its General Partner
		
	By:	 	PLAINS AAP, L.P.
		 	its Sole Member
		
	By:	 	PLAINS ALL AMERICAN GP LLC
		 	its General Partner
			
		 	By:	 	/s/ Charles Kingswell-Smith
		 		 	  

		 		 	Name: Charles Kingswell-Smith
		 		 	Title: Vice President and Treasurer
	
	PAA FINANCE CORP.
			
		 	By:	 	/s/ Charles Kingswell-Smith
		 		 	  

		 		 	Name: Charles Kingswell-Smith
		 		 	Title: Vice President and Treasurer

  
 Signature
Page to Twenty-Fourth Supplemental Indenture 

 
			
	 TRUSTEE:
  

U.S. BANK NATIONAL ASSOCIATION, as
Trustee

		
	By:	 	/s/ Steven Finklea
		 	  

		 	Name: Steven Finklea
		 	Title: Vice President

  
 Signature
Page to Twenty-Fourth Supplemental Indenture 

 EXHIBIT A 
 (Form of Face of Note) 
  

					
	CUSIP 72650RBD3	 		  	No.            
	ISIN US72650RBD35	 		  	$                        

 PLAINS ALL AMERICAN PIPELINE, L.P. 
 PAA FINANCE CORP. 
 3.850% Senior Notes due 2023 

Plains All American Pipeline, L.P., a Delaware limited partnership, and PAA Finance Corp., a Delaware corporation, jointly and severally promise to pay
to             , or registered assigns, the principal sum of             Dollars [or such greater or lesser amount as may be
endorsed on the Schedule attached hereto]1 on
October 15, 2023. 
 Interest Payment Dates: April 15 and October 15 
 Record Dates: April 1 and October 1 
  

			
	PLAINS ALL AMERICAN PIPELINE, L.P.
	By:	 	PAA GP LLC, its General Partner
	By:	 	Plains AAP, L.P., its Sole Member
	By:	 	Plains All American GP LLC, its General Partner
		
		 	By:                            
                             
		 	Name:
		 	Title:
	
	PAA FINANCE CORP.
		
	By:	 	
		 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF 
 AUTHENTICATION 
 This is one of the Debt Securities of the series designated therein referred to
in the within-mentioned Indenture. 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	
		 	  

		 	Authorized Signatory
		
	Dated:	 	  

  

	1 	To be included only if the Note is issued in global form. 

  
 A-1

 (Form of Back of Note) 

3.850% Senior Notes due 2023 

[THIS GLOBAL SECURITY IS HELD BY OR ON BEHALF OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.08 OF THE ORIGINAL INDENTURE, (B) THIS GLOBAL
SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15 OF THE ORIGINAL INDENTURE, (C) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE ORIGINAL INDENTURE AND
(D) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY OR ITS NOMINEE WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS.]2 
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. Interest. Plains All American Pipeline, L.P., a Delaware limited partnership (the “Partnership”), and PAA Finance
Corp., a Delaware corporation (“PAA Finance” and, together with the Partnership, the “Issuers”), jointly and severally promise to pay interest on the principal amount of this Note at 3.850% per annum from August 15,
2013 until maturity. The Issuers shall pay interest semi-annually on April 15 and October 15 of each such year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”).
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 the date of issuance. The first Interest Payment Date shall be April 15, 2014. The Issuers shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; and they 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 periods) from time to time on demand at the same rate to the extent lawful. Interest shall
be computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of Payment. The Issuers shall pay
interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the April 1 or October 1 next preceding the Interest Payment Date, even if such Notes are canceled after such
record date and on or before such Interest Payment Date, except as provided in Section 2.17 of the Original Indenture with respect to defaulted interest, and the Issuers shall pay principal (and premium, if any) of the Notes upon surrender
thereof to the Trustee or a paying agent on or after the Stated Maturity thereof. The Notes shall be payable as to principal, 

 

	2 	 To be included only if the Note is issued in global form. 

  
 A-2

 
premium, if any, and interest at the office or agency of the Trustee maintained for such purpose within or without The City and State of New York, or, at the option of the Issuers, payment of
interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds shall be required with respect to principal of and interest
and premium, if any, on, each Global Security and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuers or the paying agent on or prior to the applicable record date. Such payment shall be in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 3.
Paying Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, shall act as paying agent and Registrar. The Issuers may change any paying agent or Registrar without notice to any Holder. The
Issuers or any of their Subsidiaries may act in any such capacity. 
 4. Indenture. The Issuers issued the Notes under an
Indenture dated as of September 25, 2002 (the “Original Indenture”), as supplemented by the Twenty-Fourth Supplemental Indenture dated as of August 15, 2013 (the “Supplemental Indenture” and, together with the Original
Indenture, the “Indenture”) among the Issuers and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code
§§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are joint and several obligations of the Issuers initially in aggregate principal amount of $700 million. The Issuers may issue an unlimited aggregate principal
amount of Additional Notes under the Indenture. Any such Additional Notes that are actually issued shall be treated as issued and outstanding Notes (and as the same series (with identical terms other than with respect to the issue date, the date of
first payment of interest, if applicable, and the payment of interest accruing prior to the issue date) as the initial Notes) for all purposes of the Indenture, including waivers, amendments, redemptions and offers to purchase. To secure the due and
punctual payment of the principal and interest on the Notes and all other amounts payable by the Issuers under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to
the terms of the Notes and the Indenture, the Subsidiary Guarantors have unconditionally guaranteed the Note Obligations under the Indenture and the Notes on a senior basis pursuant to the terms of the Indenture. 

5. Optional Redemption. 
 (a) At their option at any time prior to maturity, the Issuers may choose to redeem all or any portion of the Notes at once or from time to time. 

(b) To redeem the Notes before July 15, 2023, the Issuers must pay a redemption price equal to the greater of (i) 100% of the
principal amount of the Notes to be redeemed, and (ii) as determined by the Quotation Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be

  
 A-3

 
redeemed (not including any portion of those payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 20 basis points, plus, in either case, accrued and unpaid interest to the date of redemption (subject to the right of Holders on the relevant record date to
receive interest due on the relevant interest payment date). 
 (c) To redeem the Notes on or after July 15, 2023, the
Issuers must pay a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to the date of redemption (subject to the right of Holders on the relevant record date to receive interest due on
the relevant interest payment date). 
 For purposes of determining any redemption price, the following definitions shall apply:

 “Adjusted Treasury Rate” means, with respect to any date of redemption, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the date of redemption. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of the Notes. 
 “Comparable Treasury Price” means, with respect to any date of redemption,
(a) the average of the Reference Treasury Dealer Quotations for the date of redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than five Reference Treasury Dealer
Quotations, the average of all such Reference Treasury Dealer Quotations. 
 “Quotation Agent” means a Primary
Treasury Dealer (as defined below) appointed by the Issuers. 
 “Reference Treasury Dealer” means each of J.P. Morgan
Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated and each of their successors; provided, however, that if either of the foregoing shall cease to be a primary U.S. government securities dealer in the United States (a
“Primary Treasury Dealer”), the Issuers shall substitute another Primary Treasury Dealer. 
 “Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any date of redemption, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding that date of redemption. 

  
 A-4

 6. Notice of Redemption. Notice of redemption shall be mailed at least 30 days but
not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the
Notes held by a Holder are to be redeemed. Unless the Issuers default in payment of the redemption price, on and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 

7. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of $2,000 and
integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and the Issuers may require a Holder to pay any taxes or other governmental charges required by law or permitted by the Indenture. The Issuers need not exchange or register the transfer of any Note or portion of a Note
selected for redemption or repurchase, except for the unredeemed or unrepurchased portion of any Note being redeemed or repurchased in part. Also, the Issuers need not exchange or register the transfer of any Notes for a period of 15 days
before a selection of Notes to be redeemed or repurchased or during the period between a record date and the corresponding Interest Payment Date. 
 8. Persons Deemed Owners. The registered Holder of a Note shall be treated as its owner for all purposes. 
 9. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of a majority in aggregate principal
amount of the then Outstanding Notes, and any existing default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the then Outstanding Notes.
Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or supplemented for any of the purposes set forth in Section 9.01 of the Original Indenture (as amended by the Supplemental Indenture), including to cure any
ambiguity, defect or inconsistency, to provide for the assumption of an Issuer’s obligations to Holders of the Notes in case of a merger or consolidation of such Issuer or sale of all or substantially all of such Issuer’s assets, to add or
release Subsidiary Guarantors (or their successors) pursuant to the terms of the Indenture, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under
the Indenture of any Holder of the Notes, to comply with the requirements of the Commission to permit the qualification of the Indenture under the Trust Indenture Act, to evidence or provide for the acceptance of appointment under the Indenture of a
successor Trustee, to add any additional Events of Default, to secure the Notes or the Guarantees or to establish the form or terms of any other series of Debt Securities. 
 10. Defaults and Remedies. Events of Default with respect to the Notes include: (i) default for 60 days in the payment when due of interest on the Notes; (ii) default in payment when due
of principal of or premium, if any, on the Notes at maturity, upon redemption or otherwise, (iii) failure by an Issuer or any Subsidiary Guarantor for 90 days after notice to comply with any of the other agreements in the Indenture
(provided that notice need not be given, and an Event of Default shall occur, 90 days after any breach of the provisions of Section 6.01 of the 

  
 A-5

 
Supplemental Indenture); (iv) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Debt of an Issuer or any
of the Partnership’s Subsidiaries (or the payment of which is guaranteed by the Partnership or any of its Subsidiaries), whether such Debt or guarantee now exists or is created after the Issue Date, if that default (a) is caused by a
failure to pay principal of or premium, if any, or interest on such Debt prior to the expiration of the grace period provided in such Debt (a “Payment Default”) or (b) results in the acceleration of the maturity of such Debt to a date
prior to its original stated maturity, and, in each case described in clause (a) or (b), the principal amount of any such Debt, together with the principal amount of any other such Debt under which there has been a Payment Default or the
maturity of which has been so accelerated, aggregates $25.0 million or more, subject to the proviso set forth in Section 7.01(a)(iv) of the Supplemental Indenture; (v) except as permitted by the Indenture, any Guarantee shall cease for any
reason to be in full force and effect (except as otherwise provided in the Indenture) or is declared null and void in a judicial proceeding or any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, shall deny or
disaffirm its obligations under the Indenture or its Guarantee and (vi) certain events of bankruptcy or insolvency with respect to an Issuer or any of the Subsidiary Guarantors. If any Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in aggregate principal amount of the then Outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or
insolvency involving an Issuer, but not any Subsidiary Guarantor, all Outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to
certain limitations, Holders of a majority in aggregate principal amount of the then Outstanding Notes may direct the Trustee in its exercise of any trust or power. If and so long as the board of directors, an executive committee of the board of
directors or trust committee of Responsible Officers of the Trustee in good faith so determines, the Trustee may withhold from Holders of the Notes notice of any continuing Default (except a Default relating to the payment of principal, premium, if
any, or interest) if it determines that withholding notice is in their interests. The Holders of a majority in aggregate principal amount of the Notes then Outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive
any past Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, the principal of, or premium, if any, on the Notes or any other Default specified in
Section 6.06 of the Original Indenture. The Issuers and the Subsidiary Guarantors are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuers are required upon becoming aware of any
Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
 11. Trustee
Dealings with Issuers. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuers or their Affiliates, and may otherwise deal with the Issuers or their Affiliates, as if it
were not the Trustee. 
 12. No Recourse Against Others. The General Partner and its directors, officers, employees and
members (in their capacities as such) shall not have any liability for any obligations of the Issuers under the Notes. In addition, the Managing General Partner and its directors, officers, employees and members shall not have any liability for any
obligations of the Issuers under the Notes. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

  
 A-6

 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 Issuers have caused CUSIP and corresponding ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and corresponding ISIN numbers in notices of redemption as a convenience to Holders. No representation
is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Issuers shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

 Plains All American Pipeline, L.P. 
 333 Clay Street, Suite 1600 
 Houston, Texas 77002 

Attention: Investor Relations 

  
 A-7

 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                                        
                                         
                                         
                                         
                                         
        

 agent to transfer this Note on the books of the Issuers. 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: 	  	  

		  	(Signature must be guaranteed by a financial institution that is a member of the Securities Transfer Agent Medallion Program (“STAMP”), the Stock Exchange Medallion
Program (“SEMP”), the New York Stock Exchange, Inc. Medallion Signature Program (“MSP”) or such other signature guarantee program as may be determined by the Registrar in addition to, or in substitution for, STAMP, SEMP or MSP,
all in accordance with the Securities Exchange Act of 1934, as amended.)

  
 A-8

 SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE3 

The original principal amount of this Global Note is
$                    . The following increases or decreases in this Global Note have been made: 

 

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

  

 

	3 	To be included only if the Note is issued in global form. 

  
 A-9

 EXHIBIT B 
 FORM OF SUPPLEMENTAL INDENTURE 
 SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of             , among Plains All American Pipeline, L.P., a Delaware limited partnership (the “Partnership”), PAA Finance Corp., a Delaware corporation
(“PAA Finance” and, together with the Partnership, the “Issuers”),             (the “Subsidiary Guarantor”), a direct or indirect subsidiary of Plains All
American Pipeline, L.P. (or its successor), a Delaware limited partnership (the “Partnership”), and U.S. Bank National Association, as trustee under the indenture referred to below (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS, the Issuers have heretofore executed and delivered to the Trustee an indenture (the “Original Indenture”), dated as of September 25, 2002, as supplemented by the Twenty-Fourth
Supplemental Indenture (the “Twenty-Fourth Supplemental Indenture” and, together with the Original Indenture, the “Indenture”) dated as of August 15, 2013, among the Issuers and the Trustee, providing for the issuance of the
Issuers’ 3.850% Senior Notes due 2023 (the “Notes”); 
 WHEREAS, Section 5.05 of the Twenty-Fourth
Supplemental Indenture provides that under certain circumstances the Partnership is required to cause the Subsidiary Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall
unconditionally guarantee all of the Issuers’ obligations under the Notes pursuant to a Guarantee on the terms and conditions set forth herein; and 
 WHEREAS, pursuant to Section 9.01 of the Original Indenture, the Issuers and the Trustee are authorized to execute and deliver this Supplemental Indenture; 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Issuers, the Subsidiary Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows: 
 1. Definitions. 
 (a) Capitalized terms used herein without definition shall
have the meanings assigned to them in the Indenture. 
 (b) For all purposes of this Supplemental Indenture, except as otherwise
herein expressly provided or unless the context otherwise requires: (i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) 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. 

  
 B-1

 2. Agreement to Guarantee. The Subsidiary Guarantor hereby agrees, jointly and
severally with all other Subsidiary Guarantors under the Indenture, if any, to guarantee the Issuers’ obligations under the Notes on the terms and subject to the conditions set forth in Article IX of the Twenty-Fourth Supplemental
Indenture and to be bound by all other applicable provisions of the Indenture. 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 Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

3. GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A NEW YORK CONTRACT, AND FOR ALL PURPOSES SHALL BE
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 4. Trustee Makes No Representation. The Trustee
makes no representation as to the validity or sufficiency of this Supplemental Indenture. 
 5. Counterparts. The parties
may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 6. Effect of Headings. The Section headings herein are for convenience only and shall not effect the construction thereof. 

  
 B-2

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

					
	
	PLAINS ALL AMERICAN PIPELINE, L.P.
	
	By: PAA GP LLC, its General Partner
		
	By:	 	Plains AAP, L.P., its Sole Member
		
	By:	 	Plains All American GP LLC, its General Partner
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:
	
	PAA FINANCE CORP.
		
	By:	 	 
		 	Name:
		 	Title:
	
	[SUBSIDIARY GUARANTOR],
		
	By:	 	 
		 	Name:
		 	Title:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

  
 B-3EX-4.1

 Exhibit 4.1 
 AmTrust Financial Services, Inc. 
 as Issuer 

The Bank of New York Mellon Trust Company, N.A. 
 as Trustee 
  

 
 Second
Supplemental Indenture 
 Dated as of August 15, 2013 

to the Indenture dated as of 
 December 21, 2011 
  

 
 6.125% Notes
due 2023 

 TABLE OF CONTENTS 

 

					
	  	  	Page	 
	 ARTICLE 1
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  			
		
	 SECTION 1.01 Scope of Supplemental Indenture
	  	 	1	  
		
	 SECTION 1.02 Definitions
	  	 	2	  
		
	 SECTION 1.03 References to Interest
	  	 	10	  
		
	 ARTICLE 2
 THE SECURITIES
	  			
		
	 SECTION 2.01 Title and Terms; Payments
	  	 	10	  
		
	 SECTION 2.02 Forms
	  	 	11	  
		
	 SECTION 2.03 Transfer and Exchange; Restrictions on Transfer
	  	 	12	  
		
	 SECTION 2.04 Payments on the Securities
	  	 	16	  
		
	 ARTICLE 3
 REDEMPTIONS; NO SINKING FUND
	  			
		
	 SECTION 3.01 Redemption
	  	 	18	  
		
	 SECTION 3.02 No Sinking Fund
	  	 	18	  
		
	 ARTICLE 4
 PARTICULAR COVENANTS OF THE COMPANY
	  			
		
	 SECTION 4.01 Payment of Principal and Interest
	  	 	18	  
		
	 SECTION 4.02 Maintenance of Office or Agency
	  	 	18	  
		
	 SECTION 4.03 Reports; 144A Information; Additional Interest
	  	 	19	  
		
	 SECTION 4.04 Excess Ratio Debt; First- and Second-Level Additional Interest
	  	 	20	  
		
	 SECTION 4.05 Statements as to Defaults
	  	 	21	  
		
	 SECTION 4.06 First-Level Additional Interest or Second-Level Additional Interest Notice
	  	 	21	  
		
	 SECTION 4.07 Limitation on Incurrence of Indebtedness
	  	 	21	  
		
	 SECTION 4.08 Limitation on Liens
	  	 	21	  
		
	 SECTION 4.09 Limitation on Disposition of Stock of Significant Subsidiaries
	  	 	22	  

  
 i 

					
	 ARTICLE 5
 REMEDIES
	  			
		
	 SECTION 5.01 General
	  	 	22	  
		
	 SECTION 5.02 Events of Default
	  	 	23	  
		
	 SECTION 5.03 Acceleration; Rescission and Annulment
	  	 	25	  
		
	 SECTION 5.04 Waiver of Past Defaults
	  	 	26	  
		
	 SECTION 5.05 Control by Majority
	  	 	26	  
		
	 SECTION 5.06 Limitation on Suits
	  	 	27	  
		
	 SECTION 5.07 Rights of Holders to Receive Payment
	  	 	27	  
		
	 SECTION 5.08 Collection of Indebtedness; Suit for Enforcement by Trustee
	  	 	27	  
		
	 SECTION 5.09 Trustee May Enforce Claims Without Possession of Securities
	  	 	27	  
		
	 SECTION 5.10 Trustee May File Proofs of Claim
	  	 	28	  
		
	 SECTION 5.11 Restoration of Rights and Remedies
	  	 	28	  
		
	 SECTION 5.12 Rights and Remedies Cumulative
	  	 	28	  
		
	 SECTION 5.13 Delay or Omission Not a Waiver
	  	 	28	  
		
	 SECTION 5.14 Priorities
	  	 	29	  
		
	 SECTION 5.15 Undertaking for Costs
	  	 	29	  
		
	 SECTION 5.16 Waiver of Stay, Extension and Usury Laws
	  	 	29	  
		
	 SECTION 5.17 Notices from the Trustee
	  	 	30	  
		
	 ARTICLE 6
 SATISFACTION AND DISCHARGE; DEFEASANCE
	  			
		
	 SECTION 6.01 Inapplicability of Provisions of Base Indenture; Satisfaction and Discharge of the Indenture;
Defeasance
	  	 	30	  
		
	 SECTION 6.02 Satisfaction and Discharge
	  	 	30	  
		
	 SECTION 6.03 Defeasance
	  	 	31	  
		
	 SECTION 6.04 Deposited Monies to Be Held in Trust by Trustee
	  	 	31	  
		
	 SECTION 6.05 Paying Agent to Repay Monies Held; Repayment to Company
	  	 	32	  
		
	 SECTION 6.06 Return of Unclaimed Monies
	  	 	32	  
		
	 SECTION 6.07 Reinstatement
	  	 	32	  
		
	 SECTION 6.08 Indemnity for U.S. Government Obligations
	  	 	32	  

  
 ii 

					
	 ARTICLE 7
 SUPPLEMENTAL INDENTURES
	  			
		
	 SECTION 7.01 Supplemental Indentures Without Consent of Holders
	  	 	32	  
		
	 SECTION 7.02 Supplemental Indentures With Consent of Holders
	  	 	33	  
		
	 SECTION 7.03 Notice of Amendment or Supplement
	  	 	34	  
		
	 ARTICLE 8
 SUCCESSOR COMPANY
	  			
		
	 SECTION 8.01 Consolidation, Merger and Sale of Assets
	  	 	34	  
		
	 SECTION 8.02 Company May Consolidate, Etc. on Certain Terms
	  	 	34	  
		
	 SECTION 8.03 Successor Corporation to Be Substituted
	  	 	35	  
		
	 SECTION 8.04 Opinion of Counsel to Be Given to Trustee
	  	 	36	  
		
	 ARTICLE 9
 TAX ADDITIONAL AMOUNTS
	  			
		
	 SECTION 9.01 Payment of Tax Additional Amounts
	  	 	36	  
		
	 SECTION 9.02 Exceptions to Payment of Tax Additional Amounts
	  	 	36	  
		
	 SECTION 9.03 Entitlement to Refund or Credit
	  	 	37	  
		
	 SECTION 9.04 References to be Consistent
	  	 	37	  
		
	 ARTICLE 10
 MISCELLANEOUS
	  			
		
	 SECTION 10.01 Effect on Successors and Assigns
	  	 	38	  
		
	 SECTION 10.02 Governing Law; Waiver of Jury Trial
	  	 	38	  
		
	 SECTION 10.03 No Security Interest Created
	  	 	38	  
		
	 SECTION 10.04 Trust Indenture Act
	  	 	38	  
		
	 SECTION 10.05 Benefits of Supplemental Indenture
	  	 	38	  
		
	 SECTION 10.06 Calculations; Determinations
	  	 	38	  
		
	 SECTION 10.07 Execution in Counterparts
	  	 	39	  
		
	 SECTION 10.08 Notices
	  	 	39	  
		
	 SECTION 10.09 Ratification of Base Indenture
	  	 	39	  
		
	 SECTION 10.10 The Trustee
	  	 	39	  
		
	 SECTION 10.11 No Recourse Against Others
	  	 	40	  

  
 iii

					
	EXHIBIT	  			
	 Exhibit A Form of Security
	  	 	A-1	  
	 Exhibit B Form of Restricted Security Legend
	  	 	Exhibit B-1	  

  
 iv 

 SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
August 15, 2013, between AmTrust Financial Services, Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), as trustee under the Indenture, dated as
of December 21, 2011, between the Company and the Trustee (as amended or supplemented from time to time in accordance with the terms thereof, the “Base Indenture”). 

RECITALS OF THE COMPANY 
 WHEREAS, the Company executed and delivered the Base Indenture to the Trustee to provide, among other things, for the issuance, from time to time, of the Company’s unsecured senior debt Securities,
in an unlimited aggregate principal amount, in one or more series to be established by the Company under, and authenticated and delivered as provided in, the Base Indenture; 
 WHEREAS, Section 12.01(m) of the Base Indenture provides for the Company and the Trustee to enter into supplemental indentures to the Base Indenture to establish the form and terms of Securities of
any series as contemplated by Section 3.01 of the Base Indenture; 
 WHEREAS, the Board of Directors has duly adopted
resolutions authorizing the Company to execute and deliver this Supplemental Indenture; 
 WHEREAS, pursuant to the terms of the
Base Indenture, the Company has authorized the creation and issuance under this Supplemental Indenture of its 6.125% Notes due 2023 (the “Securities”), the form and substance of such Securities and the terms, provisions and conditions
thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture; 
 WHEREAS, the Company has requested
that the Trustee execute and deliver this Supplemental Indenture; and 
 WHEREAS, all requirements necessary to make
(i) this Supplemental Indenture a valid instrument in accordance with its terms, and (ii) the Securities, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company have been
performed, and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects. 
 NOW,
THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of the premises and the purchases of the Securities by the Holders thereof, it is mutually agreed, for the benefit of the Company and the equal and proportionate benefit of
all Holders, as follows: 
 ARTICLE 1 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 SECTION 1.01
Scope of Supplemental Indenture. The changes, modifications and supplements to the Base Indenture effected by this Supplemental Indenture 

  
 1 

 
shall be applicable only with respect to, and shall govern only the terms of (and only the rights of the Holders and the obligations of the Company with respect to), the Securities, which may be
issued from time to time, and shall not apply to any other securities that may be issued under the Base Indenture (or govern the rights of the Holders or the obligations of the Company with respect to any such other securities) unless a supplemental
indenture with respect to such other securities specifically incorporates such changes, modifications and supplements. The provisions of this Supplemental Indenture shall, with respect to the Securities, supersede any corresponding provisions in the
Base Indenture. Subject to the preceding sentence, and except as otherwise provided herein, the provisions of the Base Indenture shall apply to the Securities and govern the rights of the Holders of the Securities and the obligations of the Company
and the Trustee with respect thereto. 
 SECTION 1.02 Definitions. For all purposes of the Indenture, except as
otherwise expressly provided or unless the context otherwise requires: 
 (i) the terms defined in this
Article 1 shall have the meanings assigned to them in this Article 1 and include the plural as well as the singular; and 
 (ii) all words, terms and phrases defined in the Base Indenture (but not otherwise defined herein) shall have the same meanings as in the Base Indenture. 

“Acquired Indebtedness” means, with respect to the Company or its Subsidiaries, Indebtedness of any other Person
existing at the time the other Person is merged or consolidated with or into, otherwise combines with, or becomes a Subsidiary of the Company or any of its Subsidiaries, including Indebtedness incurred in connection with, or in contemplation of, the
other Person’s merging or consolidating with or into, otherwise combining with, or becoming a Subsidiary of the Company or any of its Subsidiaries. 
 “Adjusted Treasury Rate” means, with respect to any date of redemption, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that date of redemption. 
 “Agent Members” has the meaning specified in Section 2.02(c) hereof. 
 “AII” means AmTrust International Insurance Ltd., a company organized under the laws of Bermuda. 
 “Applicable Procedures” of a Depositary means, with respect to any matter at any time, the policies and procedures of such Depositary, if any, that are applicable to such matter at such
time. 
 “Balance Sheet Date” means the last day of any annual or quarterly period for which a consolidated
statement of financial condition of the Company is required to be delivered to the Trustee pursuant to Section 4.03(b). 

  
 2 

 “Base Indenture” has the meaning specified in the first paragraph of this
Supplemental Indenture, as such instrument may be supplemented from time to time by one or more indentures supplemental thereto, including this Supplemental Indenture, entered into pursuant to the applicable provisions of the Base Indenture,
including, for all purposes of the Base Indenture, this Supplemental Indenture and any such other supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern the Base Indenture, this Supplemental
Indenture and any other such supplemental indenture, respectively. 
 “Business Day” means, notwithstanding
anything to the contrary in Section 1.01 of the Base Indenture, any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or to be closed.

 “Capital Lease Obligations” of any Person means such obligations of the Person to pay rent or other amounts
under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of the Person under GAAP
(excluding all obligations under operating leases required by the Financial Accounting Standards Board to be classified or accounted for as capital leases). The amount of such obligations shall be the capitalized amount thereof, determined in
accordance with GAAP. 
 “Capital Stock” means, notwithstanding anything to the contrary in Section 1.01
of the Base Indenture, for any Person, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) the equity of such Person, but excluding any debt securities
convertible into such equity. 
 “Close of Business” means, as of any date, 5:00 p.m., New York City time
on such date. 
 “Code” means, solely for purposes of this Supplemental Indenture and notwithstanding anything
to the contrary in Section 1.01 of the Base Indenture, the Internal Revenue Code of 1986, as amended. 

“Company” has the meaning specified in the first paragraph of this Supplemental Indenture, notwithstanding anything to
the contrary in Section 1.01 of the Base Indenture, and, subject to the provisions of Section 8.02, shall include its successors and assigns. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Securities to be
redeemed that would be used, at the time of selection and under customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities. 

“Comparable Treasury Price” means, with respect to any date of redemption, the average of the five Reference Treasury
Dealer Quotations for the date of redemption after excluding the highest and lowest of such Reference Treasury Dealer Quotations or, if the 

  
 3 

 
Company obtains fewer than five Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations. 

“Consolidated Leverage Ratio” means, at any date of determination, the ratio of (a) Consolidated Total Debt to
(b) Consolidated Total Capitalization. 
 “Consolidated Net Worth” means, as of any date of determination,
the Net Worth of the Company and its Subsidiaries determined on a consolidated basis in accordance with GAAP after appropriate deduction for any minority interest in Subsidiaries, plus the aggregate principal amount of any Subordinated Indebtedness
of the Company. 
 “Consolidated Total Assets” means, as of any date of determination, the total assets of the
Company and its Subsidiaries calculated in accordance with GAAP on a consolidated basis as of such date. 

“Consolidated Total Capitalization” means, at any date of determination, the sum of (i) the principal amount of all
outstanding Consolidated Total Debt and (ii) Consolidated Net Worth at such time. 
 “Consolidated Total
Debt” means, at any date of determination, all of the Company’s and its Subsidiaries’ Indebtedness (including the Subordinated Indebtedness of the Company’s Subsidiaries) on a consolidated basis less the sum of the following:
(i) the Maiden Debt; (ii) the aggregate principal amount outstanding of the Company’s obligations to repurchase securities pursuant to Repurchase Agreements; (iii) the aggregate amount of the Repurchase Liability; (iv) the
aggregate amount of guarantees otherwise included in such Indebtedness and (v) the Subordinated Indebtedness of the Company. Notwithstanding the foregoing, Indebtedness in respect of letters of credit shall not be included in the determination
of Consolidated Total Debt to the extent that any letter of credit is undrawn as of the date of determination. 

“Credit Facility” means the Credit Agreement, dated as of August 10, 2012, by and among the Company, the lenders
party thereto, and JPMorgan Chase Bank, N.A. as administrative agent, as amended by Amendment No. 1, dated as of June 26, 2013, by and among the Company, the lenders party thereto, and JPMorgan Chase Bank N.A. as administrative agent, and
as may be further amended from time to time. 
 “Custodian” means the Trustee, as custodian with respect to the
Securities (so long as the Securities constitute Global Securities), or any successor custodian. 
 “Default”
means, notwithstanding anything to the contrary in Section 1.01 of the Base Indenture, any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default. 

“Discharged” has the meaning set forth in Section 6.03. 

“ERISA” has the meaning specified in Section 5.02(l) hereof. 

  
 4 

 “ERISA Affiliate” has the meaning specified in Section 5.02(l) hereof.

 “Event of Default” has the meaning, notwithstanding anything to the contrary in Section 1.01 of
the Base Indenture, specified in Section 5.02 hereof. 
 “Excess Ratio Debt” means First-Level
Excess Ratio Debt and/or Second-Level Excess Ratio Debt. 
 “First-Level Additional Interest” has the
meaning specified in Section 4.04 hereof. 
 “First-Level Excess Ratio Debt” has the meaning
specified in Section 4.04 hereof. 
 “First-Level Reduced Ratio Date” has the meaning specified in
Section 4.04 hereof. 
 “Form of Assignment and Transfer” means the “Form of Assignment and
Transfer” attached as Attachment 1 to the Form of Security attached hereto as Exhibit A. 

“GAAP” means generally accepted accounting principles in the United States of America. 

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

“Indebtedness” of any Person means, solely for purposes of this Supplemental Indenture and notwithstanding
anything to the contrary in Section 1.01 of the Base Indenture, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind; (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments; (c) all obligations of such Person upon which interest charges are customarily paid or accrued; (d) all obligations of such Person under conditional sale or other title
retention agreements relating to property acquired by such entity; (e) all obligations of such Person in respect of deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business
on normal trade terms and not overdue by more than 90 days); (f) all Indebtedness of other Persons secured by (or for which the holder of such Indebtedness has an existing right, conditional or otherwise, to be secured by) any lien on property
owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, but limited to the fair market value of such property, (g) all Capital Lease Obligations and synthetic lease obligations of such Person;
(h) all obligations, contingent or otherwise, of such Person for the reimbursement of any obligor in respect of letters of credit, letters of guaranty, bankers’ acceptances and similar credit transactions; (i) the redemption price of
all redeemable preferred stock of such Person (but not accrued dividends on any preferred stock) but only to the extent that such stock is redeemable at the option of the holder or requires sinking fund or similar payments at any time prior to the
maturity date of the Securities; and (j) all guarantees by such Person in respect of the Indebtedness or obligations of other Persons of the kinds referred to in clauses (a) through (i) above. The Indebtedness of any Person shall

  
 5 

 
include the Indebtedness of any other Person (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s
ownership interest in or other relationships with such other Person, except to the extent that the terms of such Indebtedness provide that such Person is not liable therefor. 
 “Indenture” means, notwithstanding anything to the contrary in Section 1.01 of the Base Indenture, the Base Indenture, as originally executed and as supplemented from time to
time by one or more indentures supplemental thereto, including this Supplemental Indenture, entered into pursuant to the applicable provisions of the Indenture, including, for all purposes of the Base Indenture, this Supplemental Indenture and any
such other supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern the Base Indenture, this Supplemental Indenture and any other such supplemental indenture, respectively. 

“Indenture Documents” means the Indenture, any securities issued pursuant to the Indenture (including the Securities
issued hereunder), the Purchase Agreement and all other agreements, instruments, documents, reports, financial statements and certificates delivered to, or in favor of, the Trustee and including all other pledges, powers of attorney, consents,
assignments, contracts, notices and all other written matter whether heretofore, now or hereafter executed by or on behalf of the Company, or any employee of the Company, and delivered to the Trustee in connection with the Indenture or the
transactions contemplated hereby. Any reference in any Indenture Document to an Indenture Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto or waivers
thereof, and shall refer to such Indenture Document as the same may be in effect at any and all times such reference becomes operative. Notwithstanding the foregoing, “Indenture Documents” shall not include the Preliminary Offering
Memorandum (or any amendments or supplements thereto) or the Offering Memorandum (or any amendments or supplements thereto) or any document filed with or furnished to the SEC (except for audited or unaudited financial statements included therein),
even if any such document is delivered, or deemed to be delivered, to the Trustee. 
 “Interest Payment Date”
means, with respect to the payment of interest on the Securities and notwithstanding anything to the contrary in Section 1.01 of the Base Indenture, each February 15 and August 15 of each year, beginning on February 15, 2014.

 “Investment Policy” means the investment policy of the Company as in effect from time to time. 

“Issue Date” means, with respect to the Securities, August 15, 2013. 

“Maiden Debt” means all Indebtedness and other obligations and liabilities of AII to Maiden Insurance under a loan
agreement between AII and Maiden Insurance, pursuant to which Maiden Insurance lends funds to AII from time to time for the amount of the obligations of the Company’s U.S., Irish and U.K. insurance companies that AII is obligated to secure, not
to exceed an amount equal to Maiden Insurance’s proportionate share of such obligations to the Company’s U.S., Irish and U.K. insurance companies in accordance with certain quota share reinsurance agreements, as described in the
Company’s Quarterly Report on Form 10-Q for the 

  
 6 

 
period ended September 30, 2010, filed with the SEC on November 9, 2010, as such loan agreement and any other documents entered into in connection therewith may be amended from time to
time. 
 “Maiden Insurance” means Maiden Insurance Company, Ltd., a company organized under the laws of Bermuda
and a wholly owned subsidiary of Maiden Holdings, Inc., a Bermuda insurance holding company. 
 “Maturity Date”
means, with respect to any Security and the payment of the principal amount thereof, August 15, 2023. 

“Multiemployer Plan” the meaning specified in Section 5.02(l) hereof. 

“Net Worth” means, as of any date of determination, as to any Person, the sum of its capital stock (including its
preferred stock), capital in excess of par or stated value of the shares of its capital stock (including its preferred stock), retained earnings and any other account that, in accordance with GAAP, constitutes stockholders’ equity, but
excluding all accumulated other comprehensive income. 
 “Non-U.S. Jurisdiction” means any jurisdiction under
which an entity may be organized that is not the United States of America, any state thereof, or the District of Columbia. 

“Notice of Default” has the meaning, notwithstanding anything to the contrary in Section 1.01 of the Base
Indenture, specified in Section 5.02(e) hereof. 
 “Offering Memorandum” means the Offering Memorandum,
dated August 12, 2013, relating to the Securities. 
 “Outstanding” means, with respect to the Securities,
notwithstanding anything to the contrary in Section 1.01 of the Base Indenture, any Securities authenticated by the Trustee except (i) Securities cancelled by it, (ii) Securities delivered to it for cancellation and (iii)(A)
Securities replaced pursuant to Section 3.07 of the Base Indenture, on and after the time such Security is replaced (unless the Trustee and the Company receive proof satisfactory to them that such Security is held by a bona fide purchaser),
(B) any and all Securities, as of the Maturity Date, if the Paying Agent holds, in accordance with this Indenture, money sufficient to pay all of the Securities then payable, and (C) any and all Securities owned by the Company or any other
obligor upon the Securities or any Affiliate of the Company or of such other obligor, except that in determining whether the Trustee shall be protected in relying upon any request, demand, authorization, direction, notice, consent or waiver or other
action that is to be made by a requisite principal amount of Outstanding Securities, only such Securities which a Responsible Officer of the Trustee knows to be so owned shall be disregarded. 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Physical Security” means any non-Global Security issued pursuant to Section 2.03 hereof that is in definitive,
fully registered form, without interest coupons. 

  
 7 

 “Plan” has the meaning specified in Section 5.02(l) hereof.

 “Preliminary Offering Memorandum” means the Preliminary Offering Memorandum, dated August 12, 2013,
relating to the Securities. 
 “Purchase Agreement” means the Purchase Agreement pursuant to which the initial
purchasers purchase the Securities offered by the Offering Memorandum. 
 “Quotation Agent” means one of the
Reference Treasury Dealers selected by the Company. 
 “Reduced Ratio Date” means a First-Level Reduced Ratio
Date and/or Second-Level Reduced Ratio Date. 
 “Reference Treasury Dealer” means Goldman, Sachs & Co.
and its respective successors, and, four other nationally recognized investment banking firms that are primary dealers of U.S. government securities in New York City. If Goldman, Sachs & Co. ceases to be a primary dealer of U.S. government
securities in New York City, the Company will substitute another primary dealer of U.S. government securities. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any date of redemption,
the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by each Reference Treasury Dealer at 5:00
p.m., New York City time, on the third Business Day before such date of redemption. 
 “Regular Record Date”
means, with respect to any Interest Payment Date, the February 1 (whether or not a Business Day) or the August 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. 

“Repurchase Agreement” means, as of any date of determination, a repurchase agreement entered into by the Company from
time to time pursuant to which the Company shall have sold securities to a third party and has agreed to repurchase such security at a stated date or maturity that is no more than 90 days from the date of determination, disregarding any rollover,
renewal or extension (whether automatic or otherwise) or similar provision stated therein; provided, that such repurchase agreement shall have been entered into by the Company solely in connection with the Company’s investment portfolio
and in accordance with the Investment Policy. 
 “Repurchase Liability” means, as of any date of determination,
the liability of the Company to purchase securities in the market that are identical to those securities it borrowed and sold pursuant to Repurchase Transactions (it being understood that such liability shall be measured based on the then market
value of such security). 
 “Repurchase Transaction” means a repurchase transaction in which the Company
borrows a security and delivers it to a purchaser and at a later date, the Company purchases the identical security in the market to replace the borrowed security; provided, that 

  
 8 

 
such transaction shall have been entered into by the Company solely in connection with the Company’s investment portfolio and in accordance with the Investment Policy. 

“Resale Restriction Termination Date” has the meaning specified in Section 2.03(e)(2) hereof. 

“Restricted Security Legend” means the restricted legend set forth in Exhibit B. 

“Restricted Securities” has the meaning specified in Section 2.03(e)(1) hereof. 

“Rule 144” means Rule 144 under the Securities Act, or any similar successor rule or regulation, as amended from time to
time. 
 “Second-Level Additional Interest” has the meaning specified in Section 4.04 hereof. 

“Second-Level Excess Ratio Debt” has the meaning specified in Section 4.04 hereof. 

“Second-Level Reduced Ratio Debt” has the meaning specified in Section 4.04 hereof. 

“Securities” has the meaning specified in the fourth paragraph of the Recitals of this Supplemental Indenture,
notwithstanding anything to the contrary in Section 1.01 of the Base Indenture. 
 “Significant
Subsidiary” means a Subsidiary, including its Subsidiaries, that meets any of the conditions set forth Article 1, Rule 1-02 of Regulation S-X. 
 “Subordinated Indebtedness” means any Indebtedness of the Company or any of its Subsidiaries the payment of which is subordinated to payment of the obligations under the Indenture and
that has a maturity date that is no earlier than 91 days following the maturity date of the Securities. 

“Subsidiary” means a corporation, company (including any limited liability company), association, partnership, joint
venture, trust or other business entity in which the Company and/or one or more of the Company’s other Subsidiaries owns at least 50% of the Voting Stock thereof. 
 “Successor Company” has the meaning specified in Section 8.02(a) hereof, notwithstanding anything to the contrary in Section 1.01 of the Base Indenture. 

“Supplemental Indenture” has the meaning specified in the first paragraph hereof, as such instrument may be supplemented
from time to time by one or more indentures supplemental hereto, entered into pursuant to the applicable provisions of the Base Indenture and this Supplemental Indenture, including, for all purposes of this Supplemental Indenture and any such other
supplemental indenture, the provisions of the Trust Indenture Act that are deemed to 

  
 9 

 
be a part of and govern the Base Indenture, this Supplemental Indenture and any other such supplemental indenture, respectively. 

“Tax Additional Amounts” has the meaning specified in Section 9.01 hereof. 

“Taxing Jurisdiction” has the meaning specified in Section 9.01 hereof. 

“Term Sheet” means the final term sheet, dated August 12, 2013, relating to the Preliminary Offering Memorandum.

 “Trustee” means the Person named as the “Trustee” in the first paragraph of this Supplemental
Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of the Base Indenture and this Supplemental Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee
hereunder. 
 “U.K.” means the United Kingdom. 

“U.S.” means the United States of America. 
 “Voting Stock” means stock of any class or classes or other ownership interest having general voting power under ordinary circumstances to elect a majority of the board of directors,
managers, trustees or persons with similar functions of the Person in question, provided that, for the purposes of this definition, stock that carries only the right to vote conditionally on the happening of an event will not be considered Voting
Stock whether or not that event has happened. 
 “Withholding Tax” has the meaning specified in
Section 9.01 hereof. 
 SECTION 1.03 References to Interest. Any reference to interest on, or in respect of,
any Security in the Indenture shall be deemed to include First-Level Additional Interest if, in such context, First-Level Additional Interest is, was or would be payable pursuant to Section 4.04, and Second-Level Additional Interest if, in such
context, Second-Level Additional Interest is, was or would be payable pursuant to Section 4.04. Any express mention of the payment of First-Level Additional Interest or Second-Level Additional Interest in any provision hereof shall not be
construed as excluding First-Level Additional Interest or Second-Level Additional Interest, as applicable, in those provisions hereof in which such express mention is not made. 
 ARTICLE 2 
 THE SECURITIES 

SECTION 2.01 Title and Terms; Payments. 
 (a) Establishment; Designation. Pursuant to Section 3.01 of the Base Indenture, there is hereby established and authorized a new series of Securities under the Indenture, which series of
Securities shall be designated the “6.125% Notes due 2023.” 

  
 10 

 (b) Initial Issuance. Subject to Section 2.01(c) hereof, the aggregate principal
amount of Securities that may initially be authenticated and delivered under the Indenture is limited to $250,000,000. 
 (c)
Further Issues. The Company may, without notice to or the consent of the Holders, issue additional Securities under the Indenture with the same terms and the same CUSIP number as the Securities initially issued under the Indenture in an
unlimited aggregate principal amount; provided, that the Company may issue such additional Securities only if they are part of the same issue as the Securities initially issued hereunder for U.S. federal income tax purposes. Any such
additional Securities will, for all purposes of the Indenture, including waivers, amendments and offers to purchase, be treated as part of the same series as the Securities initially issued under the Indenture. 

(d) Purchases. The Company and its Subsidiaries may from time to time repurchase Securities in open market purchases, in negotiated
transactions or otherwise without giving prior notice to or obtaining any consent of the Holders. Any Securities purchased by the Company or any of its Subsidiaries pursuant to the foregoing sentence or otherwise will be retired and will no longer
be Outstanding under the Indenture. 
 (e) Denominations. Notwithstanding anything to the contrary in Sections 3.01 and
3.02 of the Base Indenture, the Securities will be issued only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 SECTION 2.02 Forms. 
 (a) In General. Pursuant to
Section 2.01 of the Base Indenture, the Securities will be substantially in the forms set forth in Exhibit A hereto, and may include such insertions, omissions, substitutions and other variations as are required or permitted by the
Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by
the officers executing such Securities, as evidenced by their execution of the Securities. 
 Notwithstanding Section 3.05
of the Base Indenture, each Security will bear a Trustee’s certificate of authentication substantially in the form included in Exhibit A hereto. Each Security will also bear a form of assignment and transfer substantially in the form set
forth in Attachments 1, 2 and 3, respectively, to Exhibit A hereto. 
 Any Security that is a Global
Security will bear a legend substantially in the form of the legend set forth in Section 3.03(f) of the Base Indenture and shall also bear the “Schedule of Increases and Decreases of Global Security” set forth in Annex A to
Exhibit A hereto. 
 The terms and provisions contained in the Securities will constitute, and are hereby expressly made,
a part of this Indenture and upon receipt of the Securities, the Holders expressly agree to such terms and provisions hereof and of the Securities and to be bound thereby. However, to the extent that any provision of any Security conflicts with the
express provisions of the Indenture, the provisions of this Indenture will govern and control. 

  
 11 

 (b) Initial and Subsequent Form of Securities. The Company hereby initially appoints
The Depository Trust Company as the Depositary for the Securities, which initially shall be issued in the form of one or more Global Securities without interest coupons (i) registered in the name of Cede & Co., as nominee of the
Depositary, and (ii) delivered to the Trustee as custodian for the Depositary. 
 So long as the Securities are eligible
for book-entry settlement with the Depositary, unless otherwise required by law, and except to the extent provided in Section 2.03(b)(A) through (C) hereof, all Securities will be represented by one or more Global Securities. 

(c) Global Securities. Each Global Security will represent the aggregate principal amount of the then-Outstanding Securities
endorsed thereon and provide that it represents such aggregate principal amount of the then-Outstanding Securities, which aggregate principal amount may, from time to time, be reduced or increased to reflect transfers, exchanges or purchases by the
Company. 
 Only the Trustee, or the custodian holding such Global Security for the Depositary, at the direction of the Trustee,
may endorse a Global Security to reflect the amount of any increase or decrease in the aggregate principal amount of the then-Outstanding Securities represented thereby, and whenever the Holder of a Global Security delivers instructions to the
Trustee to increase or decrease the aggregate principal amount of the then-Outstanding Securities represented by a Global Security in accordance with the Indenture and the Applicable Procedures, the Trustee, or the custodian holding such Global
Security for the Depositary, at the direction of the Trustee, will endorse such Global Security to reflect such increase or decrease in the aggregate principal amount of the then-Outstanding Securities represented thereby. None of the Trustee, the
Company or any agent of the Trustee or the Company will have any responsibility or bear any liability for any aspect of the records relating to or payments made on account of the ownership of any beneficial interest in a Global Security or with
respect to maintaining, supervising or reviewing any records relating to such beneficial interest. 
 Members of, or
participants in, the Depositary (“Agent Members”) shall have no rights under the Indenture with respect to any Global Security held on their behalf by the Depositary, or the Trustee as its custodian, or under the Global Security,
and Cede & Co., or such other person designated by the Depositary as its nominee, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Security for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or
impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of any Holder. 
 SECTION 2.03 Transfer and Exchange; Restrictions on Transfer. 
 (a)
In General. A written form of transfer substantially in the form of the Form of Assignment and Transfer set forth in Attachment 1 to Exhibit A hereto will be deemed 

  
 12 

 
to be written instrument of transfer satisfactory to the Company and the Registrar. No transfer of any Security prior to the Resale Restriction Termination Date will be registered by the
Registrar unless the appropriate box on the Form of Assignment and Transfer set forth in Attachment 1 to Exhibit A has been checked. 
 At such time as all interests in a Global Security have been purchased, cancelled or exchanged for Securities in certificated form, such Global Security shall, upon receipt thereof, be canceled by the
Trustee in accordance with standing procedures and instructions existing between the Depositary and the custodian for the Global Security. At any time prior to such cancellation, if any interest in a Global Security is purchased, cancelled or
exchanged for Securities in certificated form, the principal amount of such Global Security shall, in accordance with the standing procedures and instructions existing between the Depositary and the custodian for the Global Security, be
appropriately reduced, and an endorsement shall be made on such Global Security, by the Trustee or the custodian for the Global Security, at the direction of the Trustee, to reflect such reduction. 

(b) Global Securities. Notwithstanding anything to the contrary in Section 3.06 of the Base Indenture, every transfer and
exchange of a beneficial interest in a Global Security will be effected through the Depositary in accordance with the Applicable Procedures and the provisions of the Indenture, and each Global Security may be transferred only as a whole and only
(A) by the Depositary to a nominee of the Depositary, (B) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or (C) by the Depositary or any such nominee to a successor Depositary or a nominee of
such successor Depositary. 
 (c) Holders Deemed Owners. Prior to due presentment of a Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any interest
(subject to Section 3.08 of the Base Indenture) on such Security at the Maturity Date and for all other purposes whatsoever for distribution of notices to such Holders or solicitations of their consent, whether or not such Security be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

Notwithstanding anything to the contrary in Section 3.06 of the Base Indenture: 

(1) Each Global Security will be exchanged for Physical Securities if the Depositary delivers notice to the Company that the Depositary
is unwilling, unable or no longer permitted under applicable law to continue to act as Depositary, and, in each case, the Company promptly delivers a copy of such notice to the Trustee and the Company fails to appoint a successor Depositary within
90 days after receiving notice from the Depositary. 
 (2) If an Event of Default has occurred and is continuing, any owner of a
beneficial interest in a Global Security may exchange such beneficial interest for Physical Securities by delivering a written request to the Registrar. 

  
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 (3) If the Company notifies the Trustee that it wishes to terminate and exchange all or
part of a Global Security for Physical Securities and the beneficial owners of the majority of the principal amount of such Global Security (or portion thereof) to be exchanged consent to such exchange, the Company may exchange all beneficial
interests in such Global Security (or portion thereof) for Physical Securities by delivering a written request to the Registrar. 

In the case of an exchange for Physical Securities under clause (1) above: 

(A) each Global Security will be deemed surrendered to the Trustee for cancellation; 

(B) the Trustee will cause each Global Security to be cancelled in accordance with the Applicable Procedures; and 

(C) the Company, in accordance with Section 3.03 of the Base Indenture, will promptly execute, and, upon receipt of a Company Order,
the Trustee, in accordance with Section 3.03 of the Base Indenture, will promptly authenticate and deliver, for each beneficial interest in each Global Security so exchanged, an aggregate principal amount of Physical Securities equal to the
aggregate principal amount of such beneficial interest, registered in such names and in such authorized denominations as the Depositary specifies, and bearing any legends that such Physical Securities are required to bear under this Indenture.

 In the case of an exchange for Physical Securities under clause (2) above: 

(A) the Registrar will deliver notice of such request to the Company and the Trustee, which notice will identify the owner of the
beneficial interest to be exchanged, the aggregate principal amount of such beneficial interest and the CUSIP of the relevant Global Security, in each case if and as such information is provided to the Registrar by the Depositary; 

(B) the Company, in accordance with Section 3.03 of the Base Indenture, will promptly execute, and, upon receipt of a Company Order,
the Trustee, in accordance with Section 3.03 of the Base Indenture, will promptly authenticate and deliver to such owner, for the beneficial interest so exchanged by such owner, Physical Securities registered in such owner’s name having an
aggregate principal amount equal to the aggregate principal amount of such beneficial interest and bearing any legends that such Physical Securities are required to bear under this Indenture; and 

(C) the Registrar, in accordance with the Applicable Procedures, will cause the principal amount of such Global Security to be decreased
by the aggregate principal amount of the beneficial interest so exchanged. If all of the beneficial interests in a Global Security are so exchanged, such Global Security will be deemed surrendered to the Trustee for cancellation, and the Trustee
will cause such Global Security to be cancelled in accordance with the Applicable Procedures. 
 In the case of an exchange for
Physical Securities under clause (3) above: 

  
 14 

 (A) the Company will deliver notice of such request to the Registrar and the Trustee, which
notice will identify each owner of a beneficial interest to be exchanged, the aggregate principal amount of each such beneficial interest and the CUSIP of the relevant Global Security; 

(B) the Company, in accordance with Section 3.03 of the Base Indenture, will promptly execute, and, upon receipt of a Company Order,
the Trustee, in accordance with Section 3.03 of the Base Indenture, will promptly authenticate and deliver to each such beneficial owner, Physical Securities registered in such beneficial owner’s name having an aggregate principal amount
equal to the aggregate principal amount of its exchanged beneficial interest and bearing any legends that such Physical Securities are required to bear under this Indenture and any applicable law; and 

(C) the Registrar, in accordance with the Applicable Procedures, will cause the principal amount of each relevant Global Security to be
decreased by the aggregate principal amount of the beneficial interests so exchanged. If all of the beneficial interests in a Global Security are so exchanged, such Global Security will be deemed surrendered to the Trustee for cancellation, and the
Trustee will cause such Global Security to be cancelled in accordance with the Applicable Procedures. 
 In each of the cases
described in clauses (1), (2) and (3) above, the Company may rely on the Depositary to provide all names of beneficial owners and their respective principal amounts beneficially owned and may issue Physical Securities registered in the
names and amounts so provided by the Depositary. 
 (d) Physical Securities. Except to the extent otherwise
provided in Section 2.03(a) hereof, Physical Securities may be transferred or exchanged in accordance with Section 3.06 of the Base Indenture. 
 (e) Restrictions on Transfer. 
 (1) Every Security (and all securities
issued in exchange therefor or in substitution thereof) that bears, or is required under this Section 2.03 to bear, the Restricted Security Legend (the “Restricted Securities”) shall be subject to the restrictions on transfer
set forth in this Section 2.03 (including those set forth in the Restricted Security Legend), unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company following receipt of legal advice
satisfactory to the Company, in its sole discretion, supporting the permissibility of the waiver of such transfer restrictions, and the Holder of each such Security by such Holder’s or shareholder’s acceptance thereof, agrees to be bound
by all such restrictions on transfer. As used in this Section 2.03, the term “transfer” means any sale, pledge, loan, transfer or other disposition whatsoever of any Restricted Security or any interest therein. 

(2) Until the date that is one year after the date of the original issuance of the Securities or such later date, if any, as may be
required by applicable laws (such applicable date, the “Resale Restriction Termination Date”), each certificate evidencing a Security shall 

  
 15 

 
bear the Restricted Security Legend, unless such Restricted Security has been sold pursuant to a registration statement that has been declared effective under the Securities Act (and which
continues to be effective at the time of such transfer) or sold pursuant to Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company in writing as set forth above, with written notice
thereof to the Trustee. 
 (3) Any Securities as to which the conditions for the removal of the Restricted Security Legend set
forth thereon have been satisfied may, upon surrender of such Securities, be exchanged for a new Security or Securities, of like tenor and aggregate principal amount which shall not bear the Restricted Security Legend. The Company shall cause the
removal of the legends required by Section 2.03(e)(2) from any Restricted Security promptly following the Resale Restriction Termination Date by: (i) instructing the Trustee in writing to remove such legends from such Restricted Security;
(ii) providing to the Trustee and the Depositary written notice to change the CUSIP number for the Restricted Securities to the applicable unrestricted CUSIP number; and (iii) complying with any Applicable Procedures for delegending such
Restricted Security for a Security not bearing the applicable Restricted Security Legend; whereupon any legends otherwise required by Section 2.03(e)(2) shall be deemed removed from such Restricted Securities without any further action on the
part of the Holders. 
 (4) Notwithstanding any provision of this Section 2.03 to the contrary, in the event Rule 144
as promulgated under the Securities Act (or any successor rule) is amended to change the one-year period under Rule 144 (or the corresponding period under any successor rule), from and after receipt by the Trustee of the Officer’s
Certificate and Opinion of Counsel provided for in this Section 2.03(e)(4), (i) each reference in Section 2.03(e) to “one year” and in the restrictive Restricted Security Legend shall be deemed for all purposes hereof
to be references to such changed period, provided that such changes shall not become effective if they are otherwise prohibited by, or would otherwise cause a violation of, the then-applicable federal securities laws. The
provisions of this Section 2.03(e)(4) will not be effective until such time as an Opinion of Counsel and Officer’s Certificate, in each case, specifying the occurrence of the amendment or change to Rule 144 (or any successor rule) and
the satisfaction of the conditions to modification of the related holding period for the Securities in accordance with the provisions of this Section 2.03(e)(4), have been received by the Trustee hereunder. This Section 2.03(e)(4) shall
apply to successive amendments to Rule 144 (or any successor rule) changing the holding period thereunder. 
 (5) The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security 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. 
 SECTION 2.04 Payments on the Securities. 

  
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 (a) In General. Each Security will accrue interest at a rate equal to 6.125% per
annum from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, the Issue Date. Interest on a Security will cease to accrue upon the earlier of the Maturity
Date and, subject to the provisions of Article 3 hereof, any date of redemption of such Security. Interest on any Security will be payable semi-annually in arrears on each Interest Payment Date, beginning February 15, 2014, to the Holder of
such Security as of the Close of Business on the Regular Record Date immediately preceding the applicable Interest Payment Date. As provided in Section 3.10 of the Base Indenture, interest will be computed on the basis of a 360-day year
comprised of twelve 30-day months. The Company shall be obligated to pay Holders First-Level Additional Interest and Second-Level Additional Interest under the circumstances set forth in Section 4.04 hereof. 

The Securities will mature on the Maturity Date, and on the Maturity Date, each Holder of a then-Outstanding Security will be entitled on
such date to receive $1,000 in cash for each $1,000 in principal amount of then-Outstanding Securities held, together with accrued and unpaid interest to, but not including, the Maturity Date on such then-Outstanding Securities. 

Notwithstanding anything to the contrary, if the Maturity Date or earlier date of redemption or any Interest Payment Date falls on a day
that is not a Business Day, then the required payment will be made on the immediately following Business Day with the same force and effect as if made on such date, and no additional interest will accrue and no default shall occur on account of such
delay. 
 (b) Method of Payment. The Company shall pay the principal of, any Physical Security to the Holder of such
Security in cash at the designated office of the Paying Agent in the Borough of Manhattan in The City of New York, New York, prior to 10:00 a.m. on the relevant payment or settlement date, as the case may be. The Company shall pay any interest on
any Physical Security to the Holder of such Security (i) if such Holder holds $2,000,000 or less aggregate principal amount of Securities, by check mailed to such Holder’s registered address, and (ii) if such Holder holds more than
$2,000,000 aggregate principal amount of Securities, (A) by check mailed to such Holder’s registered address or, (B) if such Holder delivers to the Registrar a written request that the Company make such payments by wire transfer to an
account of such Holder within the United States, for each interest payment corresponding to each Regular Record Date occurring during the period beginning on the date on which such Holder delivered such request and ending on the date, if any, on
which such Holder delivers to the Registrar a written instruction to the contrary, by wire transfer of immediately available funds to the account specified by such Holder. 
 The Company will pay the principal of, and interest on, any Global Security to the Depositary by wire transfer of immediately available funds on the relevant payment date in accordance with Applicable
Procedures. 
 (c) Defaulted Payments. The Company shall pay any interest on the Securities that is payable, but is not
punctually paid or duly provided for, on the applicable Interest Payment Date, in accordance with Section 3.08 of the Base Indenture. 

  
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 ARTICLE 3 
 REDEMPTIONS; NO SINKING FUND 
 SECTION 3.01 Redemption. The
Company may, at its option and in accordance with the terms of Article IV of the Base Indenture, at any time and from time-to-time, redeem all or any portion of the Securities for cash and at a redemption price (which shall be calculated by the
Company) equal to the accrued and unpaid interest on the principal amount being redeemed to but excluding the redemption date plus the greater of: (a) 100% of the principal amount of the Securities to be redeemed, and (b) the sum of the
present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed (not including any portion of such payments of interest accrued to the date of redemption), discounted to the date of redemption on a
semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points. 
 SECTION 3.02 No Sinking Fund. Article V of the Base Indenture shall not apply with respect to the Securities. 
 ARTICLE 4 
 PARTICULAR COVENANTS OF THE COMPANY 

SECTION 4.01 Payment of Principal and Interest. This Section 4.01 shall replace Section 6.01 of the Base Indenture
in its entirety. 
 The Company covenants and agrees that it will cause to be paid the principal of, and accrued and unpaid
interest, if any, on each of the Securities at the places, at the respective times and in the manner provided herein and in the Securities. The Company shall, on or before each due date of the principal of, and accrued and unpaid interest, if any,
on the Securities, deposit with the Paying Agent a sum sufficient to pay such principal, or accrued and unpaid interest and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any failure to take such action,
provided that, if such deposit is made on the due date, such deposit must be received by the Paying Agent by 10:00 a.m., New York City time, on such date. 
 SECTION 4.02 Maintenance of Office or Agency. This Section 4.02 replaces Section 6.02 of the Base Indenture in its entirety. 

The Company will maintain in the Borough of Manhattan, The City of New York, an office of the Paying Agent, and an office of the
Registrar where notices and demands to or upon the Company in respect of the Securities 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 or the office or agency of the Trustee in the Borough of Manhattan, The City of New York. 
 The Company may also
from time to time designate co-registrars and one or more other offices or agencies where the Securities may be presented or surrendered for any or all such 

  
 18 

 
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 Borough of Manhattan, The City of New York, 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. The term “Paying Agent” includes any such additional or other offices or agencies, as applicable. 

The Company hereby initially designates the Trustee as the Paying Agent, Registrar, Custodian, Transfer Agent and the Corporate Trust
Office, which shall be in the continental United States, shall be considered as one such office or agency of the Company for each of the aforesaid purposes. 
 With respect to any Global Security, the Corporate Trust Office of the Trustee or any Paying Agent shall be the Place of Payment where such Global Security may be presented or surrendered for payment or
for registration of transfer; 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 4.03
Reports; 144A Information; Additional Interest. 
 (a) The Company covenants and agrees that it shall, during any
period in which it is not subject to Section 13 or 15(d) under the Exchange Act, make available to any Holder or beneficial holder of Securities which continue to be Restricted Securities and any prospective purchaser of Securities designated
by such Holder or beneficial holder, the information, if any, required pursuant to Rule 144A(d)(4) under the Securities Act upon the request of any such Holder or beneficial holder of the Securities, until such time as such securities are no
longer “restricted securities” within the meaning of Rule 144, assuming such Securities have not been owned or beneficially owned by an “affiliate” (as defined in Rule 144) of the Company. 

(b) This Section 4.03(b) replaces Section 9.02 of the Base Indenture in its entirety. 

The Company will file with the Trustee, within 15 days after it has filed the same with the SEC, pursuant to Section 314 of the Trust
Indenture Act, copies of the quarterly and annual reports and of the information, documents and other reports, if any, that it is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, and to otherwise comply with
Section 314(a) of the Trust Indenture Act; provided that if the Company is not required to file information, documents or reports under Section 13 or 15(d) of the Exchange Act, then the Company will file with the Trustee and the
SEC, in accordance with rules and regulations prescribed from time to time by the SEC, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a
security listed and registered on a national securities exchange as may be prescribed from time to time in those rules and regulations. 

  
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 Any such report, information or document that the Company files with the SEC through the
EDGAR system (or any successor thereto) will be deemed to be delivered to the Trustee for the purposes of this Section 4.03 at the time of such filing through the EDGAR system (or such successor thereto). 

Delivery of any such reports, information and documents to the Trustee shall be for informational purposes only, and the Trustee’s
receipt of such reports, information and documents shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 SECTION 4.04
Excess Ratio Debt; First- and Second-Level Additional Interest. If the Company incurs Indebtedness (other than Subordinated Indebtedness) or any of its Subsidiaries incur any Indebtedness (in each case, including Acquired Indebtedness) and
the Company’s Consolidated Leverage Ratio as of the Balance Sheet Date immediately preceding the incurrence would have been greater than (x) 0.30 to 1.00 but less than or equal to 0.35 to 1.00 (such Indebtedness, “First-Level
Excess Ratio Debt”) or (y) 0.35 to 1.00 (such Indebtedness, “Second-Level Excess Ratio Debt”), in each case, determined on a pro forma basis (including a pro forma application of the net proceeds of the incurrence and
all other incurrences of Indebtedness since that Balance Sheet Date) as if such additional Indebtedness and all other Indebtedness incurred since that Balance Sheet Date had been incurred and the proceeds therefrom applied as of that Balance Sheet
Date, the interest rate applicable to the Securities will increase by: (i) 0.50% per year (the “First-Level Additional Interest”) in the case of an incurrence of First-Level Excess Ratio Date from and including the date of
incurrence to but excluding the earlier of the Maturity Date (or date of earlier repurchase or redemption in accordance with Section 3.01(a) hereof) and the next Balance Sheet Date as of which the Company’s Consolidated Leverage Ratio is
less than or equal to 0.30 to 1.00 (the “First-Level Reduced Ratio Date”); and (ii) an additional 1.00% per year (for an aggregate increase of 1.50% per year) (the “Second-Level Additional Interest”)
in the case of an incurrence of Second-Level Excess Ratio Date from and including the date of incurrence to but excluding the earlier of the Maturity Date (or date of earlier repurchase or redemption in accordance with Section 3.01(a) hereof)
and the next Balance Sheet Date as of which the Company’s Consolidated Leverage Ratio is less than or equal to 0.35 to 1.00 (the “Second-Level Reduced Ratio Date”). If, subsequent to any First-Level Reduced Ratio Date, the
Company or any of its Subsidiaries incur First-Level Excess Ratio Debt or subsequent to any Second-Level Reduced Ratio Date the Company or any of its Subsidiaries incur Second-Level Excess Ratio Debt, the interest rate applicable to the Securities
will increase in accordance with the preceding sentence. Any increase in the per-annum interest rate on the Securities pursuant to this Section 4.04 will not be cumulative. The interest rate on the Securities will not increase pursuant to this
Section 4.04 if, at the time of incurring First-Level Excess Ratio Debt or Second-Level Excess Ratio Debt, the interest rate on the Securities then in effect has already been increased pursuant to this Section 4.04 on account of a previous
incurrence of First-Level Excess Ratio Debt or Second-Level Excess Ratio Debt, respectively. In no event shall the Trustee be charged with monitoring any incurrence of Excess Ratio Debt or calculating First-Level Additional Interest or Second-Level
Additional Interest. 

  
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 SECTION 4.05 Statements as to Defaults. In addition, the Company shall deliver
to the Trustee, as soon as possible, and in any event within thirty (30) days after the Company becomes aware of the occurrence of any Default or Event of Default, an Officer’s Certificate setting forth the details of such Default or Event
of Default, its status and the action that the Company is taking or proposes to take with respect thereto. Such Officer’s Certificate shall also comply with any additional requirements set forth in Section 6.05 of the Base Indenture.

 SECTION 4.06 First-Level Additional Interest or Second-Level Additional Interest Notice. If First-Level
Additional Interest or Second-Level Additional Interest is payable by the Company pursuant to Section 4.04 hereof, within fifteen days of making such determination, but in any event, no later than the applicable Record Date, the Company shall
deliver to the Trustee an Officer’s Certificate, on which the Trustee may conclusively rely, stating (a) the amount of such First-Level Additional Interest or Second-Level Additional Interest that is payable (b) the date on which such
interest is payable and (c) the dates for which the increased interest rates shall apply. Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry
that no such First-Level Additional Interest or Second-Level Additional Interest, as applicable, is payable. If the Company has paid First-Level Additional Interest or Second-Level Additional Interest, as applicable, directly to the Persons entitled
to them, the Company shall deliver to the Trustee an Officer’s Certificate setting forth the particulars of such payment. 

SECTION 4.07 Limitation on Incurrence of Indebtedness. The Company shall not, and shall not permit any of its Subsidiaries
to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable for, contingently or otherwise, any Indebtedness (including Acquired Indebtedness and Subordinated Indebtedness of its Subsidiaries
but excluding Subordinated Indebtedness of the Company). The limitation set forth in the preceding sentence shall not prohibit any incurrence of Indebtedness if (i) no Event of Default has occurred and is continuing and (ii) the
Consolidated Leverage Ratio as of the Balance Sheet Date immediately preceding the date on which such additional Indebtedness is incurred would have been no greater than 0.35 to 1.00, determined on a pro forma basis (including a pro
forma application of the net proceeds therefrom) as if such additional Indebtedness and all other Indebtedness incurred since that Balance Sheet Date had been incurred and the proceeds therefrom applied as of that Balance Sheet Date. 

SECTION 4.08 Limitation on Liens. The Company shall not, and shall not permit any of its Subsidiaries to, incur, issue,
assume or guaranty any Indebtedness if such Indebtedness is secured by a pledge of, lien on, or security interest in any shares of Voting Stock of any Significant Subsidiary, whether such Voting Stock is now owned or is acquired at a later time,
without providing that the Securities (together with, if the Company determines, any other Indebtedness or obligations of the Company or any Subsidiary ranking equally with or senior to the Securities and then existing or thereafter created) are
secured equally and ratably with such Indebtedness. The limitation set forth in the preceding sentence shall not apply to (i) an aggregate principal amount of fifteen percent (15%) of Consolidated Total Assets, (ii) Indebtedness
secured by a pledge of, lien on or security interest in, any shares of Voting Stock of any Person if such pledge, lien or security interest is made or granted prior to or at the 

  
 21 

 
time such Person becomes a Significant Subsidiary, (iii) liens or security interests securing Indebtedness of a Significant Subsidiary to the Company or another Significant Subsidiary or
(iv) the extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any lien or security interest referred to in the foregoing clauses (ii) and (iii) but only if the principal
amount of Indebtedness secured by the liens or security interests immediately prior to the extension, renewal or replacement is not increased and the lien or security interest is not extended to other property. 

SECTION 4.09 Limitation on Disposition of Stock of Significant Subsidiaries. The Company shall not, and shall not permit any
of its Subsidiaries to issue, sell, transfer or otherwise dispose of any shares of Capital Stock of any Significant Subsidiary (or of any Subsidiary having direct or indirect control of any Significant Subsidiary) except for: (i) a sale,
transfer or other disposition of any Capital Stock of any Significant Subsidiary (or of any Subsidiary having direct or indirect control of any Significant Subsidiary) to a wholly owned Subsidiary of the Company; (ii) a sale, transfer or
disposition of Capital Stock if required by any law, regulation or order of any applicable governmental or insurance regulatory authority; or (iii) a sale, transfer or other disposition of any Capital Stock of any Significant Subsidiary (or of
any Subsidiary having direct or indirect control of any Significant Subsidiary) held by the Company and its Subsidiaries for at least fair value (as determined by the Board of Directors acting in good faith), and, in any such case, after giving
effect to the use of proceeds therefrom, the Company and its Subsidiaries, considered as a whole, would continue to be principally engaged in the insurance businesses; provided, that, the exceptions set forth in clauses (i) through
(iii) of this Section 4.11 shall not permit any amalgamation, merger, conveyance, transfer or lease of the Company’s properties and assets substantially as an entirety that is prohibited by Article 8. 

ARTICLE 5 

REMEDIES 

SECTION 5.01 General. The Event of Default provisions set forth in this Article 5 shall, with respect to the Securities,
supersede the entirety of Article VII of the Base Indenture, and all references in the Base Indenture to Article VII thereof and the provisions relating to Events of Default therein, as the case may be, shall, with respect to the Securities, be
deemed to be references to this Article 5 and the Events of Default provisions set forth in this Article 5, respectively. Accordingly, and without limitation: 
 (a) the references to Sections 7.01(f) and (g) in Section 10.01(a) of the Base Indenture are, with respect to the Securities, hereby deemed replaced by references to Sections 5.02(j)
and (k) hereof; 
 (b) the references to Section 7.01 in Section 10.02(a) of the Base Indenture are, with respect
to the Securities, hereby deemed replaced by references to Section 5.02 hereof; and 

  
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 (c) the references to Section 7.06 in Sections 10.02(b)(iii) of the Base Indenture
are, with respect to the Securities, hereby deemed replaced by a reference to Section 5.06 hereof. 
 SECTION 5.02
Events of Default. Each of the following events (and only the following events) shall be an “Event of Default” wherever used with respect to the Securities: 

(a) default in any payment of interest on any Security when due and payable, and the default continues for a period of three
(3) Business Days; 
 (b) default in payment of principal or premium, if any, on the Securities when due, regardless of
whether such payment became due because of maturity, redemption, acceleration or otherwise; 
 (c) failure by the Company to
cause its Consolidated Leverage Ratio to be no greater than 0.35 to 1.00 for thirty (30) days after the incurrence of Indebtedness subject to the limitations set forth in Section 4.07, provided, that in the event the use of proceeds
of such Indebtedness is an acquisition (whether by merger, consolidation, share or asset acquisition or an acquisition of renewal rights or similar transaction) by the Company or a Subsidiary of the Company, or such Indebtedness is Acquired
Indebtedness, the period of grace shall be until the eighteen-month anniversary of such incurrence; 
 (d) failure by the Company
to cause its Consolidated Leverage Ratio to be no greater than 0.40 to 1.00 for thirty (30) days after the incurrence of Indebtedness subject to the limitations set forth in Section 4.07; 

(e) failure by the Company for thirty (30) days after written notice from the Trustee or the Holders of at least 25% in principal
amount of the Securities then Outstanding (a copy of which notice, if given by Holders, must also to be given to the Trustee) has been received by the Company to comply with any of its other agreements contained in the Securities or this Indenture
(other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section 5.02 specifically provided for or that is not applicable to the Securities), which notice shall state that it is a “Notice of
Default” hereunder; 
 (f) failure by the Company to pay beyond any applicable grace period, or the acceleration of,
indebtedness of the Company or any of the Company’s Subsidiaries in an aggregate amount greater than $10,000,000 (or its foreign currency equivalent at the time); 
 (g) failure by the Company to pay beyond any applicable grace period, or the acceleration of, Indebtedness of the Company under the Credit Facility (or any extension, renewal or refinancing thereof);

 (h) any representation or warranty made or deemed made by or on behalf of the Company or any of its Subsidiaries in the
Indenture, the Purchase Agreement or any other Indenture Document shall prove to have been incorrect in any respect that is material to the 

  
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Company’s ability to make any payment when due on the Securities when made or deemed made; 
 (i) the failure by the Company or any of its Subsidiaries to pay final judgments entered by a court or courts of competent jurisdiction in excess of $15,000,000, which judgments are not paid, discharged
or stayed, for a period of thirty (30) calendar days; 
 (j) the Company or any Significant Subsidiary of the Company shall
commence a voluntary case or other proceeding seeking the liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in
effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or such Significant Subsidiary of the Company or any substantial part of the Company’s, or such Significant Subsidiary of
the Company’s, property, or shall consent to any such relief or to the appointment of, or taking possession by, any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the
benefit of creditors, or shall fail generally to pay its debts as they become due; 
 (k) an involuntary case or other proceeding
shall be commenced against the Company or any Significant Subsidiary of the Company seeking liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary of the Company or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or such Significant Subsidiary of the Company or any substantial part of its
property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of thirty (30) consecutive days; or 
 (l) if (i) any “employee benefit plan,” as defined in Section 3(3) of the United States Retirement Income Security Act of 1974, as amended (“ERISA”), and subject to
Section 412 of the Code, Section 302 of ERISA or Title IV of ERISA (each, a “Plan”), of the Company shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of
such standards or extension of any amortization period is sought or granted under Section 412 of the Code, (ii) a notice of intent to terminate any Plan of the Company shall have been or is reasonably expected to be filed with the PBGC or
the PBGC shall have instituted proceedings under ERISA Section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified either the Company or any entity that would be treated as a single employer with the
Company for purposes of Section 414 of the Code or Section 4001 of ERISA (each, an “ERISA Affiliate”) that a Plan of the Company may become subject of any such proceedings, (iii) the aggregate “amount of unfunded
benefit liabilities” (within the meaning of Section 4001(a)(18) of ERISA) under all Plans (other than multiemployer plans, as defined in Section 3(37) of ERISA (“Multiemployer Plans”)) determined in accordance with
Title IV of ERISA, shall exceed $50,000,000, (iv) either the Company or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of
Sections 4971-4980I of the Code, (v) either the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi) either the Company or any ERISA Affiliate establishes or amends any employee welfare

  
 24 

 
benefit plan (as such term is defined in Section 3(1) of ERISA) that provides post-employment welfare benefits in a manner that would increase the liability of either the Company or any
ERISA Affiliate thereunder; and any such event or events described in clauses (i) through (vi) above, either individually or together with any other such event or events could reasonably be expected to have a material adverse change in or
affecting the business management, financial position, stockholders’ equity or results of operations of the Company and its Subsidiaries, taken as a whole. Under no circumstances whatsoever and at no time (whether prior or subsequent to a
Default or Event of Default) shall the Trustee be responsible for monitoring or charged with determining any of the foregoing, all such being the sole responsibility of the Company. 

SECTION 5.03 Acceleration; Rescission and Annulment. 
 (a) If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of
law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 5.02(j) or
Section 5.02(k) with respect to the Company (and not solely with respect to a Significant Subsidiary of the Company)), unless the principal of all of the Securities shall have already become due and payable, either the Trustee or the holders of
at least 25% in aggregate principal amount of the Securities then Outstanding, by notice in writing to the Company (and to the Trustee if given by the Holders), may declare 100% of the principal of, and accrued and unpaid interest, if any, on all
the Securities to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be immediately due and payable, anything in this Indenture or in the Securities contained to the contrary notwithstanding.
If an Event of Default specified in Section 5.02(j) or Section 5.02(k) with respect to the Company (and not solely with respect to a Significant Subsidiary of the Company) occurs and is continuing, the principal of, and accrued and unpaid
interest, if any, on all Securities will become automatically due and payable. Upon such a declaration of acceleration, such principal and accrued and unpaid interest, if any, will be due and payable immediately. 

(b) The provisions of Section 5.03(a), however, are subject to the conditions that if, at any time after the principal of, and
accrued and unpaid interest, if any, on the Securities shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided: 

(1) the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued and unpaid interest, if any,
upon all Securities and the principal of all Securities that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest, if any (to the extent that payment of such interest is
enforceable under applicable law), and on such principal, at the rate borne by the Securities at such time) and amounts due to the Trustee pursuant to Section 10.01(a) of the Base Indenture; 

  
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 (2) rescission would not conflict with any judgment or decree of a court of competent
jurisdiction; and 
 (3) any and all Events of Defaults under this Indenture, other than the nonpayment of the principal of, and
accrued and unpaid interest, if any, on, the Securities (including on overdue installments) that shall have become due solely by such acceleration, shall have been cured or waived pursuant to Section 5.05 hereof, 

then, the Holders of a majority in aggregate principal amount of the Securities then Outstanding, by written notice to the Company and to the Trustee,
may waive all Defaults or Events of Default with respect to the Securities (other than the breach of any provision of this Indenture that cannot be modified or amended without the consent of each affected Holder) and rescind and annul such
declaration of acceleration resulting from such Defaults or Event of Defaults (other than a Default or an Event of Default resulting from the breach of any provision of this Indenture that cannot be modified or amended without the consent of each
affected Holder) and their consequences and such Default (other than a Default relating to the breach of any provision of this Indenture that cannot be modified or amended without the consent of each affected Holder) shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; provided, that no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default,
or shall impair any right consequent thereon. 
 SECTION 5.04 Waiver of Past Defaults. If an Event of Default or a
Default, other than (a) an uncured Event of Default described in Sections 5.02(a) and (b) hereof or (b) a Default in respect of a provision that under Section 7.02 hereof cannot be amended without the consent of each affected
Holder, occurs, the Holders of a majority in aggregate principal amount of the then-Outstanding Securities may waive such Event of Default or Default and all of its consequences hereunder. Any such consent or waiver may, but is not required to, be
obtained in connection with a repurchase of, or tender or exchange offer for, Securities, or similar transaction. Whenever any Event of Default is so waived, it will cease to exist, and whenever any Default is so waived, it will be deemed cured, and
any Event of Default arising therefrom will be deemed not to have occurred. However, no such waiver will extend to any subsequent or other Default or Event of Default or impair any consequent right. 

SECTION 5.05 Control by Majority. At any time, the Holders of a majority of the aggregate principal amount of the
then-Outstanding Securities may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or for exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture or, subject to the Trustee’s duties under Articles 6 and 10 of the Base Indenture and the Trust Indenture Act, that the Trustee determines to be unduly prejudicial to the rights of a
Holder or to the Trustee, or that would potentially involve the Trustee in personal liability unless the Trustee is offered indemnity or security reasonably satisfactory to it against any loss, liability or expense to the Trustee that may result
from the Trustee’s instituting such proceeding as the Trustee. Prior to taking any action hereunder, the Trustee will be entitled to indemnification reasonably satisfactory to it against all losses and expenses caused by taking or not taking
such action. 

  
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 SECTION 5.06 Limitation on Suits. Subject to Section 5.08 hereof, no Holder
may pursue a remedy with respect to this Indenture or the Securities unless: 
 (a) such Holder has previously
delivered to the Trustee written notice that an Event of Default has occurred and is continuing; 
 (b) the
Holders of at least 25% of the aggregate principal amount of the then-Outstanding Securities deliver to the Trustee a written request that the Trustee pursue a remedy with respect to such Event of Default; 

(c) such Holder or Holders have offered and, if requested, provided to the Trustee indemnity reasonably satisfactory to
the Trustee against any loss, liability or other expense of compliance with such written request; 
 (d) the
Trustee has not complied with such written request within sixty (60) days after receipt of such written request and offer of indemnity; and 
 (e) during such 60-day period, the Holders of a majority of the aggregate principal amount of the then-Outstanding Securities did not deliver to the Trustee a direction inconsistent with such written
request. 
 A Holder may not use this Indenture to prejudice the rights of any other Holder or to obtain a preference or
priority over any other Holder, it being understood that the Trustee does not have any affirmative duty to ascertain whether any usage of this Indenture by a Holder is unduly prejudicial to such other Holders. 

SECTION 5.07 Rights of Holders to Receive Payment. Notwithstanding anything to the contrary elsewhere in this Indenture, the
right of any Holder to receive payment of the principal of, and interest on, its Securities, on or after the respective due date, or to bring suit for the enforcement of any such payment, will not be impaired or affected without the consent of such
Holder and will not be subject to the requirements of Section 5.06 hereof. 
 SECTION 5.08 Collection of
Indebtedness; Suit for Enforcement by Trustee. If an Event of Default specified in Sections 5.02(a) or 5.02(b) hereof 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 or interest on, the Securities, as the case may be, and such further amount as is sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, as well as any other amounts that may be due under Section 10.01 of the Base Indenture. 
 SECTION 5.09 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, 

  
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disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment has been recovered. 

SECTION 5.10 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 to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company, its creditors or its property and, unless prohibited by law or applicable regulations, will be
entitled to collect, receive and distribute any money or other property payable or deliverable on any such claims, and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and, in
the event that the Trustee consents 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 10.01 of the Base Indenture. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 10.01 of the Base Indenture out of the estate in any such proceeding, will be denied for any reason, payment of the same will be secured by a lien on, and is paid out of, any and all distributions, dividends, money,
securities and other properties that the Holders may be entitled to receive in such proceeding, whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained will be deemed to authorize the Trustee
to authorize or consent to, or to accept or to adopt on behalf of any Holder, any plan of reorganization, arrangement, adjustment or composition affecting the Securities 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 5.11 Restoration of Rights and Remedies. If the Trustee
or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the
Holders shall continue as though no such proceeding had been instituted. 
 SECTION 5.12 Rights and Remedies
Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 3.07 of the Base Indenture, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

SECTION 5.13 Delay or Omission Not a Waiver. No delay or omission of the Trustee or of any Holder 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 

  
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acquiescence therein. Every right and remedy given by this Article 5 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 (subject to the limitations contained in this Indenture) or by the Holders, as the case may be. 
 SECTION 5.14
Priorities. If the Trustee collects any money pursuant to this Article 5, it will pay out the money in the following order: 
 FIRST: to the Trustee, its agents and attorneys for amounts due under Section 10.01(a) of the Base Indenture, including payment of all compensation, expenses and liabilities incurred, and all
advances made, by the Trustee and the costs and expenses of collection; 
 SECOND: to the Holders, for any amounts due and
unpaid on the principal of, or accrued and unpaid interest on, any Security, without preference or priority of any kind, according to such amounts due and payable on all of the Securities; and 

THIRD: the balance, if any, to the Company or to such other party as a court of competent jurisdiction directs. 

The Trustee may fix a record date and payment date for any payment to the Holders pursuant to this Section 5.14. If the Trustee so
fixes a record date and a payment date, at least fifteen (15) days prior to such record date, the Company will deliver to each Holder and the Trustee a written notice, which notice will state such record date, such payment date and the amount
of such payment. 
 SECTION 5.15 Undertaking for Costs. All parties to this Indenture agree, and each Holder, by
such Holder’s acceptance of a Security, shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against
any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided, however, that the provisions of this Section 5.15 shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in aggregate principal amount of the Securities then Outstanding, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of, or accrued and unpaid interest, if any, on any Security on or after the due date expressed or provided for in this Indenture. 
 SECTION 5.16 Waiver of Stay, Extension and Usury Laws. The Company covenants that, to the extent that it may lawfully do so, it will 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, to the extent that
it may lawfully do so, hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, 

  
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by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will instead suffer and permit the execution of every such power as though no such
law has been enacted. 
 SECTION 5.17 Notices from the Trustee. Notwithstanding anything to the contrary in the Base
Indenture, including Section 10.03 thereof, whenever a Default occurs and is continuing and is known to the Trustee, the Trustee must deliver notice of such Default to the Holders within ninety (90) days after the date on which such
Default first occurred. Except in the case of a Default in the payment of the principal of, or interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders. 
 ARTICLE 6 
 SATISFACTION AND DISCHARGE; DEFEASANCE 

SECTION 6.01 Inapplicability of Provisions of Base Indenture; Satisfaction and Discharge of the Indenture; Defeasance.
The satisfaction and discharge and defeasance provisions set forth in this Article 6 shall, with respect to the Securities, supersede the entirety of Article XI of the Base Indenture, and all references in the Base Indenture to Article XI thereof
and the provisions relating to satisfaction and discharge or defeasance therein, as the case may be, shall, with respect to the Securities, be deemed to be references to this Article 6 and the satisfaction and discharge or defeasance provisions set
forth in this Article 6, respectively. 
 SECTION 6.02 Satisfaction and Discharge. When (a) the Company shall
deliver to the Registrar for cancellation all Securities theretofore authenticated (other than any Securities that have been destroyed, lost or stolen and in lieu of or in substitution for which other Securities shall have been authenticated and
delivered) and not theretofore canceled, or (b) all the Securities not theretofore canceled or delivered to the Trustee for cancellation shall have become due and payable (whether on the Maturity Date, or otherwise) and the Company shall
deposit with the Trustee, in trust, or deliver to the Holders, as applicable, an amount of cash sufficient to pay all amounts due on all of such Securities (other than any Securities that shall have been mutilated, destroyed, lost or stolen and in
lieu of or in substitution for which other Securities shall have been authenticated and delivered) not theretofore canceled or delivered to the Trustee for cancellation, including principal and interest due, and if the Company shall also pay or
cause to be paid all other sums payable hereunder by the Company, then this Indenture shall cease to be of further effect (except as to (i) rights hereunder of Holders to receive all amounts owing upon the Securities and the other rights,
duties and obligations of Holders, as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee and (ii) the rights, obligations and immunities of the Trustee hereunder), and the Trustee, on written demand of the
Company accompanied by an Officer’s Certificate and an Opinion of Counsel and at the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture; the Company, however, hereby
agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by the Trustee, including the fees and expenses of its counsel, and to compensate the Trustee for any services thereafter 

  
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reasonably and properly rendered by the Trustee in connection with this Indenture or the Securities. 
 SECTION 6.03 Defeasance. At the Company’s option, either (a) it shall be deemed to have been Discharged (as defined below) from its obligations with respect to the Securities or
(b) it shall cease to be under any obligation to comply with any term, provision or condition set forth in Section 4.04, Section 4.07, Section 4.08, Section 4.09 or Section 8.01 hereof at any time after the satisfaction
of the following conditions: 
 (a) The Company shall have deposited irrevocably with the Trustee (i) money in an amount, or
(ii) U.S. Government Obligations that through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one (1) day before the due date of any payment, money in an amount, or
(iii) a combination of (i) and (ii), sufficient (in the opinion of a nationally recognized registered public accounting firm) to pay and discharge each installment of and premium, if any, and interest on, the Outstanding Securities on the
dates such installments of interest or principal and premium are due; 
 (b) no Default shall have occurred and be continuing on
the date of such deposit (other than a Default resulting from the borrowing of funds and the grant of any related liens to be applied to such deposit); and 
 (c) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the
Company’s exercise of its option pursuant to this Section 6.03 and will be subject to federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such option had not been exercised
and, in the case of the Securities being Discharged, accompanied by a ruling to that effect received from or published by the Internal Revenue Service. 
 “Discharged” means that the Company shall be deemed to have paid and discharged the Securities and to have satisfied all the obligations under the Indenture, except (A) the rights of
Holders to receive, from the trust fund, payment of the principal of and premium, if any, and interest on such Securities when such payments are due, (B) the Company’s obligations with respect to transfer and exchange of the Securities set
forth in Section 2.03 hereof and Sections 3.05, 3.06, 3.07, 6.02 and 11.06 of the Base Indenture and (C) the rights, powers, trusts, duties and immunities of the Trustee under the Indenture. 

SECTION 6.04 Deposited Monies to Be Held in Trust by Trustee. Subject to Section 6.05 hereof, all monies deposited with
the Trustee pursuant to Section 6.02 or Section 6.03 hereof shall be held in trust for the sole benefit of the Holders, and such monies shall be applied by the Trustee to the payment, either directly or through any Paying Agent (including
the Company if acting as its own Paying Agent), to the Holders of the particular Securities for the payment, settlement or redemption of which such monies have been deposited with the Trustee, of all sums or amounts due and to become due thereon for
principal and interest, if any. 

  
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 SECTION 6.05 Paying Agent to Repay Monies Held; Repayment to Company. Upon the
satisfaction and discharge of this Indenture, all monies then held by any Paying Agent (if other than the Trustee) shall, upon written request of the Company, be repaid to it or paid to the Trustee, and thereupon such Paying Agent shall be released
from all further liability with respect to such monies. The Trustee and any Paying Agent shall promptly pay to the Company (or to its designee) upon Company Order any excess moneys or U.S. Government Obligations held by them at any time. The
provisions of Section 6.06 hereof shall apply to any money held by the Trustee or any Paying Agent under this Article 6 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 6.03. 
 SECTION 6.06 Return of Unclaimed Monies. Subject
to the requirements of applicable law, any monies deposited with or paid to the Trustee for payment of the principal of or interest, if any, on the Securities and not applied but remaining unclaimed by the Holders of the Securities for two years
after the date upon which the principal of or interest, if any, on such Securities, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee on demand, and all liability of the Trustee shall thereupon
cease with respect to such monies; and the Holder shall thereafter look only to the Company for any payment or delivery that such Holder may be entitled to collect unless an applicable abandoned property law designates another person. 

SECTION 6.07 Reinstatement. If the Trustee or the Paying Agent is unable to apply any money in accordance with
Section 6.04 by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under the Indenture and the Securities shall be revived and
reinstated as though no deposit had occurred pursuant to Section 6.02 or Section 6.03 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 6.04; provided,
however, that if the Company makes any payment of interest on, principal of or payment or delivery in respect of any Security following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such
Securities to receive such payment from the money held by the Trustee or Paying Agent. 
 SECTION 6.08 Indemnity for
U.S. Government Obligations. The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the deposited U.S. Government Obligations or the principal or interest received on such U.S.
Government Obligations. 
 ARTICLE 7 
 SUPPLEMENTAL INDENTURES 
 SECTION 7.01 Supplemental Indentures
Without Consent of Holders. Section 12.01 of the Base Indenture shall not apply with respect to the Securities, and this Section 7.01 shall replace Section 12.01 of the Base Indenture in its entirety. 

Without the consent of any Holder, the Company (when authorized by a Board Resolution) and the Trustee, at any time and from time to
time, may enter into one or more 

  
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indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
 (a) cure any ambiguity, omission, defect or inconsistency in this Indenture or the Securities, including to eliminate any conflict with the Trust Indenture Act; 

(b) conform the terms of this Indenture or the Securities to the description thereof in the Preliminary Offering Memorandum, as
supplemented by the Term Sheet related to the offering of the Securities; 
 (c) to evidence the succession by a Successor
Company and to provide for the assumption by a Successor Company of the Company’s obligations under the Indenture; 
 (d) to
add guarantees with respect to the Securities; 
 (e) to secure the Securities; 

(f) to add to the Company’s covenants such further covenants, restrictions or conditions for the benefit of the Holders (or any other
holders) or surrender any right or power conferred upon the Company by the Indenture; 
 (g) to make any other change that does
not adversely affect the rights of any Holder (other than a Holder that consents to such change) in any material respect; 
 (h)
to provide for a successor Trustee; 
 (i) to comply with the Applicable Procedures of the Depositary; or 

(j) to comply with any requirement of the SEC in connection with the qualification of the Indenture under the Trust Indenture Act.

 SECTION 7.02 Supplemental Indentures With Consent of Holders. Section 12.02 of the Base Indenture shall not
apply with respect to the Securities, and this Section 7.02 shall replace Section 12.02 of the Base Indenture in its entirety. 
 With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities affected by such supplemental indenture (with such consents to be determined on a series by
series basis), including without limitation, consents obtained in connection with a purchase of, or tender or exchange offer for, Securities and by act of these Holders delivered to the Company and the Trustee, the Company, when authorized by a
Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any
manner the rights of the Holders under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby: 

  
 33 

 (a) reduce the percentage in aggregate principal amount of Securities Outstanding necessary
to waive any past Default or Event of Default; 
 (b) reduce the rate of interest on any Security or change the time for payment
of interest on any Security; 
 (c) reduce the principal of any Security or change the Maturity Date; 

(d) change the place or currency of payment on any Security; 
 (e) impair the right of any Holder of Securities to receive payment of principal of, and interest on, if any, its Securities or to institute suit for the enforcement of any such payment, with respect to
such Holder’s Securities; or 
 (f) make any change to the provisions of this Article 7 or in the waiver provisions of the
Indenture that requires each Holder’s consent to modify, amend or waive. 
 It shall not be necessary for any act or
consent of Holders under this Section 7.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such act or consent shall approve the substance thereof. The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be
entitled to consent to such supplemental indenture, whether or not such Holders remain Holders after such record date; provided that, unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to
the date that is ninety (90) days after such record date, any such consent previously given shall automatically and without further action by any Holder be cancelled and of no further effect. 

SECTION 7.03 Notice of Amendment or Supplement. After an amendment or supplement under this Article 7 becomes effective,
the Company shall mail to the Holders a notice briefly describing such amendment or supplement. However, the failure to give such notice to all the Holders, or any defect in the notice, shall not impair or affect the validity of the amendment or
supplement. 
 ARTICLE 8 
 SUCCESSOR COMPANY 
 SECTION 8.01 Consolidation, Merger and Sale of
Assets. The successor company provisions set forth in this Article 8 shall, with respect to the Securities, supersede the entirety of Section 6.04 of the Base Indenture, and all references in the Base Indenture to Section 6.04 thereof
and the successor company provisions therein shall, with respect to the Securities, be deemed to be references to this Article 8 and the successor company provisions set forth in this Article 8, respectively. 

SECTION 8.02 Company May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 8.04, the Company
shall not amalgamate or consolidate with, merge 

  
 34 

 
with or into or convey, transfer or lease its properties and assets substantially as an entirety to another Person, unless: 

(a) the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall expressly assume,
by supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, all of the obligations of the Company under the Securities and this Indenture as applicable to the Securities; and 

(b) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this
Indenture with respect to the Securities; and 
 Upon any such amalgamation, consolidation, merger, conveyance, transfer or
lease, the Successor Company (if not the Company) shall succeed to, and may exercise every right and power of, the Company under this Indenture. 
 At the election of the Company, a conveyance, transfer or lease of properties and assets substantially as an entirety to one or more Subsidiaries of the Company may be deemed not to be a conveyance,
transfer or lease to a Person other than the Company, and in the event of such election, such conveyance, transfer or lease shall not be subject to this Section 8.02. Notice of any such election shall be sent to the Trustee promptly following
the consummation of any such conveyance, transfer or lease of properties and assets to one or more Subsidiaries, specifying that such transaction does not constitute a conveyance, transfer or lease to a Person other than the Company in accordance
with this Section 8.02. 
 SECTION 8.03 Successor Corporation to Be Substituted. In case of any such
amalgamation, consolidation, merger, conveyance, transfer or lease and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual
payment of the principal of and premium, if any, accrued and unpaid interest, if any, accrued and unpaid First-Level Additional Interest, if any, and accrued and unpaid Second-Level Additional Interest, if any, on all of the Securities, and the due
and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Company under this Indenture, such Successor Company 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 it had been named herein as the party of the first part. Such Successor Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Company any or all
of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered, any Securities that previously shall have been signed and delivered by the officers of the Company to the Trustee
for authentication, and any Securities that such Successor Company thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Securities so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date of the 

  
 35 

 
execution hereof. In the event of any such amalgamation, consolidation, merger, conveyance or transfer (but not in the case of a lease), the Person named as the “Company” in the first
paragraph of this Indenture or any successor that shall thereafter have become such in the manner prescribed in this Article 8 may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be
released from its liabilities as obligor and maker of the Securities and from its obligations under this Indenture. 
 In case
of any such amalgamation, consolidation, merger, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 

SECTION 8.04 Opinion of Counsel to Be Given to Trustee. In the case of any such amalgamation, merger, consolidation,
conveyance, transfer or lease the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel stating that any such amalgamation, consolidation, merger, conveyance, transfer or lease and any such assumption and, if a supplemental
indenture is required in connection with such transaction such supplemental indenture, complies with the provisions of this Article 8. 
 ARTICLE 9 
 TAX ADDITIONAL AMOUNTS 

SECTION 9.01 Payment of Tax Additional Amounts. The Company shall pay any amounts due with respect to the Securities
without deduction or withholding for any and all present and future withholding taxes, levies, imposts and charges (each, a “Withholding Tax”) imposed by or for the account of any Non-U.S. Jurisdiction in which the Company is
resident for tax purposes or any political subdivision or taxing authority of such jurisdiction (the “Taxing Jurisdiction”) as a result of any consolidation, merger, amalgamation, or other transaction permitted by Section 8.01
hereof and conducted in accordance with Article 8 hereof, unless such withholding or deduction is required by law. If such deduction or withholding is at any time required, the Company will (subject to compliance by such Holder with any relevant
administrative requirements) pay each Holder additional amounts (“Tax Additional Amounts”) as will result in such Holder’s receipt of such amounts as it would have received had no such withholding or deduction been required. If
the Taxing Jurisdiction requires the Company to deduct or withhold any Withholding Tax, the Company will (subject to compliance by a Holder with any relevant administrative requirements) pay such Tax Additional Amounts in respect of any principal
amount (and premium, if any), or interest payable at the Maturity Date or any earlier date of redemption, on any Interest Payment Date, or otherwise, as applicable, as may be necessary so that the net amounts paid to the Holder or the Trustee after
such deduction or withholding will equal the principal amount, or interest on the Securities. 
 SECTION 9.02 Exceptions
to Payment of Tax Additional Amounts. Notwithstanding the foregoing, the Company shall not be obligated to pay Tax Additional Amounts pursuant to Section 9.01 hereof in the following instances: 

(a) any Withholding Tax which would not be payable or due but for the fact that (1) the Holder of a Security (or a fiduciary,
settlor, beneficiary of, member or shareholder of, 

  
 36 

 
such Holder, if such Holder is an estate, trust, partnership or corporation) is a domiciliary, national or resident of, or engaging in business or maintaining a permanent establishment or being
physically present in, the Taxing Jurisdiction or otherwise having some present or former connection with the Taxing Jurisdiction other than the holding or ownership of the Securities or the collection of principal amount and interest (if any), in
accordance with the terms of the Securities and the Indenture or the enforcement of the Securities or (2) where presentation is required, the Security was presented more than ten (10) days after the date such payment became due or was
provided for, whichever is later; 
 (b) any Withholding Tax attributable to any estate, inheritance, gift, sales, transfer,
excise, personal property or similar tax, levy, impost or charge; 
 (c) any Withholding Tax attributable to any tax, levy,
impost or charge which is payable otherwise than by withholding from payment of principal amount and interest (if any); 
 (d)
any Withholding Tax which would not have been imposed but for the failure to comply with certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the relevant tax
authority of the Holder or beneficial owner of the Securities, if this compliance is required by statute, treaty or by regulation as a precondition to relief or exemption from such Withholding Tax; 

(e) to the extent a Holder is entitled to a refund or credit in such Taxing Jurisdiction of amounts required to be withheld by such Taxing
Jurisdiction; or 
 (f) any combination of the instances described in (a) through (e). 

SECTION 9.03 Entitlement to Refund or Credit. With respect to Section 9.02(e), in the absence of evidence reasonably
satisfactory to the Company, the Company may conclusively presume that a Holder of a Security is entitled to a refund or credit of all amounts required to be withheld if the relevant local laws provide a Holder with the ability to file or otherwise
claim such refund or credit. The Company shall not be required to pay any Tax Additional Amounts to any Holder of a Security who is a fiduciary or partnership or other than the sole beneficial owner of the Security to the extent that a beneficiary
or settlor with respect to such fiduciary, or a member of such partnership or a beneficial owner thereof, would not have been entitled to the payment of such Tax Additional Amounts had such beneficiary, settlor, member or beneficial owner been the
Holder of the Security. 
 SECTION 9.04 References to be Consistent. Whenever with respect to the Securities there
is mentioned in the Indenture or in any Global Security or Physical Security, in any context, payment of principal (and premium, if any) interest or any other amount payable under or with respect to any Security at the Maturity Date, any Interest
Payment Date or otherwise, such mention shall be deemed to include mention of the payment of Tax Additional Amounts described in this Article 9 to the extent that, in such context, Tax Additional Amounts were or would be payable by the Company in
respect thereof. 
 Notwithstanding anything to the contrary in this Supplemental Indenture or in the Notes, the Paying Agent
and Trustee shall be entitled to make a deduction or withholding from 

  
 37 

 
any payment which it makes hereunder or under the Notes for or on account of any present or future taxes, duties or charges if and to the extent so required by any applicable law and any current
or future regulations or agreements thereunder or official interpretations thereof or any law implementing an intergovernmental approach thereto or by virtue of the relevant Holder failing to satisfy any certification or other requirements in
respect of the Notes, in which event the Paying Agent shall make such payment after such withholding or deduction has been made and shall account to the relevant authorities for the amount so withheld or deducted and shall have no obligation to
gross up any payment hereunder or pay any additional amount as a result of such withholding tax. 
 ARTICLE 10 

MISCELLANEOUS 
 SECTION 10.01 Effect on Successors and Assigns. Notwithstanding Section 14.10 of the Base Indenture, all agreements of the Company, the Trustee, the Registrar, and the Paying Agent in
this Indenture and the Securities will bind their respective successors. 
 SECTION 10.02 Governing Law; Waiver of Jury
Trial. This Supplemental Indenture and the Securities shall be deemed to be contracts made under the law of the State of New York and for all purposes shall be governed by and construed in accordance with the law of such State. Each party hereto
and each Holder by acceptance thereof, hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any litigation directly or indirectly arising out of, under or in connection with this
Indenture. 
 SECTION 10.03 No Security Interest Created. Nothing in this Indenture or in the Securities, expressed
or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction. 

SECTION 10.04 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 latter provision 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 latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 

SECTION 10.05 Benefits of Supplemental Indenture. Nothing in this Supplemental Indenture or in the Securities, expressed or
implied, will give to any Person, other than the parties hereto, any Paying Agent, any authenticating agent, any Registrar or their successors hereunder or the Holders, any benefit or any legal or equitable right, remedy or claim under this
Supplemental Indenture. 
 SECTION 10.06 Calculations; Determinations. The Company shall be responsible for making
all calculations called for under the Securities. None of the Trustee, Registrar or Paying Agent (in each case if different from the Company) shall have any responsibility for making such calculations, for determining amounts to be paid or for
monitoring 

  
 38 

 
the Company’s Consolidated Leverage Ratio, Excess Ratio Debt, First-Level Additional Interest, Second-Level Additional Interest or with making any determinations as to whether the interest
rates on the Securities should be adjusted in accordance with Section 4.04 and Section 4.06 hereof, nor shall they be charged with any knowledge of or have any duties to monitor any measurement period. These calculations include, but are
not limited to accrued interest payable on the Securities. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders. The Company shall provide a
schedule of its calculations to the Trustee and the Trustee is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee will forward the Company’s calculations to any
Holder upon the request of that Holder at the sole cost and expense of the Company. All determinations as to whether the Company has incurred Excess Ratio Debt or whether a Reduced Ratio Date has occurred will be made by the Company and set forth in
an Officer’s Certificate delivered to the Trustee within fifteen (15) days of the Company’s making any such determination, but in no event later than the applicable Record Date, as provided in Section 4.04 and Section 4.06.

 SECTION 10.07 Execution in Counterparts. This Supplemental Indenture may be executed in any number of
counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 
 SECTION 10.08 Notices. The Company or the Trustee, by notice given to the other in the manner provided in Section 14.03 of the Base Indenture, may designate additional or different
addresses for subsequent notices or communications. 
 Notwithstanding anything to the contrary in Sections 14.03 and 14.04
of the Base Indenture, whenever the Company is required to deliver notice to the Holders, the Company will, by the date it is required to deliver such notice to the Holders, deliver a copy of such notice to the Trustee, the Paying Agent and the
Registrar. Each notice to the Trustee, the Paying Agent and the Registrar shall be sufficiently given if in writing and mailed, first-class postage prepaid to the address most recently sent by the Trustee, the Paying Agent or the Registrar, as the
case may be, to the Company. 
 SECTION 10.09 Ratification of Base Indenture. The Base Indenture, as supplemented by
this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein provided. For the avoidance of doubt, each of the Company and
each Holder of Securities, by its acceptance of such Securities, acknowledges and agrees that all of the rights, privileges, protections, immunities and benefits afforded to the Trustee under the Base Indenture are deemed to be incorporated herein,
and shall be enforceable by the Trustee hereunder, in each of its capacities hereunder as if set forth herein in full. 

SECTION 10.10 The Trustee. The recitals in this Supplemental Indenture are made by the Company only and not by the Trustee,
and all of the provisions contained in the Base Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the Securities and of this Supplemental Indenture as fully and with like
effect as set forth in full herein. 

  
 39 

 SECTION 10.11 No Recourse Against Others. No director, officer, employee,
incorporator or stockholder of the Company shall have any liability for any obligations of the Company under the Securities, the Indenture or any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder, by
accepting a Security, waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 
 [Remainder of the page intentionally left blank] 

  
 40 

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

			
	AMTRUST FINANCIAL SERVICES, INC.
		
	By:	 	/s/ Harry Schlachter
		 	Name: Harry Schlachter
		 	Title: Senior Vice President and Treasurer

  

	
	Attest:
	
	/s/ Stephen Ungar
	Name: Stephen Unger
	Title: Senior Vice President, General Counsel and Secretary

 AmTrust Financial Services, Inc. – Second Supplemental Indenture Signature Page 

 
			
	 THE BANK OF NEW YORK MELLON TRUST
 COMPANY, N.A., as Trustee

		
	By:	 	/s/ Lawrence M. Kusch
	Name: Lawrence M. Kusch
	Title: Vice President

 AmTrust Financial Services, Inc. – Second Supplemental Indenture Signature Page 

 EXHIBIT A 
 [FORM OF FACE OF SECURITY] 
 [For Global Securities, include the following
legend: 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE
NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY
OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  

			
	No.:	  	[     ]
	CUSIP:	  	[032359 AD3]
	ISIN:	  	[US032359AD39]

 Principal Amount $[            ] 

[as revised by the Schedule of Increases 
 and Decreases in the Global Security attached hereto]1 
 AmTrust Financial Services, Inc. 

6.125% Notes due 2023 
 AmTrust Financial Services, Inc., a Delaware corporation, promises to pay to [ ] [include “Cede & Co.” for Global Security] or registered assigns, the
principal amount of $[ ] on August 15, 2023 (the “Maturity Date”) and to pay interest hereon as set forth in the Indenture in the manner, at the rates and to the Persons set forth therein. 

Interest Payment Dates:           February 15 and August 15. 

Regular Record Dates:             February 1 and August 1.

 Additional provisions of this Security are set forth on the other side of this Security. 

 

	1 	Include for Global Securities only. 

  
 Exhibit A-1

 IN WITNESS WHEREOF, AMTRUST FINANCIAL SERVICES, INC. has caused this instrument to be signed
manually or by facsimile by two of its duly authorized officers. 
 Dated: 

 

			
	AMTRUST FINANCIAL SERVICES, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

	
	Attest:
	
	  

 [Trustee’s Certificate of Authentication Follows] 

  
 Exhibit A-2

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

The Bank of New York Mellon Trust Company, N.A., as Trustee, certifies that this is one of the Securities referred to in the
within-mentioned Indenture. 
 Dated: 
  

			
	 THE BANK OF NEW YORK

MELLON TRUST COMPANY, N.A.,
 as
Trustee

		
	By:	 	 
		 	Authorized Signatory

  
 Exhibit A-3

 [FORM OF REVERSE OF NOTE] 

AMTRUST FINANCIAL SERVICES, INC. 
 6.125% Notes due 2023 
 This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”), issued under an Indenture dated as of December 21, 2011 (herein called the “Base Indenture”), and as further supplemented by the Second Supplemental
Indenture, dated as of August 15, 2013 (herein called the “Supplemental Indenture” and the Base Indenture, as supplemented by the Supplemental Indenture, the “Indenture”) by and between the Company and The Bank
of New York Mellon Trust Company, N.A., herein called the “Trustee”, and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. 
 This Security is subject to redemption at the option of the Company prior to the Maturity Date in accordance with Section 3.01(a) of the Supplemental Indenture. 

This Security is not subject to the benefit of a sinking fund. 
 As provided in and subject to the provisions of the Indenture, the Company will make all payments in respect of the principal amount of this Security to the Holder that surrenders this Security to the
Paying Agent to collect such payments in respect of this Security. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts. Any references in this Security
to principal (and premium, if any), interest or any other amount payable under or with respect to the Security at the Maturity Date, any Interest Payment Date or otherwise, shall be deemed to include payment of Tax Additional Amounts, as applicable.

 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 to be effected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities at the time Outstanding, on behalf of the Holders of all Securities, to waive compliance by the Company
with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of
this Security and of any Security issued upon the registration of transfer hereof or in exchange 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 

  
 Exhibit A-4

 
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Security, the Holders of not less than 25% in principal amount of the Securities at the
time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a
majority in principal amount of Securities at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (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 alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on, this Security at the time, place and rate, and in the coin and currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the 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. 
 The Securities are
issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Securities are exchangeable for a
like aggregate principal amount of Securities and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or Trustee may treat the Person in whose name the Security is registered as
the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

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. 
 All defined terms used in this
Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture. If any provision of this Security limits, qualifies or conflicts with a provision of the Indenture, such provision of the Indenture shall control.

  
 Exhibit A-5

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription of the face of this Security, shall be construed as though they were written out in full 

 

					
	TEN COM - as tenants in common	  	 UNIF GIFT MIN ACT
 (Cust)
	  	Custodian
			
	TEN ENT - as tenants by the entireties	  	  
 (Minor)
	  	
			
	 JT TEN - as joint tenants with right of
 Survivorship and not as tenants in
 common
	  	Uniform Gifts to Minors Act	  	                           
      (State)

 Additional abbreviations may also be used though not in the above list. 

  
 Exhibit A-6

 ANNEX A 
 [Include for Global Security] 
 SCHEDULE OF INCREASES AND DECREASES OF GLOBAL
SECURITY 
 Initial principal amount of Global Security: 

 

									
	 Date
	  	Amount of Increase
in
principal
amount of Global
Security	  	Amount of
Decrease in
principal amount
of Global Security	  	Principal amount
of Global 
Security
after Increase or
Decrease	  	Notation by
Registrar or
Security Custodian

  
 A-1

 ATTACHMENT 1 
 [FORM OF ASSIGNMENT AND TRANSFER] 
 For value received hereby sell(s), assign(s)
and transfer(s) unto (Please insert social security or Taxpayer Identification Number of assignee) the within Security, and hereby irrevocably constitutes and appoints to transfer the said Security on the books of the Company, with full power of
substitution in the premises. 
 In connection with any transfer of the within Security occurring prior to the Resale
Restriction Termination Date, as defined in the Indenture governing such Security, the undersigned confirms that such Security is being transferred: 
  ̈ To AmTrust Financial Services, Inc. or a subsidiary thereof; or 
  ̈ Pursuant to a registration statement that has been declared effective under the Securities Act of 1933, as amended; or 

 ̈ Pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as
amended; or 
  ̈ Pursuant to and in compliance with Rule 144 under the
Securities Act of 1933, as amended, or any other available exemption from the registration requirements of the Securities Act of 1933, as amended, 
 and unless the Securities has been transferred to AmTrust Financial Services, Inc. or a subsidiary thereof, the undersigned confirms that such Securities are not being transferred to an
“affiliate” of the Company as defined in Rule 144 under the Securities Act of 1933, as amended. 
  

	
	  

	
	  
	 Signature(s)
  

	 Signature(s) must be guaranteed by an institution
 which is a member of one of the following
 recognized signature Guarantee Programs:

 

	 (i) The Securities Transfer Agent Medallion
 Program (STAMP); (ii) The New York Stock
 Exchange Medallion Program (MNSP);
(iii) The
 Stock Exchange Medallion Program (SEMP) or
 (iv) another guarantee

 Unless one of the boxes is checked, the Trustee shall refuse to register any of the Securities evidenced by this
certificate in the name of any person other than the registered holder thereof. 

  
 Attachment 1-1

 EXHIBIT B 
 [FORM OF RESTRICTED SECURITY LEGEND] 
 THE SECURITY EVIDENCED HEREBY HAS NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION
HEREOF, THE HOLDER (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT); (2) AGREES THAT IT WILL NOT WITHIN THE LATER OF (X) ONE YEAR (OR SUCH SHORTER PERIOD OF TIME
AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER) AFTER THE DATE OF ORIGINAL ISSUANCE OF SECURITIES AND (Y) 90 DAYS AFTER IT CEASES TO BE AN AFFILIATE (WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES
ACT) OF AMTRUST FINANCIAL SERVICES, INC. (THE “COMPANY”), OFFER, RESELL, PLEDGE OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY EXCEPT (A) TO THE COMPANY OR ANY AFFILIATE THEREOF, (B) TO A QUALIFIED INSTITUTIONAL BUYER IN
COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING RULE 144 (IF AVAILABLE), OR (D) PURSUANT TO A REGISTRATION STATEMENT THAT HAS
BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT (AND THAT CONTINUES TO BE EFFECTIVE AT THE TIME OF SUCH TRANSFER); (3) PRIOR TO SUCH TRANSFER (OTHER THAN A TRANSFER PURSUANT TO CLAUSES 2(A), 2(B) AND 2(D) ABOVE), IT WILL FURNISH TO THE BANK OF
NEW YORK MELLON TRUST COMPANY, N.A., AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE), SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE TRUSTEE MAY REASONABLY REQUIRE 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; AND (4) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED (OTHER THAN A TRANSFER PURSUANT TO CLAUSE 2(D)
ABOVE) PRIOR TO EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THE SECURITY EVIDENCED HEREBY UNDER RULE 144 UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. THIS LEGEND WILL BE
REMOVED UPON THE EARLIER OF THE TRANSFER OF THIS SECURITY PURSUANT TO CLAUSE 2(D) ABOVE OR UPON ANY TRANSFER OF THIS SECURITY UNDER RULE 144 SUCH THAT THE SECURITY IS NO LONGER CONSIDERED A “RESTRICTED SECURITY” WITHIN THE MEANING OF RULE
144 (OR ANY SUCCESSOR PROVISION). THE INDENTURE CONTAINS A PROVISION 

  
 Exhibit B-1

 REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS SECURITY IN VIOLATION OF THE FOREGOING
RESTRICTION. 

  
 Exhibit B-2

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