Document:

ColonyatKenilworth2014Contract

                                           Exhibit 10.39

PURCHASE AND SALE CONTRACT

BETWEEN

NATIONAL PROPERTY INVESTORS 6, 
a California limited partnership

AS SELLER

AND

DRA FUND VIII LLC, 
a Delaware limited liability company

AS PURCHASER

Colony at Kenilworth

TABLE OF CONTENTS
	
					
	 
	 
	 
	 
	Page

	ARTICLE I DEFINED TERMS
	1

	ARTICLE II PURCHASE AND SALE, PURCHASE PRICE & DEPOSIT
	1

	 
	2.1.     Purchase and Sale
	1

	 
	2.2.     Purchase Price and Deposit
	1

	 
	2.3.     Escrow Provisions Regarding Deposit
	2

	ARTICLE III FEASIBILITY PERIOD
	3

	 
	3.1.     Feasibility Period
	3

	 
	3.2.     Expiration of Feasibility Period
	3

	 
	3.3.     Conduct of Investigation
	3

	 
	3.4.     Purchaser Indemnification
	4

	 
	3.5.     Property Materials
	5

	 
	3.6.     Property Contracts and Utility Contracts
	5

	 
	3.7.     Inventory and Supplies
	6

	 
	3.8.     Inventory of Fixtures and Tangible Personal Property
	6

	ARTICLE IV TITLE
	7

	 
	4.1.     Title Documents
	7

	 
	4.2.     Survey
	7

	 
	4.3.     Objection and Response Process
	7

	 
	4.4.     Permitted Exceptions
	7

	 
	4.5.     Existing Deed of Trust and Monetary Liens
	8

	 
	4.6.     Subsequently Disclosed Exceptions
	8

	 
	4.7.     Purchaser Financing
	9

	 
	4.8.     Housing Assistance Program Vouchers
	9

	ARTICLE V CLOSING
	9

	 
	5.1.     Closing Date
	9

	 
	5.2.     Seller Closing Deliveries
	9

	 
	5.3.     Purchaser Closing Deliveries
	10

	 
	5.4.     Closing Prorations and Adjustments
	11

	 
	5.5.     Post Closing Adjustments
	15

	ARTICLE VI REPRESENTATIONS AND WARRANTIES OF SELLER AND PURCHASER
	15

	 
	6.1.     Seller’s Representations
	15

	 
	6.2.     AS-IS
	17

	 
	6.3.     Survival of Seller’s Representations
	18

	 
	6.4.     Definition of Seller’s Knowledge
	18

	 
	6.5.     Representations and Warranties of Purchaser
	18

	ARTICLE VII OPERATION OF THE PROPERTY
	19

	 
	7.1.     Leases and Property Contracts
	19

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	7.2.     General Operation of Property
	20

	 
	7.3.     Liens
	20

	 
	7.4.     Zoning
	20

	 
	7.5.     Management Agreement
	20

	 
	7.6.     Rent-Ready Units
	20

	 
	7.7.     Delivery of Notices
	20

	 
	7.8.     Tax Reduction Proceedings
	20

	ARTICLE VIII CONDITIONS PRECEDENT TO CLOSING
	20

	 
	8.1.     Purchaser’s Conditions to Closing
	20

	 
	8.2.     Seller’s Conditions to Closing
	21

	ARTICLE IX BROKERAGE
	22

	 
	9.1.     Indemnity
	22

	 
	9.2.     Broker Commission
	22

	ARTICLE X DEFAULTS AND REMEDIES
	22

	 
	10.1.     Purchaser Default
	23

	 
	10.2.     Seller Default
	23

	ARTICLE XI RISK OF LOSS OR CASUALTY
	24

	 
	11.1.     Major Damage
	24

	 
	11.2.     Minor Damage
	24

	 
	11.3.     Closing
	25

	 
	11.4.     Repairs
	25

	ARTICLE XII EMINENT DOMAIN
	26

	 
	12.1.     Eminent Domain
	26

	ARTICLE XIII MISCELLANEOUS
	26

	 
	13.1.     Binding Effect of Contract
	26

	 
	13.2.     Exhibits and Schedules
	26

	 
	13.3.     Assignability
	26

	 
	13.4.     Captions
	26

	 
	13.5.     Number and Gender of Words
	27

	 
	13.6.     Notices
	27

	 
	13.7.     Governing Law and Venue
	29

	 
	13.8.     Entire Agreement
	29

	 
	13.9.     Amendments
	29

	 
	13.10.   Severability
	29

	 
	13.11.   Multiple Counterparts/Facsimile Signatures
	29

	 
	13.12.   Construction
	30

	 
	13.13.   Confidentiality
	30

	 
	13.14.   Time of the Essence
	30

	 
	13.15.   Waiver
	30

	 
	13.16.   Attorneys Fees
	30

	 
	13.17.   Time Zone/Time Periods
	30

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	13.18.   1031 Exchange
	31

	 
	13.19.   No Personal Liability of Officers, Trustees or Directors
	31

	 
	13.20.   ADA Disclosure
	31

	 
	13.21.   No Recording
	31

	 
	13.22.   Relationship of Parties
	31

	 
	13.23.   AIMCO Marks
	32

	 
	13.24.   Non-Solicitation of Employees
	32

	 
	13.25.   Survival
	32

	 
	13.26.   Multiple Purchasers
	32

	 
	13.27.   WAIVER OF JURY TRIAL
	32

	ARTICLE XIV LEAD–BASED PAINT DISCLOSURE
	32

	 
	14.1.     Disclosure
	32

EXHIBITS AND SCHEDULES

	
		
	EXHIBITS
	 

	Exhibit A
	Legal Description

	Exhibit B
	Form of Special Warranty Deed

	Exhibit C
	Form of Bill of Sale

	Exhibit D
	Form of General Assignment and Assumption

	Exhibit E
	Form of Assignment and Assumption of Leases and Security Deposits

	Exhibit F
	Form of Notice to Vendor Regarding Termination of Contract

	Exhibit G
	Form of Tenant Notification

	Exhibit H
	Form of Lead Paint Disclosure

	 
	 

	SCHEDULES
	 

	Schedule 1
	Defined Terms

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PURCHASE AND SALE CONTRACT
THIS PURCHASE AND SALE CONTRACT (this “Contract”) is entered into as of the 28th day of August, 2014 (the “Effective Date”), by and between NATIONAL PROPERTY INVESTORS 6, a California limited partnership, having an address at 4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado 80237 (“Seller”), and DRA FUND VIII LLC, a Delaware limited liability company, having a principal address at 220 East 42nd Street, 27th Floor, New York, New York 10017 (“Purchaser”).
NOW, THEREFORE, in consideration of mutual covenants set forth herein, Seller and Purchaser hereby agree as follows:
RECITALS

A.    Seller owns the real estate located in Towson, Baltimore County, Maryland, as more particularly described in Exhibit A attached hereto and made a part hereof, and the improvements thereon, commonly known as Colony at Kenilworth Apartments.
B.    Purchaser desires to purchase, and Seller desires to sell, such land, improvements and certain associated property, on the terms and conditions set forth below.
ARTICLE IDEFINED TERMS
Unless otherwise defined herein, any term with its initial letter capitalized in this Contract shall have the meaning set forth in Schedule 1 attached hereto and made a part hereof. 
ARTICLE II
PURCHASE AND SALE, PURCHASE PRICE & DEPOSIT

2.1.    Purchase and Sale.  Seller agrees to sell and convey the Property to Purchaser and Purchaser agrees to purchase the Property from Seller, all in accordance with the terms and conditions set forth in this Contract.
2.2.    Purchase Price and Deposit.  The total purchase price (“Purchase Price”) for the Property shall be an amount equal to $46,010,000.00, payable by Purchaser, as follows:
2.2.1.    Within 2 Business Days following the Effective Date, Purchaser shall deliver to Stewart Title Guaranty Company, 1980 Post Oak Boulevard, Suite 610, Houston, Texas, 77056, Attn: Ms. Wendy Howell (“Escrow Agent” or “Title Insurer”) an initial deposit (together with the Adjournment Deposit, if any, the “Deposit”) of $1,000,000.00 by wire transfer of immediately available funds (“Good Funds”).  
2.2.2.    [intentionally omitted]
2.2.3.    The balance of the Purchase Price for the Property shall be paid to and received by Escrow Agent by wire transfer of Good Funds no later than 3:00 p.m. on the Closing 

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Date (subject to any earlier wire deadline imposed by the holder of the Note in connection with the Loan Payoff).
2.3.    Escrow Provisions Regarding Deposit.
2.3.1.    Escrow Agent shall hold the Deposit and make delivery of the Deposit to the party entitled thereto under the terms of this Contract.  Escrow Agent shall invest the Deposit in an FDIC-insured, interest-bearing bank account or FDIC-insured money market fund reasonably approved by Purchaser and Seller, and all interest and income thereon shall become part of the Deposit and shall be remitted to the party entitled to the Deposit pursuant to this Contract.
2.3.2.    Escrow Agent shall hold and apply the Deposit in strict accordance with the terms of this Contract.  The tax identification numbers of the parties shall be furnished to Escrow Agent upon request.
2.3.3.    Except for the return of the Deposit to Purchaser as a result of Purchaser exercising its termination right under Section 3.2 below (in which event Escrow Agent shall promptly release the Deposit to Purchaser on demand for any or no reason at all), if prior to the Closing Date either party makes a written demand upon Escrow Agent for payment of the Deposit, Escrow Agent shall give written notice to the other party of such demand.  If Escrow Agent does not receive a written objection from the other party to the proposed payment within 5 Business Days after the giving of such notice, Escrow Agent is hereby authorized to make such payment.  If Escrow Agent does receive such written objection within such 5-Business Day period, Escrow Agent shall continue to hold such amount until otherwise directed by written instructions from the parties to this Contract or a final judgment or arbitrator’s decision.  However, Escrow Agent shall have the right at any time to deliver the Deposit and interest thereon, if any, with a court of competent jurisdiction in the state in which the Property is located.  Escrow Agent shall give written notice of such deposit to Seller and Purchaser.  Upon such deposit, Escrow Agent shall be relieved and discharged of all further obligations and responsibilities hereunder.  Any return of the Deposit to Purchaser provided for in this Contract shall be subject to Purchaser’s obligations set forth in Section 3.5.2.
2.3.4.    The parties acknowledge that Escrow Agent is acting solely as a stakeholder at their request and for their convenience, and that Escrow Agent shall not be deemed to be the agent of either of the parties and shall not be liable for any act or omission on its part unless taken or suffered in bad faith in willful disregard of this Contract or involving gross negligence.  Seller and Purchaser jointly and severally shall indemnify and hold Escrow Agent harmless from and against all costs, claims and expenses, including reasonable attorney’s fees, incurred in connection with the performance of Escrow Agent’s duties hereunder, except with respect to actions or omissions taken or suffered by Escrow Agent in bad faith, in willful disregard of this Contract or involving gross negligence on the part of the Escrow Agent.
2.3.5.    The parties shall deliver to Escrow Agent an executed copy of this Contract.  Escrow Agent shall execute the signature page for Escrow Agent attached hereto which shall confirm Escrow Agent’s agreement to comply with the terms of Seller’s closing instruction letter delivered at Closing and the provisions of this Section 2.3.

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2.3.6.    Escrow Agent, as the person responsible for closing the transaction within the meaning of Section 6045(e)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), shall file all necessary information, reports, returns, and statements regarding the transaction required by the Code including, but not limited to, the tax reports required pursuant to Section 6045 of the Code.  Further, Escrow Agent agrees to indemnify and hold Purchaser, Seller, and their respective attorneys and brokers harmless from and against any Losses resulting from Escrow Agent’s failure to file the reports Escrow Agent is required to file pursuant to this section.

ARTICLE III
FEASIBILITY PERIOD

3.1.    Feasibility Period.  Subject to the terms of Sections 3.3 and 3.4 and the rights of Tenants under the Leases, from the Effective Date to and including October 15, 2014 (the “Feasibility Period”), Purchaser, and its agents, contractors, engineers, surveyors, attorneys, and employees (collectively, “Consultants”) shall, at no cost or expense to Seller, have the right from time to time to enter onto the Property to conduct and make any and all customary studies, tests, examinations, inquiries, inspections and investigations  of or concerning the Property, review the Materials and otherwise confirm any and all matters which Purchaser may reasonably desire to confirm with respect to the Property and Purchaser’s intended use thereof (collectively, the “Inspections”).
3.2.    Expiration of Feasibility Period.  If for any reason (including without limitation any of the matters investigated pursuant to  Section 3.1 or for any title or survey matters), or for no reason whatsoever, Purchaser desires to terminate this Contract in Purchaser’s sole and absolute discretion, then Purchaser shall have the right to terminate this Contract by giving written notice to that effect to Seller and Escrow Agent no later than 5:00 p.m. on or before the date of expiration of the Feasibility Period.  If Purchaser provides such notice, this Contract shall terminate and be of no further force and effect subject to and except for the Survival Provisions, and Escrow Agent shall return the Deposit to Purchaser.  If Purchaser fails to provide Seller with written notice of termination prior to the expiration of the Feasibility Period, Purchaser’s right to terminate under this Section 3.2 shall be permanently waived and this Contract shall remain in full force and effect, the Deposit shall be non-refundable except as otherwise expressly set forth in this Contract, and Purchaser’s obligation to purchase the Property shall be conditional only as provided in Section 8.1.
3.3.    Conduct of Investigation.  Purchaser shall not permit any mechanics’ or materialmen’s liens or any other liens to attach to the Property by reason of the performance of any work or the purchase of any materials by Purchaser or any other party in connection with any Inspections conducted by or for Purchaser.  Purchaser shall give reasonable advance notice to Seller prior to any entry onto the Property and shall permit Seller to have a representative present during all Inspections conducted at the Property.  Purchaser shall take all reasonable actions and implement all protections necessary to ensure that all actions taken in connection with the Inspections, and all equipment, materials and substances generated, used or brought onto the Property pose no material threat to the safety of persons, property or the environment.  

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3.4.    Purchaser Indemnification.
3.4.1.    Purchaser shall indemnify, hold harmless and, if requested by Seller (in Seller’s sole discretion), defend (with counsel approved by Seller) Seller, together with Seller’s affiliates, parent and subsidiary entities, successors, assigns, partners, managers, members, employees, officers, directors, trustees, shareholders, counsel, representatives, agents, Property Manager, Regional Property Manager, and AIMCO (collectively, including Seller, “Seller’s Indemnified Parties”), from and against any and all damages, mechanics’ liens, materialmen’s liens, liabilities, penalties, interest, losses, demands, actions, causes of action, claims, costs and expenses (including reasonable attorneys’ fees, including the cost of in-house counsel and appeals) (collectively, “Losses”) arising from or related to Purchaser’s or its Consultants’ entry onto the Property, and any Inspections or other acts by Purchaser or Purchaser’s Consultants with respect to the Property during the Feasibility Period or otherwise.  Purchaser shall, however, not be liable for any damages incurred by Seller resulting arising from Seller’s gross negligence, willful misconduct or breach of this Agreement or from the mere discovery by Purchaser of a pre-existing condition at or with regard to the Property; provided, however, that if Purchaser proceeds with acquisition of the Property after the expiration of the Feasibility Period, Purchaser shall accept the Property with such pre-existing condition and assume any liabilities associated therewith.
3.4.2.    Notwithstanding anything in this Contract to the contrary, Purchaser shall not be permitted to perform any invasive tests on the Property without Seller’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed.  If Purchaser desires to perform any invasive tests, Purchaser shall give prior written notice thereof to Seller, which notice shall be accompanied by a detailed description and plan of the invasive tests Purchaser desires to perform.  Further, Seller shall have the right, without limitation, to disapprove any and all entries, surveys, tests (including, without limitation, a Phase II environmental study of the Property), investigations and other matters that in Seller’s reasonable judgment could result in any material injury to the Property or breach of any material contract, or expose Seller to any Losses or violation of applicable law, or otherwise adversely affect the Property or Seller’s interest therein.  Purchaser shall, at Purchaser’s sole cost and expense, and in accordance with all applicable environmental laws, dispose of any hazardous materials which have been specifically removed from or at the Property by Purchaser or its agents, representatives, employees or designees in connection with Purchaser’s environmental studies.  Purchaser shall use reasonable efforts to minimize disruption to Tenants in connection with Purchaser’s or its Consultants’ activities pursuant to this Section.  No consent by Seller to any such activity shall be deemed to constitute a waiver by Seller or assumption of liability or risk by Seller.  Purchaser hereby agrees to restore, at Purchaser’s sole cost and expense, the Property to the same condition existing immediately prior to Purchaser’s exercise of its rights pursuant to this Article III.  Purchaser shall maintain and cause its third party consultants to maintain (a) casualty insurance and commercial general liability insurance with coverages of not less than $1,000,000.00 for injury or death to any one person and $3,000,000.00 for injury or death to more than one person and $1,000,000.00 with respect to property damage, and (b) worker’s compensation insurance for all of their respective employees in accordance with the law of the state in which the Property is located.  Purchaser shall deliver proof of the insurance coverage required pursuant to this Section 3.4.2 to Seller (in the form of a certificate of insurance) prior to Purchaser’s or Purchaser’s Consultants’ entry onto the Property.  

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3.5.    Property Materials.
3.5.1.    Within 3 Business Days after the Effective Date, and to the extent the same have not already been provided by Seller to Purchaser, Seller agrees to use reasonable efforts to deliver to Purchaser, or at Seller’s option make available at the Property, copies of such documents and information concerning the Property that are in Seller’s possession or reasonable control, other than such documents and information that Seller deems to be confidential or proprietary (collectively, the “Materials”).
3.5.2.    Except as expressly set forth in Seller’s Representations, Seller makes no representations or warranties, express, written, oral, statutory, or implied, and all such representations and warranties are hereby expressly excluded and disclaimed.  All Materials are provided for informational purposes only, and Purchaser shall not in any way be entitled to rely upon the completeness or accuracy of the Materials, and will instead in all instances rely exclusively on its own Inspections and Consultants with respect to all matters which it deems relevant to its decision to acquire, own and operate the Property.  All Materials and Third-Party Reports shall be destroyed by Purchaser if this Contract is terminated for any reason (except to the extent that digital copies may have been automatically made and stored as part of an automatic data backup protocol).
3.5.3.    Not later than 3 Business Days after the Effective Date, and to the extent the same has not already been provided by Seller to Purchaser, Seller shall deliver to Purchaser (or otherwise make available to Purchaser as provided under Section 3.5.1) the most recent rent roll for the Property, which is the rent roll Seller uses in the ordinary course of operating the Property (the “Rent Roll”).  Seller makes no representations or warranties regarding the Rent Roll other than the express representation set forth in Section 6.1.5.  
3.5.4.    Not later than 3 Business Days after the Effective Date, and to the extent the same has not already been provided by Seller to Purchaser, Seller shall deliver to Purchaser (or otherwise make available to Purchaser as provided under Section 3.5.1) a list of all current Property Contracts (the “Property Contracts List”) and a list of the current Utility Contracts.  Seller makes no representations or warranties regarding the Property Contracts List other than the express representations set forth in Section 6.1.6.
3.6.    Property Contracts and Utility Contracts.  On or before the expiration of the Feasibility Period, Purchaser may deliver written notice to Seller (the “Property Contracts and Utility Contracts Notice”) specifying any Property Contracts and Utility Contracts which Purchaser desires to terminate at the Closing (the “Terminated Contracts”); provided that (a) the effective date of such termination on or after Closing shall be subject to the express terms of such Terminated Contracts, (b) if any such Property Contract or Utility Contract cannot by its terms be terminated at Closing, it shall be assumed by Purchaser and not be a Terminated Contract, and (c) to the extent that any such Terminated Contract requires payment of a penalty, premium, or damages, including liquidated damages, for cancellation, Purchaser shall be solely responsible for the payment of any such cancellation fees, penalties or damages, including liquidated damages.  If Purchaser fails to deliver the Property Contracts and Utility Contracts Notice on or before the expiration of the Feasibility Period, then there shall be no Terminated Contracts and Purchaser shall assume all Property Contracts at the Closing.  If Purchaser delivers the Property Contracts and Utility Contracts 

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Notice to Seller on or before the expiration of the Feasibility Period, then Seller shall execute and deliver, on or before Closing, a vendor termination notice (in the form attached hereto as Exhibit F) for each Terminated Contract informing the vendor(s) of the termination of such Terminated Contract as of the Closing Date (subject to any delay in the effectiveness of such termination pursuant to the express terms of each applicable Terminated Contract) (the “Vendor Terminations”).  To the extent that any Property Contract or Utility Contract to be assigned to Purchaser requires vendor consent, then, prior to the Closing, Purchaser and Seller shall attempt to obtain from each applicable vendor a consent (each a “Required Assignment Consent”) to such assignment, and Purchaser shall indemnify, hold harmless and, if requested by Seller (in Seller’s sole discretion), defend (with counsel approved by Seller) Seller’s Indemnified Parties from and against any and all Losses arising from or related to a failure to obtain such consents.
3.7.    Inventory and Supplies.  Purchaser acknowledges that Seller has contracted with Wilmar (the “Supply Contract”) for the procurement and supply of building parts, fixtures, supplies, equipment and materials (collectively, the “Supplies”) and that pursuant to the Supply Contract, the Supplies at the Property are owned by Wilmar until actually used or put into service by Seller at the Property.  The Supply Contract may not be assumed by Purchaser but Purchaser may contact Wilmar to request a new contract for services and supplies.  Seller shall pay all fees and costs associated with terminating the Supply Contract.  If Purchaser enters into a new contract with Wilmar to be effective upon Closing, the Supplies will remain at the Property in accordance with such new contract.  If the Purchaser does not enter into a contract with Wilmar for the continuation of services and supplies from and after Closing, Purchaser acknowledges that Purchaser shall have no right to use any of the Supplies after the Closing and Wilmar will have the right to remove the Supplies from the Property within 5 days after Closing.  In any event and notwithstanding any provision of this Agreement to the contrary, no adjustments or prorations will be made at Closing for the value of any Supplies or the use thereof prior to Closing and any Supplies used after the Closing shall be at the sole cost and expense of Purchaser.
3.8.    Inventory of Fixtures and Tangible Personal Property.  Prior to the Effective Date, Seller delivered to Purchaser an inventory (the “F&PP Inventory”) of Fixtures and Tangible Personal Property located at the Property within the management offices, maintenance facilities (if any) and recreational facilities of the Property (and including a list of maintenance vehicles and equipment), but such F&PP Inventory does not include any Fixtures and Tangible Personal Property located within the apartment units which are leased at the Properties.  On or before the expiration of the Feasibility Period, Purchaser shall be responsible for (a) reviewing the F&PP Inventory, (b) inspecting the Property for accuracy of such F&PP Inventory, and (c) inspecting the apartment units at the Property to determine the Fixtures and Tangible Personal Property located therein (if any).  Seller shall modify and update the F&PP Inventory prior to Closing to account for any mutually agreed upon inaccuracies discovered by Purchaser and/or to include Fixtures and Tangible Personal Property located in the apartments units identified by Purchaser.

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ARTICLE IV
TITLE

4.1.    Title Documents.  Within 5 days after the Effective Date, Seller shall cause to be delivered to Purchaser a standard form commitment or preliminary title report (“Title Commitment”) to provide a standard American Land Title Association owner’s title insurance policy for the Land and Improvements, using the current policy jacket customarily provided by the Title Insurer, in an amount equal to the Purchase Price (the “Title Policy”), together with copies of all instruments identified as exceptions therein (together with the Title Commitment, referred to herein as the “Title Documents”).  Seller shall be responsible only for payment of the base premium for the Title Policy.  Purchaser shall be solely responsible for payment of all other costs relating to procurement of the Title Commitment, the Title Policy, and any requested endorsements.  
4.2.    Survey.  Subject to Section 3.5.2, within 3 Business Days after the Effective Date, Seller shall deliver to Purchaser any existing survey of the Property (the “Existing Survey”).  Purchaser may, at its sole cost and expense, order a new or updated survey of the Property either before or after the Effective Date (such new or updated survey, together with the Existing Survey, is referred to herein as the “Survey”).
4.3.    Objection and Response Process.  On or before the date which is 25 days after the Effective Date (the “Objection Deadline”), Purchaser shall give written notice (the “Objection Notice”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the “Objections”).  If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey.  On or before 28 days after the Effective Date (the “Response Deadline”), Seller may, in Seller’s sole discretion, give Purchaser notice (the “Response Notice”) of those Objections which Seller is willing to cure, if any.  Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed 30 days in the aggregate; provided, however, that Seller may not adjourn the Closing Date beyond the day that Purchaser’s lender’s commitment to provide financing expires.  If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice.  If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2.  If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
4.4.    Permitted Exceptions.  The Deed delivered pursuant to this Contract shall convey good and marketable title to the Property, insured by the Title Company at its regular rates for regular risks pursuant to the standard stipulations and conditions of a standard American Land Title Association owner’s title insurance policy in the form customarily issued by Title Company in the State of Maryland, subject only to the following, all of which shall be deemed “Permitted Exceptions”:

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4.4.1.    All matters shown in the Title Documents and the Survey, other than (a) those Objections, if any, which Seller has agreed to cure pursuant to the Response Notice under Section 4.3, (b) mechanics’ liens and taxes due and payable with respect to the period preceding Closing, (c) the standard exception regarding the rights of parties in possession, which shall be modified to be limited to those parties in possession pursuant to the Leases, and (d) the standard exception pertaining to taxes and assessments, which shall be limited to taxes and assessments not yet due and payable as of the Closing Date; 
4.4.2.    All Leases;
4.4.3.    Applicable zoning and governmental regulations and ordinances;
4.4.4.    Any defects in or objections to title to the Property, or title exceptions or encumbrances, arising by, through or under Purchaser.
4.5.    Existing Deed of Trust and Monetary Liens.  It is understood and agreed that, whether or not Purchaser gives an Objection Notice with respect thereto, any deeds of trust and/or mortgages which secure the Note (collectively, the “Deed of Trust”) and any other monetary liens for up to $100,000.00 shall not be deemed Permitted Exceptions, whether Purchaser gives further written notice of such or not, and shall be paid off, satisfied, discharged and/or cured from proceeds of the Purchase Price at Closing.
4.6.    Subsequently Disclosed Exceptions.  If at any time after the expiration of the Feasibility Period, any update to the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the Property which was not disclosed on any version of or update to the Title Commitment delivered to Purchaser during the Feasibility Period (the “New Exception”), Purchaser shall have a period of 5 days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify Seller in writing of Purchaser’s approval or disapproval of the New Exception.  If Purchaser disapproves of the New Exception, Seller may, in Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception.  If Seller elects to cure the New Exception, Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception, not to exceed 30 days in the aggregate; provided, however, that Seller may not adjourn the Closing Date beyond the day that Purchaser’s lender’s commitment to provide financing expires.  If Seller fails to deliver a notice to Purchaser within 3 days after the expiration of the New Exception Review Period, Seller shall be deemed to have elected not to cure the New Exception.  If Purchaser is dissatisfied with Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either:  (i) to terminate this Contract, in which event the Deposit shall be promptly returned to Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception.  If Purchaser fails to notify Seller of its election to terminate this Contract in accordance with the foregoing sentence within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception.

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4.7.    Purchaser Financing.  Purchaser assumes full responsibility to obtain the funds required for settlement, and Purchaser’s acquisition of such funds shall not be a contingency to the Closing.
4.8.    Housing Assistance Program Vouchers.  If there are any tenants with HAP Tenant Based Voucher Contracts, Purchaser acknowledges that the HAP Tenant Based Voucher Contract(s) require(s) the satisfaction by Purchaser of certain requirements as set forth therein and established by the local housing authorities (collectively, the “Housing Authority”) to allow for the assumption of the HAP Tenant Based Voucher Contract(s), Purchaser agrees that, at the Closing, either (a) Purchaser shall assume all obligations under the HAP Tenant Based Voucher Contract(s) and accept title to the applicable Property subject to the same, or (b) the existing HAP Tenant Based Voucher Contract(s) shall be terminated, and Purchaser shall enter into replacement HAP Tenant Based Voucher Contract(s) which are acceptable to the Housing Authority (collectively, the foregoing (a) and (b) referred to herein as the “HAP Tenant Based Voucher Assumption”).  
 
ARTICLE V
CLOSING

5.1.    Closing Date.  The Closing shall occur on October 30, 2014 (the “Closing Date”) through an escrow with Escrow Agent, whereby Seller, Purchaser and their attorneys need not be physically present at the Closing and may deliver documents by overnight air courier or other means.  Notwithstanding the foregoing, Seller or Purchaser, upon written notice to the other party (the “Adjournment Notice”) on or before the date that is 5 days prior to the scheduled Closing Date, shall have a one-time right to adjourn the Closing for (i) a period of up to 15 days following the scheduled Closing Date or (ii) the number of days required to extend the Closing Date to the last Business Day of the month in which the Closing Date otherwise would occur, time being of the essence, provided that such Adjournment Notice shall set forth the new Closing Date.  No such extension of the Closing Date shall extend the Closing beyond the outside date for closing under Purchaser’s loan commitment from its lender.  Simultaneously with Purchaser’s sending of such Adjournment Notice to Seller, Purchaser shall deposit with Escrow Agent an additional non-refundable deposit of $500,000.00, which shall be added to and become a part of the Deposit and shall be disbursed by Escrow Agent in accordance with the provisions hereof governing the Deposit.

5.2.    Seller Closing Deliveries.  Except for the closing statement which shall be delivered on or before the Closing Date, Seller shall deliver to Escrow Agent, each of the following items no later than 1 Business Day prior to the Closing Date:
5.2.1.    One original of a Special Warranty Deed (the “Deed”) in the form attached as Exhibit B to Purchaser, subject to the Permitted Exceptions, executed by Seller.
5.2.2.    Four originals of a Bill of Sale in the form attached as Exhibit C, executed by Seller.
5.2.3.    Four originals of a General Assignment in the form attached as Exhibit D (the “General Assignment”), executed by Seller.

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5.2.4.    Four originals of an Assignment of Leases and Security Deposits in the form attached as Exhibit E (the “Leases Assignment”), executed by Seller.
5.2.5.    Seller’s counterpart signature to the closing statement prepared by Title Insurer.
5.2.6.    A title affidavit or an indemnity form reasonably acceptable to Seller, executed by Seller, which is sufficient to enable Title Insurer to delete the standard pre-printed exceptions to the title insurance policy to be issued pursuant to the Title Commitment.
5.2.7.    A certification of Seller’s non-foreign status pursuant to Section 1445 of the Internal Revenue Code of 1986, as amended, executed by Seller.
5.2.8.    Resolutions, certificates of good standing, and such other organizational documents as Title Insurer shall reasonably require evidencing Seller’s authority to consummate this transaction.
5.2.9.    An updated Rent Roll effective as of a date no more than 3 Business Days prior to the Closing Date; provided, however, that the content of such updated Rent Roll shall in no event expand or modify the conditions to Purchaser’s obligation to close as specified under Section 8.1.
5.2.10.    An updated Property Contracts List effective as of a date no more than 3 Business Days prior to the Closing Date; provided, however, that the content of such updated Property Contracts List shall in no event expand or modify the conditions to Purchaser’s obligation to close as specified under Section 8.1.
5.2.11.    Such notices, transfer disclosures, affidavits or other similar documents that are required by applicable laws to be executed by Seller or otherwise reasonably necessary in order to consummate the transactions contemplated under terms of the Contract.
5.2.12.    Any necessary state, county or local governmental transfer tax forms or returns.
5.2.13.    Proof of termination of any property management or leasing agreement related to the Property.
5.3.    Purchaser Closing Deliveries.  Except for: (i) the closing statement which shall be delivered on or before the Closing Date, and (ii) the balance of the Purchase Price which is to be delivered at the time specified in Section 2.2.3, Purchaser shall deliver to Escrow Agent, each of the following items no later than 1 Business Day prior to the Closing Date:
5.3.1.    The full Purchase Price (with credit for the Deposit), plus or minus the adjustments or prorations required by this Contract.
5.3.2.    Purchaser’s counterpart signature to the closing statement prepared by Title Insurer.

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5.3.3.    Four countersigned counterparts of the General Assignment.
5.3.4.    Four countersigned counterparts of the Leases Assignment.
5.3.5.    Notification letters to all Tenants prepared and executed by Purchaser in the form attached hereto as Exhibit G, which shall be delivered to all Tenants by Purchaser immediately after Closing.  
5.3.6.    Any cancellation fees or penalties due to any vendor under any Terminated Contract as a result of the termination thereof.
5.3.7.    Any necessary state, county or local governmental transfer tax forms or returns.
5.3.8.    Resolutions, certificates of good standing, and such other organizational documents as Title Insurer shall reasonably require evidencing Purchaser’s authority to consummate this transaction.
5.3.9.    Such notices, transfer disclosures, affidavits or other similar documents that are required by applicable law to be executed by Purchaser or otherwise reasonably necessary in order to consummate the transactions contemplated under this Contract.
5.4.    Closing Prorations and Adjustments.
5.4.1.    General.  All normal and customarily proratable items, including, without limitation, collected rents, operating expenses, personal property taxes, other operating expenses and fees, shall be prorated as of the Closing Date, Seller being charged or credited, as appropriate, for all of same attributable to the period up to the Closing Date (and credited for any amounts paid by Seller attributable to the period on or after the Closing Date, if assumed by Purchaser) and Purchaser being responsible for, and credited or charged, as the case may be, for all of the same attributable to the period on and after the Closing Date.  Seller shall prepare a proration schedule (the “Proration Schedule”) of the adjustments described in this Section 5.4 prior to Closing and shall use good faith efforts to deliver such Proration Schedule 2 days prior to Closing.
5.4.2.    Operating Expenses.  All of the operating, maintenance, taxes (other than real estate taxes), and other expenses incurred in operating the Property that Seller customarily pays, and any other costs incurred in the ordinary course of business for the management and operation of the Property, shall be prorated on an accrual basis.  Seller shall pay all such expenses that accrue prior to the Closing Date and Purchaser shall pay all such expenses that accrue from and after the Closing Date.  For the avoidance of all doubt, there shall be no proration of expenses relating to employee payroll, management fees (or other expenses) payable under Seller’s property management agreement to be terminated at Closing, or Property Contracts not assumed by Purchaser.
5.4.3.    Utilities.  The final readings and final billings for utilities will be made if possible as of the Closing Date, in which case Seller shall pay all such bills as of the Closing Date and no proration shall be made at the Closing with respect to utility bills.  Otherwise, a proration 

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shall be made based upon the parties’ reasonable good faith estimate.  Seller shall be entitled to the return of any deposit(s) posted by it with any utility company, and Seller shall notify each utility company serving the Property to terminate Seller’s account, effective as of noon on the Closing Date.  Seller shall have no responsibility or liability for Purchaser’s failure to arrange utility service for the Property as of the Closing Date.  Purchaser shall indemnify, hold harmless and, if requested by Seller (in Seller’s sole discretion), defend (with counsel approved by Seller) Seller’s Indemnified Parties from and against any and all Losses arising from or related to Purchaser’s failure to arrange utility service as of the Closing Date.
5.4.4.    Real Estate Taxes.  Any real estate ad valorem or similar taxes for the Property, or any installment of assessments payable in installments which installment is payable in the calendar year of Closing, shall be prorated to the date of Closing, based upon actual days involved.  The proration of real property taxes or installments of assessments shall be based upon the assessed valuation and tax rate figures (assuming payment at the earliest time to allow for the maximum possible discount) for the year in which the Closing occurs to the extent the same are available; provided, however, that in the event that actual figures (whether for the assessed value of the Property or for the tax rate) for the year of Closing are not available at the Closing Date, the proration shall be made using figures from the preceding year (assuming payment at the earliest time to allow for the maximum possible discount).  The proration of real property taxes or installments of assessments shall be final and not subject to re-adjustment after Closing.  
5.4.5.    Property Contracts.  Purchaser shall assume at Closing the obligations under the Property Contracts assumed by Purchaser; however, operating expenses shall be prorated under Section 5.4.2.  Notwithstanding the foregoing, Seller shall be entitled to retain 20% of any unamortized "upfront" or "bonus" fees payable to the property owner before or upon contract commencement under any telecommunication tenant-marketed/bulk services Property Contract.  The remainder of any such unamortized fees shall be credited to Purchaser at Closing.  Such fees shall be amortized over the initial term of the applicable Property Contract (not including any extension or renewal options).  For purposes of illustration only, if Seller received a $10,000 upfront bonus on a 5 year bulk services Property Contract, and the Closing occurs on the fourth anniversary of such Property Contract, the unamortized amount to be prorated shall be $2,000, of which Seller shall retain $400 and Purchaser shall be credited $1,600.
5.4.6.    Leases.
5.4.6.1    All collected rent (whether fixed monthly rentals, additional rentals, escalation rentals, retroactive rentals, operating cost pass-throughs or other sums and charges payable by Tenants under the Leases), income and expenses from any portion of the Property shall be prorated as of the Closing Date.  Purchaser shall receive all collected rent and income attributable to dates from and after the Closing Date.  Seller shall receive all collected rent and income attributable to dates prior to the Closing Date.  In addition, with respect to the rebilling contract for the Property, Seller shall receive a credit at Closing equal to the one month average of the amount of the monthly utility bill associated with the Property for the preceding 12 months, plus a credit for the prorated portion of the month of Closing, less a 5% discount on such amount.  Notwithstanding the foregoing, no prorations shall be made in relation to either (a) non-delinquent rents which have not been 

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collected as of the Closing Date, or (b) delinquent rents existing, if any, as of the Closing Date (the foregoing (a) and (b) referred to herein as the “Uncollected Rents”).  In adjusting for Uncollected Rents, no adjustments shall be made in Seller’s favor for rents which have accrued and are unpaid as of the Closing, but Purchaser shall pay Seller all Uncollected Rents actually collected after Closing on or before 90 days after Closing.  For a period of 90 days following Closing, Purchaser agrees to bill Tenants of the Property for all Uncollected Rents and to take reasonable actions (which shall not include an obligation to commence legal action) to collect Uncollected Rents.  Notwithstanding the foregoing, Purchaser’s obligation to collect Uncollected Rents shall be limited to Uncollected Rents of not more than 90 days past due, and Purchaser’s collection of rents shall be applied, first, towards current rent due and owing under the Leases, second, to Purchaser’s reasonable third-party costs of such collection, and third, to Uncollected Rents.  After the Closing, Seller shall continue to have the right, but not the obligation, in its own name, to demand payment of and to collect Uncollected Rents owed to Seller by any Tenant, which right shall include, without limitation, the right to continue or commence legal actions or proceedings against any Tenant and the delivery of the Leases Assignment shall not constitute a waiver by Seller of such right; provided however, that the foregoing right of Seller shall be limited to actions seeking monetary damages and, in no event, shall Seller seek to evict any Tenants in any action to collect Uncollected Rents.  Purchaser agrees to reasonably cooperate with Seller in connection with all efforts by Seller to collect such Uncollected Rents and to take all steps, whether before or after the Closing Date, as may be necessary to carry out the intention of the foregoing; provided, however, that Purchaser’s obligation to reasonably cooperate with Seller pursuant to this sentence shall not obligate Purchaser to terminate any Tenant lease with an existing Tenant or evict any existing Tenant from the Property.
5.4.6.2    At Closing, Purchaser shall receive a credit against the Purchase Price in an amount equal to the received and unapplied balance of all cash (or cash equivalent) Tenant Deposits, including, but not limited to, security, damage, pet or other refundable deposits paid by any of the Tenants to secure their respective obligations under the Leases, together, in all cases, with any interest payable to the Tenants thereunder as may be required by their respective Tenant Lease or state law (the “Tenant Security Deposit Balance”).  Any cash (or cash equivalents) held by Seller which constitutes the Tenant Security Deposit Balance shall be retained by Seller in exchange for the foregoing credit against the Purchase Price and shall not be transferred by Seller pursuant to this Contract (or any of the documents delivered at Closing), but the obligation with respect to the Tenant Security Deposit Balance nonetheless shall be assumed by Purchaser.  The Tenant Security Deposit Balance shall not include any non-refundable deposits or fees paid by Tenants to Seller, either pursuant to the Leases or otherwise.
5.4.6.3    To the extent there exist on the Closing Date any free rentals respecting any of the Leases or any Tenants have paid any amounts under a Lease more than one month in advance, Purchaser shall be entitled to a credit in the full amount thereof against the Purchase Price.
5.4.7.    Insurance.  No proration shall be made in relation to insurance premiums and insurance policies will not be assigned to Purchaser.  Seller shall have the risk of loss of the Property until 11:59 p.m. the day prior to Closing Date (“Risk of Loss Transfer”), after which time 

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the risk of loss shall pass to Purchaser and Purchaser shall be responsible for obtaining its own insurance thereafter.
5.4.8.    Employees.  All of Seller’s and Seller’s manager’s on-site employees shall have their employment at the Property terminated as of the Closing Date.
5.4.9.    Closing Costs.  Purchaser shall pay any premiums or fees required to be paid by Purchaser with respect to the Title Policy pursuant to Section 4.1 and one-half of any transfer, sales, use, gross receipts or similar taxes on the transfer of the Property and one-half of the customary closing costs of the Escrow Agent.  Seller shall pay the base premium for the Title Policy to the extent required by Section 4.1, the cost of recording any instruments required to discharge any liens or encumbrances against the Property not caused by Purchaser’s actions, and one-half of any transfer, sales, use, gross receipts or similar taxes on the transfer of the Property and one-half of the customary closing costs of the Escrow Agent.  
5.4.10.    Utility Contracts.   Purchaser shall assume at Closing the obligations under any Utility Contracts not terminated by Purchaser in accordance with Section 3.6.
5.4.11.    Insurance Proceeds.  If there is a casualty at the Property that occurs prior to the Closing Date and Seller assigns such insurance to Purchaser, the amount of any deductible under the applicable insurance policy shall be charged to Seller.
5.4.12.    Possession.  Possession of the Property, subject to the Leases, Property Contracts, and Utility Contracts, other than Terminated Contracts, and Permitted Exceptions, shall be delivered to Purchaser at the Closing upon release from escrow of all items to be delivered by Purchaser pursuant to Section 5.3.  To the extent reasonably available to Seller, originals or copies of the Leases, Property Contracts, Utility Contracts and lease files, warranties, guaranties, operating manuals, keys to the property, and Seller’s books and records (other than proprietary information) (collectively, “Seller’s Property-Related Files and Records”) regarding the Property shall be made available to Purchaser at the Property after the Closing.  Purchaser agrees, for a period of not less than two (2) years after the Closing (the “Records Hold Period”), to (a) provide and allow Seller reasonable access to Seller’s Property-Related Files and Records that are in Purchaser’s possession for purposes of inspection and copying thereof, and (b) use commercially reasonable efforts to maintain and preserve Seller’s Property-Related Files and Records.  If at any time after the Records Hold Period, Purchaser desires to dispose of Seller’s Property-Related Files and Records, Purchaser must first provide Seller prior written notice (the “Records Disposal Notice”).  Seller shall have a period of 30 days after receipt of the Records Disposal Notice to enter the Property (or such other location where such records are then stored) and remove or copy those of Seller’s Property-Related Files and Records that Seller desires to retain.  
5.4.13.    Loan Fees.  To the extent that Seller’s prepayment penalty, payoff fee or other costs associated with the payoff of the Note are reduced by reason of Purchaser borrowing funds from the same lender as the lender holding the Note, 50% of any such savings shall be credited to Purchaser at Closing.

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5.5.    Post Closing Adjustments.  Purchaser or Seller may request that Purchaser and Seller undertake to re-adjust any item described in Section 5.4 and/or on the Proration Schedule (or any item omitted therefrom), with the exception of real property taxes which shall be final and not subject to readjustment, in accordance with the provisions of Section 5.4 of this Contract; provided, however, that neither party shall have any obligation to re-adjust any items (a) after the expiration of 90 days after Closing, or (b) subject to such 90-day period, unless such items exceed $5,000.00 in the aggregate.         
ARTICLE VI
REPRESENTATIONS AND WARRANTIES OF SELLER AND PURCHASER

6.1.    Seller’s Representations.  Except, in all cases, for any fact, information or condition disclosed in the Title Documents, the Permitted Exceptions, the Property Contracts, or the Materials, or which is otherwise known by Purchaser prior to the Closing, Seller represents and warrants to Purchaser the following (collectively, the “Seller’s Representations”) as of the Effective Date and as of the Closing Date; provided that Purchaser’s remedies if any such Seller’s Representations are untrue as of the Closing Date are limited to those set forth in Section 8.1.
6.1.1.    Seller is validly existing and in good standing under the laws of the state of its formation set forth in the initial paragraph of this Contract; and, subject to Section 8.2.5 has or at the Closing shall have the entity power and authority to sell and convey the Property and to execute the documents to be executed by Seller and prior to the Closing will have taken as applicable, all corporate, partnership, limited liability company or equivalent entity actions required for the execution and delivery of this Contract, and the consummation of the transactions contemplated by this Contract.  The compliance with or fulfillment of the terms and conditions hereof will not conflict with, or result in a breach of, the terms, conditions or provisions of, or constitute a default under, any contract to which Seller is a party or by which Seller is otherwise bound, which conflict, breach or default would have a material adverse effect on Seller’s ability to consummate the transaction contemplated by this Contract or on the Property.  Subject to Section 8.2.5, this Contract is a valid and binding agreement against Seller in accordance with its terms;
6.1.2.    Seller is not a “foreign person,” as that term is used and defined in the Internal Revenue Code, Section 1445, as amended;
6.1.3.    Except as disclosed to Purchaser as part of the Materials and based solely on a search of Seller’s internal litigation database, there are no material actions, proceedings, litigation or governmental investigations or condemnation actions either pending or threatened in writing against the Property;
6.1.4.    To Seller’s knowledge, Seller has not received any written notice of any material default by Seller under any of the Property Contracts that will not be terminated on the Closing Date.
6.1.5.    To Seller’s knowledge, the Rent Roll (as updated pursuant to Section 5.2.9) is accurate in all material respects.  The Rent Roll is the same as used in Seller’s ordinary course of business in operating the Property.  To Seller’s knowledge, there are no oral or written leases or 

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rights of occupancy for any portion of the Property other than the Leases described on the Rent Roll.  To Seller’s knowledge, there is not now, and has not been in the past, an organized rent strike by the Tenants or any joint action by a tenant group to withhold rent from Seller.
6.1.6.    To Seller’s knowledge, the Property Contracts List (as updated pursuant to Section 5.2.10) is accurate in all material respects. 
6.1.7.    To Seller’s knowledge, there is no condemnation proceeding either instituted or threatened pertaining to the Property.
6.1.8.    Seller is not the subject debtor under any federal, state or local bankruptcy or insolvency proceeding, or any other proceeding for dissolution, liquidation or winding up of its assets.  
6.1.9.    To Seller's knowledge, Seller has not received any written notice from a governmental agency of any uncured material violations of any federal, state, county or municipal law, ordinance, order, regulation or requirement affecting the Property.
6.1.10.    Seller has not granted any option, right of first refusal or similar right in favor of any person to purchase or otherwise acquire the Property, any portion thereof or any interest therein, which will survive the Closing. 
6.1.11.    The operating statements provided as part of the Materials are the operating statements used by Seller in the ordinary course of its business.
6.1.12.    Seller is not a Prohibited Person.
6.1.13.    To Seller’s knowledge, except for third party persons who hold direct or indirect ownership interests in Seller, none of Seller’s affiliates or parent entities is a Prohibited Person.
6.1.14.    To Seller’s knowledge, except for third party persons who hold direct or indirect ownership interests in Seller, the Property is not the property of or beneficially owned by a Prohibited Person.
6.1.15.    To Seller’s knowledge, except for third party persons who hold direct or indirect ownership interests in Seller, the Property is not the proceeds of specified unlawful activity as defined in 18 U.S.C. §1956(c)(7).
6.1.16.    As of Closing, Seller shall have no employees.
6.1.17.    All environmental reports or property condition reports prepared by a third party environmental or engineering consultant and in the possession of Seller shall be included as part of the Materials made available to Purchaser.
6.1.18.    To Seller’s knowledge, there are not now presently pending any special assessments with respect to any portion of the Property.

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6.2.    AS-IS.  Except as otherwise expressly set forth in Seller’s Representations:
6.2.1.    The Property is expressly purchased and sold “AS IS,” “WHERE IS,” and “WITH ALL FAULTS.”
6.2.2.    The Purchase Price and the terms and conditions set forth herein are the result of arm’s-length bargaining between entities familiar with transactions of this kind, and said price, terms and conditions reflect the fact that Purchaser shall have the benefit of, but is not relying upon, any information provided by Seller or Broker or statements, representations or warranties, express or implied, made by or enforceable directly against Seller or Broker, including, without limitation, any relating to the value of the Property, the physical or environmental condition of the Property, any state, federal, county or local law, ordinance, order or permit; or the suitability, compliance or lack of compliance of the Property with any regulation, or any other attribute or matter of or relating to the Property (other than any covenants of title contained in the Deed conveying the Property and Seller’s Representations).  Purchaser agrees that Seller shall not be responsible or liable to Purchaser for any defects, errors or omissions in the Materials, or on account of any conditions affecting the Property.
6.2.3.    Purchaser, its successors and assigns, and anyone claiming by, through or under Purchaser, hereby fully releases Seller’s Indemnified Parties from, and irrevocably waives its right to maintain, any and all claims and causes of action that it or they may now have or hereafter acquire against Seller’s Indemnified Parties with respect to any and all Losses arising from or related to any defects, errors, omissions in the Materials.
6.2.4.    Purchaser represents and warrants that, as of the date hereof and as of the Closing Date, it has and shall have reviewed and conducted such independent analyses, studies (including, without limitation, environmental studies and analyses concerning the presence of lead, asbestos, water intrusion and/or fungal growth and any resulting damage, PCBs and radon in and about the Property), reports, investigations and inspections as it deems appropriate in connection with the Property.  If Seller  provides or has provided any documents, summaries, opinions or work product of consultants, surveyors, architects, engineers, title companies, governmental authorities or any other person or entity with respect to the Property, including, without limitation, the offering prepared by Broker, Purchaser and Seller agree that Seller has done so or shall do so only for the convenience of both parties, Purchaser shall not rely thereon and the reliance by Purchaser upon any such documents, summaries, opinions or work product shall not create or give rise to any liability of or against Seller’s Indemnified Parties.  Purchaser acknowledges and agrees that no representation has been made and no responsibility is assumed by Seller with respect to current and future applicable zoning or building code requirements or the compliance of the Property with any other laws, rules, ordinances or regulations, the financial earning capacity or expense history of the Property, the continuation of contracts, continued occupancy levels of the Property, or any part thereof, or the continued occupancy by tenants of any Leases or, without limiting any of the foregoing, occupancy at Closing.
6.2.5.    Prior to Closing, Seller shall have the right, but not the obligation, to enforce its rights against any and all Property occupants, guests or tenants.  Purchaser agrees that the departure or removal, prior to Closing, of any of such guests, occupants or tenants shall not be the 

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basis for, nor shall it give rise to, any claim on the part of Purchaser, nor shall it affect the obligations of Purchaser under this Contract in any manner whatsoever; and Purchaser shall close title and accept delivery of the Deed with or without such tenants in possession and without any allowance or reduction in the Purchase Price under this Contract.
6.3.    Survival of Seller’s Representations.  Seller and Purchaser agree that Seller’s Representations shall survive Closing for a period of 9 months (the “Survival Period”).  Seller shall have no liability after the Survival Period with respect to Seller’s Representations contained herein except to the extent that Purchaser has initiated litigation against Seller during the Survival Period for breach of any of Seller’s Representations.  Under no circumstances shall Seller be liable to Purchaser for more than $850,000 in any individual instance or in the aggregate for all breaches of Seller’s Representations, nor shall Purchaser be entitled to bring any claim for a breach of Seller’s Representations unless the claim for damages (either in the aggregate or as to any individual claim) by Purchaser exceeds $5,000.  In the event that Seller breaches any representation contained in Section 6.1 and Purchaser had actual knowledge of such breach prior to the Closing Date, and elected to close regardless, Purchaser shall be deemed to have waived any right of recovery, and Seller shall not have any liability in connection therewith.
6.4.    Definition of Seller’s Knowledge.  Any representations and warranties made “to the knowledge of Seller” shall not be deemed to imply any duty of inquiry.  For purposes of this Contract, the term Seller’s “knowledge” shall mean and refer only to actual knowledge of the Regional Property Manager and the Community Manager and shall not be construed to refer to the knowledge of any other partner, officer, director, agent, employee or representative of Seller, or any affiliate of Seller, or to impose upon such Regional Property Manager and Community Manager any duty to investigate the matter to which such actual knowledge or the absence thereof pertains, or to impose upon such Regional Property Manager and Community Manager any individual personal liability.  As used herein, the term “Regional Property Manager” shall refer to Jason Kessler who is the regional property manager handling this Property and the term “Community Manager” shall refer to Rebecca Kiefer who is the community manager handling this Property.
6.5.    Representations and Warranties of Purchaser.  For the purpose of inducing Seller to enter into this Contract and to consummate the sale and purchase of the Property in accordance herewith, Purchaser represents and warrants to Seller the following as of the Effective Date and as of the Closing Date:
6.5.1.    Purchaser is a limited liability company duly organized, validly existing and in good standing under the laws of Delaware.
6.5.2.    Purchaser, acting through any of its or their duly empowered and authorized officers or members, has all necessary entity power and authority to own and use its properties and to transact the business in which it is engaged, and has full power and authority to enter into this Contract, to execute and deliver the documents and instruments required of Purchaser herein, and to perform its obligations hereunder; and no consent of any of Purchaser’s partners, directors, officers or members are required to so empower or authorize Purchaser.  The compliance with or fulfillment of the terms and conditions hereof will not conflict with, or result in a breach of, the terms, conditions or provisions of, or constitute a default under, any contract to which Purchaser is a party or by which 

18

Purchaser is otherwise bound, which conflict, breach or default would have a material adverse effect on Purchaser’s ability to consummate the transaction contemplated by this Contract.  This Contract is a valid, binding and enforceable agreement against Purchaser in accordance with its terms.
6.5.3.    No pending or, to the knowledge of Purchaser, threatened litigation exists which if determined adversely would restrain the consummation of the transactions contemplated by this Contract or would declare illegal, invalid or non-binding any of Purchaser’s obligations or covenants to Seller.
6.5.4.    Other than Seller’s Representations, Purchaser has not relied on any representation or warranty made by Seller or any representative of Seller (including, without limitation, Broker) in connection with this Contract and the acquisition of the Property.
6.5.5.    The Broker and its affiliates do not, and will not at the Closing, have any direct or indirect legal, beneficial, economic or voting interest in Purchaser (or in an assignee of Purchaser, which pursuant to Section 13.3, acquires the Property at the Closing), nor has Purchaser or any affiliate of Purchaser granted (as of the Effective Date or the Closing Date) the Broker or any of its affiliates any right or option to acquire any direct or indirect legal, beneficial, economic or voting interest in Purchaser.
6.5.6.    Purchaser is not a Prohibited Person.
6.5.7.    To Purchaser’s knowledge, none of its investors, affiliates or brokers or other agents (if any), acting or benefiting in any capacity in connection with this Contract is a Prohibited Person.
6.5.8.    The funds or other assets Purchaser will transfer to Seller under this Contract are not the property of, or beneficially owned, directly or indirectly, by a Prohibited Person.
6.5.9.    The funds or other assets Purchaser will transfer to Seller under this Contract are not the proceeds of specified unlawful activity as defined by 18 U.S.C. § 1956(c)(7).
 
ARTICLE VII
OPERATION OF THE PROPERTY

7.1.    Leases and Property Contracts.  During the period of time from the Effective Date to the Closing Date, in the ordinary course of business Seller may enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, Seller agrees that, without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed, any new or renewed Leases shall not have a term in excess of 15 months or less than 9 months and any new Property Contract shall be terminable upon 30 days’ notice without penalty.

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7.2.    General Operation of Property.  Except as specifically set forth in this Article VII, Seller shall operate the Property after the Effective Date in the ordinary course of business, and except as necessary in Seller’s sole discretion to address (a) any life or safety issue at the Property or (b) any other matter which in Seller’s reasonable discretion materially adversely affects the use, operation or value of the Property, Seller will not make any material alterations to the Property or remove any material Fixtures and Tangible Personal Property without the prior written consent of Purchaser which consent shall not be unreasonably withheld, denied or delayed.
7.3.    Liens.  Other than utility easements and temporary construction easements granted by Seller in the ordinary course of business, Seller covenants that it will not voluntarily create or cause any lien or encumbrance to attach to the Property between the Effective Date and the Closing Date (other than Leases and Property Contracts as provided in Section 7.1) unless Purchaser approves such lien or encumbrance, which approval shall not be unreasonably withheld, conditioned or delayed.  If Purchaser approves any such subsequent lien or encumbrance, the same shall be deemed a Permitted Encumbrance for all purposes hereunder.
7.4.    Zoning.  Seller shall not initiate any change to zoning presently applicable to all or any part of the Property without the written consent of Purchaser.
7.5.    Management Agreement.  As of Closing, the existing management agreement relating to the Property shall be terminated.
7.6.    Rent-Ready Units.  Seller agrees that at the Closing, Purchaser shall receive a credit against the Purchase Price in an amount equal to $750.00 per Tenant unit that is not in Rent-Ready Condition on the Closing Date and which was vacated by the prior Tenant at least  7 days prior to the Closing. 
7.7.    Delivery of Notices.  From and after the Effective Date, Seller shall promptly deliver to Purchaser copies of any material written notices received by Seller at its Denver, Colorado office pertaining to the Property.
7.8.    Tax Reduction Proceedings.  Seller shall not commence any tax protest or reduction proceedings pertaining to the Property after the Effective Date without first consulting Purchaser.
 
ARTICLE VIII
CONDITIONS PRECEDENT TO CLOSING

8.1.    Purchaser’s Conditions to Closing.  Purchaser’s obligation to close under this Contract, shall be subject to and conditioned upon the fulfillment of the following conditions precedent:
8.1.1.    All of the documents required to be delivered by Seller to Purchaser at the Closing pursuant to the terms and conditions hereof shall have been delivered;
8.1.2.    Each of Seller’s Representations shall be true in all material respects as of the Closing Date;

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8.1.3.    Seller shall have complied with, fulfilled and performed in all material respects each of the covenants, terms and conditions to be complied with, fulfilled or performed by Seller hereunder; 
8.1.4.    Neither Seller nor Seller’s general partner shall be a debtor in any bankruptcy proceeding; 
8.1.5.    There shall not be any pending litigation or, to the knowledge of either Purchaser or Seller any litigation threatened which if adversely determined would restrain the consummation of the transactions contemplated by this Contract or declare illegal, invalid or non-binding any of the covenants or obligations of Seller; and
8.1.6.    Title Company shall be irrevocably committed to issue the Title Policy (subject to payment of the premium therefor) in accordance with Article 4 above.
Notwithstanding anything to the contrary, there are no other conditions to Purchaser’s obligation to Close except as expressly set forth in this Section 8.1.  If any condition set forth in this Section 8.1 is not met, Purchaser may (a) waive any of the foregoing conditions and proceed to Closing on the Closing Date with no offset or deduction from the Purchase Price, (b) terminate this Contract and receive a return of the Deposit from the Escrow Agent, or (c) if such failure constitutes a default by Seller of its covenants hereunder, exercise any of its remedies pursuant to Section 10.2.
8.2.    Seller’s Conditions to Closing.  Without limiting any of the rights of Seller elsewhere provided for in this Contract, Seller’s obligation to close with respect to conveyance of the Property under this Contract shall be subject to and conditioned upon the fulfillment of the following conditions precedent:
8.2.1.    All of the documents and funds required to be delivered by Purchaser to Seller at the Closing pursuant to the terms and conditions hereof shall have been delivered;
8.2.2.    Each of the representations, warranties and covenants of Purchaser contained herein shall be true in all material respects as of the Closing Date;
8.2.3.    Purchaser shall have complied with, fulfilled and performed in all material respects each of the covenants, terms and conditions to be complied with, fulfilled or performed by Purchaser hereunder;
8.2.4.    Neither Purchaser nor Purchaser’s managing member shall be a debtor in any bankruptcy proceeding;
8.2.5.    Seller shall have received all consents, documentation and approvals necessary to consummate and facilitate the transactions contemplated hereby, including, without limitation, a tax free exchange pursuant to Section 13.18 (and the amendment of Seller’s (or Seller’s affiliates’) partnership or other organizational documents in connection therewith), (a) from Seller’s 

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partners, members, managers, shareholders or directors to the extent required by Seller’s (or Seller’s affiliates’) organizational documents, and (b) as required by law;
8.2.6.    There shall not be any pending litigation or, to the knowledge of either Purchaser or Seller, any litigation threatened in writing, which, if adversely determined, would restrain the consummation of any of the transactions contemplated by this Contract or declare illegal, invalid or nonbinding any of the covenants or obligations of the Purchaser; and
8.2.7.    The Loan Payoff shall have occurred (provided Seller has provided the requisite advance notice of prepayment to the holder or servicer of the Note).
If any of the foregoing conditions to Seller’s obligations to close with respect to the conveyance of the Property under this Contract are not met, Seller may (a) waive any of the foregoing conditions and proceed to Closing on the Closing Date, (b) except as expressly set forth in the last sentence of this paragraph, terminate this Contract, or (c) if such failure constitutes a default by Purchaser, exercise any of its remedies pursuant to Section 10.1.  With respect to the condition set forth in Section 8.2.5, Seller shall provide Purchaser with regular updates on the status of its solicitation for consent and shall, specifically, advise Purchaser (i) within 13 days after the Effective Date whether consent solicitations have been mailed and (ii) not later than the day on which the Feasbility Period expires, whether the condition set forth in Section 8.2.5 has been satisfied.  With respect to the condition set forth in Section 8.2.7, Seller shall not be entitled to terminate this Contract but shall instead only be permitted to extend the Closing Date by up to 5 days so as to accommodate the satisfaction of such condition. 
 
ARTICLE IX
BROKERAGE

9.1.    Indemnity.  Seller represents and warrants to Purchaser that it has dealt only with Jones Lang LaSalle Americas, Inc. (“Broker”) in connection with this Contract.  Seller and Purchaser each represents and warrants to the other that, other than Broker, it has not dealt with or utilized the services of any other real estate broker, sales person or finder in connection with this Contract, and each party agrees to indemnify, hold harmless, and, if requested in the sole and absolute discretion of the indemnitee, defend (with counsel approved by the indemnitee) the other party from and against all Losses relating to brokerage commissions and finder’s fees arising from or attributable to the acts or omissions of the indemnifying party.  

9.2.    Broker Commission.  If Closing occurs, Seller agrees to pay Broker a commission according to the terms of a separate contract.  Broker shall not be deemed a party or third party beneficiary of this Contract.  As a condition to Seller’s obligation to pay the commission, Broker shall execute the signature page for Broker attached hereto solely for purposes of confirming the matters set forth therein.
 
ARTICLE X
DEFAULTS AND REMEDIES

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10.1.    Purchaser Default.  If Purchaser defaults on its obligations hereunder to (a) deliver the Deposit (or any other deposit or payment required of Purchaser hereunder), (b) deliver to Seller the deliveries specified under Section 5.3 on the date required thereunder, or (c) deliver the Purchase Price in accordance with Article II and close on the purchase of the Property on the Closing Date, then, immediately and without the right to receive notice or to cure pursuant to Section 2.3.3, Purchaser shall forfeit the Deposit, and the Escrow Agent shall deliver the Deposit to Seller, and neither party shall be obligated to proceed with the purchase and sale of the Property.  If Purchaser defaults on any of its other representations, warranties or obligations under this Contract, and such default continues for more than 10 days after written notice from Seller, then Purchaser shall forfeit the Deposit, and the Escrow Agent shall deliver the Deposit to Seller, and neither party shall be obligated to proceed with the purchase and sale of the Property.  The Deposit is liquidated damages and recourse to the Deposit is, except for Purchaser’s indemnity and confidentiality obligations hereunder, Seller’s sole and exclusive remedy for Purchaser’s failure to perform its obligation to purchase the Property or breach of a representation or warranty.  Seller expressly waives the remedies of specific performance and additional damages for such default by Purchaser.  SELLER AND PURCHASER ACKNOWLEDGE THAT SELLER’S DAMAGES WOULD BE DIFFICULT TO DETERMINE, AND THAT THE DEPOSIT IS A REASONABLE ESTIMATE OF SELLER’S DAMAGES RESULTING FROM A DEFAULT BY PURCHASER IN ITS OBLIGATION TO PURCHASE THE PROPERTY.  SELLER AND PURCHASER FURTHER AGREE THAT THIS SECTION 10.1 IS INTENDED TO AND DOES LIQUIDATE THE AMOUNT OF DAMAGES DUE SELLER, AND SHALL BE SELLER’S EXCLUSIVE REMEDY AGAINST PURCHASER, BOTH AT LAW AND IN EQUITY, ARISING FROM OR RELATED TO A BREACH BY PURCHASER OF ITS OBLIGATION TO CONSUMMATE THE TRANSACTIONS CONTEMPLATED BY THIS CONTRACT, OTHER THAN WITH RESPECT TO PURCHASER’S INDEMNITY AND CONFIDENTIALITY OBLIGATIONS HEREUNDER.

10.2.    Seller Default.  If Seller (i) defaults on its obligations hereunder to deliver to Escrow Agent the deliveries specified under Section 5.2 on the date required thereunder, or to close on the sale of the Property on the Closing Date, or (ii) prior to the Closing defaults on its covenants or obligations under this Contract, and such default continues for more than 10 days after written notice from Purchaser, then, at Purchaser’s election and as Purchaser’s exclusive remedy, Purchaser may either (a) terminate this Contract, and all payments and things of value, including the Deposit, provided by Purchaser hereunder shall be returned to Purchaser and Purchaser may recover, as its sole recoverable damages (but without limiting its right to receive a refund of the Deposit), its direct and actual out-of-pocket expenses and costs (including the cost of Purchaser’s due diligence and the cost of third-party reports and documented by paid invoices to third parties) in connection with this transaction, which damages shall not exceed $100,000 in the aggregate (subject to the sentence below), or (b) subject to the conditions below, seek specific performance of Seller’s obligation to close on the sale of the Property pursuant to this Contract (but not damages).  The cap on Purchaser’s recoverable out-of-pocket expenses and costs set forth in (a) above shall be increased to $700,000 in the event Seller’s default is (or includes) a refusal to fullfill Seller’s obligation to close on the sale of the Property pursuant to the terms of this Contract.  Purchaser may seek specific performance of Seller’s obligation to close on the sale of the Property pursuant to this Contract only if, as a condition precedent to initiating such litigation for specific performance, Purchaser shall (x) not otherwise be in default under this Contract; and (y) file suit therefor with the court on or before the 

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90th day after the Closing Date.  If Purchaser fails to file an action for specific performance within 90 days after the Closing Date, then Purchaser shall be deemed to have elected to terminate the Contract in accordance with subsection (a) above.  Purchaser agrees that it shall promptly deliver to Seller an assignment of all of Purchaser’s right, title and interest in and to (together with possession of) all plans, studies, surveys, reports, and other materials paid for with the out-of-pocket expenses reimbursed by Seller pursuant to the foregoing sentence.  Notwithstanding anything to the contrary in the foregoing, if specific performance is unavailable as a remedy due to the willful actions of Seller to avoid this Contract, Purchaser may pursue an action against Seller for its actual damages.  SELLER AND PURCHASER FURTHER AGREE THAT THIS SECTION 10.2 IS INTENDED TO AND DOES LIMIT THE AMOUNT OF DAMAGES DUE PURCHASER AND THE REMEDIES AVAILABLE TO PURCHASER, AND SHALL BE PURCHASER’S EXCLUSIVE REMEDY AGAINST SELLER, BOTH AT LAW AND IN EQUITY ARISING FROM OR RELATED TO A BREACH BY SELLER OF ITS COVENANTS OR ITS OBLIGATION TO CONSUMMATE THE TRANSACTIONS CONTEMPLATED BY THIS CONTRACT.  UNDER NO CIRCUMSTANCES MAY PURCHASER SEEK OR BE ENTITLED TO RECOVER ANY SPECIAL, CONSEQUENTIAL, PUNITIVE, SPECULATIVE OR INDIRECT DAMAGES, ALL OF WHICH PURCHASER SPECIFICALLY WAIVES, FROM SELLER FOR ANY BREACH BY SELLER, OF ITS COVENANTS OR ITS OBLIGATIONS UNDER THIS CONTRACT.  PURCHASER SPECIFICALLY WAIVES THE RIGHT TO FILE ANY LIS PENDENS OR ANY LIEN AGAINST THE PROPERTY UNLESS AND UNTIL IT HAS IRREVOCABLY ELECTED TO SEEK SPECIFIC PERFORMANCE OF THIS CONTRACT AND HAS FILED AND IS DILIGENTLY PURSUING AN ACTION SEEKING SUCH REMEDY.  The provisions of this Section 10.2 shall survive the termination of this Agreement.
 
ARTICLE XI
RISK OF LOSS OR CASUALTY

11.1.    Major Damage.  In the event that the Property is damaged or destroyed by fire or other casualty prior to Risk of Loss Transfer, and (i) the cost for demolition, site cleaning, restoration, replacement, or other repairs (collectively, the “Repairs”) is more than $750,000.00 or (ii) the damage and destruction is reasonably anticipated by Purchaser to permanently and materially adversely affect access, use or parking at the Property after Closing (either, “Major Damage”), then Seller shall have no obligation to make such Repairs and shall notify Purchaser in writing of such damage or destruction (the “Damage Notice”).  If there is a Major Damage, then Purchaser may elect, by delivering written notice to Seller on or before the earlier of (x) Closing and (y) the date which is 10 days after Purchaser’s receipt of the Damage Notice, to terminate this Contract, in which event the Deposit shall be returned to Purchaser.  In the event Purchaser fails to timely terminate this Contract pursuant to this Section 11.1, this transaction shall be closed in accordance with Section 11.3 below.

11.2.    Minor Damage.  In the event that the Property is damaged or destroyed by fire or other casualty prior to Risk of Loss Transfer, and there is no Major Damage, then this transaction shall be closed in accordance with Section 11.3, notwithstanding such casualty.  In such event, Seller may at its election endeavor to make such Repairs to the extent of any recovery from insurance carried on the Property, if such Repairs can be reasonably effected before the Closing.  Regardless 

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of Seller’s election to commence such Repairs, or Seller’s ability to complete such Repairs prior to Closing, this transaction shall be closed in accordance with Section 11.3 below.
11.3.    Closing.   In the event Purchaser fails to terminate this Contract following a casualty as set forth in Section 11.1, or in the event of a casualty as set forth in Section 11.2, then this transaction shall be closed in accordance with the terms of the Contract, at Seller’s election, either (i) for the full Purchase Price, notwithstanding any such casualty, in which case Seller and Purchaser shall, at Closing, execute and deliver an assignment and assumption (in a form reasonably acceptable to both parties) of Seller’s rights and obligations with respect to the insurance claim related to such casualty, and thereafter Purchaser shall receive all insurance proceeds pertaining to such claim, less any amounts which may already have been spent by Seller for Repairs (plus a credit against the Purchase Price at Closing in the amount of any deductible payable by Seller in connection therewith; or (ii) for the full Purchase Price less a credit to Purchaser in the amount necessary to complete such Repairs (less any amounts which may already have been spent by Seller for Repairs).  Should the parties proceed under (i) above, Seller shall seek, but shall not be required to obtain, a letter addressed to Purchaser from each of its applicable insurance carriers agreeing not to deny Purchaser full coverage under such policy for the loss or damage payable with respect to such casualty.  In the event of a casualty as set forth in Section 11.2, at Closing Seller shall credit to Purchaser an amount equal to the estimated rent loss insurance coverage that would otherwise be payable under Seller’s insurance for the period following Closing (not to exceed 6 months), as determined by an insurance adjustor selected by Seller.
11.4.    Repairs.  To the extent that Seller elects to commence any Repairs prior to Closing, then Seller shall be entitled to receive and apply available insurance proceeds to any portion of such Repairs completed or installed prior to Closing, with Purchaser being responsible for completion of such Repairs after Closing.  To the extent that any Repairs have been commenced prior to Closing, then the Property Contracts shall include, and Purchaser shall assume at Closing, all construction and other contracts entered into by Seller in connection with such Repairs; provided, however, that (except in the event of emergency, as determined in Seller’s sole discretion) Seller will consult with Purchaser prior to entering into any such contract if Purchaser will likely have to assume such Contract.  Notwithstanding the foregoing to the contrary, Seller retains the sole right and authority to enter into any such contract.

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ARTICLE XII
EMINENT DOMAIN

12.1.    Eminent Domain.  In the event that, at the time of Closing, any material part of the Property is (or previously has been) acquired, or is about to be acquired, by any governmental agency by the powers of eminent domain or transfer in lieu thereof (or in the event that at such time there is any notice of any such acquisition or intent to acquire by any such governmental agency), Seller shall give written notice thereof promptly to Purchaser.  Purchaser shall have the right, at Purchaser’s option, to terminate this Contract by giving written notice within 10 days after Purchaser’s receipt from Seller of notice of the occurrence of such event, and if Purchaser so terminates this Contract, Purchaser shall recover the Deposit hereunder.  If Purchaser fails to terminate this Contract within such 10-day period, this transaction shall be closed in accordance with the terms of this Contract for the full Purchase Price and Purchaser shall receive the full benefit of any condemnation award.  It is expressly agreed between the parties hereto that this section shall in no way apply to customary dedications for public purposes which may be necessary for the development of the Property.  Unless this Contract is terminated pursuant to this Section 12.1, Seller shall not settle any claim on account of an eminent domain or transfer in lieu thereof without Purchaser’s prior written consent, which consent shall not be unreasonably withheld.
 
ARTICLE XIII
MISCELLANEOUS

13.1.    Binding Effect of Contract.  This Contract shall not be binding on either party until executed by both Purchaser and Seller.  Neither the Escrow Agent’s nor the Broker’s execution of this Contract shall be a prerequisite to its effectiveness.  Subject to Section 13.3, this Contract shall be binding upon and inure to the benefit of Seller and Purchaser, and their respective successors and permitted assigns.
13.2.    Exhibits and Schedules.  All Exhibits and Schedules, whether or not annexed hereto, are a part of this Contract for all purposes.
13.3.    Assignability.  Except to the extent required to comply with the provisions of Section 13.18 related to a 1031 Exchange, this Contract is not assignable by Purchaser without first obtaining the prior written approval of Seller.  Notwithstanding the foregoing, Purchaser may assign this Contract, without first obtaining the prior written approval of Seller, to one or more entities so long as (a) the purchasing entity’s majority economic interests are owned directly or indirectly by an entity advised or managed by DRA Advisors LLC, (b) Purchaser is not released from its liability hereunder, and (c) Purchaser provides written notice to Seller of any proposed assignment no later than 10 days prior to the Closing Date.  As used herein, an affiliate is a person or entity controlled by, under common control with, or controlling another person or entity.
13.4.    Captions.  The captions, headings, and arrangements used in this Contract are for convenience only and do not in any way affect, limit, amplify, or modify the terms and provisions hereof.

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13.5.    Number and Gender of Words.  Whenever herein the singular number is used, the same shall include the plural where appropriate, and words of any gender shall include each other gender where appropriate.
13.6.    Notices.  All notices, demands, requests and other communications required or permitted hereunder shall be in writing, and shall be (a) personally delivered with a written receipt of delivery; (b) sent by a nationally-recognized overnight delivery service requiring a written acknowledgement of receipt or providing a certification of delivery or attempted delivery; (c) sent by certified or registered mail, return receipt requested; or (d) sent by confirmed facsimile transmission or electronic delivery with an original copy thereof transmitted to the recipient by one of the means described in subsections (a) through (c) no later than 3 Business Days thereafter.  All notices shall be deemed effective when actually delivered as documented in a delivery receipt; provided, however, that if the notice was sent by overnight courier or mail as aforesaid and is affirmatively refused or cannot be delivered during customary business hours by reason of the absence of a signatory to acknowledge receipt, or by reason of a change of address with respect to which the addressor did not have either knowledge or written notice delivered in accordance with this paragraph, then the first attempted delivery shall be deemed to constitute delivery.  Each party shall be entitled to change its address for notices from time to time by delivering to the other party notice thereof in the manner herein provided for the delivery of notices.  All notices shall be sent to the addressee at its address set forth following its name below: 
To Purchaser:
c/o DRA Advisors LLC
220 East 42nd Street
27th Floor
New York, New York 10017
Attention:    Adam Breen
Telephone:    212-973-3840
Email:    abreen@draadvisors.com

with copy to:

Blank Rome LLP
The Chrysler Building
405 Lexington Avenue
New York, New York 10174
Attention:      Martin Luskin, Esquire and Pelayo Coll, Esquire
Telephone:      212-885-5311 (Luskin) and 215-569-5654 (Coll)
Email:         mluskin@blankrome.com and coll@blankrome.com

To Seller:
National Property Investors 6
c/o AIMCO

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4582 South Ulster Street Parkway 
Suite 1100
Denver, Colorado  80237
Attention:     Mark Reoch
Telephone:      303-691-4337
Facsimile:      303-300-3261
Email:     mark.reoch@aimco.com

And:

National Property Investors 6
c/o AIMCO 
4582 South Ulster Street Parkway 
Suite 1100 
Denver, Colorado  80237 
Attention:      Mr. John Bezzant 
Telephone:      303-793-4774 
Facsimile:      720-493-6528 
Email:      john.bezzant@aimco.com

with copy to:

AIMCO
4582 South Ulster Street Parkway 
Suite 1100
Denver, Colorado  80237
Attention:      Ken Diamond, Esq.
Telephone:     303-691-4763
Email:      ken.diamond@aimco.com

and a copy to:

Jones Lang LaSalle Americas, Inc.
6903 Rockledge Drive, Suite 800
Bethesda, Maryland 20817
Attention:    Scott Melnick
Telephone:    301-564-6619
Email:        scott.melnick@am.jll.com

and a copy to:

Ballard Spahr LLP
1225 17th Street, Suite 2300
Denver, Colorado  80202
Attention:      Joseph E. Lubinski

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Telephone:     303-292-2400
Facsimile:      303-296-3956
Email:        lubinskij@ballardspahr.com

Any notice required hereunder to be delivered to the Escrow Agent shall be delivered in accordance with above provisions as follows:
Stewart Title Guarantee Company 
1980 Post Oak Boulevard, Suite 610 
Houston, Texas 77056 
Attention:    Wendy Howell 
Telephone:    713-625-8161 
Email:        whowell@stewart.com
Unless specifically required to be delivered to the Escrow Agent pursuant to the terms of this Contract, no notice hereunder must be delivered to the Escrow Agent in order to be effective so long as it is delivered to the other party in accordance with the above provisions.
13.7.    Governing Law and Venue.  The laws of the State of Maryland shall govern the validity, construction, enforcement, and interpretation of this Contract, unless otherwise specified herein except for the conflict of laws provisions thereof.  All claims, disputes and other matters in question arising out of or relating to this Contract, or the breach thereof, shall be decided by proceedings instituted and litigated in a court of competent jurisdiction in the state in which the Property is situated, and the parties hereto expressly consent to the venue and jurisdiction of such court.
13.8.    Entire Agreement.  This Contract embodies the entire Contract between the parties hereto concerning the subject matter hereof and supersedes all prior conversations, proposals, negotiations, understandings and contracts, whether written or oral.
13.9.    Amendments.  This Contract shall not be amended, altered, changed, modified, supplemented or rescinded in any manner except by a written contract executed by all of the parties; provided, however, that, (a) the signature of the Escrow Agent shall not be required as to any amendment of this Contract other than an amendment of Section 2.3, and (b) the signature of the Broker shall not be required as to any amendment of this Contract.
13.10.    Severability.  In the event that any part of this Contract shall be held to be invalid or unenforceable by a court of competent jurisdiction, such provision shall be reformed, and enforced to the maximum extent permitted by law.  If such provision cannot be reformed, it shall be severed from this Contract and the remaining portions of this Contract shall be valid and enforceable.
13.11.    Multiple Counterparts/Facsimile Signatures.  This Contract may be executed in a number of identical counterparts.  This Contract may be executed by facsimile signatures or electronic delivery of signatures which shall be binding on the parties hereto, with original signatures to be delivered as soon as reasonably practical thereafter.

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13.12.    Construction.  No provision of this Contract shall be construed in favor of, or against, any particular party by reason of any presumption with respect to the drafting of this Contract; both parties, being represented by counsel, having fully participated in the negotiation of this instrument.
13.13.    Confidentiality.  Seller and Purchaser shall not disclose the terms and conditions contained in this Contract and shall keep the same confidential, provided that each may disclose the terms and conditions of this Contract (a) as required by law, (b) to consummate the terms of this Contract, or any financing relating thereto, or (c) to its current and/or prospective lenders, investors, officers, directors, and trustees and Consultants.  Furthermore, Seller may disclose the terms and conditions of this Contract as is necessary, in Seller’s sole discretion, in order for Seller to fulfill the conditions set forth in Section 8.2.5, and to make any public disclosures required under federal or state securities laws or regulations.  Any information obtained by Purchaser in the course of its inspection of the Property, and any Materials provided by Seller to Purchaser hereunder, shall be confidential and Purchaser shall be prohibited from making such information public to any other person or entity other than its current and/or prospective lenders, investors, officers, directors, and trustees and Consultants, without Seller’s prior written authorization, which may be granted or denied in Seller’s sole discretion.  In addition, each party shall use its reasonable efforts to prevent its current and/or prospective lenders, investors, officers, directors, and trustees and Consultants from divulging any such confidential information to any unrelated third parties except for the limited purpose of analyzing and investigating such information for the purpose of consummating the transaction contemplated by this Contract.  Unless and until the Closing occurs, Purchaser shall not market the Property (or any portion thereof) to any prospective purchaser or lessee without the prior written consent of Seller, which consent may be withheld in Seller’s sole discretion.
13.14.    Time of the Essence.  It is expressly agreed by the parties hereto that time is of the essence with respect to this Contract and any aspect thereof.
13.15.    Waiver.  No delay or omission to exercise any right or power accruing upon any default, omission, or failure of performance hereunder shall impair any right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient.  No waiver, amendment, release, or modification of this Contract shall be established by conduct, custom, or course of dealing and all waivers must be in writing and signed by the waiving party.
13.16.    Attorneys Fees.  In the event either party hereto commences litigation against the other to enforce its rights hereunder, the substantially prevailing party in such litigation shall be entitled to recover from the other party its reasonable attorneys’ fees and expenses incidental to such litigation, including the cost of in-house counsel and any appeals.
13.17.    Time Zone/Time Periods.  Any reference in this Contract to a specific time shall refer to the time in the time zone where the Property is located.  (For example, a reference to 3:00 p.m. refers to 3:00 p.m. MST if the Property is located in Denver, Colorado.)  Should the last day of a time period fall on a weekend or legal holiday, the next Business Day thereafter shall be considered the end of the time period.

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13.18.    1031 Exchange.  Seller and Purchaser acknowledge and agree that the purchase and sale of the Property may be part of a tax-free exchange for either Purchaser or Seller pursuant to Section 1031 of the Code, the regulations promulgated thereunder, revenue procedures, pronouncements and other guidance issued by the Internal Revenue Service.  Each party hereby agrees to cooperate with each other and take all reasonable steps on or before the Closing Date to facilitate such exchange if requested by the other party, provided that (a) no party making such accommodation shall be required to acquire any substitute property, (b) such exchange shall not affect the representations, warranties, liabilities and obligations of the parties to each other under this Contract, (c) no party making such accommodation shall incur any additional cost, expense or liability in connection with such exchange (other than expenses of reviewing and executing documents required in connection with such exchange), and (d) no dates in this Contract will be extended as a result thereof, except as specifically provided herein.  
13.19.    No Personal Liability of Officers, Trustees or Directors.  Purchaser acknowledges that this Contract is entered into by Seller which is a California limited partnership, and Purchaser agrees that none of Seller’s Indemnified Parties shall have any personal liability under this Contract or any document executed in connection with the transactions contemplated by this Contract.  Seller acknowledges that this Contract is entered into by Purchaser which is a Delaware limited liability company, and Seller agrees that none of Purchaser, or Purchaser’s partners, managers, members, employees, officers, directors, trustees, shareholders, counsel, representatives, or agents shall have any personal liability under this Contract or any document executed in connection with the transactions contemplated by this Contract.
13.20.    ADA Disclosure.  Purchaser acknowledges that the Property may be subject to the federal Americans With Disabilities Act (the “ADA”) and the federal Fair Housing Act (the “FHA”).  The ADA requires, among other matters, that tenants and/or owners of “public accommodations” remove barriers in order to make the Property accessible to disabled persons and provide auxiliary aids and services for hearing, vision or speech impaired persons.  Seller makes no warranty, representation or guarantee of any type or kind with respect to the Property’s compliance with the ADA or the FHA (or any similar state or local law), and Seller expressly disclaims any such representations.
13.21.    No Recording.  Purchaser shall not cause or allow this Contract or any contract or other document related hereto, nor any memorandum or other evidence hereof, to be recorded or become a public record without Seller’s prior written consent, which consent may be withheld at Seller’s sole discretion.  If Purchaser records this Contract or any other memorandum or evidence thereof, Purchaser shall be in default of its obligations under this Contract.  Purchaser hereby appoints Seller as Purchaser’s attorney-in-fact to prepare and record any documents necessary to effect the nullification and release of the Contract or other memorandum or evidence thereof from the public records.  This appointment shall be coupled with an interest and irrevocable.
13.22.    Relationship of Parties.  Purchaser and Seller acknowledge and agree that the relationship established between the parties pursuant to this Contract is only that of a seller and a purchaser of property.  Neither Purchaser nor Seller is, nor shall either hold itself out to be, the agent, employee, joint venturer or partner of the other party.

31

13.23.    AIMCO Marks.  Purchaser agrees that Seller, the Property Manager or AIMCO, or their respective affiliates, are the sole owners of all right, title and interest in and to the AIMCO Marks (or have the right to use such AIMCO Marks pursuant to license agreements with third parties) and that no right, title or interest in or to the AIMCO Marks is granted, transferred, assigned or conveyed as a result of this Contract.  Purchaser further agrees that Purchaser will not use the AIMCO Marks for any purpose.
13.24.    Non-Solicitation of Employees.  Prior to the expiration of the Feasibility Period, Purchaser acknowledges and agrees that, without the express written consent of Seller, neither Purchaser nor any of Purchaser’s employees, affiliates or agents shall solicit any of Seller’s employees or any employees located at the Property (or any of Seller’s affiliates’ employees located at any property owned by such affiliates) for potential employment.
13.25.    Survival.  Except for (a) all of the provisions of this Article XIII (other than Section 13.18); (b) Sections 2.3, 3.3, 3.4, 3.5, 4.8, 5.4, 5.5, 6.2, 6.3, 6.5, 9.1, 10.2 and 11.4; (c) any other provisions in this Contract, that by their express terms survive the termination of this Contract or the Closing; and (d) any payment or indemnity obligation of Purchaser under this Contract (the foregoing (a), (b), (c) and (d) referred to herein as the “Survival Provisions”), none of the terms and provisions of this Contract shall survive the termination of this Contract, and if the Contract is not so terminated, all of the terms and provisions of this Contract (other than the Survival Provisions, which shall survive the Closing) shall be merged into the Closing documents and shall not survive Closing. 
13.26.    Multiple Purchasers.  As used in this Contract, the term “Purchaser” includes all entities acquiring any interest in the Property at the Closing, including, without limitation, any assignee(s) of the original Purchaser pursuant to Section 13.3 of this Contract.  In the event that “Purchaser” has any obligations or makes any covenants, representations or warranties under this Contract, the same shall be made jointly and severally by all entities being a Purchaser hereunder.
13.27.    WAIVER OF JURY TRIAL.  THE PARTIES HERETO WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY ON ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS CONTRACT.
 
ARTICLE XIV
LEAD–BASED PAINT DISCLOSURE

14.1.    Disclosure.  Seller and Purchaser hereby acknowledge delivery of the Lead Based Paint Disclosure attached as Exhibit H hereto.  

[Remainder of Page Intentionally Left Blank]

32

NOW, THEREFORE, the parties hereto have executed this Contract as of the date first set forth above.
	
		
	Seller:
	 

	 
	 

	NATIONAL PROPERTY INVESTORS 6,

	a California limited partnership

	 
	 

	By:
	NPI EQUITY INVESTMENTS, INC.,

	 
	a Florida corporation,

	 
	its general partner

	 
	 

	 
	By:  /s/ Mark C. Reoch

	 
	Name: Mark C. Reoch

	 
	Title: Vice President, Transactions

	 
	 

	 
	 

	Purchaser:

	 
	 

	DRA FUND VIII LLC,

	a Delaware limited liability company

	 
	 

	By:
	/s/ Brian T. Summers

	Name:
	Brian T. Summers

	Title:
	Vice President

	 
	 

SCHEDULE 1
DEFINED TERMS
1.1.    “ADA” shall have the meaning set forth in Section 13.20.
1.2.    “Adjournment Notice” shall have the meaning set forth in Section 5.1.
1.3.    “AIMCO” means Apartment Investment and Management Company.
1.4.    “AIMCO Marks” means all words, phrases, slogans, materials, software, proprietary systems, trade secrets, proprietary information and lists, and other intellectual property owned or used by Seller, the Property Manager, or AIMCO in the marketing, operation or use of the Property (or in the marketing, operation or use of any other properties managed by the Property Manager or owned by AIMCO or an affiliate of either Property Manager or AIMCO).
1.5.    “Broker” shall have the meaning set forth in Section 9.1.
1.6.    “Business Day” means any day other than a Saturday or Sunday or Federal holiday or legal holiday in the States of Colorado, Maryland or Texas.
1.7.    “Closing” means the consummation of the purchase and sale and related transactions contemplated by this Contract in accordance with the terms and conditions of this Contract.
1.8.    “Closing Date” means the date on which date the Closing of the conveyance of the Property is required to be held pursuant to Section 5.1.
1.9.    “Code” shall have the meaning set forth in Section 2.3.6.
1.10.    “Community Manager” shall have the meaning set forth in Section 6.4.
1.11.    “Consultants” shall have the meaning set forth in Section 3.1.
1.12.    “Damage Notice” shall have the meaning set forth in Section 11.1.
1.13.    “Deed” shall have the meaning set forth in Section 5.2.1.
1.14.    “Deed of Trust” shall have the meaning set forth in Section 4.5.
1.15.    “Deposit” shall have the meaning set forth in Section 2.2.1.
1.16.    “Escrow Agent” shall have the meaning set forth in Section 2.2.1.
1.17.    “Excluded Permits” means those Permits which, under applicable law, are nontransferable.
1.18.    “Existing Survey” shall have the meaning set forth in Section 4.2.

Schedule 1

1.19.    “F&PP Inventory” shall have the meaning set forth in Section 3.8.
1.20.    “Feasibility Period” shall have the meaning set forth in Section 3.1.
1.21.    “FHA” shall have the meaning set forth in Section 13.20.
1.22.    “Fixtures and Tangible Personal Property” means all fixtures, furniture, furnishings, fittings, equipment, machinery, apparatus, appliances and other articles of tangible personal property owned by Seller and located on the Land or in the Improvements as of the Effective Date, to the extent transferable, and used or usable in connection with the occupation or operation of all or any part of the Property; provided, however, that the term “Fixtures and Tangible Personal Property” specifically excludes any of the foregoing to the extent (a) the same are not owned by Seller (including, without limitation, if the same are leased by Seller or are owned or leased by any Tenant or guest, employee or other person furnishing goods or services to the Property), or (b) the same are owned by Seller but are not used exclusively for the business, operation or management of the Property.  Notwithstanding the foregoing to the contrary, the term “Fixtures and Tangible Personal Property” specifically excludes (i) all mobile and personal communication devices, including, without limitation all cellular phones, smartphones, tablets, phablets, netbooks and check and credit card scanning devices and (ii) desktop, laptop and peripheral computers and hard drive devices together with related electronic devices, accessories, printers, monitors and keyboards.
1.23.    “General Assignment” shall have the meaning set forth in Section 5.2.3.
1.24.    “Good Funds” shall have the meaning set forth in Section 2.2.1.
1.25.    “HAP Tenant Based Voucher Assumption” shall have the meaning set forth in Section 4.8.  
1.26.    “HAP Tenant Based Voucher Contract” shall mean any Housing Assistance Payment Contract which regulates Section 8 payments to the Property under existing vouchers issued by the applicable local housing authority.  
1.27.    “Housing Authority” shall have the meaning set forth in Section 4.8.  
1.28.    “Improvements” means all buildings and improvements located on the Land taken “as is.”
1.29.    “Inspections” shall have the meaning set forth in Section 3.1.
1.30.    “Land” means all of those certain tracts of land located in the State of Maryland described on Exhibit A, and all rights, privileges and appurtenances pertaining thereto, as more particularly described in the Deed.
1.31.    “Lease(s)” means the interest of Seller in and to all leases, subleases and other occupancy contracts, whether or not of record, which provide for the use or occupancy of space or facilities on or relating to the Property and which are in force as of the Closing Date for the Property.

Schedule 1

1.32.    “Leases Assignment” shall have the meaning set forth in Section 5.2.4.
1.33.    “Loan Payoff” shall mean Seller’s payment in full of the Note.
1.34.    “Losses” shall have the meaning set forth in Section 3.4.1.
1.35.    “Major Damage” shall have the meaning set forth in Section 11.1.
1.36.    “Materials” shall have the meaning set forth in Section 3.5.
1.37.    “Miscellaneous Property Assets” means all contract rights, leases, concessions, warranties, plans, drawings and other items of intangible personal property relating to the ownership or operation of the Property and owned by Seller, excluding, however, (a) receivables, (b) Property Contracts, (c) Leases, (d) Permits, (e) cash or other funds, whether in petty cash or house “banks,” or on deposit in bank accounts or in transit for deposit, (f) refunds, rebates or other claims, or any interest thereon, for periods or events occurring prior to the Closing Date, (g) utility and similar deposits, (h) insurance or other prepaid items, (i) Seller’s proprietary books and records, or (j) any right, title or interest in or to the AIMCO Marks.  The term “Miscellaneous Property Assets” also shall include all of Seller’s rights, if any, in and to the name “Colony at Kenilworth” and to any internet domain name (but not the content of any website maintained by Seller or any of Seller’s affiliates) and phone numbers (which Purchaser acknowledges Seller cannot unilaterally assign), as they relate solely to use in connection with the Property (and not with respect to any other property owned or managed by Seller, Property Manager, AIMCO, or their respective affiliates).  
1.38.    “New Exception” shall have the meaning set forth in Section 4.6.
1.39.    “New Exception Review Period” shall have the meaning set forth in Section 4.6.
1.1.    “Note” means, collectively, that certain (a) Amended and Restated Multifamily Note (Recast Transaction) in the original principal amount of $11,980,311.00, dated as of August 31, 2007, executed by Seller and payable to Federal Home Loan Mortgage Corporation; and (b) Multifamily Note in the original principal amount of $13,100,000.00, dated as of August 31, 2007, executed by Seller and payable to the order of Capmark Bank, as assigned to Federal Home Loan Mortgage Corporation.
1.2.    “Objection Deadline” shall have the meaning set forth in Section 4.3.
1.3.    “Objection Notice” shall have the meaning set forth in Section 4.3.
1.4.    “Objections” shall have the meaning set forth in Section 4.3.
1.5.    “Permits” means all licenses and permits granted by any governmental or quasi-governmental authority having jurisdiction over the Property owned by Seller and required in order to own and operate the Property.
1.6.    “Permitted Exceptions” shall have the meaning set forth in Section 4.4.

Schedule 1

1.7.    “Prohibited Person” means any of the following:  (a) a person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing (effective September 24, 2001) (the “Executive Order”); (b) a person or entity owned or controlled by, or acting for or on behalf of any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; (c) a person or entity that is named as a “specially designated national” or “blocked person” on the most current list published by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) at its official website, http://www.treas.gov/offices/enforcement/ofac; (d) a person or entity that is otherwise the target of any economic sanctions program currently administered by OFAC; or (e) a person or entity that is affiliated with any person or entity identified in clause (a), (b), (c) and/or (d) above.
1.8.    “Property” means (a) the Land and Improvements and all rights of Seller, if any, in and to all of the easements, rights, privileges, and appurtenances belonging or in any way appertaining to the Land and Improvements, (b) the Property Contracts and Utility Contracts (excluding those not assumed by Purchaser as provided in Section 3.6), Leases, Permits (other than Excluded Permits), and the right, if any, of Seller in and to the Fixtures and Tangible Personal Property, and (c) the Miscellaneous Property Assets owned by Seller which are located on the Property and used in its operation.
1.9.    “Property Contracts” means all contracts, agreements, equipment leases, purchase orders, maintenance, service, and similar contracts, excluding Leases, regardless of whether entered into by Seller, Property Manager, or an affiliate of either, which relate to the ownership, maintenance, construction or repair and/or operation of the Property, whether or not assignable by their terms, but not including (a) any national contracts entered into by Seller, Property Manager, or AIMCO with respect to the Property (i) which terminate automatically upon transfer of the Property by Seller, or (ii) which Seller, in Seller’s sole discretion, elects to terminate with respect to the Property effective as of the Closing Date, or (b) any cellular phone contract or property management contract for the Property.  Property Contracts shall not include Utility Contracts.
1.10.    “Property Contracts List” shall have the meaning set forth in Section 3.5.4.
1.11.    “Property Contracts and Utility Contracts Notice” shall have the meaning set forth in Section 3.6.
1.12.    “Property Manager” means the current property manager of the Property.
1.13.    “Proration Schedule” shall have the meaning set forth in Section 5.4.1.
1.14.    “Purchase Price” means the consideration to be paid by Purchaser to Seller for the purchase of the Property pursuant to Section 2.2.
1.15.    “Purchaser” shall have the meaning set forth in Section 13.28.
1.16.    “Records Disposal Notice” shall have the meaning set forth in Section 5.4.11.
1.17.    “Records Hold Period” shall have the meaning set forth in Section 5.4.11.

Schedule 1

1.18.    “Regional Property Manager” shall have the meaning set forth in Section 6.4.
1.19.    “Rent-Ready Condition” means the physical condition to which Seller, in the ordinary course of its business, would prepare Tenant units in anticipation of renting such Tenant units to prospective tenants.
1.20.    “Rent Roll” shall have the meaning set forth in Section 3.5.3.
1.21.    “Repairs” shall have the meaning set forth in Section 11.1.
1.22.    “Required Assignment Consent” shall have the meaning set forth in Section 3.6.
1.23.    “Response Deadline” shall have the meaning set forth in Section 4.3.
1.24.    “Response Notice” shall have the meaning set forth in Section 4.3.
1.25.    “Risk of Loss Transfer” shall have the meaning set forth in Section 5.4.7.
1.26.    “Seller’s Indemnified Parties” shall have the meaning set forth in Section 3.4.1
1.27.    “Seller’s Property-Related Files and Records” shall have the meaning set forth in Section 5.4.11.
1.28.    “Seller’s Representations” shall have the meaning set forth in Section 6.1.
1.29.    “Supplies” shall have the meaning set forth in Section 3.7.
1.30.    “Supplies Contract” shall have the meaning set forth in Section 3.7.
1.31.    “Survey” shall have the meaning ascribed thereto in Section 4.2.
1.32.    “Survival Period” shall have the meaning set forth in Section 6.3.
1.33.    “Survival Provisions” shall have the meaning set forth in Section 13.25.
1.34.    “Tenant” means any person or entity entitled to occupy any portion of the Property under a Lease.
1.35.    “Tenant Deposits” means all security deposits, prepaid rentals, cleaning fees and other refundable deposits and fees collected from Tenants, plus any interest accrued thereon, paid by Tenants to Seller pursuant to the Leases.  Tenant Deposits shall not include any non-refundable deposits or fees paid by Tenants to Seller, either pursuant to the Leases or otherwise.
1.36.    “Tenant Security Deposit Balance” shall have the meaning set forth in Section 5.4.6.2.
1.37.    “Terminated Contracts” shall have the meaning set forth in Section 3.6.

Schedule 1

1.38.    “Third-Party Reports” means any reports, studies or other information prepared or compiled for Purchaser by any Consultant or other third-party in connection with Purchaser’s investigation of the Property.
1.39.    “Title Commitment” shall have the meaning set forth in Section 4.1.
1.40.    “Title Documents” shall have the meaning set forth in Section 4.1.
1.41.    “Title Insurer” shall have the meaning set forth in Section 2.2.1.
1.42.    “Title Policy” shall have the meaning set forth in Section 4.1.
1.43.    “Uncollected Rents” shall have the meaning set forth in Section 5.4.6.1.
1.44.    “Utility Contract” means an agreement for the purchase of electricity, gas or other utility service for the Property or a group of properties (including the Property).
1.45.    “Vendor Terminations” shall have the meaning set forth in Section 3.6.

Schedule 1EX-4.3

 Exhibit 4.3 

TAYLOR MORRISON HOME CORPORATION 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 Trustee 
 FORM OF
INDENTURE 
 Dated as of 
  

 
 Providing for
Issuance of Senior Securities in Series 

 Table Showing Reflection in Indenture of Certain Provisions 

of Trust Indenture Act of 1939, 
 as
amended by the Trust Indenture Reform Act of 1990 
 Reflected in Indenture 

 

					
	TIA	 	 	  	Section
			
	‘SS’310	 	 (a)(1)
	  	6.09
		 	 (a)(2)
	  	6.09
		 	 (a)(3)
	  	Not Applicable
		 	 (a)(4)
	  	Not Applicable
		 	 (a)(5)
	  	6.09
		 	 (b)
	  	6.08
			
	‘SS’311	 	 (a)
	  	6.13(a)
		 	 (b)
	  	6.13(b)
		 	 (b)(2)
	  	7.03(a)
		 		  	7.03(b)
			
	‘SS’312	 	 (a)
	  	7.01
		 		  	7.02(a)
		 	 (b)
	  	7.03(b)
		 	 (c)
	  	7.02(c)
			
	‘SS’313	 	 (a)
	  	7.03(a)
		 	 (b)
	  	7.03(b)
		 	 (c)
	  	7.03(a)
		 		  	7.03(b)
		 	 (d)
	  	7.03(c)
			
	‘SS’314	 	 (a)(1)
	  	7.04
		 	 (a)(2)
	  	7.04
		 	 (a)(3)
	  	7.04
		 	 (a)(4)
	  	10.04
		 	 (b)
	  	Not Applicable
		 	 (c)(1)
	  	1.02
		 	 (c)(2)
	  	1.02
		 	 (c)(3)
	  	Not Applicable
		 	 (d)
	  	Not Applicable
		 	 (e)
	  	1.02
			
	‘SS’315	 	 (a)
	  	6.01(a)
		 		  	6.01(c)
		 	 (b)
	  	6.02
		 		  	7.03(a)
		 	 (c)
	  	6.01(b)
		 	 (d)
	  	6.01
		 	 (d)(1)
	  	6.01(a)
		 	 (d)(2)
	  	6.01(c)(2)
		 	 (d)(3)
	  	6.01(c)(3)

					
	TIA	 	 	  	Section
			
		 	 (e)
	  	5.14
			
	‘SS’316	 	 (a)
	  	1.01
		 	 (a)(1)(A)
	  	5.02
		 		  	5.12
		 	 (a)(1)(B)
	  	5.13
		 	 (a)(2)
	  	Not Applicable
		 	 (b)
	  	5.08
		 	 (c)
	  	1.04(d)
			
	‘SS’317	 	 (a)(1)
	  	5.03
		 	 (a)(2)
	  	5.04
		 	 (b)
	  	10.03
			
	‘SS’318	 	 (a)
	  	1.07

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

							
	TABLE OF CONTENTS	  
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	 Definitions and Other Provisions

of General Application
	   
   

			
	SECTION 1.01	 	 Definitions
	  	 	1	  
	SECTION 1.02	 	 Compliance Certificates and Opinions
	  	 	9	  
	SECTION 1.03	 	 Form of Documents Delivered to Trustee
	  	 	10	  
	SECTION 1.04	 	 Acts of Securityholders
	  	 	10	  
	SECTION 1.05	 	 Notices, etc., to Trustee and Company
	  	 	11	  
	SECTION 1.06	 	 Notices to Securityholders; Waiver
	  	 	12	  
	SECTION 1.07	 	 Conflict with Trust Indenture Act
	  	 	12	  
	SECTION 1.08	 	 Effect of Headings and Table of Contents
	  	 	12	  
	SECTION 1.09	 	 Successors and Assigns
	  	 	12	  
	SECTION 1.10	 	 Separability Clause
	  	 	12	  
	SECTION 1.11	 	 Benefits of Indenture
	  	 	12	  
	SECTION 1.12	 	 Governing Law
	  	 	13	  
	SECTION 1.13	 	 Counterparts
	  	 	13	  
	SECTION 1.14	 	 Judgment Currency
	  	 	13	  
	SECTION 1.15	 	 Force Majeure
	  	 	13	  
	
	ARTICLE II	  
	
	Security Forms	  
			
	SECTION 2.01	 	 Forms Generally
	  	 	13	  
	SECTION 2.02	 	 Forms of Securities
	  	 	14	  
	SECTION 2.03	 	 Form of Trustee’s Certificate of Authentication
	  	 	14	  
	SECTION 2.04	 	 Securities Issuable in the Form of a Global Security
	  	 	14	  
	
	ARTICLE III	  
	
	The Securities	  
			
	SECTION 3.01	 	 General Title; General Limitations; Issuable in Series; Terms of Particular Series
	  	 	16	  
	SECTION 3.02	 	 Denominations
	  	 	18	  
	SECTION 3.03	 	 Execution, Authentication and Delivery and Dating
	  	 	19	  
	SECTION 3.04	 	 Temporary Securities
	  	 	20	  
	SECTION 3.05	 	 Registration, Transfer and Exchange
	  	 	20	  
	SECTION 3.06	 	 Mutilated, Destroyed, Lost and Stolen Securities
	  	 	21	  
	SECTION 3.07	 	 Payment of Interest; Interest Rights Preserved
	  	 	22	  
	SECTION 3.08	 	 Persons Deemed Owners
	  	 	23	  
	SECTION 3.09	 	 Cancellation
	  	 	23	  

  
 i 

							
	 	 	 	  	Page	 
	SECTION 3.10	 	 Computation of Interest
	  	 	24	  
	SECTION 3.11	 	 Delayed Issuance of Securities
	  	 	24	  
	
	ARTICLE IV	  
	
	Satisfaction and Discharge	  
			
	SECTION 4.01	 	 Satisfaction and Discharge of Indenture
	  	 	24	  
	SECTION 4.02	 	 Application of Trust Money
	  	 	25	  
	SECTION 4.03	 	 Defeasance Upon Deposit of Funds or Government Obligations
	  	 	26	  
	SECTION 4.04	 	 Reinstatement
	  	 	27	  
	
	ARTICLE V	  
	
	Remedies	  
			
	SECTION 5.01	 	 Events of Default
	  	 	27	  
	SECTION 5.02	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	29	  
	SECTION 5.03	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	30	  
	SECTION 5.04	 	 Trustee May File Proofs of Claim
	  	 	31	  
	SECTION 5.05	 	 Trustee May Enforce Claims Without Possession of Securities
	  	 	31	  
	SECTION 5.06	 	 Application of Money Collected
	  	 	31	  
	SECTION 5.07	 	 Limitation on Suits
	  	 	32	  
	SECTION 5.08	 	 Unconditional Right of Securityholders to Receive Principal, Premium and Interest
	  	 	32	  
	SECTION 5.09	 	 Restoration of Rights and Remedies
	  	 	33	  
	SECTION 5.10	 	 Rights and Remedies Cumulative
	  	 	33	  
	SECTION 5.11	 	 Delay or Omission Not Waiver
	  	 	33	  
	SECTION 5.12	 	 Control by Securityholders
	  	 	33	  
	SECTION 5.13	 	 Waiver of Past Defaults
	  	 	33	  
	SECTION 5.14	 	 Undertaking for Costs
	  	 	34	  
	SECTION 5.15	 	 Waiver of Stay or Extension Laws
	  	 	34	  
	
	ARTICLE VI	  
	
	The Trustee	  
			
	SECTION 6.01	 	 Certain Duties and Responsibilities
	  	 	34	  
	SECTION 6.02	 	 Notice of Defaults
	  	 	35	  
	SECTION 6.03	 	 Certain Rights of Trustee
	  	 	36	  
	SECTION 6.04	 	 Not Responsible for Recitals or Issuance of Securities
	  	 	37	  
	SECTION 6.05	 	 May Hold Securities
	  	 	37	  
	SECTION 6.06	 	 Money Held in Trust
	  	 	37	  
	SECTION 6.07	 	 Compensation and Reimbursement
	  	 	37	  
	SECTION 6.08	 	 Disqualification; Conflicting Interests
	  	 	38	  
	SECTION 6.09	 	 Corporate Trustee Required; Eligibility
	  	 	38	  
	SECTION 6.10	 	 Resignation and Removal
	  	 	39	  
	SECTION 6.11	 	 Acceptance of Appointment by Successor
	  	 	40	  

  
 ii 

							
	 	 	 	  	Page	 
	SECTION 6.12	 	 Merger, Conversion, Consolidation or Succession to Business
	  	 	41	  
	SECTION 6.13	 	 Preferential Collection of Claims Against Company
	  	 	41	  
	SECTION 6.14	 	 Appointment of Authenticating Agent
	  	 	41	  
	
	ARTICLE VII	  
	
	 Securityholders’ Lists and Reports by

Trustee and Company
	   
   

			
	SECTION 7.01	 	 Company to Furnish Trustee Names and Addresses of Securityholders
	  	 	43	  
	SECTION 7.02	 	 Preservation of Information; Communications to Securityholders
	  	 	43	  
	SECTION 7.03	 	 Reports by Trustee
	  	 	44	  
	SECTION 7.04	 	 Reports by Company
	  	 	44	  
	
	ARTICLE VIII	  
	
	Consolidation, Merger, Conveyance or Transfer	  
			
	SECTION 8.01	 	 Consolidation, Merger, Conveyance or Transfer on Certain Terms
	  	 	45	  
	SECTION 8.02	 	 Successor Person Substituted
	  	 	45	  
	
	ARTICLE IX	  
	
	Supplemental Indentures	  
			
	SECTION 9.01	 	 Supplemental Indentures Without Consent of Securityholders
	  	 	46	  
	SECTION 9.02	 	 Supplemental Indentures with Consent of Securityholders
	  	 	47	  
	SECTION 9.03	 	 Execution of Supplemental Indentures
	  	 	48	  
	SECTION 9.04	 	 Effect of Supplemental Indentures
	  	 	48	  
	SECTION 9.05	 	 Conformity with Trust Indenture Act
	  	 	48	  
	SECTION 9.06	 	 Reference in Securities to Supplemental Indentures
	  	 	48	  
	
	ARTICLE X	  
	
	Covenants	  
			
	SECTION 10.01	 	 Payment of Principal, Premium and Interest
	  	 	49	  
	SECTION 10.02	 	 Maintenance of Office or Agency
	  	 	49	  
	SECTION 10.03	 	 Money for Security Payments to Be Held in Trust
	  	 	49	  
	SECTION 10.04	 	 Statement as to Compliance
	  	 	50	  
	SECTION 10.05	 	 Legal Existence
	  	 	51	  
	SECTION 10.06	 	 [Reserved]
	  	 	51	  
	SECTION 10.07	 	 [Reserved]
	  	 	51	  
	SECTION 10.08	 	 Waiver of Certain Covenants
	  	 	51	  

  
 iii 

							
	 	 	 	  	Page	 
	
	ARTICLE XI	  
	
	Redemption of Securities	  
			
	SECTION 11.01	 	 Applicability of Article
	  	 	51	  
	SECTION 11.02	 	 Election to Redeem; Notice to Trustee
	  	 	52	  
	SECTION 11.03	 	 Selection by Trustee of Securities to Be Redeemed
	  	 	52	  
	SECTION 11.04	 	 Notice of Redemption
	  	 	53	  
	SECTION 11.05	 	 Deposit of Redemption Price
	  	 	54	  
	SECTION 11.06	 	 Securities Payable on Redemption Date
	  	 	54	  
	SECTION 11.07	 	 Securities Redeemed in Part
	  	 	54	  
	SECTION 11.08	 	 Provisions with Respect to Any Sinking Funds
	  	 	54	  
	SECTION 11.09	 	 Rescission of Redemption
	  	 	55	  
	
	ARTICLE XII	  
	
	Conversion	  
			
	SECTION 12.01	 	 Conversion Privilege
	  	 	56	  
	SECTION 12.02	 	 Conversion Procedure; Rescission of Conversion; Conversion Price; Fractional Shares
	  	 	57	  
	SECTION 12.03	 	 Adjustment of Conversion Price for Common Stock or Marketable Securities
	  	 	58	  
	SECTION 12.04	 	 Consolidation or Merger of the Company
	  	 	61	  
	SECTION 12.05	 	 Notice of Adjustment
	  	 	62	  
	SECTION 12.06	 	 Notice in Certain Events
	  	 	62	  
	SECTION 12.07	 	 Company to Reserve Stock or other Marketable Securities; Registration; Listing
	  	 	63	  
	SECTION 12.08	 	 Taxes on Conversion
	  	 	63	  
	SECTION 12.09	 	 Conversion After Record Date
	  	 	63	  
	SECTION 12.10	 	 Corporate Action Regarding Par Value of Common Stock
	  	 	64	  
	SECTION 12.11	 	 Company Determination Final
	  	 	64	  
	SECTION 12.12	 	 Trustee’s Disclaimer
	  	 	64	  

  
 iv 

 THIS INDENTURE between Taylor Morrison Home Corporation, a Delaware corporation
(hereinafter called the “Company”) having its principal office at 4900 N. Scottsdale Road, Suite 2000, Scottsdale, Arizona 85251 and U.S. Bank National Association, as trustee (hereinafter called the “Trustee”), is
made and entered into as of [ ]. 
 Recitals of the Company 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of its debentures, notes, bonds or
other evidences of indebtedness, to be issued in one or more fully registered series. 
 All things necessary to make this Indenture a valid
agreement of the Company in accordance with its terms have been done. 
 Agreements of the Parties 

To set forth or to provide for the establishment of the terms and conditions upon which the Securities are and are to be authenticated, issued
and delivered, and in consideration of the premises and the purchase of Securities by the Holders thereof, it is mutually covenanted and agreed as follows, for the equal and proportionate benefit of all Holders of the Securities or of a series
thereof, as the case may be: 
 ARTICLE I 

Definitions and Other Provisions 

of General Application 

SECTION 1.01 Definitions. For all purposes of this Indenture and of any indenture supplemental hereto, except as otherwise expressly
provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to
them in this Article, and include the plural as well as the singular; 
 (2) all other terms used herein that are defined in
the Trust Indenture Act or by Commission rule under the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them herein; 

(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP and, except as
otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles and any accounting rules or interpretations
promulgated by the Commission as are generally accepted in the United States of America at the date of this Indenture; and 

(4) all references in this instrument to designated “Articles”, “Sections” and other subdivisions are to
the designated Articles, Sections and other subdivisions of this instrument as originally executed. The words “herein”, “hereof” and “hereunder” and 

 
other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 

Certain terms, used principally in Article VI, are defined in that Article. 

“Act”, when used with respect to any Securityholder, has the meaning specified in Section 1.04. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Authenticating Agent” means any Person authorized by the Company to authenticate Securities under Section 6.14. 

“Board of Directors” means (i) the board of directors of the Company, (ii) any duly authorized committee of such
board, (iii) any committee of officers of the Company or (iv) any officer of the Company acting, in the case of clauses (iii) or (iv), pursuant to authority granted by the board of directors of the Company or any committee of such
board. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the
Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means, with respect to any series of Securities, unless otherwise specified in a Board Resolution, in an
indenture supplemental hereto or an Officer’s Certificate with respect to a particular series of Securities, each day that is not a Saturday, Sunday or other day on which banking institutions in the pertinent Place or Places of Payment or the
city in which the Corporate Trust Office is located are authorized or required by law or executive order to be closed. 
 “Closing
Price” of the Common Stock or other Marketable Security, as the case may be, shall mean the last reported sale price of such stock or other Marketable Security (regular way) as shown on the Composite Tape of the NYSE (or, if such stock or
other Marketable Security is not listed or admitted to trading on the NYSE, on the principal national securities exchange on which such stock or other Marketable Security is listed or admitted to trading, including the NASDAQ), or, in case no such
sale takes place on such day, the average of the closing bid and asked prices on the NYSE (or, if such stock or other Marketable Security is not listed or admitted to trading on the NYSE, on the principal national securities exchange on which such
stock or other Marketable Security is listed or admitted to trading, including the NASDAQ), or if such stock or other Marketable Security is not so reported, the average of the closing bid and asked prices as furnished by any member of the Financial
Industry Regulatory Authority, Inc., selected from time to time by the Company for that purpose. 
 “Commission” means the
Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned
to it under the Trust Indenture Act, then the body performing such duties at such time. 

  
 2 

 “Common Stock” shall mean the Class A common stock, par value $0.00001 per
share, authorized at the date of this Indenture as originally signed, or any other class of stock resulting from successive changes or reclassifications of such Common Stock, and in any such case including any shares thereof authorized after the
date of this Indenture. 
 “Company” means the Person named as the “Company” in the first paragraph of this
instrument until a successor shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor. 

“Company Request”, “Company Order” and “Company Consent” mean a written request, order or
consent, respectively, signed in the name of the Company by its Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer or any Senior Vice President, and by its Treasurer, an Assistant Treasurer, Controller, an Assistant
Controller, Secretary or an Assistant Secretary, and delivered to the Trustee. 
 “Consolidated Net Worth” means, with
respect to any Person, at the date of any determination, the consolidated stockholders’ or owners’ equity of the holders of capital stock or partnership interests of such Person and its subsidiaries, determined on a consolidated basis in
accordance with GAAP consistently applied. 
 “Conversion Agent” means any Person authorized by the Company to receive
Securities to be converted into Common Stock or other Marketable Securities on behalf of the Company. The Company initially authorizes the Trustee to act as Conversion Agent for the Securities on its behalf. The Company may at any time and from time
to time authorize one or more Persons to act as Conversion Agent in addition to or in place of the Trustee with respect to any series of Securities issued under this Indenture. 

“Conversion Price” means, with respect to any series of Securities that are convertible into Common Stock or other Marketable
Securities, the price per share of Common Stock or the price per designated unit of other Marketable Security at which the Securities of such series are so convertible as set forth in the Board Resolution or indenture supplemental hereto with
respect to such series (or in any indenture supplemental hereto entered into pursuant to Section 9.01(9) with respect to such series), as the same may be adjusted from time to time in accordance with Section 12.03 (or such indenture
supplemental hereto). 
 “Converting Holder” shall have the meaning specified in Section 12.02(c) of this Indenture.

 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business
shall be principally administered, which office at the date hereof is located at: 
 U.S. Bank National Association 

Attn: Global Corporate Trust Services 

Mailcode: EP-MN-WS3C 
 60 Livingston
Avenue 
 St. Paul MN 55107-2292 

Telecopy: (651) 466-7430 

  
 3 

 “Current Market Price” on any date shall mean the average of the daily Closing
Prices per share of Common Stock or of such other Marketable Securities for any thirty (30) consecutive Trading Days selected by the Company prior to the day in question, which thirty (30) consecutive Trading Day period shall not commence
more than forty-five (45) Trading Days prior to the day in question; provided that with respect to Section 12.03(3), the “Current Market Price” of the Common Stock or of such other Marketable Securities shall mean the
average of the daily Closing Prices per share of Common Stock or of such other Marketable Securities for the five (5) consecutive Trading Days ending on the date of the distribution referred to in Section 12.03(3) (or if such date shall
not be a Trading Day, on the Trading Day immediately preceding such date). 
 “Defaulted Interest” has the meaning
specified in Section 3.07. 
 “Depository” means, unless otherwise specified by the Company pursuant to either
Section 2.04 or 3.01, with respect to Securities of any series issuable or issued as a Global Security, The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing agency under the Securities Exchange Act
of 1934, as amended, or other applicable statute or regulation. 
 “Discharged” has the meaning specified in
Section 4.03. 
 “Event of Default” has the meaning specified in Article V. 

“Federal Bankruptcy Act” has the meaning specified in Section 5.01(5). 

“GAAP” means generally accepted accounting principles as such principles are in effect in the United States as of the date of
this Indenture. 
 “Global Security”, when used with respect to any series of Securities issued hereunder, means a Security
that is executed by the Company and authenticated and delivered by the Trustee to the Depository or pursuant to the Depository’s instruction, all in accordance with this Indenture and an indenture supplemental hereto, if any, or Board
Resolution and pursuant to a Company Request, which shall be registered in the name of the Depository or its nominee and which shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding
Securities of such series or any portion thereof, in either case having the same terms, including, without limitation, the same original issue date, date or dates on which principal is due, and interest rate or method of determining interest. 

“Holder”, when used with respect to any Security, means a Securityholder, which means a Person in whose name a security is
registered in the Security Register. 
 “Indenture” or “this Indenture” means this instrument as
originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities
established as contemplated by Section 3.01. 
 “Interest”, when used with respect to an Original Issue Discount
Security that by its terms bears interest only after Maturity, means interest payable after Maturity. 
 “Interest Payment
Date”, when used with respect to any series of Securities, means the Stated Maturity of any installment of interest on those Securities. 

  
 4 

 “Marketable Security” means any common stock, debt security or other security of
a Person that is (or will, upon distribution thereof, be) listed on the NYSE, the American Stock Exchange, NASDAQ or any other national securities exchange registered under Section 6 of the Securities Exchange Act of 1934, as amended, or
approved for quotation in any system of automated dissemination of quotations of securities prices in the United States or for which there is a recognized market maker or trading market. 

“Material Subsidiary” means any Person that is a Subsidiary if, at the end of the most recent fiscal quarter of the Company,
the aggregate amount, determined in accordance with GAAP consistently applied, of securities of, loans and advances to, and other investments in, such Person held by the Company and its other Subsidiaries exceeded 10% of the Company’s
Consolidated Net Worth. 
 “Material U.S. Subsidiary” means any Material Subsidiary that is organized under the laws of the
United States of America or any political subdivision thereof (including any State thereof or the District of Columbia). 

“Maturity”, when used with respect to any Securities, means the date on which the principal of any such Security becomes due
and payable as therein or herein provided, whether on a Repayment Date, at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“NASDAQ” shall mean the NASDAQ Global Select Market, the NASDAQ Global Market or the NASDAQ Capital Market or any successors
thereof. 
 “NYSE” shall mean the New York Stock Exchange, Inc. or any successor thereof. 

“Officers’ Certificate” means a certificate signed by the Chief Executive Officer, the President, the Chief Financial
Officer, the Chief Operating Officer, the General Counsel or any Vice President, and by the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary or an Assistant Secretary of the Company, and delivered to the
Trustee. Wherever this Indenture requires that an Officers’ Certificate be signed also by a financial expert or an accountant or other expert, such financial expert, accountant or other expert (except as otherwise expressly provided in this
Indenture) may be in the employ of the Company, and shall be acceptable to the Trustee. 
 “Opinion of Counsel” means a
written opinion of counsel, who may (except as otherwise expressly provided in this Indenture) be an employee of or of counsel to the Company, which is delivered to the Trustee. 

“Original Issue Discount Security” means (i) any Security that provides for an amount less than the principal amount
thereof to be due and payable upon a declaration of acceleration of the Maturity thereof, and (ii) any other security that is issued with “original issue discount” within the meaning of Section 1273(a) of the Internal Revenue
Code of 1986, as amended, and the regulations thereunder. 
 “Outstanding”, when used with respect to the Securities or
Securities of any series, means, as of the date of determination, all such Securities theretofore authenticated and delivered under this Indenture, except: 

  
 5 

 (i) such Securities theretofore canceled by the Trustee or delivered to the
Trustee for cancellation; 
 (ii) such Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent in trust for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or
provision therefor satisfactory to the Trustee has been made; and 
 (iii) such Securities in exchange for or in lieu of
which other Securities have been authenticated and delivered pursuant to this Indenture, or which shall have been paid pursuant to the terms of Section 3.06 (except with respect to any such Security as to which proof satisfactory to the Trustee
is presented that such Security is held by a Person in whose hands such Security is a legal, valid and binding obligation of the Company). 
 In determining
whether the Holders of the requisite principal amount of such Securities Outstanding have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of any Original Issue Discount Security
that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable as of the date of the taking of such action upon a declaration of acceleration of the Maturity thereof, and (ii) Securities owned
by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding. In determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Securities that a Responsible Officer assigned to the Corporate Trust Department of the Trustee knows to be owned by the Company or any other obligor upon the Securities or
any Affiliate of the Company or such other obligor shall be so disregarded. Securities so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right to act as owner with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor. 

“Paying Agent” means any Person authorized by the Company to pay the principal of (and premium, if any) or interest on any
Securities on behalf of the Company. The Company initially authorizes the Trustee to act as Paying Agent for the Securities on its behalf. The Company may at any time and from time to time authorize one or more Persons to act as Paying Agent in
addition to or in place of the Trustee with respect to any series of Securities issued under this Indenture. 
 “Person”
means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Place of Payment” means with respect to any series of Securities issued hereunder the city or political subdivision so
designated with respect to the series of Securities in question in accordance with the provisions of Section 3.01. 

“Predecessor Securities” of any particular Security means every previous Security evidencing all or a portion of the same
debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under 

  
 6 

 
Section 3.06 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security. 

“Redemption Date”, when used with respect to any Security to be redeemed, means the date fixed for such redemption by or
pursuant to this Indenture. 
 “Redemption Price”, when used with respect to any Security to be redeemed, means the price
specified in the Security at which it is to be redeemed pursuant to this Indenture. 
 “Redemption Rescission Event” shall
mean the occurrence of (a) any general suspension of trading in, or limitation on prices for, securities on the principal national securities exchange on which shares of Common Stock or Marketable Securities are registered and listed for
trading (or, if shares of Common Stock or Marketable Securities are not registered and listed for trading on any such exchange, in the over-the-counter market) for more than six-and-one-half (6-1/2) consecutive trading hours, (b) any decline in
either the Dow Jones Industrial Average or the S&P 500 Index (or any successor index published by Dow Jones & Company, Inc. or S&P) by either (i) an amount in excess of 10%, measured from the close of business on any Trading
Day to the close of business on the next succeeding Trading Day during the period commencing on the Trading Day preceding the day notice of any redemption of Securities is given (or, if such notice is given after the close of business on a Trading
Day, commencing on such Trading Day) and ending at the time and date fixed for redemption in such notice or (ii) an amount in excess of 15% (or if the time and date fixed for redemption is more than 15 days following the date on which such
notice of redemption is given, 20%), measured from the close of business on the Trading Day preceding the day notice of such redemption is given (or, if such notice is given after the close of business on a Trading Day, from such Trading Day) to the
close of business on any Trading Day at or prior to the time and date fixed for redemption, (c) a declaration of a banking moratorium or any suspension of payments in respect of banks by Federal or state authorities in the United States or
(d) the occurrence of an act of terrorism or commencement of a war or armed hostilities or other national or international calamity directly or indirectly involving the United States that in the reasonable judgment of the Company could have a
material adverse effect on the market for the Common Stock or Marketable Securities. 
 “Regular Record Date” for the
interest payable on any Security on any Interest Payment Date means the date specified in such Security as the Regular Record Date. 

“Repayment Date”, when used with respect to any Security to be repaid, means the date fixed for such repayment pursuant to
such Security. 
 “Repayment Price”, when used with respect to any Security to be repaid, means the price at which it is to
be repaid pursuant to such Security. 
 “Required Currency”, when used with respect to any Security, has the meaning set
forth in Section 1.14. 
 “Responsible Officer”, when used with respect to the Trustee, means any officer of the
Trustee within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) with direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. “Responsible Officer”, when used with respect to the Company, means any of the Chief Executive Officer, President,

  
 7 

 
Chief Operating Officer, Chief Financial Officer, Vice President, General Counsel, Treasurer or Controller of the Company (or any equivalent of the foregoing officers). 

“S&P” means Standard & Poor’s Rating Service or any successor to the rating agency business thereto. 

“Security” or “Securities” means any note or notes, bond or bonds, debenture or debentures, or any other
evidences of indebtedness, as the case may be, of any series authenticated and delivered from time to time under this Indenture. 

“Security Register” shall have the meaning specified in Section 3.05. 

“Security Registrar” means the Person who keeps the Security Register specified in Section 3.05. The Company initially
appoints the Trustee to act as Security Registrar for the Securities on its behalf. The Company may at any time and from time to time authorize any Person to act as Security Registrar in place of the Trustee with respect to any series of Securities
issued under this Indenture. 
 “Securityholder” means a Person in whose name a security is registered in the Security
Register. 
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 3.07. 
 “Stated Maturity” when used with respect to any Security or any installment of principal thereof or
interest thereon means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

“Subsidiary” means, with respect to any Person, any corporation more than 50% of the voting stock of which is owned directly
or indirectly by such Person, and any partnership, association, joint venture or other entity in which such Person owns more than 50% of the equity interests or has the power to elect a majority of the board of directors or other governing body.

 “Trading Day” shall mean, with respect to the Common Stock or a Marketable Security, so long as the Common Stock or such
Marketable Security, as the case may be, is listed or admitted to trading on the NYSE, a day on which the NYSE is open for the transaction of business, or, if the Common Stock or such Marketable Security, as the case may be, is not listed or
admitted to trading on the NYSE, a day on which the principal national securities exchange on which the Common Stock or such Marketable Security, as the case may be, is listed is open for the transaction of business, or, if the Common Stock or such
Marketable Security, as the case may be, is not so listed or admitted for trading on any national securities exchange, a day on which the member of the National Association of Securities Dealers, Inc. selected by the Company to provide pricing
information for the Common Stock or such Marketable Security is open for the transaction of business. 
 “Trust Indenture
Act” or “TIA” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however, that, in the event the Trust Indenture Act of 1939 is amended after such
date, “Trust Indenture Act” or “TIA” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 

  
 8 

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

“Vice President” when used with respect to the Company or the Trustee means any vice president, whether or not designated by
a number or a word or words added before or after the title “vice president”, including without limitation, an assistant vice president. 

“Voting Stock”, as applied to the stock of any corporation, means stock of any class or classes (however designated) having
by the terms thereof ordinary voting power to elect a majority of the members of the board of directors (or other governing body) of such corporation other than stock having such power only by reason of the happening of a contingency. 

“Yield to Maturity” means the yield to maturity on a series of Securities, calculated by the Company at the time of issuance
of such series of Securities, or, if applicable, at the most recent redetermination of interest on such series, in accordance with accepted financial practice. 

SECTION 1.02 Compliance Certificates and Opinions. Upon any application or request by the Company to the Trustee to take any action
under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any (including any covenants compliance with which constitutes a condition precedent), provided
for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such Counsel all such conditions precedent, if any (including any covenants compliance with which constitutes a
condition precedent), have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular
application or request, no additional certificate or opinion need be furnished. 
 Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than annual statements of compliance provided pursuant to Section 10.04) shall include: 

(1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the
definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the
opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

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

  
 9 

 SECTION 1.03 Form of Documents Delivered to Trustee. In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons may certify or give an opinion as to the other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents. 
 Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his
certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating
that the information with respect to such factual matters is in the possession of the Company, unless such Counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such
matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION
1.04 Acts of Securityholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Securityholders or Securityholders of any series may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed by such Securityholders in person or by an agent duly appointed in writing or may be embodied in or evidenced by an electronic transmission that identifies the
documents containing the proposal on which such consent is requested and certifies such Securityholders’ consent thereto and agreement to be bound thereby; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Company. If any Securities are denominated in coin or currency other than that of the United States, then for the purposes of
determining whether the Holders of the requisite principal amount of Securities have taken any action as herein described, the principal amount of such Securities shall be deemed to be that amount of United States dollars that could be obtained for
such principal amount on the basis of the spot rate of exchange into United States dollars for the currency in which such Securities are denominated (as evidenced to the Trustee by an Officers’ Certificate) as of the date the taking of such
action by the Holders of such requisite principal amount is evidenced to the Trustee as provided in the immediately preceding sentence. If any Securities are Original Issue Discount Securities, then for the purposes of determining whether the
Holders of the requisite principal amount of Securities have taken any action as herein described, the principal amount of such Original Issue Discount Securities shall be deemed to be the amount of the principal thereof that would be due and
payable upon a declaration of acceleration of the Maturity thereof as of the date the taking of such action by the Holders of such requisite principal amount is evidenced to the Trustee as provided in the first sentence of this Section 1.04(a).
Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Securityholders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to 

  
 10 

 
Section 6.01) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness to such
execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such
execution is by an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any
such instrument or writing, or the authority of the person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

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

(d) If the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other action, the
Company may, at its option, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so.
Such record date shall be the later of 10 days prior to the first solicitation of such action or the date of the most recent list of Holders furnished to the Trustee pursuant to Section 7.01. If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date, but only the Holders of record at the close of business on the record date shall be deemed to be Holders for the purposes of
determining whether Holders of the requisite proportion of Securities outstanding have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Securities
outstanding shall be computed as of the record date; provided that no such authorization, agreement or consent by the Holders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this
Indenture not later than six months after the record date, and that no such authorization, agreement or consent may be amended, withdrawn or revoked once given by a Holder, unless the Company shall provide for such amendment, withdrawal or
revocation in conjunction with such solicitation of authorizations, agreements or consents or unless and to the extent required by applicable law. 

(e) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall bind the Holder
of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done or suffered to be done by the Trustee or the Company in reliance thereon whether or not notation of such
action is made upon such Security. 
 SECTION 1.05 Notices, etc., to Trustee and Company. Any request, demand, authorization,
direction, notice, consent, waiver or Act of Securityholders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with: 

(1) the Trustee by any Securityholder or by the Company shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing to or with the Trustee at its Corporate Trust Office, Attention: Corporate Services, Administrator – Taylor Morrison Home Corporation; or 

  
 11 

 (2) the Company by the Trustee or by any Securityholder shall be sufficient for
every purpose hereunder (except as provided in Section 5.01(4) or, in the case of a request for repayment, as specified in the Security carrying the right to repayment) if in writing and mailed, first-class postage prepaid, to the Company
addressed to it at the address of its principal office specified in the first paragraph of this instrument, Attention: General Counsel, or at the address last furnished in writing to the Trustee by the Company. 

SECTION 1.06 Notices to Securityholders; Waiver. Where this Indenture or any Security provides for notice to Securityholders of any
event, such notice shall be sufficiently given (unless otherwise herein or in such Security expressly provided) if in writing and mailed, first-class postage prepaid, to each Securityholder affected by such event, at his address as it appears in the
Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Securityholders is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Securityholder shall affect the sufficiency of such notice with respect to other Securityholders. Where this Indenture or any Security provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Securityholders shall be filed with the Trustee, but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case, by reason of the suspension of regular
mail service as a result of a strike, work stoppage or otherwise, it shall be impractical to mail notice of any event to any Securityholder when such notice is required to be given pursuant to any provision of this Indenture, then any method of
notification as shall be satisfactory to the Trustee and the Company shall be deemed to be a sufficient giving of such notice. 
 SECTION
1.07 Conflict with Trust Indenture Act. If and to the extent that any provision hereof limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this
Indenture by operation of, any of Sections 310 to 318, inclusive, of the Trust Indenture Act, such imposed duties or incorporated provision shall control. 

SECTION 1.08 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 1.09 Successors and Assigns. All covenants and agreements
in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 
 SECTION 1.10 Separability
Clause. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 1.11 Benefits of Indenture. Nothing in this Indenture or in any Securities, express or implied, shall give to any Person, other
than the parties hereto and their successors hereunder, any Authenticating Agent or Paying Agent, the Security Registrar and the Holders of Securities (or such of them as may be affected thereby), any benefit or any legal or equitable right, remedy
or claim under this Indenture. 

  
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 SECTION 1.12 Governing Law. This Indenture shall be construed in accordance with and
governed by the laws of the State of New York. 
 SECTION 1.13 Counterparts. This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 1.14 Judgment Currency. The Company agrees, to the fullest extent that it may effectively do so under applicable law, that
(a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of, or premium or interest, if any, on the Securities of any series (the “Required Currency”) into a
currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in the City of New York the
Required Currency with the Judgment Currency on the New York Banking Day preceding that on which a final unappealable judgment is given and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be
discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery
shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of
recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any
other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in the City of New York or a day on which banking institutions in the City of New
York are authorized or required by law or executive order to close. 
 SECTION 1.15 Force Majeure. In no event shall the Trustee be
responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of
war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee
shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

ARTICLE II 
 Security Forms

 SECTION 2.01 Forms Generally. The Securities shall have such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be required to comply with the rules of any securities exchange, or as may,
consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the Securities. Any portion of the text of any Security may be set forth on the reverse thereof, with an appropriate reference thereto
on the face of the Security. 

  
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 The definitive Securities shall be printed, lithographed or engraved or produced by any
combination of these methods on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities, subject, with respect to the Securities
of any series, to the rules of any securities exchange on which such Securities are listed. 
 SECTION 2.02 Forms of Securities. Each
Security shall be in one of the forms approved from time to time by or pursuant to a Board Resolution, or established in one or more indentures supplemental hereto. Prior to the delivery of a Security to the Trustee for authentication in any form
approved by or pursuant to a Board Resolution, the Company shall deliver to the Trustee the Board Resolution by or pursuant to which such form of Security has been approved, which Board Resolution shall have attached thereto a true and correct copy
of the form of Security that has been approved thereby or, if a Board Resolution authorizes a specific officer or officers to approve a form of Security, a certificate of such officer or officers approving the form of Security attached thereto. Any
form of Security approved by or pursuant to a Board Resolution must be acceptable as to form to the Trustee, such acceptance to be evidenced by the Trustee’s authentication of Securities in that form or a certificate signed by a Responsible
Officer of the Trustee and delivered to the Company. 
 SECTION 2.03 Form of Trustee’s Certificate of Authentication. The form
of Trustee’s Certificate of Authentication for any Security issued pursuant to this Indenture shall be substantially as follows: 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

U.S. BANK NATIONAL ASSOCIATION, as Trustee, 
  

			
		
		 	 
	by	 	Authorized Signatory
		
	Dated	 	 

 SECTION 2.04 Securities Issuable in the Form of a Global Security. (a) If the Company shall
establish pursuant to Sections 2.02 and 3.01 that the Securities of a particular series are to be issued in whole or in part in the form of one or more Global Securities, then the Company shall execute and the Trustee or its agent shall, in
accordance with Section 3.03 and the Company Order delivered to the Trustee or its agent thereunder, authenticate and deliver, such Global Security or Securities, which (i) shall represent, and shall be denominated in an amount equal to
the aggregate principal amount of, the Outstanding Securities of such series to be represented by such Global Security or Securities, or such portion thereof as the Company shall specify in a Company Order, (ii) shall be registered in the name
of the Depository for such Global Security or Securities or its nominee, (iii) shall be delivered by the Trustee or its agent to the Depository or pursuant to the Depository’s instruction and (iv) shall bear a legend substantially to
the following effect: “Unless this certificate is presented by an authorized representative of the 

  
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Depository to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of the nominee of the Depository or in such other name
as is requested by an authorized representative of the Depository (and any payment is made to the nominee of the Depository or to such other entity as is requested by an authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, the nominee of the Depository, has an interest herein.” 

(b) Notwithstanding any other provision of this Section 2.04 or of Section 3.05, and subject to the provisions of paragraph (c)
below, unless the terms of a Global Security expressly permit such Global Security to be exchanged in whole or in part for individual Securities, a Global Security may be transferred, in whole but not in part and in the manner provided in
Section 3.05, only to a nominee of the Depository for such Global Security, or to the Depository, or a successor Depository for such Global Security selected or approved by the Company, or to a nominee of such successor Depository. 

(c) (i) If at any time the Depository for a Global Security notifies the Company that it is unwilling or unable to continue as Depository for
such Global Security or if at any time the Depository for the Securities for such series shall no longer be eligible or in good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation, the Company
shall appoint a successor Depository with respect to such Global Security. If a successor Depository for such Global Security is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company will execute, and the Trustee or its agent, upon receipt of a Company Request for the authentication and delivery of individual Securities of such series in exchange for such Global Security, will authenticate and deliver,
individual Securities of such series of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global Security in exchange for such Global Security. 

(ii) The Company may at any time and in its sole discretion determine that the Securities of any series or portion thereof issued or issuable
in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities. In such event the Company will execute, and the Trustee, upon receipt of a Company Request for the authentication and delivery of
individual Securities of such series in exchange in whole or in part for such Global Security, will authenticate and deliver individual Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to
the principal amount of such Global Security or Securities representing such series or portion thereof in exchange for such Global Security or Securities. 

(iii) If specified by the Company pursuant to Sections 2.02 and 3.02 with respect to Securities issued or issuable in the form of a Global
Security, the Depository for such Global Security may surrender such Global Security in exchange in whole or in part for individual Securities of such series of like tenor and terms in definitive form on such terms as are acceptable to the Company
and such Depository. Thereupon the Company shall execute, and the Trustee or its agent shall authenticate and deliver, without service charge, (1) to each Person specified by such Depository a new Security or Securities of the same series of
like tenor and terms and of any authorized denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Person’s beneficial interest as specified by such Depository in the Global Security; and
(2) to such Depository a new Global Security of like tenor and terms and in an authorized denomination equal to the difference, if any, between the principal 

  
 15 

 
amount of the surrendered Global Security and the aggregate principal amount of Securities delivered to Holders thereof. 

(iv) In any exchange provided for in any of the preceding three paragraphs, the Company will execute and the Trustee or its agent will
authenticate and deliver individual Securities in definitive registered form in authorized denominations. Upon the exchange of the entire principal amount of a Global Security for individual Securities, such Global Security shall be canceled by the
Trustee or its agent. Except as provided in the preceding paragraph, Securities issued in exchange for a Global Security pursuant to this Section shall be registered in such names and in such authorized denominations as the Depository for such
Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or the Security Registrar. The Trustee or the Security Registrar shall deliver at its Corporate Trust Office such Securities
to the Persons in whose names such Securities are so registered. 
 ARTICLE III 

The Securities 
 SECTION
3.01 General Title; General Limitations; Issuable in Series; Terms of Particular Series. The aggregate principal amount of Securities that may be authenticated and delivered and Outstanding under this Indenture is not limited. 

The Securities may be issued in one or more series as from time to time may be authorized by the Board of Directors. There shall be
established in or pursuant to a Board Resolution or in an indenture supplemental hereto, subject to Section 3.11, prior to the issuance of Securities of any such series: 

(1) the title of the Securities of such series (which shall distinguish the Securities of such series from Securities of any
other series); 
 (2) the Person to whom any interest on a Security of such series shall be payable, if other than the Person
in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; 

(3) the date or dates on which the principal of the Securities of such series is payable; 

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

(5) the place or places where the principal of and any premium and interest on Securities of such series shall be payable; 

(6) the period or periods within which, the Redemption Price or Prices or the Repayment Price or Prices, as the case may be, at
which and the terms and conditions upon which Securities of such series may be redeemed or repaid (including the 

  
 16 

 
applicability of Section 11.09), as the case may be, in whole or in part, at the option of the Company or the Holder; 

(7) the obligation, if any, of the Company to purchase Securities of such series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of such series shall be purchased, in whole or in part, pursuant to such
obligation; 
 (8) if other than denominations of $2,000 and integral multiples of $1,000 in excess thereof, the
denominations in which Securities of such series shall be issuable; 
 (9) provisions, if any, with regard to the conversion
or exchange of the Securities of such series, at the option of the Holders thereof or the Company, as the case may be, for or into new Securities of a different series, Common Stock or other securities and, if the Securities of such series are
convertible into Common Stock or other Marketable Securities, the Conversion Price therefor; 
 (10) if other than U.S.
dollars, the currency or currencies or units based on or related to currencies in which the Securities of such series shall be denominated and in which payments of principal of, and any premium and interest on, such Securities shall or may be
payable; 
 (11) if the principal of (and premium, if any) or interest, if any, on the Securities of such series are to be
payable, at the election of the Company or a Holder thereof, in a coin or currency (including a composite currency) other than that in which the Securities are stated to be payable, the period or periods within which, and the terms and conditions
upon which, such election may be made; 
 (12) if the amount of payments of principal of (and premium, if any) or interest,
if any, on the Securities of such series may be determined with reference to an index based on a coin or currency (including a composite currency) other than that in which the Securities are stated to be payable, the manner in which such amounts
shall be determined; 
 (13) any limit upon the aggregate principal amount of the Securities of such series that may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Sections 3.04, 3.05, 3.06,
9.06, 11.07 and 12.02 and except for any Securities that, pursuant to Section 3.03, are deemed never to have been authenticated and delivered hereunder); 

(14) provisions, if any, with regard to the exchange of Securities of such series, at the option of the Holders thereof, for
other Securities of the same series of the same aggregate principal amount or of a different authorized series or different authorized denomination or denominations, or both; 

(15) provisions, if any, with regard to the appointment by the Company of an Authenticating Agent in one or more places other
than the location of the office of the Trustee with power to act on behalf of the Trustee and subject to its direction in the authentication and delivery of the Securities of any one or more series in connection with

  
 17 

 
such transactions as shall be specified in the provisions of this Indenture or in or pursuant to such Board Resolution or indenture supplemental hereto; 

(16) the portion of the principal amount of Securities of the series, if other than the principal amount thereof, which shall
be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02 or provable in bankruptcy pursuant to Section 5.04; 

(17) any Event of Default with respect to the Securities of such series, if not set forth herein, and any additions, deletions
or other changes to the Events of Default set forth herein that shall be applicable to the Securities of such series; 
 (18)
any covenant solely for the benefit of the Securities of such series and any additions, deletions or other changes to the provisions of Article VIII, Article X or Section 1.01 or any definitions relating to such Article that would otherwise be
applicable to the Securities of such series; 
 (19) if Section 4.03 of this Indenture shall not be applicable to the
Securities of such series and if Section 4.03 shall be applicable to any covenant or Event of Default established in or pursuant to a Board Resolution or in an indenture supplemental hereto as described above that has not already been
established herein; 
 (20) if the Securities of such series shall be issued in whole or in part in the form of a Global
Security or Securities, the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depository for such Global Security or Securities; and 

(21) any other terms of such series, including, without limitations, any restrictions on transfer related thereto. 

all upon such terms as may be determined in or pursuant to such Board Resolution or indenture supplemental hereto with respect to such series. 

The form of the Securities of each series shall be established pursuant to the provisions of this Indenture in or pursuant to the Board
Resolution or in the indenture supplemental hereto creating such series. The Securities of each series shall be distinguished from the Securities of each other series in such manner, reasonably satisfactory to the Trustee, as the Board of Directors
may determine. 
 Unless otherwise provided with respect to Securities of a particular series, the Securities of any series may only be
issuable in registered form, without coupons. 
 Any terms or provisions in respect of the Securities of any series issued under this
Indenture may be determined pursuant to this Section by providing for the method by which such terms or provisions shall be determined. 

SECTION 3.02 Denominations. The Securities of each series shall be issuable in such denominations and currency as shall be provided in
the provisions of this Indenture or in or pursuant to the Board Resolution or the indenture supplemental hereto creating such series. In the absence of any such provisions with respect to the Securities of any series, the Securities of 

  
 18 

 
that series shall be issuable only in fully registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

SECTION 3.03 Execution, Authentication and Delivery and Dating. The Securities shall be executed on behalf of the Company by its Chief
Executive Officer, its Chief Financial Officer, its Chief Operating Officer, one of its Vice Presidents or its Treasurer or any Assistant Treasurer and attested by its Secretary or one of its Assistant Secretaries. The signature of any of these
officers on the Securities may be manual or facsimile. 
 Securities bearing the manual or facsimile signatures of individuals who were at
any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the
date of such Securities. 
 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver
Securities executed by the Company to the Trustee for authentication; and the Trustee shall, upon Company Order, authenticate and deliver such Securities as in this Indenture provided and not otherwise. 

Prior to any such authentication and delivery, the Trustee shall be provided with the Officers’ Certificate and Opinion of Counsel
required to be furnished to the Trustee pursuant to Section 1.02, and the Board Resolution and any certificate relating to the issuance of the series of Securities required to be furnished pursuant to Section 2.02, and Opinion of Counsel
substantially to the effect that: 
 (1) all instruments furnished to the Trustee conform to the requirements of the
Indenture and constitute sufficient authority hereunder for the Trustee to authenticate and deliver such Securities; 
 (2)
the form and terms of such Securities have been established in conformity with the provisions of this Indenture; 
 (3) all
laws and requirements with respect to the execution and delivery by the Company of such Securities have been complied with, the Company has the corporate power to issue such Securities and such Securities have been duly authorized and delivered by
the Company and, assuming due authentication and delivery by the Trustee, constitute legal, valid and binding obligations of the Company enforceable in accordance with their terms (subject, as to enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, moratorium or other laws and legal principles affecting creditors’ rights generally from time to time in effect and to general equitable principles, whether applied in an action at law or in equity) and entitled to
the benefits of this Indenture, equally and ratably with all other Securities, if any, of such series Outstanding; 
 (4)
when applicable, the Indenture is qualified under the Trust Indenture Act; and 
 (5) such other matters as the Trustee may
reasonably request; 
 and, if the authentication and delivery relates to a new series of Securities created by an indenture supplemental hereto, also
stating that all laws and requirements with respect to the form and execution by the Company of the supplemental indenture with respect to that series of Securities 

  
 19 

 
have been complied with, the Company has corporate power to execute and deliver any such supplemental indenture and has taken all necessary corporate action for those purposes and any such
supplemental indenture has been duly executed and delivered and constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its terms (subject, as to enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, moratorium or other laws and legal principles affecting creditors’ rights generally from time to time in effect and to general equitable principles, whether applied in an action at law or in equity). 

The Trustee shall not be required to authenticate such Securities if the issue thereof will adversely affect the Trustee’s own rights,
duties or immunities under the Securities and this Indenture. 
 Unless otherwise provided in the form of Security for any series, all
Securities shall be dated the date of their authentication. 
 No Security shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual or facsimile signature, and such certificate upon any Security shall
be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by
the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.09, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and
shall never be entitled to the benefits of this Indenture. 
 SECTION 3.04 Temporary Securities. Pending the preparation of
definitive Securities of any series, the Company may execute, and, upon receipt of the documents required by Section 3.03, together with a Company Order, the Trustee shall authenticate and deliver, temporary Securities which are printed,
lithographed, typewritten or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. 
 If temporary
Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Securities, the temporary Securities of such series shall be exchangeable
for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment, without charge to the Holder; and upon surrender for cancellation of any one or more
temporary Securities the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of such series of authorized denominations and of like tenor and terms. Until so
exchanged the temporary Securities of such series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 

SECTION 3.05 Registration, Transfer and Exchange. The Company shall keep or cause to be kept a register or registers (herein sometimes
referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities, or of Securities of a particular series, and of transfers of
Securities or of Securities of such series. Any such register shall be in written form or in any 

  
 20 

 
other form capable of being converted into written form within a reasonable time. At all reasonable times the information contained in such register or registers shall be available for inspection
by the Trustee at the office or agency to be maintained by the Company as provided in Section 10.02. There shall be only one Security Register per series of Securities. 

Subject to Section 2.04, upon surrender for registration of transfer of any Security of any series at the office or agency of the Company
maintained for such purpose in a Place of Payment, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of such series of any authorized
denominations, of a like aggregate principal amount and Stated Maturity and of like tenor and terms. 
 Subject to Section 2.04, at the
option of the Holder, Securities of any series may be exchanged for other Securities of such series of any authorized denominations, of a like aggregate principal amount and Stated Maturity and of like tenor and terms, upon surrender of the
Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities that the Securityholder making the exchange is
entitled to receive. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of
the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

Every Security presented or surrendered for registration of transfer or exchange shall (if so required by the Company or the Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed, by the Holder thereof or his attorney duly authorized in writing. 

Unless otherwise provided in the Security to be registered for transfer or exchanged, no service charge shall be made on any Securityholder
for any registration of transfer or exchange of Securities, but the Company may (unless otherwise provided in such Security) require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.04, 9.06 or 11.07 not involving any transfer. 

The Company shall not be required (i) to issue, register the transfer of or exchange any Security of any series during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of such series selected for redemption under Section 11.03 and ending at the close of business on the date of such mailing, or (ii) to
register the transfer of or exchange any Security so selected for redemption in whole or in part. 
 None of the Company, the Trustee, any
agent of the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 
 SECTION 3.06 Mutilated, Destroyed,
Lost and Stolen Securities. If (i) any mutilated Security is surrendered to the Trustee, or the Company and the Trustee receive 

  
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evidence to their satisfaction of the destruction, loss or theft of any Security, and (ii) there is delivered to the Company and the Trustee such security or indemnity as may be required by
them to save each of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute and upon its written request the Trustee shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Security, a new Security of like tenor, series, Stated Maturity and principal amount, bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion
may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under this Section, the Company may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Security issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other
Securities of the same series duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

SECTION 3.07 Payment of Interest; Interest Rights Preserved. Unless otherwise provided with respect to such Security pursuant to
Section 3.01, interest on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest. 
 Any interest on any Security that is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered Holder on the relevant Regular Record Date by virtue of his having been such Holder;
and, except as hereinafter provided, such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or Clause (2) below: 

(1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names any such Securities (or their
respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner (the “Special Record Date”). The Company shall
notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted 

  
 22 

 
Interest that shall be not more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be
mailed, first class postage prepaid, to the Holder of each such Security at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and
the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such Special Record Date and shall
no longer be payable pursuant to the following Clause (2). 
 (2) The Company may make payment of any Defaulted Interest
in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of
the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee. 
 If any installment of
interest the Stated Maturity of which is on or prior to the Redemption Date for any Security called for redemption pursuant to Article XI is not paid or duly provided for on or prior to the Redemption Date in accordance with the foregoing provisions
of this Section, such interest shall be payable as part of the Redemption Price of such Securities. 
 Subject to the foregoing provisions
of this Section, each Security delivered under this Indenture upon registration or transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Security. 
 SECTION 3.08 Persons Deemed Owners. The Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name any Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any), and (subject to Section 3.07) interest on, such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

SECTION 3.09 Cancellation. All Securities surrendered for payment, conversion, redemption, registration of transfer, exchange or credit
against a sinking fund shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and, if not already canceled, shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any
Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly canceled by the Trustee. No Security shall be authenticated in lieu of or in
exchange for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. The Trustee shall dispose of all canceled Securities in accordance with its standard 

  
 23 

 
procedures and deliver a certificate of such disposition to the Company upon its written request therefor. 

SECTION 3.10 Computation of Interest. Unless otherwise provided as contemplated in Section 3.01, interest on the Securities shall
be calculated on the basis of a 360-day year of twelve 30-day months. 
 SECTION 3.11 Delayed Issuance of Securities. Notwithstanding
any contrary provision herein, if all Securities of a series are not to be originally issued at one time, it shall not be necessary for the Company to deliver to the Trustee an Officers’ Certificate, Board Resolution, indenture supplemental
hereto, opinion of counsel or Company Order otherwise required pursuant to Sections 1.02, 2.02, 3.01 and 3.03 at or prior to the time of authentication of each Security of such series if such documents are delivered to the Trustee or its agent
at or prior to the authentication upon original issuance of the first Security of such series to be issued; provided that any subsequent request by the Company to the Trustee to authenticate Securities of such series upon original issuance
shall constitute a representation and warranty by the Company that as of the date of such request, the statements made in the Officers’ Certificate or other certificates delivered pursuant to Sections 1.02 and 2.02 shall be true and
correct as if made on such date. 
 A Company Order, Officers’ Certificate or Board Resolution or indenture supplemental hereto
delivered by the Company to the Trustee in the circumstances set forth in the preceding paragraph may provide that Securities that are the subject thereof will be authenticated and delivered by the Trustee or its agent on original issue from time to
time in the aggregate principal amount, if any, established for such series pursuant to such procedures reasonably acceptable to the Trustee as may be specified from time to time by Company Order upon the telephonic, electronic or written order of
Persons designated in such Company Order, Officers’ Certificate, indenture supplemental hereto or Board Resolution (any such telephonic or electronic instructions to be promptly confirmed in writing by such Persons) and that such Persons are
authorized to determine, consistent with such Company Order, Officers’ Certificate, indenture supplemental hereto or Board Resolution, such terms and conditions of said Securities as are specified in such Company Order, Officers’
Certificate, indenture supplemental hereto or Board Resolution. 
 ARTICLE IV 

Satisfaction and Discharge 

SECTION 4.01 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to any series of
Securities (except as to any surviving rights of conversion or registration of transfer or exchange of Securities of such series expressly provided for herein or in the form of Security for such series), and the Trustee, on receipt of a Company
Request and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when: 

(1) either 

(A) all Securities of that series theretofore authenticated and delivered (other than (i) Securities of such series that
have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 3.06, and (ii) Securities of such series for whose payment money in the Required Currency has theretofore been

  
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deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.03) have been delivered to the
Trustee canceled or for cancellation; or 
 (B) all such Securities of that series not theretofore delivered to the Trustee
canceled or for cancellation: 
 (i) have become due and payable, or 

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

(iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of (i), (ii) or (iii) above, has
irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount in the Required Currency sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the
Trustee canceled or for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the case of Securities that have become due and payable), or to the Stated Maturity or Redemption Date, as the case may be; 

(2) the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Securities of
such series; and 
 (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Company to the Trustee with
respect to that series under Section 6.07 shall survive and the obligations of the Company and the Trustee under Sections 3.05, 3.06, 4.02, 10.02 and 10.03 shall survive such satisfaction and discharge. 

SECTION 4.02 Application of Trust Money. Subject to the provisions of the last paragraph of Section 10.03, all money deposited
with the Trustee pursuant to Section 4.01 or Section 4.03 shall be held in trust and applied by it, in accordance with the provisions of the series of Securities in respect of which it was deposited and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has
been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 
 Anything
herein to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or securities deposited with and held by it as provided in Section 4.03 and this Section 4.02 that, in
the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required

  
 25 

 
to be deposited to effect an equivalent satisfaction and discharge, Discharge (as defined below) or covenant defeasance, provided that the Trustee shall not be required to liquidate any
securities in order to comply with the provisions of this paragraph. 
 SECTION 4.03 Defeasance Upon Deposit of Funds or Government
Obligations. Unless pursuant to Section 3.01 provision is made that this Section shall not be applicable to the Securities of any series, at the Company’s option, either (a) the Company shall be deemed to have been Discharged (as
defined below) from its obligations with respect to any series of Securities after the applicable conditions set forth below have been satisfied or (b) the Company shall cease to be under any obligation to comply with any term, provision or
condition set forth in Sections 10.05 and 10.06 and Article VIII (and any other Sections or covenants applicable to such Securities that are determined pursuant to Section 3.01 to be subject to this provision) and Clause (4) of
Section 5.01 of this Indenture (and any other Events of Default applicable to such Securities that are determined pursuant to Section 3.01 to be subject to this provision) shall be deemed not to be an Event of Default with respect to any
series of Securities at any time after the applicable conditions set forth below have been satisfied: 
 (1) the Company
shall have deposited or caused to be deposited irrevocably with the Trustee as trust funds, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series, (i) money in an amount, or
(ii) the equivalent in securities of the government that issued the currency in which the Securities are denominated or government agencies backed by the full faith and credit of such government that through the payment of interest and
principal in respect thereof in accordance with their terms will provide freely available funds on or prior to the due date of any payment, money in an amount, or (iii) a combination of (i) and (ii), sufficient, in the opinion (with
respect to (ii) and (iii)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking
fund payments) and any premium of, interest on and any repurchase or redemption obligations with respect to the outstanding Securities of such series on the dates such installments of interest or principal or repurchase or redemption obligations are
due (before such a deposit, if the Securities of such series are then redeemable or may be redeemed in the future pursuant to the terms thereof, in either case at the option of the Company, the Company may give to the Trustee, in accordance with
Section 11.02, a notice of its election to redeem all of the Securities of such series at a future date in accordance with Article XI); 

(2) no Event of Default or event (including such deposit) that with notice or lapse of time would become an Event of Default
with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit (other than an Event of Default resulting from the borrowing of funds to be applied to such deposit); 

(3) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such
series will not recognize income, gain or loss for Federal income tax purposes as a result of the Company’s exercise of its option under this Section 4.03 and will be subject to Federal income tax on the same amount and in the same manner
and at the same times as would have been the case if such option had not been exercised, and, in the case of Securities being Discharged, accompanied by a ruling to that effect from the Internal Revenue Service, unless, as set forth in such Opinion
of Counsel, there has been a change in the applicable federal 

  
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income tax law since the date of this Indenture such that a ruling from the Internal Revenue Service is no longer required; 

(4) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit referred to in
paragraph (1) above was not made by the Company with the intent of preferring the Holders over other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and 

(5) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating that
all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with. 

“Discharged” means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by, and
obligations under, the Securities of such series and to have satisfied all the obligations under this Indenture relating to the Securities of such series (and the Trustee, on receipt of a Company Request and at the expense of the Company, shall
execute proper instruments acknowledging the same), except (A) the rights of Holders of Securities to receive, from the trust fund described in clause (1) above, payment of the principal and any premium of and any interest on such
Securities when such payments are due; (B) the Company’s obligations with respect to such Securities under Sections 3.05, 3.06, 4.02, 6.07, 10.02 and 10.03; (C) the Company’s right of redemption, if any, with respect to any
Securities of such series pursuant to Article XI, in which case the Company may redeem the Securities of such series in accordance with Article XI by complying with such Article and depositing with the Trustee, in accordance with Section 11.05,
an amount of money sufficient, together with all amounts held in trust pursuant to Section 4.02 with respect to Securities of such series, to pay the Redemption Price of all the Securities of such series to be redeemed; and (D) the rights,
powers, trusts, duties and immunities of the Trustee hereunder. A “Discharge” shall mean the meeting by the Company of the foregoing requirements. 

SECTION 4.04 Reinstatement. If the Trustee or Paying Agent is unable to apply any money or securities in accordance with
Section 4.02 of this Indenture, by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations
under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 4.01 or 4.03 of this Indenture, as the case may be, until such time as the Trustee or Paying Agent is permitted to
apply all such money or securities in accordance with Section 4.02 of this Indenture; provided that, if the Company has made any payment of principal of or interest on any Securities because of 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 or securities held by the Trustee or Paying Agent. 

ARTICLE V 
 Remedies

 SECTION 5.01 Events of Default. “Event of Default”, wherever used herein, means with respect to any series of
Securities any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected 

  
 27 

 
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), unless such event is either
inapplicable to a particular series or it is specifically deleted or modified in or pursuant to the indenture supplemental hereto or Board Resolution creating such series of Securities or in the form of Security for such series: 

(1) default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of
such default for a period of 30 days; or 
 (2) default in the payment of the principal of (or premium, if any, on) any
Security of that series at its Maturity; or 
 (3) default in the payment of any sinking or purchase fund or analogous
obligation when the same becomes due by the terms of the Securities of such series; or 
 (4) default in the performance, or
breach, of any covenant or warranty of the Company in this Indenture in respect of the Securities of such series (other than a covenant or warranty in respect of the Securities of such series a default in the performance of which or the breach of
which is elsewhere in this Section specifically dealt with), all of such covenants and warranties in the Indenture that are not expressly stated to be for the benefit of a particular series of Securities being deemed in respect of the Securities of
all series for this purpose, and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least
25% in aggregate principal amount of the Outstanding Securities of such series, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 (5) the entry of an order for relief against the Company or any Material U.S. Subsidiary thereof under Title 11, United
States Code (the “Federal Bankruptcy Act”) by a court having jurisdiction in the premises or a decree or order by a court having jurisdiction in the premises adjudging the Company or any Material U.S. Subsidiary thereof a bankrupt
or insolvent under any other applicable Federal or State law, or the entry of a decree or order approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or any Material
U.S. Subsidiary thereof under the Federal Bankruptcy Act or any other applicable Federal or State law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or any Material U.S. Subsidiary
thereof or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 90 consecutive days; or 

(6) the consent by the Company or any Material U.S. Subsidiary thereof to the institution of bankruptcy or insolvency
proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the Federal Bankruptcy Act or any other applicable Federal or State law, or the consent by it to the filing of any such petition or
to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or any Material U.S. Subsidiary thereof or of any substantial part of its property, or the making by it of an assignment for the
benefit of creditors, or the admission by it in writing of its inability to 

  
 28 

 
pay its debts generally as they become due, or the taking of corporate action by the Company or any Material U.S. Subsidiary thereof in furtherance of any such action; 

(7) any other Event of Default provided in the indenture supplemental hereto or Board Resolution under which such series of
Securities is issued or in the form of Security for such series. 
 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment.
If an Event of Default described in paragraph (1), (2), (3) or (4) (if the Event of Default under paragraph (4) is with respect to less than all series of Securities then Outstanding) of Section 5.01 occurs and is continuing
with respect to any series, then and in each and every such case, unless the principal of all the Securities of such series shall have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal
amount of the Securities of such series then Outstanding hereunder (each such series acting as a separate class), by notice in writing to the Company (and to the Trustee if given by Holders), may declare the principal amount (or, if the Securities
of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of all the Securities of such series and all accrued interest thereon to be due and payable immediately, and
upon any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture or in the Securities of such series contained to the contrary notwithstanding. If an Event of Default described in
paragraph (4) (if the Event of Default under paragraph (4) is with respect to all series of Securities then Outstanding), of Section 5.01 occurs and is continuing, then and in each and every such case, unless the principal of all the
Securities shall have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal amount of all the Securities then Outstanding hereunder (treated as one class), by notice in writing to the Company
(and to the Trustee if given by Holders), may declare the principal amount (or, if any Securities are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms thereof) of all the Securities then
Outstanding and all accrued interest thereon to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture or in the Securities contained to the contrary
notwithstanding. If an Event of Default of the type set forth in paragraph (5) or (6) of Section 5.01 occurs and is continuing, the principal of and any interest on the Securities then outstanding shall become immediately due and
payable. 
 At any time after such a declaration of acceleration has been made with respect to the Securities of any or all series, as the
case may be, and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of such series, by
written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 
 (1) the
Company has paid or deposited with the Trustee a sum sufficient to pay: 
 (A) all overdue installments of interest on the
Securities of such series; and 
 (B) the principal of (and premium, if any, on) any Securities of such series which have
become due otherwise than by such declaration of acceleration, and interest thereon at the rate or rates prescribed therefor by the terms of the Securities of such series, to the extent that payment of such interest is lawful; and 

  
 29 

 (C) interest upon overdue installments of interest at the rate or rates
prescribed therefor by the terms of the Securities of such series to the extent that payment of such interest is lawful; and 

(D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel and all other amounts due the Trustee under Section 6.07; and 
 (2) all Events of
Default with respect to such series of Securities, other than the nonpayment of the principal of the Securities of such series that have become due solely by such acceleration, have been cured or waived as provided in Section 5.13. 

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

SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Trustee. The Company covenants that if: 

(1) default is made in the payment of any installment of interest on any Security of any series when such interest becomes due
and payable; or 
 (2) default is made in the payment of the principal of (or premium, if any, on) any Security at the
Maturity thereof; or 
 (3) default is made in the payment of any sinking or purchase fund or analogous obligation when the
same becomes due by the terms of the Securities of any series; 
 and any such default continues for any period of grace provided with respect to the
Securities of such series, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holder of any such Security (or the Holders of any such series in the case of Clause (3) above), the whole amount then due and payable on
any such Security (or on the Securities of any such series in the case of Clause (3) above) for principal (and premium, if any) and interest, with interest, to the extent that payment of such interest shall be legally enforceable, upon the
overdue principal (and premium, if any) and upon overdue installments of interest, at such rate or rates as may be prescribed therefor by the terms of any such Security (or of Securities of any such series in the case of Clause (3) above); and,
in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts
due the Trustee under Section 6.07. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other
obligor upon the Securities of such series and collect the money adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

If an Event of Default with respect to any series of Securities occurs and is continuing, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the 

  
 30 

 
Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy. 
 SECTION 5.04 Trustee May File Proofs of Claim. In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or
of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made
any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceedings or otherwise: 

(i) to file and prove a claim for the whole amount of principal (or portion thereof determined pursuant to
Section 3.01(16) to be provable in bankruptcy) (and premium, if any) and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary and advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due the Trustee under Section 6.07) and of the Securityholders allowed in such
judicial proceeding; and 
 (ii) to collect and receive any moneys or other property payable or deliverable on any such
claims and to distribute the same; 
 and any receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial
proceeding is hereby authorized by each Securityholder to make such payment to the Trustee and in the event that the Trustee shall consent to the making of such payments directly to the Securityholders, 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 6.07. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

 SECTION 5.05 Trustee May Enforce Claims Without Possession of Securities. All rights of action and claims under this Indenture or
the Securities of any series may be prosecuted and enforced by the Trustee without the possession of any of the Securities of such series or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agent and counsel and any
other amounts due the Trustee under Section 6.07, be for the ratable benefit of the Holders of the Securities of the series in respect of which such judgment has been recovered. 

SECTION 5.06 Application of Money Collected. Any money collected by the Trustee with respect to a series of Securities pursuant to this
Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such 

  
 31 

 
money on account of principal (or premium, if any) or interest, upon presentation of the Securities of such series and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee under Section 6.07. 

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

SECTION 5.07 Limitation on Suits. No Holder of any Security of any series shall have any right to institute any proceeding, judicial or
otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to Securities
of such series; 
 (2) the Holders of not less than 25% in principal amount of the outstanding Securities of such series
shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

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

it being understood and intended that no one or more Holders of Securities of such series shall have any right in any manner whatever by virtue of, or by
availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Securities of such series, or to obtain or to seek to obtain priority or preference over any other such Holders or to enforce any right
under this Indenture, except in the manner herein provided and for the equal and proportionate benefit of all the Holders of all Securities of such series. 

SECTION 5.08 Unconditional Right of Securityholders to Receive Principal, Premium and Interest. Notwithstanding any other provisions in
this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 3.07) interest on such Security on the respective Stated
Maturities expressed in such Security (or, in the case of redemption or repayment, on the Redemption Date or Repayment Date, as the case may be) and to institute suit 

  
 32 

 
for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 

SECTION 5.09 Restoration of Rights and Remedies. If the Trustee or any Securityholder has instituted any proceeding to enforce any
right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, then and in every such case the Company, the Trustee and the Securityholders shall, subject to any determination in such proceeding, be
restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Securityholders shall continue as though no such proceeding had been instituted. 

SECTION 5.10 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to the
Securityholders 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 5.11 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Security to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the
Securityholders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Securityholders, as the case may be. 

SECTION 5.12 Control by Securityholders. The Holders of a majority in principal amount of the Outstanding Securities of any series
shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities of such series, provided
that: 
 (1) the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by
counsel, determines that the action so directed may not lawfully be taken or would conflict with this Indenture or if the Trustee in good faith shall, by a Responsible Officer, determine that the proceedings so directed would involve it in personal
liability or be unjustly prejudicial to the Holders not taking part in such direction, and 
 (2) the Trustee may take any
other action deemed proper by the Trustee that is not inconsistent with such direction. 
 SECTION 5.13 Waiver of Past Defaults. The
Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences,
except a default not theretofore cured: 
 (1) in the payment of the principal of (or premium, if any) or interest on any
Security of such series, or in the payment of any sinking or purchase fund or analogous obligation with respect to the Securities of such series, or 

  
 33 

 (2) in respect of a covenant or provision hereof which under Article IX cannot be
modified or amended without the consent of the Holder of each Outstanding Security of such series. 
 Upon any such waiver, such default
shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

SECTION 5.14 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
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 and expenses, 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; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or
group of Securityholders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series to which the suit relates, or to any suit instituted by any Securityholder for the enforcement of the payment of the
principal of (or premium, if any) or interest on a Security on or after the respective Stated Maturities expressed in such Security (or, in the case of redemption or repayment, on or after the Redemption Date or Repayment Date, as the case may be).

 SECTION 5.15 Waiver of Stay or Extension Laws. The Company covenants (to the extent that it may lawfully do so) that it will not
at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE VI 

The Trustee 
 SECTION 6.01
Certain Duties and Responsibilities. (a) Except during the continuance of an Event of Default with respect to any series of Securities: 

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

(2) in the absence of bad faith on its part, the Trustee may, with respect to Securities of such series, conclusively rely, as
to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
that by any provision hereof are specifically required to be 

  
 34 

 
furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate
the accuracy of mathematical calculations or other facts stated therein). 
 (b) In case an Event of Default with respect to any series of
Securities has occurred and is continuing, the Trustee shall exercise with respect to the Securities of such series such of the rights and powers vested in it by this Indenture and any indenture supplemental hereto or Board Resolution relating to
such series of Securities, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that: 
 (1) this Subsection shall not be construed to limit the effect
of Subsection (a) of this Section; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith
by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 
 (4) no provision
of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

(d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section. 
 SECTION 6.02 Notice of Defaults. Within 90
days after the occurrence of any default hereunder with respect to Securities of any series, the Trustee shall transmit by mail to all Securityholders of such series, as their names and addresses appear in the Security Register, notice of such
default hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security
of such series or in the payment of any sinking or purchase fund installment or analogous obligation with respect to Securities of such series, 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 Securityholders of such series; and provided,
further, that in the case of any default of the 

  
 35 

 
character specified in Section 5.01(4) with respect to Securities of such series no such notice to Securityholders of such series shall be given until at least 90 days after the occurrence
thereof. For the purpose of this Section, the term “default”, with respect to Securities of any series, means any event that is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such
series. 
 SECTION 6.03 Certain Rights of Trustee. Except as otherwise provided in Section 6.01: 

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

(b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company
Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
 (c) whenever in
the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, rely upon an Officers’ Certificate; 
 (d) the Trustee may consult with counsel
of its own selection and the written advice of such counsel or an Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Securityholders pursuant to this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that might
be incurred by it in compliance with such request or direction; 
 (f) the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Company, personally or by agent or attorney; 
 (g) the Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(h) the Trustee shall not be charged with knowledge of any default (as defined in Section 6.02) or Event of Default with
respect to the Securities of any series 

  
 36 

 
for which it is acting as Trustee unless either (1) a Responsible Officer of the Trustee assigned to the Corporate Trust Department of the Trustee (or any successor division or department of
the Trustee) shall have actual knowledge of such default or Event of Default or (2) written notice of such default or Event of Default shall have been given to the Trustee by the Company or any other obligor on such Securities or by any Holder
of such Securities; 
 (i) the Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; and 
 (j)
the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each
agent, custodian and other Person employed to act hereunder. 
 SECTION 6.04 Not Responsible for Recitals or Issuance of Securities.
The recitals contained herein and in the Securities, except the certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as
to the validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof. 

SECTION 6.05 May Hold Securities. The Trustee, any Authenticating Agent, any Paying Agent, the Security Registrar, any Conversion
Agent or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.08 and 6.13, may otherwise deal with the Company with the same rights it would have if it were
not Trustee, Authenticating Agent, Paying Agent, Security Registrar, Conversion Agent or such other agent. 
 SECTION 6.06 Money Held in
Trust. Subject to the provisions of Section 10.03 hereof, all moneys in any currency or currency received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but
need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company. 

SECTION 6.07 Compensation and Reimbursement. The Company agrees: 

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

(2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as shall be determined to have been caused by its own negligence or bad faith; and 

  
 37 

 (3) to indemnify the Trustee for, and to hold it and its officers, directors,
stockholders, and employees, harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses
of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 

The Trustee shall promptly notify the Company in writing of any claim for which it may seek indemnity hereunder, provided that failure
by the Trustee to so notify the Company shall not relieve the Company of its indemnity obligations hereunder, except to the extent that the Company is actually prejudiced by such failure. The Company will defend any such claims and the Trustee will
cooperate in its defense. To the extent that a conflict of interest exists between the Company and the Trustee, the Trustee may have separate counsel, and the Company will pay the reasonable fees and expenses of such counsel. The Company shall not
be obligated to pay for any settlement made without its consent. 
 When the Trustee incurs expenses or renders services in connection with
an Event of Default specified in Section 5.01(5) or (6), the expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy law. 

As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities
upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (and premium, if any) or interest on particular Securities. 

The Company’s obligations under this Section 6.07 and any lien arising hereunder shall survive the resignation or removal of any
Trustee, the discharge of the Company’s obligations pursuant to Article IV of this Indenture and/or the termination of this Indenture (including any termination or rejection hereof under any bankruptcy law). 

SECTION 6.08 Disqualification; Conflicting Interests. The Trustee for the Securities of any series issued hereunder shall be subject to
the provisions of Section 310(b) of the Trust Indenture Act during the period of time provided for therein. In determining whether the Trustee has a conflicting interest as defined in Section 310(b) of the Trust Indenture Act with respect
to the Securities of any series, there shall be excluded this Indenture with respect to Securities of any particular series of Securities other than that series. Nothing herein shall prevent the Trustee from filing with the Commission the
application referred to in the second to last paragraph of Section 310(b) of the Trust Indenture Act. 
 SECTION 6.09 Corporate
Trustee Required; Eligibility. There shall at all times be a Trustee hereunder with respect to each series of Securities, which shall be either: 

(i) a corporation organized and doing business under the laws of the United States of America or of any State, authorized under
such laws to exercise corporate trust powers and subject to supervision or examination by Federal or State authority, or 

(ii) a corporation or other Person organized and doing business under the laws of a foreign government that is permitted to act
as Trustee pursuant to a rule, regulation or order of the Commission, authorized under such laws to exercise corporate trust powers, and subject to supervision or 

  
 38 

 
examination by authority of such foreign government or a political subdivision thereof substantially equivalent to supervision or examination applicable to United States institutional trustees;

 in either case having a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall serve as trustee for the Securities of any series issued
hereunder. If at any time the Trustee with respect to any series of Securities shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in
Section 6.10. 
 SECTION 6.10 Resignation and Removal. (a) No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee under Section 6.11. 

(b) The Trustee may resign with respect to any series of Securities at any time by giving written notice thereof to the Company and be
discharged from the trust created hereby. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee (at the Company’s
expense) may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (c) The Trustee may be removed with
respect to any series of Securities at any time by Act of the Holders of a majority in principal amount of the outstanding Securities of that series, delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee
shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the removed Trustee (at the Company’s expense) may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 (d) If at any time: 

(1) the Trustee shall fail to comply with Section 310(b) of the Trust Indenture Act pursuant to Section 6.08 with
respect to any series of Securities after written request therefor by the Company or by any Securityholder who has been a bona fide Holder of a Security of that series for at least six months, unless the Trustee’s duty to resign is stayed in
accordance with the provisions of Section 310(b) of the Trust Indenture Act, or 
 (2) the Trustee shall cease to be
eligible under Section 6.09 with respect to any series of Securities and shall fail to resign after written request therefor by the Company or by any such Securityholder, or 

(3) the Trustee shall become incapable of acting with respect to any series of Securities, or 

(4) the Trustee shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or
any public officer shall 

  
 39 

 
take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) the Company by a Board
Resolution may remove the Trustee, with respect to the series, or in the case of Clause (4), with respect to all series, or (ii) subject to Section 5.14, any Securityholder who has been a bona fide Holder of a Security of such series for
at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the series, or, in the case of
Clause (4), with respect to all series. 
 (e) If the Trustee shall resign, be removed or become incapable of acting with respect to any
series of Securities, or if a vacancy shall occur in the office of the Trustee with respect to any series of Securities for any cause, the Company, by Board Resolution, shall promptly appoint a successor Trustee for that series of Securities. 

If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Trustee with respect to such series of
Securities shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee with respect to such series and supersede the successor Trustee appointed by the Company with respect to such series. If no successor Trustee with respect to such series shall have been so
appointed by the Company or the Securityholders of such series and accepted appointment in the manner hereinafter provided, subject to Section 5.14, any Securityholder who has been a bona fide Holder of a Security of that series for at least
six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to such series. 

(f) The Company shall give notice of each resignation and each removal of the Trustee with respect to any series and each appointment of a
successor Trustee with respect to any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Securities of that series as their names and addresses appear in the Security Register. Each notice shall
include the name of the successor Trustee and the address of its principal Corporate Trust Office. 
 SECTION 6.11 Acceptance of
Appointment by Successor. Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to the Company and to the predecessor Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the
predecessor Trustee shall become effective with respect to any series as to which it is resigning or being removed as Trustee, and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the predecessor Trustee with respect to any such series; but, on request of the Company or the successor Trustee, such predecessor Trustee shall, upon payment of its reasonable charges, if any, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the predecessor Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such predecessor trustee hereunder with respect
to all or any such series, subject nevertheless to its lien, if any, provided for in Section 6.07. Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Trustee all such rights, powers and trusts. Notwithstanding the replacement of the Trustee, the Company’s obligations under Section 6.07 hereof will continue for the benefit of the retiring Trustee. 

  
 40 

 In case of the appointment hereunder of a successor Trustee with respect to the Securities of one
or more (but not all) series, the Company, the predecessor Trustee and each successor Trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of any series as to which the predecessor Trustee is not being succeeded shall continue to be
vested in the predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that
nothing herein or in such indenture supplemental hereto shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee. 
 No successor Trustee with respect to any series of Securities shall accept its appointment unless
at the time of such acceptance such successor Trustee shall be qualified and eligible with respect to that series under this Article. 

SECTION 6.12 Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part
of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication
and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 

SECTION 6.13 Preferential Collection of Claims Against Company. The Trustee shall comply with TIA Section 311(a), excluding any
creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 

SECTION 6.14 Appointment of Authenticating Agent. At any time when any of the Securities remain Outstanding the Trustee, with the
approval of the Company, may appoint an Authenticating Agent or Agents with respect to one or more series of Securities that shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issuance,
exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.06, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall
at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as an Authenticating Agent, having a combined capital and
surplus of not less than $50,000,000 and, if other than the Company itself, subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the
requirements of said 

  
 41 

 
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and
with the effect specified in this Section. 
 Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an
Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and, if other than
the Company, to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and, if other than the Company, to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee, with the approval of the Company, may appoint a successor
Authenticating Agent that shall be acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will
serve, as their names and addresses appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like
effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section. 

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

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

U.S. BANK NATIONAL ASSOCIATION, as Trustee, 

			
		
	by	 	 
		 	As Authenticating Agent
		
	by	 	 
		 	As Authorized Agent
		 	 

  
 42 

			
		 	 
	Dated	 	 

 ARTICLE VII 

Securityholders’ Lists and Reports by 

Trustee and Company 

SECTION 7.01 Company to Furnish Trustee Names and Addresses of Securityholders. 

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

(1) semi-annually, not more than 15 days after December 15 and June 15 in each year in such form as the Trustee may
reasonably require, a list of the names and addresses of the Holders of Securities of each series as of such December 15 and June 15, as applicable, and 

(2) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such
request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that if and so long as the Trustee shall be the Security Registrar for Securities of a series, no such list
need be furnished with respect to such series of Securities. 
 SECTION 7.02 Preservation of Information; Communications to
Securityholders. (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of Securities contained in the most recent list furnished to the Trustee as provided in Section 7.01
and the names and addresses of Holders of Securities received by the Trustee in its capacity as Security Registrar, if so acting. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so
furnished. 
 (b) If three or more Holders of Securities of any series (hereinafter referred to as “applicants”) apply in
writing to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Security of such series for a period of at least six months preceding the date of such application, and such application states that the
applicants desire to communicate with other Holders of Securities of such series or with the Holders of all Securities with respect to their rights under this Indenture or under such Securities and is accompanied by a copy of the form of proxy or
other communication that such applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application, at its election, either: 

(1) afford such applicants access to the information preserved at the time by the Trustee in accordance with
Section 7.02(a), or 
 (2) inform such applicants as to the approximate number of Holders of Securities of such series
or all Securities, as the case may be, whose names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 7.02(a), and as to the approximate cost of mailing to such Securityholders the form of
proxy or other communication, if any, specified in such application. 

  
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 If the Trustee shall elect not to afford such applicants access to such information, the Trustee
shall, upon the written request of such applicants, mail to each Holder of a Security of such series or to all Securityholders, as the case may be, whose names and addresses appear in the information preserved at the time by the Trustee in
accordance with Section 7.02(a), a copy of the form of proxy or other communication that is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the
payment, of the reasonable expenses of mailing, unless, within five days after such tender, the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect
that, in the opinion of the Trustee, such mailing would be contrary to the best interests of the Holders of Securities of such series or all Securityholders, as the case may be, or would be in violation of applicable law. Such written statement
shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an
order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such
material to all Securityholders of such series or all Securityholders, as the case may be, with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to
such applicants respecting their application. 
 (c) Every Holder of Securities, by receiving and holding the same, agrees with the Company
and the Trustee that neither the Company nor the Trustee shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities in accordance with Section 7.02(b), regardless of
the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 7.02(b). 

SECTION 7.03 Reports by Trustee. (a) Within 60 days after May 15 of each year commencing with the first May 15 after the
issuance of Securities, the Trustee shall transmit by mail, at the Company’s expense, to all Holders as their names and addresses appear in the Security Register, as provided in Trust Indenture Act Section 313(c), a brief report dated as
of May 15 in accordance with and with respect to the matters required by Trust Indenture Act Section 313(a) (but if no event described in Trust Indenture Act Section 313(a) has occurred within the twelve months preceding the reporting
date, no report need be transmitted). 
 (b) The Trustee shall transmit by mail, at the Company’s expense, to all Holders as their names
and addresses appear in the Security Register, as provided in Trust Indenture Act Section 313(c), a brief report in accordance with and with respect to the matters required by Trust Indenture Act Section 313(b), if required by
Section 313(b). 
 (c) A copy of each such report shall, at the time of such transmission to Holders, be furnished to the Company and,
in accordance with Trust Indenture Act Section 313(d), be filed by the Trustee with each stock exchange upon which the Securities are listed, and also with the Commission. 

SECTION 7.04 Reports by Company. The Company shall file with the Trustee, and transmit to Holders, such information, documents and
other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such information, documents or reports required to be filed with
the Commission pursuant to Section 13 or 15(d) of the Securities 

  
 44 

 
Exchange Act of 1934 shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission. The Company also shall comply with the other provisions of Trust
Indenture Act Section 314(a). 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 Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

ARTICLE VIII 
 Consolidation,
Merger, Conveyance or Transfer 
 SECTION 8.01 Consolidation, Merger, Conveyance or Transfer on Certain Terms. The Company shall
not consolidate with or merge into any other Person or convey or transfer its properties and assets substantially as an entirety to any Person, unless: 

(1) the Person formed by such consolidation or into which the Company is merged or the Person that acquires by conveyance or
transfer the properties and assets of the Company substantially as an entirety shall be organized and existing under the laws of the United States of America or any state of the United States or the District of Columbia, and 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 (and premium, if any) and interest on all the Securities and the performance
of every covenant of this Indenture (as supplemented from time to time) on the part of the Company to be performed or observed; 

(2) immediately after giving effect to such transaction, no Event of Default, and no event that, after notice or lapse of time,
or both, would become an Event of Default, shall have happened and be continuing; and 
 (3) the Company has delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel each stating that such consolidation, merger, conveyance or transfer and such indenture supplemental hereto comply with this Article and that all conditions precedent herein provided
for relating to such transaction have been complied with. 
 SECTION 8.02 Successor Person Substituted. Upon any consolidation or
merger, or any conveyance or transfer of the properties and assets of the Company substantially as an entirety in accordance with Section 8.01, the successor Person formed by such consolidation or into which the Company is merged or to which
such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor had been named as the Company herein. In the event of
any such conveyance or transfer, the Company as the predecessor shall be discharged from all obligations and covenants under this Indenture and the Securities and may be dissolved, wound up or liquidated at any time thereafter. 

  
 45 

 ARTICLE IX 

Supplemental Indentures 

SECTION 9.01 Supplemental Indentures Without Consent of Securityholders. Without the consent of the Holders of any Securities, the
Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee, for any of the following purposes: 

(1) to evidence the succession of another corporation or Person to the Company, and the assumption by any such successor of the
respective covenants of the Company herein and in the Securities contained; or 
 (2) to add to the covenants of the Company,
or to surrender any right or power herein conferred upon the Company, for the benefit of the Holders of the Securities of any or all series (and if such covenants or the surrender of such right or power are to be for the benefit of less than all
series of Securities, stating that such covenants are expressly being included or such surrenders are expressly being made solely for the benefit of one or more specified series); or 

(3) to cure any ambiguity, to correct or supplement any provision herein that may be inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture; or 
 (4) to add
to this Indenture such provisions as may be expressly permitted by the TIA, excluding, however, the provisions referred to in TIA Section 316(a)(2) as in effect at the date as of which this instrument was executed or any corresponding provision
in any similar federal statute hereafter enacted; or 
 (5) to establish any form of Security, as provided in Article II, to
provide for the issuance of any series of Securities as provided in Article III and to set forth the terms thereof, and/or to add to the rights of the Holders of the Securities of any series; or 

(6) to evidence and provide for the acceptance of appointment by another corporation as a successor Trustee hereunder with
respect to one or more series of Securities and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to
Section 6.11; or 
 (7) to add any additional Events of Default in respect of the Securities of any or all series (and
if such additional Events of Default are to be in respect of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit of one or more specified series); or 

(8) to provide for uncertificated Securities in addition to or in place of certificated Securities and to provide for bearer
Securities; provided that uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Internal Revenue Code of 1986, as amended, or in a manner such that the uncertificated Securities are described in
Section 163(f)(2)(B) of such Internal Revenue Code; or 

  
 46 

 (9) to provide for the terms and conditions of conversion into Common Stock or
other Marketable Securities of the Securities of any series that are convertible into Common Stock or other Marketable Securities, if different from those set forth in Article XII; or 

(10) to secure the Securities of any series; or 

(11) to add guarantors in respect of the Securities; or 

(12) to make any other change that does not adversely affect the rights of the Holders of any or all series of Securities; or

 (13) to make any change necessary to comply with any requirement of the Commission in connection with the qualification of
this Indenture or any supplemental indenture under the Trust Indenture Act or to comply with the rules of any applicable securities depositary. 

No supplemental indenture for the purposes identified in Clauses (2), (3), (5) or (7) above may be entered into if to do so would
adversely affect the rights of the Holders of Outstanding Securities of any series in any material respect. 
 SECTION 9.02 Supplemental
Indentures with Consent of Securityholders. With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all series affected by such supplemental indenture or indentures (acting as one class),
by Act of said Holders delivered to the Company and the Trustee (in accordance with Section 1.04 hereof), the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of the Securities of each such series under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby: 

(1) change the Maturity of the principal of, or the Stated Maturity of any premium on, or any installment of interest on, any
Security, or reduce the principal amount thereof or the interest or any premium thereon, or change the method of computing the amount of principal thereof or interest thereon on any date or change any Place of Payment where, or the coin or currency
in which, any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Maturity or the Stated Maturity, as the case may be, thereof (or, in the case of
redemption or repayment, on or after the Redemption Date or the Repayment Date, as the case may be), or alter the provisions of this Indenture so as to affect adversely the terms, if any, of conversion of any Securities into Common Stock or other
securities; or 
 (2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of
whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences, provided for in
this Indenture; or 

  
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 (3) modify any of the provisions of this Section 9.02, Section 5.13 or
Section 10.07, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; or 

(4) impair or adversely affect the right of any Holder to institute suit for the enforcement of any payment on, or with respect
to, the Securities of any series on or after the Stated Maturity of such Securities (or in the case of redemption, on or after the Redemption Date). 

For purposes of this Section 9.02, if the Securities of any series are issuable upon the exercise of warrants, each holder of an
unexercised and unexpired warrant with respect to such series shall be deemed to be a Holder of Outstanding Securities of such series in the amount issuable upon the exercise of such warrant. For such purposes, the ownership of any such warrant
shall be determined by the Company in a manner consistent with customary commercial practices. The Trustee for such series shall be entitled to rely on an Officers’ Certificate as to the principal amount of Securities of such series in respect
of which consents shall have been executed by holders of such warrants. 
 A supplemental indenture that changes or eliminates any covenant
or other provision of this Indenture that has expressly been included solely for the benefit of one or more particular series of Securities, or that modifies the rights of the Holders of Securities of such series with respect to such covenant or
other provision, shall be deemed not to affect the rights under this Indenture of Holders of Securities of any other series. 
 It shall not
be necessary for any Act of Securityholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

SECTION 9.03 Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise. 
 SECTION 9.04 Effect of Supplemental Indentures. Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby to the extent provided therein. 
 SECTION 9.05 Conformity with Trust
Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the TIA as then in effect. 

SECTION 9.06 Reference in Securities to Supplemental Indentures. Securities authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee 

  
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as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities so modified as to conform, in the opinion of the Trustee and the Board of
Directors, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities. 

ARTICLE X 
 Covenants 

SECTION 10.01 Payment of Principal, Premium and Interest. With respect to each series of Securities, the Company will duly and
punctually pay the principal of (and premium, if any) and interest on such Securities in accordance with their terms and this Indenture, and will duly comply with all the other terms, agreements and conditions contained in, or made in the Indenture
for the benefit of, the Securities of such series. 
 SECTION 10.02 Maintenance of Office or Agency. The Company will maintain an
office or agency in each Place of Payment where Securities may be presented or surrendered for payment, where Securities may be surrendered for registration of transfer or exchange, where notices and demands to or upon the Company in respect of the
Securities and this Indenture may be served and where any Securities with conversion privileges may be presented and surrendered for conversion. The Company will give prompt written notice to the Trustee of the location, and of any change in the
location, of such office or agency. If at any time the Company shall fail to maintain such office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices and demands. 

Unless otherwise set forth in, or pursuant to, a Board Resolution or indenture supplemental hereto with respect to a series of Securities, the
Company hereby initially designates as the Place of Payment for each series of Securities, the Borough of Manhattan, the City and State of New York, and initially appoints the Trustee at its Corporate Trust Office as the Company’s office or
agency for each such purpose in such city. 
 SECTION 10.03 Money for Security Payments to Be Held in Trust. If the Company shall at
any time act as its own Paying Agent for any series of Securities, it will, on or before each due date of the principal of (and premium, if any) or interest on, any of the Securities of such series, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee in
writing of its action or failure to act. 
 Whenever the Company shall have one or more Paying Agents for any series of Securities, it will,
on or prior to each due date of the principal of (and premium, if any) or interest on, any Securities of such series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be
held in trust for the benefit of the Persons entitled to such principal (and premium, if any) or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of its action or failure so to act. 

  
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 The Company will cause each Paying Agent other than the Trustee for any series of Securities to
execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 

(1) hold all sums held by it for the payment of principal of (and premium, if any) or interest on Securities of such series in
trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of such series) in the
making of any such payment of principal (and premium, if any) or interest on the Securities of such series; and 
 (3) at any
time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 

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

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and
premium, if any) or interest on any Security of any series and remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by
the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Company as trustee thereof, shall thereupon cease. The Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company mail to the Holders of the Securities
as to which the money to be repaid was held in trust, as their names and addresses appear in the Security Register, a notice that such moneys remain unclaimed and that, after a date specified in the notice, which shall not be less than 30 days from
the date on which the notice was first mailed to the Holders of the Securities as to which the money to be repaid was held in trust, any unclaimed balance of such moneys then remaining will be paid to the Company free of the trust formerly impressed
upon it. 
 SECTION 10.04 Statement as to Compliance. The Company will deliver to the Trustee, within 120 days after the end of each
fiscal year, a written statement signed by the principal executive officer, principal financial officer or principal accounting officer of the Company stating that: 

(1) a review of the activities of the Company during such year and of performance under this Indenture and under the terms of
the Securities has been made 

  
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under his supervision with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture; and 

(2) to his or her knowledge, based on such review, the Company has fulfilled all its obligations under this Indenture and has
complied with all conditions and covenants on its part contained in this Indenture through such year, or, if there has been a default in the fulfillment of any such obligation, covenant or condition, specifying each such default known to him and the
nature and status thereof. 
 For the purpose of this Section 10.04, default and compliance shall be determined without regard to any
grace period or requirement of notice provided pursuant to the terms of this Indenture. The Company shall, as long as any of the Securities are outstanding, deliver to the Trustee forthwith and, in any event, within 30 days, upon becoming aware of
any Event of Default, an Officers’ Certificate specifying such Event of Default and what action the Company is taking or proposes to take with respect thereto (unless such default has been previously cured or waived). 

SECTION 10.05 Legal Existence. Subject to Article VIII, the Company will do or cause to be done all things necessary to preserve and
keep in full force and effect its legal existence. 
 SECTION 10.06 [Reserved] 

SECTION 10.07 [Reserved] 

SECTION 10.08 Waiver of Certain Covenants. The Company may omit in respect of any series of Securities, in any particular instance, to
comply with any covenant or condition set forth in Section 10.05 or set forth in a Board Resolution or indenture supplemental hereto with respect to the Securities of such series, unless otherwise specified in such Board Resolution or indenture
supplemental hereto, if before or after the time for such compliance the Holders of not less than a majority in principal amount of the Outstanding Securities of all series affected by such waiver (voting as one class) shall, by Act of such
Securityholders delivered to the Company and the Trustee (in accordance with Section 1.04 hereof), either waive such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to
or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in
full force and effect. Nothing in this Section 10.08 shall permit the waiver of compliance with any covenant or condition set forth in such Board Resolution or indenture supplemental hereto which, if in the form of an indenture supplemental
hereto, would not be permitted by Section 9.02 without the consent of the Holder of each Outstanding Security affected thereby. 

ARTICLE XI 
 Redemption of
Securities 
 SECTION 11.01 Applicability of Article. The Company may reserve the right to redeem and pay before Stated Maturity
all or any part of the Securities of any series, either by optional redemption, sinking or purchase fund or analogous obligation or otherwise, by provision therefor in the form of Security for such series established and approved pursuant to
Section 2.02 

  
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and on such terms as are specified in such form or in the Board Resolution or indenture supplemental hereto with respect to Securities of such series as provided in Section 3.01. Redemption
of Securities of any series shall be made in accordance with the terms of such Securities and, to the extent that this Article does not conflict with such terms, the succeeding Sections of this Article. Notwithstanding anything to the contrary in
this Indenture, except in the case of redemption pursuant to a sinking fund, the Trustee shall not make any payment in connection with the redemption of Securities until the close of business on the Redemption Date. 

SECTION 11.02 Election to Redeem; Notice to Trustee. The election of the Company to redeem any Securities redeemable at the election of
the Company shall be evidenced by, or pursuant to authority granted by, a Board Resolution. In case of any redemption at the election of the Company of less than all of the Securities of any series, the Company shall, at least 45 days prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be reasonably satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date and of the principal amount of Securities of such series and the Tranche (as
defined in Section 11.03) to be redeemed. 
 In the case of any redemption of Securities (i) prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, or (ii) pursuant to an election of the Company that is subject to a condition specified in the terms of such Securities, the Company shall
furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition. 
 SECTION 11.03
Selection by Trustee of Securities to Be Redeemed. If less than all the Securities of like tenor and terms of any series (a “Tranche”) are to be redeemed, the particular Securities to be redeemed shall be selected not more
than 45 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such Tranche not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and that may include provision for the
selection for redemption of portions of the principal of Securities of such Tranche of a denomination larger than the minimum authorized denomination for Securities of that series. Unless otherwise provided in the terms of a particular series of
Securities, the portions of the principal of Securities so selected for partial redemption shall be equal to the minimum authorized denomination of the Securities of such series, or an integral multiple thereof, and the principal amount that remains
outstanding shall not be less than the minimum authorized denomination for Securities of such series. If less than all the Securities of unlike tenor and terms of a series are to be redeemed, the particular Tranche of Securities to be redeemed shall
be selected by the Company. 
 If any convertible Security selected for partial redemption is converted in part before the termination of
the conversion right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. 

Upon any redemption of fewer than all the Securities of a series, the Company and the Trustee may treat as Outstanding any Securities
surrendered for conversion during the period of fifteen days next preceding the mailing of a notice of redemption, and need not treat as Outstanding any Security authenticated and delivered during such period in exchange for the unconverted portion
of any Security converted in part during such period. 

  
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 The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Security selected for partial redemption, the principal amount thereof to be redeemed. 
 Securities
shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in a written statement signed by an authorized officer of the Company and delivered to the Trustee at least 45 days prior
to the Redemption Date (unless a shorter period shall be reasonably satisfactory to the Trustee) as being owned of record and beneficially by, and not pledged or hypothecated by either, (a) the Company or (b) an entity specifically
identified in such written statement as being an Affiliate of the Company. 
 For all purposes of this Indenture, unless the context
otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal of such Security that has been or is to be redeemed. 

SECTION 11.04 Notice of Redemption. Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 15
(unless otherwise provided in the Board Resolution or indenture supplemental hereto establishing the relevant series) nor more than 45 days prior to the Redemption Date, to each holder of Securities to be redeemed, at his address appearing in the
Security Register. 
 All notices of redemption shall state: 

(1) the Redemption Date; 

(2) the Redemption Price; 

(3) if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial
redemption, the respective principal amounts) of the Securities to be redeemed; 
 (4) that on the Redemption Date the
Redemption Price will become due and payable upon each such Security, and that interest, if any, thereon shall cease to accrue from and after said date; 

(5) the place where such Securities are to be surrendered for payment of the Redemption Price, which shall be the office or
agency of the Company in the Place of Payment; 
 (6) that the redemption is on account of a sinking or purchase fund, or
other analogous obligation, if that be the case; 
 (7) if such Securities are convertible into Common Stock or other
securities, the Conversion Price or other conversion price and the date on which the right to convert such Securities into Common Stock or other securities will terminate; and 

(8) if applicable, that the redemption may be rescinded by the Company, at its sole option, pursuant to Section 11.09 of
this Indenture upon the occurrence of a Redemption Rescission Event. 

  
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 Notice of redemption of Securities to be redeemed at the election of the Company shall be given
by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company; provided that if the Trustee is asked to give such notice it shall be given at least five (5) Business Days prior notice.

 Any redemption or notice of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent,
including, but not limited to, completion of a securities offering, other offering, issuance of indebtedness, or other transaction or event. Notice of any redemption in respect thereof will be given prior to the completion thereof and may be partial
as a result of only some of the conditions being satisfied. The Company may provide in such notice that payment of the redemption price and the performance of the Company’s obligations with respect to such redemption may be performed by another
Person. 
 SECTION 11.05 Deposit of Redemption Price. On or prior to any Redemption Date and subject to Section 11.09, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money, in immediately available funds, sufficient to pay
the Redemption Price of all the Securities that are to be redeemed on that date. If any Security to be redeemed is converted into Common Stock or other securities, any money so deposited with the Trustee or a Paying Agent shall be paid to the
Company upon Company Request or, if then so segregated and held in trust by the Company, shall be discharged from such trust. 
 SECTION
11.06 Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, subject to Section 11.09, on the Redemption Date, become due and payable at the Redemption Price
therein specified and from and after such date (unless the Company shall default in the payment of the Redemption Price) such Securities shall cease to bear interest and any rights to convert such Securities shall terminate. Upon surrender of such
Securities for redemption in accordance with the notice and subject to Section 11.09, such Securities shall be paid by the Company at the Redemption Price. Unless otherwise provided with respect to such Securities pursuant to Section 3.01,
installments of interest the Stated Maturity of which is on or prior to the Redemption Date shall be payable to the Holders of such Securities registered as such on the relevant Regular Record Dates according to their terms and the provisions of
Section 3.07. 
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall,
until paid, bear interest from the Redemption Date at the rate borne by the Security, or as otherwise provided in such Security. 
 SECTION
11.07 Securities Redeemed in Part. Any Security that is to be redeemed only in part shall be surrendered at the office or agency of the Company in the Place of Payment with respect to that series (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall execute and the Trustee
shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and Stated Maturity and of like tenor and terms, of any authorized denomination as requested by such Holder in
aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 
 SECTION
11.08 Provisions with Respect to Any Sinking Funds. Unless the form or terms of any series of Securities shall provide otherwise, in lieu of making all or any part 

  
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of any mandatory sinking fund payment with respect to such series of Securities in cash, the Company may at its option (1) deliver to the Trustee for cancellation any Securities of such
series theretofore acquired by the Company or converted by the Holder thereof into Common Stock or other securities, or (2) receive credit for any Securities of such series (not previously so credited) acquired by the Company (including by way
of optional redemption (pursuant to the sinking fund or otherwise but not by way of mandatory sinking fund redemption) or converted by the Holder thereof into Common Stock or other securities and theretofore delivered to the Trustee for
cancellation, and if it does so then (i) Securities so delivered or credited shall be credited at the applicable sinking fund Redemption Price with respect to Securities of such series, and (ii) on or before the 60th day next preceding
each sinking fund Redemption Date with respect to such series of Securities, the Company will deliver to the Trustee (A) an Officers’ Certificate specifying the portions of such sinking fund payment to be satisfied by payment of cash and
by delivery or credit of Securities of such series acquired by the Company or converted by the Holder thereof, and (B) such Securities, to the extent not previously surrendered. Such Officers’ Certificate shall also state the basis for
such credit and that the Securities for which the Company elects to receive credit have not been previously so credited and were not acquired by the Company through operation of the mandatory sinking fund, if any, provided with respect to such
Securities and shall also state that no Event of Default with respect to Securities of such series has occurred and is continuing. All Securities so delivered to the Trustee shall be canceled by the Trustee and no Securities shall be authenticated
in lieu thereof. 
 If the sinking fund payment or payments (mandatory or optional) with respect to any series of Securities made in cash
plus any unused balance of any preceding sinking fund payments with respect to Securities of such series made in cash shall exceed $50,000 (or a lesser sum if the Company shall so request), unless otherwise provided by the terms of such series of
Securities, that cash shall be applied by the Trustee on the sinking fund Redemption Date with respect to Securities of such series next following the date of such payment to the redemption of Securities of such series at the applicable sinking fund
Redemption Price with respect to Securities of such series, together with accrued interest, if any, to the date fixed for redemption, with the effect provided in Section 11.06. The Trustee shall select, in the manner provided in
Section 11.03, for redemption on such sinking fund Redemption Date a sufficient principal amount of Securities of such series to utilize that cash and shall thereupon cause notice of redemption of the Securities of such series for the sinking
fund to be given in the manner provided in Section 11.04 (and with the effect provided in Section 11.06) for the redemption of Securities in part at the option of the Company. Any sinking fund moneys not so applied or allocated by the
Trustee to the redemption of Securities of such series shall be added to the next cash sinking fund payment with respect to Securities of such series received by the Trustee and, together with such payment, shall be applied in accordance with the
provisions of this Section 11.08. Any and all sinking fund moneys with respect to Securities of any series held by the Trustee at the Maturity of Securities of such series, and not held for the payment or redemption of particular Securities of
such series, shall be applied by the Trustee, together with other moneys, if necessary, to be deposited sufficient for the purpose, to the payment of the principal of the Securities of such series at Maturity. 

On or before each sinking fund Redemption Date provided with respect to Securities of any series, the Company shall pay to the Trustee in cash
a sum equal to all accrued interest, if any, to the date fixed for redemption on Securities to be redeemed on such sinking fund Redemption Date pursuant to this Section 11.08. 

SECTION 11.09 Rescission of Redemption. In the event that this Section 11.09 is specified to be applicable to a series of
Securities pursuant to Section 3.01 and a Redemption 

  
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Rescission Event shall occur following any day on which a notice of redemption shall have been given pursuant to Section 11.04 hereof but at or prior to the time and date fixed for
redemption as set forth in such notice of redemption, the Company may, at its sole option, at any time prior to the earlier of (i) the close of business on that day that is two Trading Days following such Redemption Rescission Event and
(ii) the time and date fixed for redemption as set forth in such notice, rescind the redemption to which such notice of redemption shall have related by making a public announcement of such rescission (the date on which such public announcement
shall have been made being hereinafter referred to as the “Rescission Date”). The Company shall be deemed to have made such announcement if it shall issue a release to the Dow Jones News Service, Reuters Information Services or any
successor news wire service. From and after the making of such announcement, the Company shall have no obligation to redeem Securities called for redemption pursuant to such notice of redemption or to pay the Redemption Price therefor and all rights
of Holders of Securities shall be restored as if such notice of redemption had not been given. As promptly as practicable following the making of such announcement, the Company shall notify the Trustee and the Paying Agent telephonically and in
writing of such rescission. The Company shall give notice of any such rescission by first-class mail, postage prepaid, mailed as promptly as practicable but in no event later than the close of business on that day that is five Trading Days following
the Rescission Date to each Holder of Securities at the close of business on the Rescission Date, to any other Person that was a Holder of Securities and that shall have surrendered Securities for conversion following the giving of notice of the
subsequently rescinded redemption and to the Trustee and the Paying Agent. Each notice of rescission shall (w) state that the redemption described in the notice of redemption has been rescinded, (x) state that any Converting Holder shall
be entitled to rescind the conversion of Securities surrendered for conversion following the day on which notice of redemption was given but on or prior to the date of the mailing of the Company’s notice of rescission, (y) be accompanied
by a form prescribed by the Company to be used by any Converting Holder rescinding the conversion of Securities so surrendered for conversion (and instructions for the completion and delivery of such form, including instructions with respect to any
payment that may be required to accompany such delivery) and (z) state that such form must be properly completed and received by the Company no later than the close of business on a date that shall be 15 Trading Days following the date of the
mailing of such notice of rescission. 
 ARTICLE XII 

Conversion 
 SECTION 12.01
Conversion Privilege. In the event that this Article XII is specified to be applicable to a series of Securities pursuant to Section 3.01, the Holder of a Security of such series shall have the right, at such Holder’s option, to
convert, in accordance with the terms of such series of Securities and this Article XII, all or any part (in a denomination of, unless otherwise specified in a Board Resolution or indenture supplemental hereto with respect to Securities of such
series, $2,000 or integral multiples of $1,000 in excess thereof) of such Security into shares of Common Stock or other Marketable Securities specified in such Board Resolution or any indenture supplement hereto at any time or, as to any Securities
called for redemption, at any time prior to the time and date fixed for such redemption (unless the Company shall default in the payment of the Redemption Price, in which case such right shall not terminate at such time and date). 

  
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 SECTION 12.02 Conversion Procedure; Rescission of Conversion; Conversion Price; Fractional
Shares. (a) Each Security to which this Article is applicable shall be convertible at the office of the Conversion Agent, and at such other place or places, if any, specified in a Board Resolution with respect to the Securities of such
series, into fully paid and nonassessable shares (calculated to the nearest 1/100th of a share) of Common Stock or other Marketable Securities. The Securities will be converted into shares of Common Stock or such other Marketable Securities at the
Conversion Price therefor. No payment or adjustment shall be made in respect of dividends on the Common Stock or such other Marketable Securities, or accrued interest on a converted Security except as described in Section 12.09. The Company
may, but shall not be required, in connection with any conversion of Securities, to issue a fraction of a share of Common Stock or of such other Marketable Security, and, if the Company shall determine not to issue any such fraction, the Company
shall, subject to Section 12.03(4), make a cash payment (calculated to the nearest cent) equal to such fraction multiplied by the Closing Price of the Common Stock or such other Marketable Security on the last Trading Day prior to the date of
conversion. 
 (b) Before any Holder of a Security shall be entitled to convert the same into Common Stock or other Marketable Securities,
such Holder shall surrender such Security duly endorsed to the Company or in blank, at the office of the Conversion Agent or at such other place or places, if any, specified in a Board Resolution or indenture supplemental hereto with respect to the
Securities of such series, and shall give written notice to the Company at said office or place that he elects to convert the same and shall state in writing therein the principal amount of Securities to be converted and the name or names (with
addresses) in which he wishes the certificate or certificates for Common Stock or for such other Marketable Securities to be issued; provided, however, that no Security or portion thereof shall be accepted for conversion unless the
principal amount of such Security or such portion, when added to the principal amount of all other Securities or portions thereof then being surrendered by the Holder thereof for conversion, exceeds the then effective Conversion Price with respect
thereto. If more than one Security shall be surrendered for conversion at one time by the same Holder, the number of full shares of Common Stock or such other Marketable Securities that shall be deliverable upon conversion shall be computed on the
basis of the aggregate principal amount of the Securities (or specified portions thereof to the extent permitted thereby) so surrendered. Subject to the next succeeding sentence, the Company will, as soon as practicable thereafter, issue and deliver
at said office or place to such Holder of a Security, or to his nominee or nominees, certificates for the number of full shares of Common Stock or other Marketable Security to which he shall be entitled as aforesaid, together, subject to the last
sentence of paragraph (a) above, with cash in lieu of any fraction of a share to which he would otherwise be entitled. The Company shall not be required to deliver certificates for shares of Common Stock or other Marketable Securities while the
stock transfer books for such stock or the transfer books for such Marketable Securities, as the case may be, or the Security Register are duly closed for any purpose, but certificates for shares of Common Stock or other Marketable Securities shall
be issued and delivered as soon as practicable after the opening of such books or Security Register. A Security shall be deemed to have been converted as of the close of business on the date of the surrender of such Security for conversion as
provided above, and the person or persons entitled to receive the Common Stock or other Marketable Securities issuable upon such conversion shall be treated for all purposes as the record Holder or Holders of such Common Stock or other Marketable
Securities as of the close of business on such date. In case any Security shall be surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate and deliver to or upon the written order of the Holder of the
Securities so surrendered, without charge to such Holder (subject to the provisions of Section 12.08), a new Security or Securities in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered
Security. 

  
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 (c) Notwithstanding anything to the contrary contained herein, in the event the Company shall
have rescinded a redemption of Securities pursuant to Section 11.09 hereof, any Holder of Securities that shall have surrendered Securities for conversion following the day on which notice of the subsequently rescinded redemption shall have
been given but prior to the later of (a) the close of business on the Trading Day next succeeding the date on which public announcement of the rescission of such redemption shall have been made and (b) the date of the mailing of the notice
of rescission required by Section 11.09 hereof (a “Converting Holder”) may rescind the conversion of such Securities surrendered for conversion by (i) properly completing a form prescribed by the Company and mailed to
Holders of Securities (including Converting Holders) with the Company’s notice of rescission, which form shall provide for the certification by any Converting Holder rescinding a conversion on behalf of any beneficial owner (within the meaning
of Rule 13d-3 under the Securities Exchange Act of 1934) of Securities that the beneficial ownership (within the meaning of such Rule) of such Securities shall not have changed from the date on which such Securities were surrendered for conversion
to the date of such certification and (ii) delivering such form to the Company no later than the close of business on that date that is fifteen Trading Days following the date of the mailing of the Company’s notice of rescission. The
delivery of such form by a Converting Holder shall be accompanied by (x) any certificates representing shares of Common Stock or other securities issued to such Converting Holder upon a conversion of Securities that shall be rescinded by the
proper delivery of such form (the “Surrendered Securities”), (y) any securities, evidences of indebtedness or assets (other than cash) distributed by the Company to such Converting Holder by reason of such Converting Holder
being a record holder of Surrendered Securities and (z) payment in New York Clearing House funds or other funds acceptable to the Company of an amount equal to the sum of (I) any cash such Converting Holder may have received in lieu of the
issuance of fractional Surrendered Securities and (II) any cash paid or payable by the Company to such Converting Holder by reason of such Converting Holder being a record holder of Surrendered Securities. Upon receipt by the Company of any such
form properly completed by a Converting Holder and any certificates, securities, evidences of indebtedness, assets or cash payments required to be returned by such Converting Holder to the Company as set forth above, the Company shall instruct the
transfer agent or agents for shares of Common Stock or other securities to cancel any certificates representing Surrendered Securities (which Surrendered Securities shall be deposited in the treasury of the Company) and shall instruct the Registrar
to reissue certificates representing Securities to such Converting Holder (which Securities shall be deemed to have been outstanding at all times during the period following their surrender for conversion). The Company shall, as promptly as
practicable, and in no event more than five Trading Days following the receipt of any such properly completed form and any such certificates, securities, evidences of indebtedness, assets or cash payments required to be so returned, pay to the
Holder of Securities surrendered to the Company pursuant to a rescinded conversion or as otherwise directed by such Holder any interest paid or other payment made to Holders of Securities during the period from the time such Securities shall have
been surrendered for conversion to the rescission of such conversion. All questions as to the validity, form, eligibility (including time of receipt) and acceptance of any form submitted to the Company to rescind the conversion of Securities,
including questions as to the proper completion or execution of any such form or any certification contained therein, shall be resolved by the Company, whose determination shall be final and binding. 

SECTION 12.03 Adjustment of Conversion Price for Common Stock or Marketable Securities. The Conversion Price with respect to any
Security that is convertible into Common Stock or other Marketable Securities shall be adjusted from time to time as follows: 

(1) In case the Company shall, at any time or from time to time while any of such Securities are outstanding, (i) pay a
dividend in shares of its Common Stock or other 

  
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Marketable Securities, (ii) combine its outstanding shares of Common Stock or other Marketable Securities into a smaller number of shares or securities, (iii) subdivide its outstanding
shares of Common Stock or other Marketable Securities or (iv) issue by reclassification of its shares of Common Stock or other Marketable Securities any shares of stock or other Marketable Securities of the Company, then the Conversion Price in
effect immediately before such action shall be adjusted so that the Holders of such Securities, upon conversion thereof into Common Stock or other Marketable Securities immediately following such event, shall be entitled to receive the kind and
amount of shares of capital stock of the Company or other Marketable Securities which they would have owned or been entitled to receive upon or by reason of such event if such Securities had been converted immediately before the record date (or, if
no record date, the effective date) for such event. An adjustment made pursuant to this Section 12.03(1) shall become effective retroactively immediately after the record date in the case of a dividend or distribution and shall become effective
retroactively immediately after the effective date in the case of a subdivision, combination or reclassification. For the purposes of this Section 12.03(1), each Holder of Securities shall be deemed to have failed to exercise any right to elect
the kind or amount of securities receivable upon the payment of any such dividend, subdivision, combination or reclassification (provided that if the kind or amount of securities receivable upon such dividend, subdivision, combination or
reclassification is not the same for each nonelecting share, then the kind and amount of securities or other property receivable upon such dividend, subdivision, combination or reclassification for each nonelecting share shall be deemed to be the
kind and amount so receivable per share by a plurality of the nonelecting shares). 
 (2) In case the Company shall, at any
time or from time to time while any of such Securities are outstanding, issue rights or warrants to all holders of shares of its Common Stock or other Marketable Securities entitling them (for a period expiring within 45 days after the record date
for such issuance) to subscribe for or purchase shares of Common Stock or other Marketable Securities (or securities convertible into shares of Common Stock or other Marketable Securities) at a price per share less than the Current Market Price of
the Common Stock or other Marketable Securities at such record date (treating the price per share of the securities convertible into Common Stock or other Marketable Securities as equal to (x) the sum of (i) the price for a unit of the
security convertible into Common Stock or other Marketable Securities plus (ii) any additional consideration initially payable upon the conversion of such security into Common Stock or other Marketable Securities divided by (y) the number
of shares of Common Stock or other Marketable Securities initially underlying such convertible security), the Conversion Price with respect to such Securities shall be adjusted so that it shall equal the price determined by dividing the Conversion
Price in effect immediately prior to the date of issuance of such rights or warrants by a fraction, the numerator of which shall be the number of shares of Common Stock or other Marketable Securities outstanding on the date of issuance of such
rights or warrants plus the number of additional shares of Common Stock or other Marketable Securities offered for subscription or purchase (or into which the convertible securities so offered are initially convertible), and the denominator of which
shall be the number of shares of Common Stock or other Marketable Securities outstanding on the date of issuance of such rights or warrants plus the number of shares or securities that the aggregate offering price of the total number of shares or
securities so offered for subscription or purchase (or the aggregate purchase price of the convertible securities so offered plus the aggregate amount of any additional consideration initially payable upon conversion of such Securities into Common
Stock or other Marketable Securities) would purchase at such Current Market Price of the 

  
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Common Stock or other Marketable Securities. Such adjustment shall become effective retroactively immediately after the record date for the determination of stockholders entitled to receive such
rights or warrants. 
 (3) In case the Company shall, at any time or from time to time while any of such Securities are
outstanding, distribute to all holders of shares of its Common Stock or other Marketable Securities (including any such distribution made in connection with a consolidation or merger in which the Company is the continuing corporation and the Common
Stock or other Marketable Securities are not changed or exchanged) cash, evidences of its indebtedness, securities or assets (excluding (i) regular periodic cash dividends in amounts, if any, determined from time to time by the Board of
Directors, (ii) in dividends payable in shares of Common Stock or other Marketable Securities for which adjustment is made under Section 12.03(1) or (iii) rights or warrants to subscribe for or purchase securities of the Company
(excluding those referred to in Section 12.03(2)), then in each such case the Conversion Price with respect to such Securities shall be adjusted so that it shall equal the price determined by dividing the Conversion Price in effect immediately
prior to the date of such distribution by a fraction, the numerator of which shall be the Current Market Price of the Common Stock or other Marketable Securities on the record date referred to below, and the denominator of which shall be such
Current Market Price of the Common Stock or other Marketable Securities less the then fair market value (as determined by the Board of Directors of the Company, whose determination shall be conclusive) of the portion of the cash or assets or
evidences of indebtedness or securities so distributed or of such subscription rights or warrants applicable to one share of Common Stock or one other Marketable Security (provided that such denominator shall never be less than 1.0);
provided, however, that no adjustment shall be made with respect to any distribution of rights to purchase securities of the Company if a Holder of Securities would otherwise be entitled to receive such rights upon conversion at any
time of such Securities into Common Stock or other Marketable Securities unless such rights are subsequently redeemed by the Company, in which case such redemption shall be treated for purposes of this Section as a dividend on the Common Stock or
other Marketable Securities. Such adjustment shall become effective retroactively immediately after the record date for the determination of stockholders or holders of Marketable Securities entitled to receive such distribution; and in the event
that such distribution is not so made, the Conversion Price shall again be adjusted to the Conversion Price that would then be in effect if such record date had not been fixed. 

(4) The Company shall be entitled to make such additional adjustments in the Conversion Price, in addition to those required by
subsections 12.03(1), 12.03(2) and 12.03(3), as shall be necessary in order that any dividend or distribution of Common Stock or other Marketable Securities, any subdivision, reclassification or combination of shares of Common Stock or other
Marketable Securities or any issuance of rights or warrants referred to above shall not be taxable to the holders of Common Stock or other Marketable Securities for United States Federal income tax purposes. 

(5) In any case in which this Section 12.03 shall require that any adjustment be made effective as of or retroactively
immediately following a record date, the Company may elect to defer (but only for five (5) Trading Days following the filing of the statement referred to in Section 12.05) issuing to the Holder of any Securities converted after such record
date the shares of Common Stock and other capital stock of the Company or other Marketable Securities issuable upon such conversion over and 

  
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above the shares of Common Stock and other capital stock of the Company or other Marketable Securities issuable upon such conversion on the basis of the Conversion Price prior to adjustment;
provided, however, that the Company shall deliver to such Holder a due bill or other appropriate instrument evidencing such Holder’s right to receive such additional shares upon the occurrence of the event requiring such
adjustment. 
 (6) All calculations under this Section 12.03 shall be made to the nearest cent or one-hundredth of a
share or security, with one-half cent and.005 of a share, respectively, being rounded upward. Notwithstanding any other provision of this Section 12.03, the Company shall not be required to make any adjustment of the Conversion Price unless
such adjustment would require an increase or decrease of at least 1% of such price. Any lesser adjustment shall be carried forward and shall be made at the time of and together with the next subsequent adjustment that, together with any adjustment
or adjustments so carried forward, shall amount to an increase or decrease of at least 1% in such price. Any adjustments under this Section 12.03 shall be made successively whenever an event requiring such an adjustment occurs. 

(7) In the event that at any time, as a result of an adjustment made pursuant to this Section 12.03, the Holder of any
Security thereafter surrendered for conversion shall become entitled to receive any shares of stock of or other Marketable Securities of the Company other than shares of Common Stock or Marketable Securities into which the Securities originally were
convertible, the Conversion Price of such other shares or Marketable Securities so receivable upon conversion of any such Security shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the
provisions with respect to Common Stock and Marketable Securities contained in subparagraphs (1) through (6) of this Section 12.03, and the provision of Sections 12.01, 12.02 and 12.04 through 12.09 with respect to the Common Stock or
other Marketable Securities shall apply on like or similar terms to any such other shares or Marketable Securities and the determination of the Board of Directors as to any such adjustment shall be conclusive. 

(8) No adjustment shall be made pursuant to this Section (i) if the effect thereof would be to reduce the Conversion Price
below the par value (if any) of the Common Stock or other Marketable Security, if any, or (ii) subject to Section 12.03(5) hereof, with respect to any Security that is converted prior to the time such adjustment otherwise would be made.

 SECTION 12.04 Consolidation or Merger of the Company. In case of either (a) any consolidation or merger to which the Company
is a party, other than a merger or consolidation in which the Company is the surviving or continuing corporation and that does not result in a reclassification of, or change (other than a change in par value or from par value to no par value or from
no par value to par value, as a result of a subdivision or combination) in, outstanding shares of Common Stock or other Marketable Securities or (b) any sale or conveyance of all or substantially all of the property and assets of the Company to
another Person, then each Security then Outstanding shall be convertible from and after such merger, consolidation, sale or conveyance of property and assets into the kind and amount of shares of stock or other securities and property (including
cash) receivable upon such consolidation, merger, sale or conveyance by a holder of the number of shares of Common Stock or other Marketable Securities into which such Securities would have been converted immediately prior to such consolidation,
merger, sale or conveyance, subject to adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article XII (and assuming 

  
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such holder of Common Stock or other Marketable Securities failed to exercise his rights of election, if any, as to the kind or amount of securities, cash or other property (including cash)
receivable upon such consolidation, merger, sale or conveyance (provided that, if the kind or amount of securities, cash or other property (including cash) receivable upon such consolidation, merger, sale or conveyance is not the same for each
nonelecting share, then the kind and amount of securities, cash or other property (including cash) receivable upon such consolidation, merger, sale or conveyance for each nonelecting share, shall be deemed to be the kind and amount so receivable per
share by a plurality of the nonelecting shares or securities)). The Company shall not enter into any of the transactions referred to in clause (a) or (b) of the preceding sentence unless effective provision shall be made so as to give
effect to the provisions set forth in this Section 12.04. The provisions of this Section 12.04 shall apply similarly to successive consolidations, mergers, sales or conveyances. 

SECTION 12.05 Notice of Adjustment. Whenever an adjustment in the Conversion Price with respect to a series of Securities is required:

 (1) the Company shall forthwith place on file with the Trustee and any Conversion Agent for such Securities a certificate
of the Treasurer of the Company, stating the adjusted Conversion Price determined as provided herein and setting forth in reasonable detail such facts as shall be necessary to show the reason for and the manner of computing such adjustment, such
certificate to be conclusive evidence that the adjustment is correct; and 
 (2) a notice stating that the Conversion Price
has been adjusted and setting forth the adjusted Conversion Price shall forthwith be mailed, first class postage prepaid, by the Company to the Holders of record of such Outstanding Securities. 

SECTION 12.06 Notice in Certain Events. In case: 

(1) of a consolidation or merger to which the Company is a party and for which approval of any stockholders of the Company is
required, or of the sale or conveyance to another person or entity or group of persons or entities acting in concert as a partnership, limited partnership, syndicate or other group (within the meaning of Rule 13d-3 under the Securities Exchange Act
of 1934) of all or substantially all of the property and assets of the Company; or 
 (2) of the voluntary or involuntary
dissolution, liquidation or winding up of the Company; or 
 (3) of any action triggering an adjustment of the Conversion
Price pursuant to this Article XII; 
 then, in each case, the Company shall cause to be filed with the Trustee and the Agent for the applicable Securities,
and shall cause to be mailed, first class postage prepaid, to the Holders of record of applicable Securities, at least fifteen (15) days prior to the applicable date hereinafter specified, a notice stating (x) the date on which a record is
to be taken for the purpose of any distribution or grant of rights or warrants triggering an adjustment to the Conversion Price pursuant to this Article XII, or, if a record is not to be taken, the date as of which the holders of record of Common
Stock or other Marketable Securities entitled to such distribution, rights or warrants are to be determined, or (y) the date on which any reclassification, consolidation, merger, sale, conveyance, dissolution, liquidation or winding up
triggering an adjustment to the 

  
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Conversion Price pursuant to this Article XII is expected to become effective, and the date as of which it is expected that holders of Common Stock or other Marketable Securities of record shall
be entitled to exchange their Common Stock or other Marketable Securities for securities or other property deliverable upon such reclassification, consolidation, merger, sale, conveyance, dissolution, liquidation or winding up. 

Failure to give such notice or any defect therein shall not affect the legality or validity of the proceedings described in clause (1),
(2) or (3) of this Section. 
 SECTION 12.07 Company to Reserve Stock or other Marketable Securities; Registration;
Listing. (a) The Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued shares of Common Stock or other Marketable Securities, for the purpose of effecting the conversion of
the Securities, such number of its duly authorized shares of Common Stock or number or principal amount of other Marketable Securities as shall from time to time be sufficient to effect the conversion of all applicable outstanding Securities into
such Common Stock or other Marketable Securities at any time (assuming that, at the time of the computation of such number of shares or securities, all such Securities would be held by a single Holder); provided, however, that nothing
contained herein shall preclude the Company from satisfying its obligations in respect of the conversion of the Securities by delivery of purchased shares of Common Stock or other Marketable Securities that are held in the treasury of the Company.
The Company shall from time to time, in accordance with the laws of the State of Delaware, use its commercially reasonable efforts to cause the authorized amount of the Common Stock or other Marketable Securities to be increased if the aggregate of
the authorized amount of the Common Stock or other Marketable Securities remaining unissued and the issued shares of such Common Stock or other Marketable Securities in its treasury (other than any such shares reserved for issuance in any other
connection) shall not be sufficient to permit the conversion of all Securities. 
 (b) If any shares of Common Stock or other Marketable
Securities that would be issuable upon conversion of Securities hereunder require registration with or approval of any governmental authority before such shares or securities may be issued upon such conversion, the Company will in good faith and as
expeditiously as possible endeavor to cause such shares or securities to be duly registered or approved, as the case may be. The Company will endeavor to list the shares of Common Stock or other Marketable Securities required to be delivered upon
conversion of the Securities prior to such delivery upon the principal national securities exchange upon which the outstanding Common Stock or other Marketable Securities is listed at the time of such delivery. 

SECTION 12.08 Taxes on Conversion. The Company shall pay any and all documentary, stamp or similar issue or transfer taxes that may be
payable in respect of the issue or delivery of shares of Common Stock or other Marketable Securities on conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any such tax that may be payable in respect of any
transfer involved in the issue or delivery of shares of Common Stock or other Marketable Securities or the portion, if any, of the Securities that are not so converted in a name other than that in which the Securities so converted were registered,
and no such issue or delivery shall be made unless and until the person requesting such issue has paid to the Company the amount of such tax or has established to the satisfaction of the Company that such tax has been paid. 

SECTION 12.09 Conversion After Record Date. If any Securities are surrendered for conversion subsequent to the record date preceding an
Interest Payment Date but 

  
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on or prior to such Interest Payment Date (except Securities called for redemption on a Redemption Date between such record date and Interest Payment Date), the Holder of such Securities at the
close of business on such record date shall be entitled to receive the interest payable on such securities on such Interest Payment Date notwithstanding the conversion thereof. Securities surrendered for conversion during the period from the close
of business on any record date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date shall (except in the case of Securities that have been called for redemption on a Redemption Date within such period) be
accompanied by payment in New York Clearing House funds or other funds acceptable to the Company of an amount equal to the interest payable on such Interest Payment Date on the Securities being surrendered for conversion. Except as provided in this
Section 12.09, no adjustments in respect of payments of interest on Securities surrendered for conversion or any dividends or distributions or interest on the Common Stock or other Marketable Securities issued upon conversion shall be made upon
the conversion of any Securities. 
 SECTION 12.10 Corporate Action Regarding Par Value of Common Stock. Before taking any action
that would cause an adjustment reducing the applicable Conversion Price below the then par value (if any) of the shares of Common Stock or other Marketable Securities deliverable upon conversion of the Securities, the Company will take any corporate
action that may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock or other Marketable Securities at such adjusted Conversion Price. 

SECTION 12.11 Company Determination Final. Any determination that the Company or the Board of Directors must make pursuant to this
Article is conclusive. 
 SECTION 12.12 Trustee’s Disclaimer. The Trustee has no duty to determine when an adjustment under this
Article should be made, how it should be made or what it should be. The Trustee makes no representation as to the validity or value of any securities or assets issued upon conversion of Securities. The Trustee shall not be responsible for the
Company’s failure to comply with this Article. Each Conversion Agent other than the Company shall have the same protection under this Section as the Trustee. 

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

					
	TAYLOR MORRISON HOME CORPORATION
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Name:	 	
		 	Title:

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