Document:

Art Gallery Lease

 Exhibit 10.11 

  
 ART GALLERY LEASE 
  
 between 
  
 WYNN LAS VEGAS, LLC, 
  
 Landlord 
  
 and 
  
 WYNN GALLERY, LLC, 
  
 Tenant 
  
 Dated June 30, 2005 
  

 TABLE OF CONTENTS 
  

			
	 	  	PAGE

		
	 SECTION 1 DEMISED PREMISES
	  	1
		
	 SECTION 2 TERM
	  	1
		
	 SECTION 3 RENT
	  	2
		
	 SECTION 4 GAMING
	  	3
		
	 SECTION 5 POSSESSION AND SURRENDER OF THE PREMISES
	  	3
		
	 SECTION 6 USE OF PREMISES; EXCLUSIVITY
	  	4
		
	 SECTION 7 ALTERATIONS AND IMPROVEMENTS
	  	6
		
	 SECTION 8 PARKING AND COMMON AREAS
	  	7
		
	 SECTION 9 TAXES
	  	7
		
	 SECTION 10 MAINTENANCE AND REPAIRS
	  	8
		
	 SECTION 11 LANDLORD’S ADDITIONAL OBLIGATIONS
	  	9
		
	 SECTION 12 LIENS
	  	11
		
	 SECTION 13 INSURANCE
	  	11
		
	 SECTION 14 DESTRUCTION OF PREMISES; CONDEMNATION
	  	13
		
	 SECTION 15 INDEMNIFICATION
	  	14
		
	 SECTION 16 LANDLORD FINANCING; SUBORDINATION
	  	15
		
	 SECTION 17 ASSIGNMENT AND SUBLETTING
	  	16
		
	 SECTION 18 LEASEHOLD FINANCING
	  	17
		
	 SECTION 19 RECORDS AND BOOKS OF ACCOUNT
	  	24
		
	 SECTION 20 RIGHTS OF ACCESS
	  	24
		
	 SECTION 21 ESTOPPEL CERTIFICATE
	  	24
		
	 SECTION 22 EXPENDITURES BY LANDLORD
	  	24
		
	 SECTION 23 DEFAULT
	  	25
		
	 SECTION 24 MISCELLANEOUS
	  	27

  

 i 

 ART GALLERY LEASE 
  
 THIS ART GALLERY LEASE (this “Lease”) is entered into as of June 30, 2005 (the “Commencement
Date”) by and between Wynn Las Vegas, LLC, a Nevada limited liability company (“Landlord”), and Wynn Gallery, LLC, a Nevada limited liability company (“Tenant”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, Landlord is the owner of the Wynn Las Vegas resort
located at 3131 Las Vegas Blvd. South, in Clark County, Nevada (the “Hotel”); 
  
 WHEREAS, pursuant to that certain Fourth Amended and Restated Art Rental and Licensing Agreement, dated June 30, 2005, between Stephen A. Wynn and Tenant (the “Art Rental Agreement”),
Tenant leases certain works of art from Mr. Wynn; 
  
 WHEREAS, Tenant desires to lease space in the Hotel to display such works of art; and 
  
 WHEREAS, Landlord desires to lease to Tenant, and Tenant desires to lease from Landlord, an area located in the Hotel in which to operate an
art gallery (the “Gallery”) subject to the terms and conditions hereinafter set forth. 
  
 NOW, THEREFORE, in consideration of the terms, covenants, conditions and provisions hereinafter set forth and other good and valuable
consideration, it is hereby mutually agreed by and between Landlord and Tenant as follows: 
  
 SECTION 1 
 DEMISED PREMISES 
  
 Landlord hereby leases to Tenant and Tenant hereby leases from Landlord commercial premises within the Hotel, consisting of
1361 square feet (the “Total Square Feet”) for the Gallery, as more particularly depicted on Exhibit “A” attached hereto, plus all furnishings, fixtures, equipment, decorations and property located therein or thereon
(collectively, the “Premises”). Landlord reserves to itself the use of the roof, exterior walls and the area above and below the Premises together with the right to install, maintain, use, repair and replace pipes, ducts, conduits,
wires and structural elements now or in the future leading through the Premises and which serve other parts of the Hotel, except that such rights shall not materially interfere with Tenant’s right to visibility, egress and operations.

  
 SECTION 2 
 TERM 
  
 2.1 The term of this Lease (the “Lease Term”) shall commence on the Commencement Date and shall terminate upon the earlier of (a) the ten
(10) year anniversary of the Commencement Date; (b) the date that the Art Rental Agreement terminates in accordance with the terms thereof; (c) sixty days following the date that either Landlord or Tenant delivers 

  

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notice of termination of this Lease to the other; or (d) the date on which Tenant has paid to Landlord solely pursuant to the terms of this Lease an
aggregate amount of Twenty-Four Million Nine Hundred Thousand Dollars ($24,900,000); unless terminated earlier as elsewhere herein provided. 
  
 2.2 Should Tenant hold possession of the Premises with the consent of Landlord after the expiration of the Lease Term, such holding over shall create a
tenancy from month-to-month only, upon the same terms and conditions as are hereinafter set forth, except that the Base Rent (as defined in Section 3.1 below) shall be one hundred twenty-five percent (125%) of the Base Rent being charged at the time
of expiration of the Lease Term. 
  
 SECTION 3 

RENT 
  
 3.1 During the Lease Term, Tenant shall pay as monthly rent for the Premises the sum of Eleven Thousand Three Hundred Forty-One and 67/100ths Dollars
($11,341.67) per month (the “Base Rent”). The Base Rent shall be due and payable in advance on the first (1st) day of each month during the Lease Term. The Base Rent shall be pro-rated for any partial month. 
  
 3.2 During the Lease Term and in addition to Base Rent, Tenant shall pay
Landlord as “Additional Rent” the amount of fifty percent (50%) of the Net Profits (as defined in this Section 3.2 below) of the Gallery, which shall be payable quarterly on or before the thirtieth (30th) day following the expiration of the applicable calendar quarter, but only to the extent that the quarterly amount of
Additional Rent exceeds the total Base Rent paid that quarter. Concurrently with each payment of Additional Rent, Tenant shall provide Landlord with an unaudited quarterly sales report statement setting forth a true, detailed statement of Net
Profits and the amount of Additional Rent for such calendar quarter. “Net Profits” shall mean (a) gross receipts from Gallery admission ticket sales and annual pass revenues, including, without limitation, complementary admissions,
but excluding any taxes applicable to admission charges, Nevada resident discounts and complementary student tours minus (b) Included Operating Expenses (as defined in this Section 3.2 below). “Included Operating Expenses”
shall mean all costs relating to: (i) insurance costs associated with the Gallery, including, without limitation, costs related to insuring the works of fine art; (ii) costs related to the repair, maintenance and conservation of fine art for
exhibition in the Gallery, including, without limitation, cleaning and framing; (iii) costs related to moving and storing works of fine art for display in the Gallery; (iv) salaries and employee benefits for Persons (as defined in Section 16.1
below) employed by the Gallery; (v) costs related to communication devices that are used for informing Gallery visitors about the art; (vi) costs related to uniforms for Gallery employees, including, without limitation, costs of laundry and
maintenance; (vii) Gallery advertising costs; (xi) credit card commissions and fees charged on Gallery admission receipts; (viii) costs for utilities, HVAC, Personnel (as defined in Section 11.1(d) below), pest control, janitorial and
telecommunication services and other direct Gallery costs paid directly by Tenant or invoiced by Landlord to Tenant pursuant to the terms hereof. 
  

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 3.3 The term “Rent” shall mean Base Rent and Additional Rent and any other amounts
payable hereunder. All Rent and other monies required to be paid by Tenant hereunder shall be paid to Landlord, without deduction or offset, prior to notice or demand, in lawful money of the United States of America, at the Hotel or at such other
place as Landlord may from time to time designate in writing. 
  
 3.4 If Tenant fails to pay, when due and payable, any Rent or any other amounts or charges to be paid by Tenant hereunder within ten (10) days after written notice from Landlord that the amount is past due, such unpaid amounts shall bear
interest from the due date thereof to the date of payment at a rate equal to the prime rate of interest last ascertained by the Commissioner of Financial Institutions of the State of Nevada pursuant to Nevada Revised Statutes Section 99.040, plus
five (5) percentage points (the “Default Rate”). 
  
 SECTION 4 
 GAMING 
  
 4.1 No slot machines or other gambling game or device shall be permitted on the Premises. Tenant acknowledges that Landlord conducts gaming operations in
the Hotel and that Landlord shall have the absolute right to terminate this Lease in the event any Governmental Authority (as defined in Section 11.3(b) below) regulating gaming activities orders or requests that Landlord do so. 
  
 4.2 Tenant acknowledges that Landlord and its Affiliates (as defined in
Section 17 below) have obtained gaming licenses and that such licenses are of vital importance to Landlord’s business. In this regard, Tenant agrees to comply with all reasonable requests made by Landlord for information concerning
Tenant’s background, which may include, without limitation, completion by Tenant of Landlord’s standard form of Corporate Background Questionnaire and/or Personal Background Questionnaire, as appropriate. Landlord may immediately terminate
this Lease in the event that (a) Tenant fails to comply with information requests as set forth in the foregoing sentence; or (b) Landlord determines, in its sole discretion, that continued association with Tenant would jeopardize any gaming license
held or pursued by Landlord or any of its Affiliates. 
  
 SECTION 5 
 POSSESSION AND SURRENDER OF THE PREMISES 
  
 5.1 Tenant shall, by entering upon and occupying the Premises, be deemed to have accepted the Premises in their existing
condition, and Landlord shall not be liable for any patent defect therein. Landlord warrants only that it has no actual knowledge of any existing defects as of the effective date of this Lease. 
  
 5.2 Upon the expiration or sooner termination of the Lease Term, Tenant
shall, at its sole cost and expense, within fifteen (15) days after receipt of written notice, remove all personal property and trade fixtures which Tenant has installed or placed on the Premises (“Tenant’s Property”) from the
Premises and repair all damage thereto resulting from such removal, and 

  

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Tenant shall thereupon surrender the Premises in the same condition as on the Commencement Date, reasonable wear and tear excepted, broom clean. In the event
Tenant fails to remove any of Tenant’s Property as provided herein, Landlord may, but is not obligated to, at Tenant’s expense, remove all of such property not so removed and repair all damage to the Premises resulting from such removal,
and Landlord shall have no responsibility to Tenant for any loss or damage to Tenant’s Property caused by, or resulting from, such removal or otherwise. In the event any amount due Landlord pursuant to this Lease has not been paid at the
expiration or termination of this Lease, Landlord shall have the right to sell or dispose of Tenant’s Property as Landlord so chooses as partial satisfaction of the amount past due. 
  
 SECTION 6 
 USE OF PREMISES; EXCLUSIVITY 
  
 6.1 The Premises
are leased to Tenant solely for the purpose of the operation of an art gallery and museum and uses incidental thereto. Tenant shall not use or suffer to be used the Premises, or any portion thereof, for any other purpose or purposes whatsoever,
without Landlord’s prior written consent, which consent may be withheld in Landlord’s absolute discretion. 
  
 6.2 Tenant shall not permit or suffer anything to be done, or kept upon the Premises which will obstruct or interfere with the rights of other tenants,
Landlord or the patrons and customers or any of them, or which will annoy any of them by reason of unreasonable noise or otherwise, nor will Tenant commit or permit any nuisance on the Premises or commit or suffer any immoral or illegal act to be
committed thereon. Tenant shall not, without Landlord’s prior consent: 
  
 (a) Distribute or place anywhere on Landlord’s property any notice, advertisement or other written solicitation, except upon the Premises; 
  
 (b) Display on the Premises advertising, brochures, material or posters from any hotel, casino or
entertainment facility other than those of Landlord; 
  
 (c) Do or permit anything to be done in or about the Premises, which will in any way affect fire or other insurance upon the Hotel, or any of its contents, or which shall in any way conflict with any Applicable Law (as defined in Section
11.3(b) below) affecting the occupancy or use of the Premises, or in any way obstruct or interfere with the rights of any other Persons in the Hotel; 
  
 (d) Operate or permit to be operated on the Premises, any coin or token-operated vending machines or similar devices unless for the sole
use of Tenant’s employees on the Premises; or 
  
 (e) Use the Premises or any portion thereof as living quarters or sleeping quarters. 
  

 4 

 6.3 Tenant shall, at all times during the Lease Term, comply with all Applicable Laws pertaining to the
Hotel, the Premises or Tenant’s use thereof. 
  
 6.4 Tenant
hereby covenants and agrees that it, its agents, employees, servants, contractors, subtenants and licensees shall abide by any and all reasonable rules and regulations as Landlord may, from time to time, adopt for the safety, care and cleanliness of
the Premises and/or the Hotel. 
  
 6.5 Tenant intends to conduct
its business in the Premises no less than six (6) hours per day. Tenant may reduce its hours of operation with prior written consent from Landlord, which consent shall not be unreasonably withheld. Notwithstanding anything herein to the contrary,
Tenant shall have the right to close the Premises for up to thirty (30) days each calendar year for refurbishment of the Premises. 
  
 6.6 All of Tenant’s signage is subject to Landlord’s prior consent. Tenant understands and agrees that all of its signage must be compatible
with the Hotel’s décor. Therefore, and without limiting the generality of the foregoing provisions of this Section, Tenant agrees that Landlord may limit the size of Tenant’s logo on any signage. Additionally, Tenant shall be
allowed to attach signage to the exterior of the Premises as permitted by local permitting authorities and as approved by Landlord. Landlord shall cooperate with Tenant in seeking necessary permits or licenses for any such exterior signage.
Notwithstanding the foregoing, all of Tenant’s signage which is attached to the Premises as of the Commencement Date is hereby approved by Landlord. 
  
 6.7 Tenant acknowledges that the maintenance of Landlord’s and the Hotel’s reputation and the goodwill of all of Landlord’s guests and
invitees is absolutely essential to Landlord and that any impairment thereof whatsoever will cause great damage to Landlord. Tenant therefore covenants that it shall operate the Premises in accordance with the highest standards of honesty,
integrity, quality and courtesy so as to maintain and enhance the reputation and goodwill of Landlord and the Hotel. Tenant shall continuously monitor the performance of each of Tenant’s employees at the Premises to insure that such standards
are consistently maintained. Tenant further agrees, as a material inducement to Landlord, that repeated failure to maintain such standards or repeated complaints from customers or guests which Landlord after consultation with Tenant determines have
a factual basis shall be deemed a material breach of this Lease by Tenant and a Tenant Event of Default (as defined in Section 23.1 below). 
  
 6.8 Tenant’s employees shall enter and exit the Hotel wherever specified by Landlord, shall utilize only those parking areas designated by Landlord
for such use, shall comply with all Landlord’s rules, regulations and requirements with respect to parking, employee dining and deliveries, and shall also comply with Landlord’s regulations applicable to Landlord’s employees or the
employees of Landlord’s tenants in general. 
  

 5 

 6.9 Tenant shall, in its sole discretion, fix the salary rate and provisions of employee benefits of its
employees and shall be responsible for all such salaries, employee benefits, social security taxes, federal and state unemployment insurance and any and all similar taxes relating to its employees and for workers’ compensation coverage with
respect thereto pursuant to Applicable Law. 
  
 6.10 Tenant shall
not use the Premises for the generation, storage, manufacture, production, releasing, discharge, or disposal of any Hazardous Substance (as defined in this Section 6.10 below) or allow or suffer any other Person to do so. Tenant shall protect,
indemnify and hold harmless Landlord, its partners, members, managers, employees, agents, officers, successors and assigns, the Premises and the Hotel in general from and against any and all claims, losses, damages, costs, expenses, liabilities,
fines, penalties, charges, administrative and judicial proceedings and orders, judgments, remedial action requirements, enforcement actions of any kind (including, without limitation, attorneys’ fees and costs at trial and on appeal) directly
or indirectly arising out of or attributable to, in whole or in part, the breach of any of the covenants, representations and warranties of this Section 6.10, or the use, generation, manufacture, production, storage, release, threatened release,
discharge, disposal, or presence of a Hazardous Substance on, under, from or about the Premises. Landlord reserves the right to request appropriate governmental officials to inspect the Premises, from time to time, in order to determine
Tenant’s compliance herewith. “Hazardous Substance” shall mean any flammable or related material and any other substance or material defined or designated as a hazardous or toxic substance, material or waste by any
Environmental Law (as defined in this Section 6.10 below) and shall include, without limitation, asbestos, asbestos-containing materials, petroleum, polychlorinated biphenyls and those substances included within the definitions of “hazardous
substance”, “hazardous waste”, “hazardous material” or “regulated substance” as defined by Chapter 459 of the Nevada Revised Statutes. “Environmental Laws” shall mean all federal, state and local
environmental, health or safety laws, orders, ordinances, regulations, rules of common law or policies regulating Hazardous Substances, now or hereafter in effect or as amended or promulgated in the future, and shall include, without limitation,
those governing the generation, use, refinement, handling, treatment, removal, storage, production, manufacture, transportation or disposal of Hazardous Substances, as such laws, ordinances, regulations, rules and policies may be in effect from time
to time and be applicable to the Premises. 
  
 SECTION 7

 ALTERATIONS AND IMPROVEMENTS 
  
 Tenant shall not make any alterations, improvements or changes (“Improvements”) in or to the Premises without the prior consent of
Landlord, which consent shall not be unreasonably withheld or delayed. Any Improvements shall be at the sole cost and expense of Tenant. Landlord may require Tenant, at Tenant’s sole cost and expense, to furnish a bond, or other security
satisfactory to Landlord, to assure diligent and faithful performance of any work to be performed by Tenant. Any Improvements shall be made promptly, in good and workmanlike manner by duly licensed union contractors and in compliance with all
insurance requirements and with all applicable permits, authorizations, building regulations, zoning laws and all other Applicable Laws, pertaining to the Premises or Tenant’s use thereof. Upon termination of this 

  

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Lease, Tenant shall not remove any Improvements and shall surrender the Premises in the same condition as they were on the Commencement Date, any
Improvements and ordinary wear and tear excepted. Notwithstanding the above, Tenant shall have the right to remove any trade fixtures installed by Tenant upon the Premises. 
  
 SECTION 8 
 PARKING AND COMMON AREAS 
  
 Tenant, its agents,
employees, servants, contractors, subtenants, licensees, customers and business invitees shall have the non-exclusive right to access and use such common areas of the Hotel as are designated from time to time by Landlord, subject to such rules and
regulations as Landlord may from time to time impose; provided, however, that Tenant shall cause its employees to park in those same areas designated as “employee parking” for employees of Landlord. All common areas which Tenant may be
permitted to use are to be used under a revocable license, and if any such license is revoked, or if the amount of such area is diminished, Landlord shall not be subject to any liability, nor shall Tenant be entitled to any compensation or
diminution or abatement of rent, nor shall such revocation or diminution of such areas be deemed constructive or actual eviction. Landlord shall not unreasonably revoke any such license in such a manner as to prevent access to the Premises by
Tenant, its employees, invitees and patrons. 
  
 SECTION 9

 TAXES 
  
 9.1 Landlord shall pay all real property taxes and general and special assessments levied and assessed against the land, the Hotel and other improvements
of which the Premises are a part. 
  
 9.2 Tenant shall be liable
for and shall pay before delinquency (and, upon five (5) days of written demand by Landlord, Tenant shall furnish Landlord with satisfactory evidence of the payment thereof) all taxes, fees and assessments of whatsoever kind or nature, and penalties
and interest thereon, if any, levied against Tenant’s Property or any other personal property of Tenant situate or installed in or upon the Premises, whether or not affixed to the realty. If at any time during the Lease Term any such taxes on
personal property are assessed as part of the tax on the real property of which the Premises is a part, then in such event Tenant shall pay to Landlord the amount of such additional taxes as may be levied against the real property by reason thereof.

  
 9.3 Tenant shall pay when due all taxes, assessments or fees
for which Tenant is liable and which arise directly or indirectly from Tenant’s operations in the Premises. Within five (5) days of written demand from Landlord, Tenant shall furnish Landlord evidence satisfactory to Landlord of the timely
payment of any such tax, assessment or fee. 
  
 9.4 Whenever
Landlord shall receive any statement or bill for any tax, payable in whole or in part by Tenant as additional Rent, or shall otherwise be required to make any payment on account thereof, except as otherwise provided herein, Tenant shall pay the
amount 

  

 7 

 
due hereunder within ten (10) days after demand therefor accompanied by delivery to Tenant of a copy of such tax statement, if any. 
  
 SECTION 10 
 MAINTENANCE AND REPAIRS 
  
 10.1 Landlord agrees to keep in good order, condition and repair (including any such replacement and restoration as is required for that purpose) the Hotel and the Premises, including, without limitation, (a) the
exterior walls, floor and roof of the Premises, the common areas of the Hotel, including, without limitation, cleaning, removal of trash, dirt and debris, sweeping and janitorial services, lighting of the Hotel and service corridors, repair and
replacement of sprinkler systems, HVAC systems and directional signs and other markers; (b) any and all appurtenances of the Premises wherever located, including, without limitation, the exterior and interior portion of all doors, door checks,
windows, plate glass, store front, all plumbing and sewage facilities within the Premises that exclusively service the Premises, walls, floors, ceilings and all interior lighting; and (c) any Improvements, special equipment, furnishings, fixtures or
facilities installed on the Premises; except for, in the case of any of the foregoing, reasonable wear and tear and any damage to any of the foregoing caused by any act or negligence of Tenant or its agents, employees, servants, contractors,
subtenants or licensees. 
  
 10.2 Landlord shall not be obligated
to provide any service or maintenance or to make any repairs pursuant to this Lease when such service, maintenance or repair is made necessary because of the negligence or misuse of Tenant, Tenant’s agents, employees, servants, contractors,
subtenants or licensees. Landlord reserves the right to stop any service when Landlord reasonably deems such stoppage necessary, whether by reason of accident or emergency, or for repairs or Improvements or otherwise. Landlord shall not be liable
under any circumstances for loss or injury however occurring, through or in connection with or incident to any stoppage of such services, provided, however, that Rent and other charges hereunder shall be abated during the period that Tenant cannot
open for business due to such stoppage. Landlord shall have no responsibility or liability for failure to supply any services or maintenance or to make any repairs when prevented from doing so by any cause beyond Landlord’s reasonable control
unless caused by the negligence of Landlord, its agents, customers, or contractors. Landlord shall not be obligated to inspect the Premises and shall not be obligated to make any repairs or perform any maintenance hereunder unless first notified of
the need thereof in writing by Tenant, or unless actually known to Landlord. 
  
 10.3 Tenant shall store all trash and garbage in containers located where designated by Landlord and so as not to be visible or create a nuisance to guests, customers and business invitees of the Hotel, and so as not
to create or permit any health or fire hazard. 
  

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 SECTION 11 
 LANDLORD’S ADDITIONAL OBLIGATIONS 
  
 11.1 For the Lease Term, Landlord agrees to make available and provide or supply to Tenant in connection with the operation of the Gallery at the Premises, the following services (collectively, the “Landlord
Services”), on the terms provided herein: 
  
 (a) All utility services with respect to the operation of the Gallery, including, without limitation, HVAC systems, together with the costs of utility consumption at the Premises, in each case to the extent not separately metered;

  
 (b) All light and heavy cleaning of the
Premises in order to maintain the Premises in a first-class condition; 
  
 (c) Extermination of vermin, rats and mice in the Premises; 
  
 (d) Personnel (other than the Director of the Gallery and the General Manager of the Gallery) sufficient to operate the Gallery (the
“Personnel”), as mutually determined by the Tenant and Landlord; and 
  
 (e) All insurance policies required to be maintained pursuant to the terms hereof. 
  
 11.2. Standard of Conduct. In providing the Landlord Services to
Tenant, Landlord’s officers, agents, representatives and employees shall provide the Landlord Services with the same degree of care, skill and prudence customarily exercised by such officers, agents, representatives and employees for the
benefit of Landlord in connection with Landlord’s operations. 
  
 11.3. Personnel. In connection with Landlord providing Tenant with the Personnel pursuant to Section 11.1(d) above, Landlord and Tenant agree as follows: 
  
 (a) The Personnel shall at all times be employees of Landlord and not employees of Tenant, and Tenant shall
not have any input into or control over Landlord’s employment practices with respect to the Personnel; 
  
 (b) Landlord shall be responsible for (i) all recruiting, hiring, interviewing, testing, selecting, training, evaluating, replacing,
supervising, disciplining and terminating of Personnel and the development and implementation of all policies with respect thereto; (ii) determining and paying (subject to reimbursement by Tenant pursuant to Section 11.4(a) below) all wages,
salaries and bonuses of the Personnel and procuring, maintaining and administering all employee benefit plans for the Personnel; (iii) complying with all statutes, laws, rules, regulations, orders, codes, permits and authorizations now or
hereinafter in effect (each an “Applicable Law” and collectively, “Applicable Laws”) issued by all federal, state and local governmental, regulatory and administrative authorities, agencies, boards, officials and
courts of the United States of America and the State of Nevada and its political subdivisions (collectively, “Governmental 

  

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Authorities”) applicable to Landlord, Tenant and the Personnel with respect to Landlord’s employment of the Personnel, including, without
limitation, all taxes, withholdings, contributions and filings with respect thereto; and (iv) procuring, maintaining and administering workers’ compensation coverage required by the provisions of any Applicable Laws; 
  
 (c) Tenant may, from time to time, designate one or more
individuals to supervise and manage the Personnel such as a Director of the Gallery and the General Manager of the Gallery, which individuals shall be the employees of Tenant and not employees of Landlord; and 
  
 (d) Tenant shall promptly comply with all reasonable
directions and instructions from Landlord regarding the Personnel, including, without limitation, as follows: (i) Tenant shall use the Personnel to operate the Gallery and for no other business or purpose whatsoever unless and until Tenant receives
prior written consent from Landlord to do so in each instance, deliverable in Landlord’s sole and absolute discretion; and (ii) Tenant shall comply with all Applicable Laws, and all orders, directives, notices and other requirements of all
Governmental Authorities, with respect to Tenant’s use of the Personnel. 
  
 11.4. Reimbursement of Costs; Service Fee. 
  
 (a) Tenant agrees to reimburse Landlord, within thirty (30) days of its receipt of invoices therefor, for all reasonable out-of-pocket
expenses incurred by Landlord in providing the Landlord Services, including, without limitation, (i) reasonable expenses for outside professional services incurred by Landlord for the benefit of Tenant; (ii) the actual costs of the Personnel,
including, without limitation, their salaries, wages, benefits, bonuses and taxes; and (iii) insurance premiums. 
  
 (b) Landlord shall maintain a “city ledger” account for purposes of recording Gallery admission charges collected by Landlord
(the “Admission Charges”) and the expenses incurred by Landlord in connection with the Landlord Services (the “Expenses”). Within thirty (30) days of the end of each calendar quarter, Landlord shall (i) submit to
Tenant a reconciliation of all Admission Charges and all Expenses (the “Reconciliation”), which Reconciliation shall set forth the amount of the Service Fee (as defined in Section 11.4(c) below); and (ii) remit to Tenant any balance
owing to Tenant (less the Service Fee) as shown on the Reconciliation. 
  
 (c) In consideration for the Landlord Services, Tenant shall pay to Landlord a fee of five percent (5%) multiplied by the total dollar amount of the Expenses (the “Service Fee”), which Service Fee
shall be payable quarterly on or before the thirtieth (30th) day following the expiration of each calendar quarter.
Landlord shall be entitled to offset the Admission Charges payable to Tenant by the amount of the Service Fee during the same period. 
  

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 SECTION 12 
 LIENS 
  
 12.1 Tenant, at
all times, whether by bond or otherwise, shall keep Landlord, the Hotel, the Premises, the leasehold estate created by this Lease, and any trade fixtures, equipment or personal property within the Premises, free and clear from any claim, lien or
encumbrance (other than personal property consensual security interests for lines of credit or inventory financing in the ordinary course of Tenant’s business), tax lien or levy, mechanic’s lien, attachment, garnishment or encumbrance
arising directly or indirectly from any obligation, action or inaction of Tenant whatsoever, except to the extent permitted under Sections 17 and 18 below and except for “Permitted Liens” as defined in the Bank Credit Agreement and the
2014 Notes Indenture (each as defined in the Deed of Trust, which is defined in Schedule I attached hereto and incorporated herein by this reference). 
  
 12.2 Tenant shall give Landlord at least ten (10) business days’ prior written notice before the commencement of any work, construction, alteration
or repair on the Premises that could be the subject of a mechanic’s lien to afford Landlord the opportunity to file appropriate notices of non-responsibility. 
  
 SECTION 13 
 INSURANCE 
  
 13.1 Landlord and Tenant are covered
under the same policies of comprehensive public liability insurance and all-risk, commercial property insurance. Landlord will bill Tenant for, and Tenant shall pay, Tenant’s share of such insurance costs. 
  
 13.2 If at any time during the Lease Term Tenant ceases to be covered by
common insurance with Landlord, Tenant will, at its sole cost and expense, maintain in full force and effect: 
  
 (a) a policy of comprehensive public liability insurance issued by an insurance carrier approved by Landlord, insuring against loss,
damage or liability for injury or death to Persons and loss or damage to property occurring from any cause whatsoever in connection with the Premises or Tenant’s use thereof. Landlord shall be named as an additional insured under each such
policy of insurance; and 
  
 (b) a standard form
of all-risk, commercial property insurance with extended coverage insurance covering leasehold improvements, furniture, fixtures and equipment, and personal property located in or on the Premises whether owned by Landlord or Tenant, and the personal
property of others in Tenant’s possession in, upon or about the Premises. Such insurance shall be in an amount equal to the current replacement value of the property required to be insured. Tenant and Landlord, as their interests may appear,
shall be the named insureds under each such policy of insurance. 
  

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 13.3 A certificate issued by the insurance carrier for each policy of insurance required to be maintained
by Tenant under Section 13.2 above, if any, or a copy of each such policy, shall be delivered to Landlord on or before the Commencement Date and thereafter, as to policy renewals, within thirty (30) days prior to the expiration of the terms of each
such policy. Each of said certificates of insurance and each such policy of insurance shall be from an insurer and in a form and substance satisfactory to Landlord, shall expressly evidence insurance coverage as required by this Lease and shall
contain an endorsement or provision requiring not less than thirty (30) days written notice to Landlord and all other named insureds prior to the cancellation, diminution in the perils insureds against, or reduction of the amount of coverage of, the
particular policy in question. In addition to the foregoing certificates, Tenant shall at all times during the Lease Term maintain (either through common insurance with Landlord or otherwise), at Tenant’s sole cost and expense, worker’s
compensation coverage evidencing coverage at Nevada statutory limits. 
  
 13.4 Tenant shall not use or occupy, or permit the Premises to be used or occupied, in a manner that will make void any insurance then in force or increase the rates of fire or any other insurance on the Premises. If by reason of the
failure of Tenant to comply with the provisions of this Section, the fire or any other insurance rates of the Premises are increased, Tenant shall reimburse Landlord, as additional Rent, on the first day of the calendar month next succeeding notice
by Landlord to Tenant of said increase, for that part of all insurance premiums thereafter paid by Landlord which shall have been charged because of such failure of Tenant. 
  
 13.5 Tenant hereby waives any and all rights of recovery from Landlord, its members, managers, officers, agents and
employees for any loss or damage, including consequential loss or damage, caused by any peril or perils (including negligent acts) that are caused by or result from risks insured against under any form of insurance policy required to be maintained
by Tenant hereunder. 
  
 13.6 Each policy of insurance provided
for in this Section 13 shall contain an express waiver of any and all rights of subrogation thereunder whatsoever against the other party, its officers, directors, managers, members, agents and employees. All such policies shall be written as
primary policies and not contributing with or in excess of the coverage, if any, which Landlord may carry. Notwithstanding any other provision contained in this Section 13 or elsewhere in this Lease, the amounts of all insurance required hereunder
to be paid by Tenant shall be not less than an amount sufficient to prevent Landlord from becoming a co-insurer. The limits of the public liability insurance required to be maintained by Tenant under this Lease shall in no way limit or diminish
Tenant’s liability under Section 15 hereof and such limits shall be subject to increase at any time and from time to time during the Lease Term if Landlord, in the exercise of reasonable discretion, deems such an increase necessary for its
adequate protection; provided, however, Landlord may not exercise its right under this sentence more frequently than one time every two years during the Lease Term. 
  
 13.7 Landlord shall maintain insurance covering the Premises (and all improvements therein or additions thereto other than
those items which Tenant is required to insure, Tenant’s improvements, fixtures and stock in trade) and the Hotel against loss or damage by fire or 

  

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casualty in amounts not less than the replacement value thereof, from financially responsible insurers and in amounts as determined in Landlord’s
reasonable discretion provided such amounts are customary for the industry. Tenant shall be solely responsible for insuring art works displayed or stored in its Gallery or storage areas, at Tenant’s sole expense. In no event shall Landlord be
responsible for insuring any such art works. 
  
 13.8 Landlord
shall maintain public liability insurance on an occurrence basis in amounts that are customary for the industry insuring against all claims, demands, or actions for personal injury or death, or damage to property, made by or on behalf of any Person,
while in the Hotel, or arising from the conduct and operation of the common areas or arising from any acts or omissions of Landlord or any of Landlord’s agents, employees or contractors. 
  
 13.9 All of the provisions of this Section 13 are subject to, and shall be
modified as reasonably necessary to be consistent with, the requirements of the Bank Credit Agreement. 
  
 SECTION 14 
 DESTRUCTION OF PREMISES; CONDEMNATION 
  
 14.1 In the case of the total destruction of the Premises, or any portion
thereof or of the Hotel substantially interfering with Tenant’s use of the Premises not caused by the fault or negligence of Tenant, its agents, employees, servants, contractors, subtenants, licensees or customers
(“Destruction”), this Lease shall terminate except as herein provided. If Landlord notifies Tenant in writing within forty-five (45) days of Destruction of Landlord’s election to repair said damage to the Premises, and if
Landlord proceeds to and does repair such damage with reasonable dispatch, the Lease shall not terminate, but shall continue in full force and effect, except that Tenant shall be entitled to a reduction in the Rent in an amount equal to that
proportion of the Rent which the number of square feet of floor space in the unusable portion of the Premises bears to the Total Square Feet, and provided further that if such portion of the Premises is damaged or destroyed such that the remainder
will not be suitable for the purpose for which Tenant has leased the Premises, Tenant may close for business until such time as Landlord has repaired such damage and Rent and all other charges hereunder shall be suspended until such time as Tenant
is able to reopen for business. Said reduction shall be prorated so that the Rent shall only be reduced for those days that any given area is actually unusable. If this Lease is terminated pursuant to this Section 14, and if Tenant is not in default
hereunder, Rent shall be prorated as of the date of termination and all further rights and obligations hereunder shall cease and terminate. 
  
 14.2 The provisions of this Section 14 with respect to repair by Landlord shall be limited to such repair as is necessary to place the Premises in the
condition they were in immediately prior to Destruction and when placed in such condition, the Premises shall be deemed restored and rendered tenantable. Tenant shall replace its own art works, stock in trade and trade fixtures (to the extent not
previously installed by Landlord) at its own expense. 
  
 14.3
Notwithstanding the foregoing provisions, in the event the Premises or any portion thereof shall be damaged by fire or other casualty due to the fault, negligence or willful 

  

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misconduct of Tenant, its agents, employees, servants, contractors, subtenants, licensees, customers or business invitees, then this Lease shall not
terminate, the damage shall be repaired by Tenant, and there shall be no apportionment or abatement of any Rent. 
  
 14.4 All insurance proceeds payable under any fire and extended coverage risk insurance covering the Premises and maintained by Landlord shall be payable
to Landlord in the event of Destruction, and Tenant shall have no interest therein, except to the extent of such insurance separately carried by Tenant. Tenant shall in no case be entitled to compensation for damages on account of any annoyance or
inconvenience in making repairs under any provision of this Lease. Except to the extent provided for in this Section 14, neither the Rent payable by Tenant nor any of Tenant’s other obligations under any provision of this Lease shall be
affected by any Destruction. 
  
 14.5 Should the whole of the
Premises be condemned or taken by a competent Governmental Authority for any public or quasi-public purpose, then this Lease shall terminate upon such taking and neither party shall have any further rights or obligations hereunder. If such portion
of the Premises is condemned or taken such that the remaining portion thereof will not be reasonably adequate for the operation of Tenant’s business after Landlord completes such repairs or alterations as Landlord elects to make, either
Landlord or Tenant shall have the option to terminate this Lease by notifying the other party hereto of such election in writing within twenty (20) days after such taking. If by such condemnation and taking a portion of the Premises is taken and the
remaining part thereof is suitable for the purposes for which Tenant has leased the Premises, this Lease shall continue in full force and effect, but the Rent and all other charges hereunder shall be reduced in an amount equal to that proportion of
such charges which the number of square feet of floor space of the portion taken bears to the Total Square Feet, and Rent and other charges shall be suspended during any period of time that Tenant is closed for business. In the event a partial
taking does not terminate this Lease, Landlord, at Landlord’s expense, shall repair the damage to the Premises with reasonable dispatch and restore it as nearly as reasonably possible to its condition as immediately before the taking. If any
part of the Hotel other than the Premises shall be taken or appropriated so as to materially and adversely affect the ability of Tenant’s customers to reach the Premises, either party shall have the right, at its option to terminate this Lease
by notifying the other party within twenty (20) days of such taking. For the purposes hereof, a deed in lieu of condemnation shall be deemed a taking. 
  
 SECTION 15 
 INDEMNIFICATION

  
 15.1 Landlord hereby covenants and agrees to indemnify,
defend, save and hold Tenant, its Affiliates and their respective members, managers, directors, officers, agents, representatives and employees (collectively, the “Tenant Parties”), the Premises and the leasehold estate created by
this Lease free, clear and harmless from any and all losses, liabilities, demands, claims, liens, actions or causes of action, judgments, assessments, fines, penalties, costs, damages and/or expenses (including, without limitation, the reasonable
fees and expenses of attorneys and other professionals) and demands of any kind whatsoever (collectively, “Losses”) arising out of, or by reason of any act, omission, or negligence of Landlord, its agents, 

  

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employees, servants, contractors, subtenants or licensees while in, upon, about, or in any way connected with, the Premises or the Hotel, or in connection
with the performance of the Landlord Services hereunder, except in circumstances where the Tenant Party to be indemnified itself acted with gross negligence or engaged in willful misconduct. 
  
 15.2 Tenant hereby covenants and agrees to indemnify, defend, save and hold
Landlord, its Affiliates and their respective members, managers, directors, officers, agents, representatives and employees (collectively, the “Landlord Parties”), the Premises and the leasehold estate created by this Lease free,
clear and harmless from any and all Losses arising out of, or by reason of any act, omission, or negligence of Tenant, its agents, employees, servants, contractors, subtenants or licensees while in, upon, about, or in any way connected with, the
Premises or the Hotel, or arising from any accident, injury or damage, howsoever and by whomsoever caused, to any Person or property whatsoever, occurring in, upon, about or in any way connected with the Premises or any portion thereof, except in
circumstances where the Landlord Party to be indemnified itself acted with gross negligence or engaged in willful misconduct. 
  
 15.3 Notwithstanding anything herein to the contrary, in the absence of intentional or grossly negligent acts of Landlord, Landlord shall not be liable to
Tenant, or to any other Person whatsoever, for any damage occasioned by falling plaster, electricity, plumbing, gas, water, steam, sprinkler or other pipe and sewage system or by the bursting, running or leaking of any tank, washstand, closet or
waste of other pipes, nor for any damages occasioned by water being upon or coming upon the Premises or for any damage arising from any acts or neglect of co-tenants or other occupants of the Hotel or of adjacent property or of the public, nor shall
Landlord be liable in damage or otherwise for any failure to furnish, or interruption of, service of any utility beyond the control of Landlord. 
  
 15.4 Notwithstanding anything herein to the contrary, in no event shall any Landlord Party or any Tenant Party be liable for any Losses which constitute
indirect, special or consequential damages. 
  
 SECTION 16

 LANDLORD FINANCING; SUBORDINATION 
  
 16.1 Landlord may obtain loans from time to time from third parties to finance acquisition and development of Landlord’s and its Affiliates’
real property, including, without limitation, the Premises. For purposes of this Lease, “Affiliate” shall mean with respect to a specified Person, any other Person who or which is directly or indirectly controlling, controlled by or
under common control with the specified Person. For purposes of this definition, (a) “control”, “controlling” and “controlled” shall mean the right to exercise, directly or indirectly, more than
twenty percent (20%) of the voting power of the stockholders, members or owners and, with respect to any individual, partnership, trust or other entity or association, the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of the controlled entity; and (b) “Person” shall mean a natural person, any form of business or social organization and any other non-governmental legal entity including, but not 

  

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limited to, a corporation, partnership, association, trust, unincorporated organization, estate or limited liability company. By its execution of this Lease,
Tenant (i) acknowledges and consents to Landlord’s collateral assignment of its rights hereunder to its and its Affiliates’ lenders, including the beneficiaries under the Deed of Trust (collectively, “Lenders”); (ii)
acknowledges and affirms Tenant’s agreement to attorn performance obligations to the benefit of Lenders in the same manner as it would with respect to Landlord if any such Lender exercises its rights under any collateral assignment from
Landlord; and (iii) agrees to execute such separate consents and acknowledgements to and of Landlord’s collateral assignment of this Lease to such Lenders; provided, however, any Lender or its successor which acquires the Premises (through
foreclosure or deed in lieu of foreclosure) shall not disturb Tenant’s lease of the Premises pursuant to the terms hereof and shall respect Tenant’s rights under this Lease 
  
 16.2 Tenant agrees upon request of Landlord to subordinate this Lease and its rights hereunder to the lien of any mortgage,
deed of trust or other encumbrance, together with any renewals, extensions or replacements thereof now or hereafter placed, charged or enforced against the Premises, or any portion thereof, and to execute and deliver at any time, and from time to
time, upon demand by Landlord, such documents as may be reasonably required to effectuate such subordination within ten (10) days after receiving such documents, provided that in connection with such subordination agreement Landlord’s lender
agrees to provide a non-disturbance agreement for the benefit of Tenant in form and substance reasonably acceptable to Tenant and its lenders. 
  
 SECTION 17 
 ASSIGNMENT AND SUBLETTING

  
 17.1 Except as otherwise set forth herein, Tenant shall
not assign, mortgage, pledge, hypothecate or encumber this Lease nor the leasehold estate hereby created or any interest herein, or sublet the Premises or any portion thereof, or license the use of all or any portion of the Premises without the
prior written consent of Landlord, which consent may be withheld in Landlord’s sole discretion. Tenant shall have the right, upon giving written notice to Landlord, to assign this Lease and the leasehold estate hereby created to an Affiliate of
Tenant so long as Tenant remains as guarantor and liable for all payments due pursuant to this Lease. The restriction or limitation on use of the Premises shall continue to apply to any subtenant or assignee hereunder. Any consent by Landlord to any
act requiring consent pursuant to this Section 17.1 shall not constitute a waiver of the necessity for such consent to any subsequent act. Tenant shall pay all reasonable costs, expenses and reasonable attorneys’ fees that may be incurred or
paid by Landlord in processing, documenting or administering any request of Tenant for Landlord’s consent required pursuant to this Section 17.1. 
  
 17.2 Landlord may reasonably require that each proposed assignee or sublessee agree, in a written agreement satisfactory to Landlord, to assume and abide
by all the terms and provisions of this Lease, including those which govern the permitted uses of the Premises. 
  

 16 

 17.3 In the absence of an express agreement in writing to the contrary executed by Landlord, no
assignment, mortgage, pledge, hypothecation, encumbrance, subletting or license hereof or hereunder shall act as a release of Tenant from any of the provisions, covenants and conditions of this Lease on the part of Tenant to be kept and performed.

  
 SECTION 18 
 LEASEHOLD FINANCING 
  
 18.1 Leasehold Mortgage Permitted. Nothing in this Lease shall be construed as restricting in any manner the right of Tenant, from time to time, or
at any time, to create one or more liens on, or encumber, by mortgage, deed of trust or trust deed in the nature of a mortgage (each, a “Leasehold Mortgage”) the leasehold interest of Tenant in the Premises, and subject to the
restrictions and limitations contained in any such instrument as to further conveyances, transfers and assignments, Tenant will have the right at any time, and from time to time, to convey, transfer and assign its interest under this Lease to a
mortgagee, trustee or beneficiary, of its designee (each “Leasehold Mortgagee”), under a Leasehold Mortgage given to secure any note or other obligation of Tenant or an Affiliate of Tenant. 
  
 18.2 Certain Benefits to Leasehold Mortgage. If Tenant shall execute
any Leasehold Mortgage, then, in such event and so long as such Leasehold Mortgage shall constitute a lien or encumbrance against the leasehold estate of Tenant hereunder, the following provisions shall apply: 
  
 18.2.1 Amendment of Lease. No agreement by Landlord
and Tenant for the assignment, cancellation, surrender, acceptance of surrender or termination, modification or amendment of this Lease shall be effective as to any Leasehold Mortgagee without the written consent of such Leasehold Mortgagee. If the
Leasehold Mortgagee whose lien has first priority consents to an amendment, any Leasehold Mortgagee of a junior lien on the Premises will not unreasonably withhold its consent to such amendment. 
  
 18.2.2 Exercise of Section 365(h)(i) Rights. Landlord
agrees, for the benefit of such Leasehold Mortgagee, that the right of election arising under Section 365(h)(i) of the Bankruptcy Code (as defined in this Section 18.2.2 below) shall be exercised by the most senior Leasehold Mortgagee at such time
and not by Tenant. Any attempted exercise by Tenant of such right of election in violation hereof shall be void. “Bankruptcy Code” shall mean Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter
in effect, or any successor statute thereto. 
  
 18.2.3 Loss Payee. The name of each such Leasehold Mortgagee shall be added to the “Loss Payable Endorsement” of any and all insurance policies required to be carried by Tenant under this Lease. 
  
 18.2.4 Proceeds of Casualty and Condemnation.
Notwithstanding anything in this Lease to the contrary, in the event of any casualty to or condemnation of the Premises or any portion thereof, the Leasehold Mortgagees shall be entitled to receive all insurance proceeds and/or condemnation awards
as their interests appear (up to the amount of the indebtedness 

  

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secured by the Leasehold Mortgage) otherwise payable to Tenant or Landlord or both and apply them in accordance with the Leasehold Mortgage and shall have
the right, but not the obligation, to restore the Premises. 
  
 18.2.5 Merger. If Tenant shall acquire fee title, or any other estate, title or interest in the Premises which is the subject of this Lease, or any part thereof, or if the leasehold estate created by this
Lease, or any portion thereof, shall be assigned, sold or otherwise transferred to the owner of such fee title or other estate, title or interest in the Premises which is the subject of this Lease, then in either such event, upon the election of the
Leasehold Mortgagee first in priority expressly made in writing at any time thereafter, each Leasehold Mortgage shall attach to and be a lien upon such fee title and/or other estate so acquired (but only as the same pertains to the Premises), and
such fee title and/or other estate so acquired shall be considered as mortgaged, assigned and conveyed to each Leasehold Mortgagee and the lien of each such Leasehold Mortgage shall be spread to cover such estate with the same force and effect as
though specifically mortgaged, assigned or conveyed in such Leasehold Mortgage (and upon request of any Leasehold Mortgagee, either or both Landlord and Tenant shall execute further mortgages, assignments of leases and rents, amendments to documents
and instruments as such Leasehold Mortgagee may reasonably require for such purpose); provided, however, that notwithstanding the foregoing, if and so long as any of the indebtedness secured by any such Leasehold Mortgage shall remain unpaid, unless
the Leasehold Mortgagee thereunder shall otherwise in writing expressly consent, the fee title to the Premises which is the subject of this Lease and the leasehold estate created by this Lease shall not merge but shall always be kept separate and
distinct, notwithstanding the union of said estates either in Landlord or in Tenant, or in a third party, by purchase or otherwise. Nothing in this Section 18.2.5 shall be deemed to subordinate or require Landlord to subordinate the fee interest of
Landlord in the Premises to the lien of a Leasehold Mortgage. 
  
 18.2.6 Right of Entry. Each Leasehold Mortgagee shall have the right to enter upon the Premises at any time for any purpose, including curing any defaults by Tenant under this Lease, and Landlord hereby agrees
to accept performance and compliance by any such Leasehold Mortgagee of any covenants, agreements, provisions, conditions and limitations on Tenant’s part to be kept, observed or performed hereunder, with the same force and effect as though
kept, observed and performed by Tenant. Any default by Tenant that is not susceptible to being cured by a Leasehold Mortgagee shall be deemed waived by Landlord. 
  
 18.2.7 Notice to Tenant. Landlord shall serve Tenant with notice if Landlord files, or has filed
against it, a petition under Chapters 7 or 11 of the Bankruptcy Code. Such notice shall be served within twenty-four (24) hours of such filing. Landlord shall, upon serving Tenant with any notice of (a) a bankruptcy filing as herein described, (b)
default pursuant to the provisions of this Lease, or (c) a matter on which Landlord may predicate or claim a default, at the same time serve a copy of such notice upon every Leasehold Mortgagee that has provided Landlord with notice of its identity
and address, and no such notice by Landlord to Tenant hereunder shall have been deemed duly given unless and until a copy thereof has been so served on every such Leasehold Mortgagee. 
  

 18 

 18.2.8 Termination. Anything contained in this Lease to the contrary
notwithstanding, if any default shall occur which entitles Landlord to terminate this Lease, or to exercise any other rights, powers or remedies available to it under this Lease, Landlord shall have no right to terminate this Lease or to exercise
any of such rights, powers or remedies unless following the expiration of the period of time given Tenant to cure such default (or the act or omission which gave rise to such default), Landlord shall notify every Leasehold Mortgagee of
Landlord’s intent to so terminate or exercise any such rights, powers or remedies (“Default Notice”) at least (a) sixty (60) days in advance of the proposed effective date of such termination, or exercise of any rights, powers
or remedies if such default is capable of being cured by the payment of money, and (b) ninety (90) days in advance of the proposed effective date of such termination, or exercise of any such rights, powers or remedies if such default is not capable
of being cured by the payment of money (“Default Notice Period”). The provisions of Subsection 18.2.9 below shall apply if during such sixty (60) or ninety (90) day Default Notice Period, any Leasehold Mortgagee shall notify
Landlord of such Leasehold Mortgagee’s desire to nullify such notice (the “Nullification Notice”). 
  
 18.2.9 Procedure on Default. 
  
 (a) If Landlord shall elect to terminate this Lease or obtain possession of the Premises by reason of any default of Tenant, and a
Leasehold Mortgagee shall have delivered the Nullification Notice set forth in Subsection 18.2.8, the specified date for the termination of this Lease as fixed by Landlord in its Default Notice or for the obtaining of possession shall be extended
for a period of six (6) months, provided that such Leasehold Mortgagee shall, during such six (6) month period: 
  
 (i) pay or cause to be paid the monetary obligations of Tenant under this Lease as the same become due, and continue its good faith
efforts to perform all of Tenant’s other obligations under this Lease, excepting (i) obligations of Tenant to satisfy or otherwise discharge any lien, charge or encumbrance against Tenant’s interest in this Lease or the Premises junior in
priority to the lien of the mortgage held by such Leasehold Mortgagee and (ii) past non-monetary obligations then in default and not reasonably susceptible of being cured by such Leasehold Mortgagee (including by reason of a bankruptcy stay or if
possession of the Premises is required in order to cure such default); provided that Leasehold Mortgagee may offset amounts it expends to cure any defaults by Landlord under this Lease; and 
  
 (ii) if not enjoined or stayed, take steps to acquire or
sell Tenant’s interest in this Lease by foreclosure of the Leasehold Mortgage or other appropriate means and prosecute the same to completion with due diligence. 
  
 (b) If at the end of such six (6) month period such Leasehold Mortgagee is complying with Subsection
18.2.9(a) then this Lease shall not then terminate, and the time for completion by such Leasehold Mortgagee of its proceedings shall continue so long as such Leasehold Mortgagee is enjoined or stayed and thereafter for so long as such Leasehold
Mortgagee proceeds to complete steps to acquire or sell Lessee’s interest in this Lease by foreclosure of the Leasehold Mortgage or by other appropriate means with reasonable diligence. 

  

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Nothing in this Subsection 18.2.9, however, shall be construed to extend this Lease beyond the original term thereof or to require a Leasehold Mortgagee to
continue such foreclosure proceedings after the default has been cured. If the default shall be cured and the Leasehold Mortgagee shall discontinue such foreclosure proceedings, this Lease shall continue in full force and effect as if Tenant had not
defaulted under this Lease. 
  
 (c) If a
Leasehold Mortgagee is complying with Subsection 18.2.9(a) of this Section, then upon the acquisition of Tenant’s estate herein by such Leasehold Mortgagee or its designee or any other purchaser at a foreclosure sale or otherwise (and the
discharge of any lien, charge or encumbrance against the Tenant’s interest in this Lease or the Premises which is junior in priority to the lien of the Leasehold Mortgage held by such Leasehold Mortgagee and which the Tenant is obligated to
satisfy and discharge by reason of the terms of this Lease) this Lease shall continue in full force and effect as if Tenant had not defaulted under this Lease. 
  

18.2.10 Receiver. A Leasehold Mortgagee shall have the right after institution of foreclosure proceedings to apply to the court
for the appointment of a receiver of the Premises. In the event foreclosure proceedings have been instituted, any money held by Landlord which becomes payable to Tenant shall be payable upon demand to such Leasehold Mortgagee as the interest of such
Leasehold Mortgagee may appear when the same so becomes payable to Tenant. If Landlord shall at any time be in doubt as to whether such monies are payable to such Leasehold Mortgagee or to Tenant, Landlord may pay such monies into court and file an
appropriate action of interpleader in which event all of Landlord’s costs and expenses (including attorneys’ fees) shall first be paid out of the proceeds so deposited. 
  
 18.2.11 No Assumption. For purposes of this Subsection 18.2.11, the making of a Leasehold Mortgage
shall not be deemed to constitute an assignment or transfer of this Lease or of the leasehold estate hereby created, nor shall any Leasehold Mortgagee, as such, be deemed to be an assignee or transferee of this Lease or of the leasehold estate
hereby created, so as to require such Leasehold Mortgagee, as such, to assume the performance of any of the terms, covenants or conditions on the part of Tenant to be performed hereunder, but the purchaser at any sale of this Lease and of the
leasehold estate hereby created in any proceedings for the foreclosure of any Leasehold Mortgage, or the assignee or transferee of this Lease and of the leasehold estate hereby created under any instrument of assignment or transfer in lieu of the
foreclosure of any Leasehold Mortgage, shall be deemed to be an assignee or transferee within the meaning of this Subsection 18.2.11 and shall be deemed to have agreed to perform all of the terms, covenants and conditions on the part of Tenant to be
performed hereunder arising and accruing from and after the date of such purchase and assignment, but only for so long as such purchaser or assignee is the owner of the leasehold estate. 
  
 18.2.12 Successive Sales. Any Leasehold Mortgagee or other acquiror of the leasehold estate of Tenant
pursuant to foreclosure, assignment in lieu of foreclosure or other proceedings may, upon acquiring Tenant’s leasehold estate, without further consent of Landlord, sell and assign the leasehold estate so acquired on such terms and to such
Persons or organizations as are acceptable to such Leasehold Mortgagee or acquiror and thereafter be relieved of all obligations under this Lease; provided that such assignee has delivered to Landlord 

  

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its written agreement to be bound by all of the provisions of this Lease from and after the date of such assignment. 
  
 18.2.13 Leasehold Mortgagee Need Not Cure Specified
Defaults. Nothing herein contained shall require any Leasehold Mortgagee or its designee as a condition to the exercise of its rights hereunder to cure any default of Tenant not reasonably susceptible of being cured by such Leasehold Mortgagee
or its designee. 
  
 18.2.14 Lease
Proceedings. Landlord shall give each Leasehold Mortgagee that has provided Landlord with notice of its interest and address, prompt notice of any arbitration or legal proceedings between Landlord and Tenant involving this Lease. Each Leasehold
Mortgagee shall have the right to intervene in any such proceedings and be made a party to such proceedings, and the parties hereto do hereby consent to such intervention. In the event that any Leasehold Mortgagee shall not elect to intervene or
become a party to any such proceedings, Landlord shall give such Leasehold Mortgagee notice of, and a copy of any award or decision made in any such proceedings, which shall be binding on all Leasehold Mortgagees not intervening after receipt of
notice of arbitration. Tenant agrees that each Leasehold Mortgagee shall also have the right to intervene in, and be made a party to, any such proceedings. 
  
 18.2.15 Future Leasehold Mortgage: Amendment of Lease. 
  
 (a) Notwithstanding anything in this Lease to the contrary, each Leasehold Mortgagee shall have the right
(if it has such right under its loan documents) to restrict, limit or prohibit the execution of any other Leasehold Mortgage junior in priority to the lien of such senior Leasehold Mortgage, or, in the event of the execution of any such junior
Leasehold Mortgage, to accelerate or increase the interest rate under the indebtedness secured by such senior Leasehold Mortgage; and 
  
 (b) In the event of a Leasehold Mortgage (each, a “Successor Leasehold Mortgage”) the proceeds of which are used to pay
off in its entirety the indebtedness secured by any existing Leasehold Mortgage (each such existing Leasehold Mortgage, an “Initial Leasehold Mortgage”), then the Successor Leasehold Mortgage shall be deemed to have succeeded to the
position and all of the rights and priorities of the mortgagee under the Initial Leasehold Mortgage with respect to the mortgagor under the Initial Leasehold Mortgage and with respect to third parties. 
  
 18.2.16 Certificate. Landlord shall, without charge,
at any time and from time to time within ten (10) business days after written request of Tenant to do so, certify by written instrument duly executed and acknowledged to any Leasehold Mortgagee or purchaser, or proposed Leasehold Mortgagee or
proposed purchaser, or any other Person specified in such request: (a) as to whether this Lease has been supplemented or amended, and if so, the substance and manner of such supplement or amendment; (b) as to the validity and force and effect of
this Lease, in accordance with its tenor; (c) as to the existence of any default hereunder or any event which with the passage of time or notice would constitute a default hereunder; (d) as to the existence of any offsets, claims, counterclaims or
defenses hereto on the part of Landlord or, to 

  

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Landlord’s knowledge, on the part of Tenant; (e) as to the commencement and expiration dates of this Lease; and (f) as to any other matters as may be
reasonably so requested. Any such certificate may be relied upon by Tenant and any other Person to whom the same may be exhibited or delivered, and the contents of such certificate shall be binding on Landlord. 
  
 18.2.17 Nominee. Any acquisition by a Leasehold
Mortgagee of the leasehold estate under this Lease, or any rights or privileges thereunder may be taken in the name of such Leasehold Mortgagee or in the name of any nominee or designee selected by it. 
  
 18.2.18 New Lease. In the event of the termination of
this Lease as a result of Tenant’s default prior to the expiration of the term, or in the event of a rejection by Landlord or Tenant of this Lease under Chapter 11 of the Bankruptcy Code, Landlord shall, in addition to providing the notices of
default and termination as required by this Lease, provide each Leasehold Mortgagee with written notice that the Lease has been terminated or that Landlord has filed a request with the United States Bankruptcy Court seeking to reject the Lease,
together with a statement of all sums which would at that time be due under this Lease but for such termination or rejection, and of all other defaults, if any, then known to Landlord. Upon any request of the Leasehold Mortgagee, or its designee,
Landlord agrees to enter into a new lease (“New Lease”) of the Premises with such Leasehold Mortgagee or its designee for the remainder of the term of this Lease, effective as of the date of termination or rejection, as the case may
be, at the Rent, and upon the terms, covenants and conditions (including all transfer rights, but excluding requirements which are not applicable or which have already been fulfilled) of this Lease; provided, however, that (a) the
Leasehold Mortgagee whose lien upon the Premises is superior to the lien of any other Leasehold Mortgage (the “Senior Leasehold Mortgagee”) shall have the right to give notice of its intent to enter into a New Lease to the Landlord
for a period of sixty (60) days from its receipt of the notice referred to in the first sentence of this Section 18.2.18 and (b) if the Senior Leasehold Mortgagee does not exercise its right to enter into the New Lease during this 60-day period,
then the Leasehold Mortgagee whose lien upon the Premises is superior to the lien of any other Leasehold Mortgage (other than the Senior Leasehold Mortgagee) shall have the right to give notice of its intent to enter into a New Lease to the Landlord
during the remainder of the period(s) specified below; and provided further, however, 
  
 (i) Such Leasehold Mortgagee shall make written request upon Landlord for such New Lease at the later of (A) within one hundred (100) days
after the date such Leasehold Mortgagee receives Landlord’s notice of termination or rejection of this Lease given pursuant to this Subsection 18.2.18; or (B) within forty-five (45) days after the actual termination of the Lease as same may
have been extended by Subsection 18.2.18 hereof. 
  
 (ii) Such Leasehold Mortgagee or its designee shall pay or cause to be paid to Landlord at the time of the execution and delivery of such New Lease, any and all sums which would at the time of execution and delivery thereof be due pursuant
to this Lease but for such termination and, in addition thereto, all reasonable expenses, including reasonable attorneys’ fees, court costs and costs and disbursements which Landlord shall have incurred by reason of such termination and the
execution and delivery of the New Lease and which have not otherwise been received by Landlord from or on behalf of Tenant. Upon the execution of such 

  

 22 

 
New Lease, Landlord shall allow to Tenant named therein as an offset against the sums otherwise due under this Subsection 18.2.18 or under the New Lease, an
amount equal to the net income derived by Landlord from the Premises during the period from the effective date of termination of this Lease to the date of the beginning of the lease term under the New Lease. In the event of a controversy as to the
amount to be paid to Landlord pursuant to this Section 18.2, the payment obligation shall be satisfied if Landlord shall be paid the amount not in controversy, and such Leasehold Mortgagee or its designee shall agree to pay any additional sum
ultimately determined to be due. 
  
 (iii) Such
Leasehold Mortgagee or its designee shall agree to remedy any of Tenant’s defaults of which said Leasehold Mortgagee was notified by Landlord’s notice of termination or rejection and which are reasonably susceptible of being so cured by
such Leasehold Mortgagee or its designee. 
  
 (iv) The tenant under any New Lease shall have the same right, title and interest in and to the Premises and buildings and improvements thereon as Tenant under this Lease. Any holder of any such lien, charge or encumbrance or sublease shall
execute such instruments of non-disturbance and/or attornment as the tenant under the New Lease may at any time require. 
  
 (v) The tenant under any New Lease shall be liable to perform the obligations imposed on such tenant by such New Lease only for and during
the period such Person has ownership of the Premises. 
  
 (vi) If more than one (A) Leasehold Mortgagee shall request a New Lease pursuant to this Section 18.2.18, Landlord shall enter into such New Lease with the Leasehold Mortgagee whose mortgage is in the first lien position, or with the
designee of such Leasehold Mortgagee. 
  
 (vii)
Concurrently with the execution and delivery of any New Lease, Landlord shall assign to the tenant named therein all of the right, title and interest in and to moneys (including insurance proceeds and condemnation awards), if any, then held by and
payable by Landlord which Tenant would have been entitled to receive but for the termination of the Lease. Upon the execution of any New Lease, the tenant named therein shall be entitled to any rent received under any sublease in effect during the
period from the date of termination of the Lease to the date of execution of such New Lease. 
  

 23 

 SECTION 19 
 RECORDS AND BOOKS OF ACCOUNT 
  
 19.1 Tenant and any other Person selling merchandise or services in, upon or from the Premises or any part thereof shall keep and maintain complete, accurate and customary records and books of account of all sales and all business
transactions made in, upon or from the Premises and the same shall be retained intact for a period of not less than seven (7) years after the end of the fiscal year to which said records and books of account pertain. Landlord shall be entitled at
all reasonable times during business hours, through Landlord’s duly authorized agents, attorneys, or accountants, to inspect and make copies of any and all such records and books of account. 
  
 SECTION 20 
 RIGHT OF ACCESS 
  
 Landlord and its authorized agents and representatives shall be entitled to enter the Premises immediately in the case of an emergency or with reasonable notice for the purpose of observing, posting or keeping posted
thereon notices provided for hereunder, and such other notices as Landlord may deem necessary or appropriate; for the purpose of inspecting the Premises; for the purpose of exhibiting the Premises to prospective purchasers or lessees; and for the
purpose of making repairs to the Premises or the Hotel and performing any work upon the Premises which Landlord may elect or be required to make. 
  
 SECTION 21 
 ESTOPPEL CERTIFICATE

  
 Tenant agrees that within ten (10) business days of any
demand therefor by Landlord, Tenant will execute and deliver to Landlord a certificate stating that this Lease is in full force and effect without amendment, or if amended attaching a copy thereof to the certificate, the date to which all rentals
have been paid, any defaults or offsets claimed by Tenant and such other information concerning the Lease, the Premises or Tenant as Landlord may request. Landlord will provide a similar document to Tenant upon request by Tenant within ten (10)
business days after request. 
  
 SECTION 22 
 EXPENDITURES BY LANDLORD 
  
 Whenever under any provision of this Lease, Tenant shall be obligated to make any payment or expenditure, or to do any act or thing, or to incur any
liability whatsoever, and Tenant fails, refuses or neglects to perform as herein required after notice and an opportunity to cure (which shall be deemed to be twenty (20) days unless provided for specifically herein), Landlord shall be entitled, but
shall not be obligated, to make any such payment or to do any such act or thing, or to incur any such liability, all on behalf of and at the cost and for the account of Tenant. In such event, the amount thereof with interest thereon at the Default
Rate, shall constitute and be collectable as additional Rent on demand. 
  

 24 

 SECTION 23 
 DEFAULT 
  
 23.1 Tenant
shall be in default of this Lease if (each a “Tenant Event of Default”): 
  
 (a) Tenant shall fail to make timely and full payment of any sum of money required to be paid hereunder and such failure continues for ten
(10) days after written notice thereof from Landlord; 
  
 (b) Tenant shall fail to perform any other term, covenant or condition of Tenant contained in this Lease, and such failure continues for twenty (20) days after written notice thereof from Landlord; provided, however, that if correction is
impossible to correct within twenty (20) days, Tenant shall not be deemed in default if Tenant commences correction within said twenty (20) day period, and diligently pursues such correction to completion; 
  
 (c) Tenant should vacate or abandon the Premises or cease
operations during the Lease Term; 
  
 (d) There
is filed any petition in bankruptcy by or against Tenant, which petition is not dismissed within ninety (90) days of its filing, or there is appointed a receiver or trustee to take possession of Tenant or of all or substantially all of the assets of
Tenant, or there is a general assignment by Tenant for the benefit of creditors, or any action is taken by or against Tenant under any state or federal insolvency or bankruptcy act, or any similar law now or hereafter in effect, including, without
limitation, the filing of execution or attachment against Tenant and such levy continues in effect for a period of sixty (60) calendar days; or 
  
 (e) Notwithstanding anything to the contrary contained above, if Tenant shall breach any covenant hereof, or do or permit, or omit to do,
any act or thing, which results in a nuisance or an offensive or illegal condition, or which causes or threatens serious damage or injury to life, limb or property, or in the event of a breach of Sections 13.1, 13.2 or 17.1. 
  
 23.2 Upon the occurrence of a Tenant Event of Default, in addition to any
other rights or remedies provided for herein or at law or in equity, Landlord, at its sole option, shall have the following rights: 
  
 (a) The right to declare the Lease Term ended and to re-enter the Premises and take possession thereof, and to terminate all of the rights
of Tenant in and to the Premises; 
  
 (b) The
right, without declaring the Lease Term ended, to re-enter the Premises and to occupy and/or relet the same, or any portion thereof, for and on account of Tenant, applying any monies received first to the payments of such reasonable expenses as
Landlord may have incurred in recovering possession of the Premises, including, without limitation, costs and attorneys’ fees, and then to the fulfillment of the covenants of Tenant. Landlord may enter into any lease concerning the Premises
either in Landlord’s name or in the name of Tenant without expanding Tenant’s obligations hereunder, or assume Tenant’s interest 

  

 25 

 
in and to any existing subleases of the Premises, as Landlord may see fit, and Tenant shall have no right whatsoever to collect any rent from such tenants or
subtenants. In any case, Tenant, until the end of what would have been the Lease Term, shall remain liable to Landlord for the Rent hereunder, less the net proceeds for said month, if any, of any reletting, after deducting all of Landlord’s
expenses in connection with such reletting, together with interest thereon at the rate of twelve percent (12%) per annum, compounded monthly, until paid. Landlord reserves the right to bring such actions for the recovery of any deficits remaining
unpaid by Tenant to Landlord hereunder as Landlord may deem advisable from time to time without being obligated to await the end of the Lease Term or a final determination of Tenant’s account and the commencement or maintenance of one or more
actions by Landlord in this connection shall not bar Landlord from bringing any subsequent actions for further accruals pursuant hereto; or 
  
 (c) The right, even though it may have relet all or any portion thereof of the Premises, to thereafter at any time terminate this Lease,
and to terminate all of the rights of Tenant in and to the Premises. On termination, Landlord has the right to recover from Tenant any Rent required to be paid hereunder and damages that may be due or sustained prior to such termination, and for all
reasonable costs, fees and expenses incurred by Landlord in pursuit of its remedies hereunder, including, without limitation, attorneys’, brokers’ and other professional fees, plus the following: 
  
 (i) The worth at the time of the award of the unpaid Rent
that had been earned at the time of termination of this Lease; 
  
 (ii) The worth at the time of the award of the amount by which the unpaid Rent that would have been earned after the date of termination of this Lease until the time of the award exceeds the amount of the loss of Rent
that Tenant affirmatively proves could have been reasonably avoided; 
  
 (iii) The worth at the time of the award of the amount by which the unpaid Rent for the balance of the Lease Term of this Lease after the time of the award exceeds the amount of loss of Rent that Tenant affirmatively
proves could be reasonably avoided; 
  
 (iv) Any
other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform Tenant’s obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; and

  
 (v) All such other amounts in addition to or
in lieu of the foregoing as may be permitted from time to time under Applicable Law. 
  
 As used in subparts (i) and (ii) above, the “worth at the time of the award” is computed by allowing interest on unpaid amounts at the rate of fifteen percent (15%) per annum. As used in subpart (iii) above, the “worth at the
time of the award” is computed by discounting such amount at the discount rate at the time of the award, plus one percent (1%). 
  

 26 

 (d) Pursuant to its rights of re-entry, Landlord may, but shall not be obligated to (a)
remove all Persons from the Premises, (b) remove all Tenant’s Property therefrom, and (c) enforce any rights Landlord may have against said property or store the same in any warehouse or elsewhere at the cost and for the account of Tenant.
Tenant agrees to hold Landlord free and harmless of any liability whatsoever for the removal and/or storage of any such property, whether of Tenant or any third party whomsoever, except for damage caused by the willful misconduct or gross negligence
of Landlord, its agents or subcontractors. 
  
 (e) Anything contained herein to the contrary notwithstanding, Landlord shall not be deemed to have terminated this Lease or the liability of Tenant to pay any Rent or other sum of money accruing hereunder, by any such re-entry, or by any
action in unlawful detainer or otherwise to obtain possession of the Premises, unless Landlord shall specifically notify Tenant in writing that it has so elected to terminate this Lease. 
  
 23.3 In any action brought by Landlord to enforce any of its rights under or arising from this Lease, Landlord shall be
entitled to receive its reasonable costs and legal expenses, including, without limitation, reasonable attorneys’ fees, whether such action is prosecuted to judgment or not. 
  
 23.4 The waiver by Landlord of any breach of this Lease by Tenant shall not be a waiver of any preceding or subsequent
breach of this Lease by Tenant. The subsequent acceptance of Rent or any other payment hereunder by Landlord shall not be construed to be a waiver of any preceding breach of this Lease by Tenant. No payment by Tenant or receipt by Landlord of a
lesser amount than the Rent herein provided shall be deemed to be other than on account of the earliest Rent due and payable hereunder. 
  
 23.5 It is agreed that in the event Landlord fails or refuses to perform any of the provisions, covenants or conditions of this Lease, Tenant, prior to
exercising any right or remedy Tenant may have against Landlord, shall give written notice to Landlord of such default, specifying in said notice the default with which Landlord is charged and Landlord shall not be deemed in default if the same is
cured within twenty (20) days of receipt of said notice. Notwithstanding any other provision hereof, Tenant agrees that if the default is of such a nature that the same can be rectified or cured by Landlord, but cannot with reasonable diligence be
rectified or cured within that twenty (20) day period, then such default shall be deemed to be rectified or cured if Landlord within that twenty (20) day period shall commence the rectification and curing thereof and shall continue thereafter with
all due diligence to cause such rectification and curing to proceed. 
  
 SECTION 24 
 MISCELLANEOUS 
  
 24.1 Tenant, upon paying the rentals and other payments herein required and upon performance of all of the terms, covenants and conditions of this Lease
on its part to be kept, may quietly have, hold and enjoy the Premises during the Lease Term without any disturbance from 

  

 27 

 
Landlord or from any other Person claiming through Landlord, except as expressly provided otherwise in this Lease. 
  
 24.2 In the event of any sale or exchange of the Premises by Landlord,
Landlord shall be, and is, hereby relieved of all liability under and all of its covenants and obligations contained in or derived from this Lease. Tenant agrees to attorn to such purchaser or transferee, provided that such purchaser or transferee
agrees to be bound as Landlord under all of the terms and conditions of this Lease. Any sale of the Hotel or the Premises by Landlord shall be subject to this Lease. 
  
 24.3 Neither party shall be in breach of this Lease if it fails to perform as required hereunder due to labor disputes,
civil commotion, war, warlike operation, terrorism, sabotage, governmental regulations or control, fire or other casualty, inability to obtain any materials, or other causes beyond such party’s reasonable control (financial inability excepted);
provided, however, that nothing contained herein shall excuse Tenant from the prompt payment of any Rent or charge required of Tenant hereunder. 
  
 24.4 Any and all notices, demands and consents required or desired to be given hereunder shall be in writing and shall be validly given or made (and
effective) if served personally, delivered by a nationally recognized overnight courier service, or deposited in the United States mail, certified or registered, postage prepaid, return receipt requested, to the following addresses: 
  

			
	If to Landlord:	  	 Wynn Las Vegas, LLC
 3131 Las Vegas Boulevard
South
 Las Vegas, Nevada 89109
 Attention: Legal
Department
 Telephone: 702-770-2111
 Facsimile:
702-770-1520

		
	If to Tenant:	  	 Wynn Gallery, LLC
 3131 Las Vegas Boulevard
South
 Las Vegas, Nevada 89109
 Attention: Legal
Department
 Telephone: 702-770-2111
 Facsimile:
702-770-1520

  
 Either party may change its address
for the purpose of receiving notices by providing written notice to the other. 
  
 24.5 The various rights, options, elections and remedies of Landlord contained in this Lease shall be cumulative and no one of them shall be construed as exclusive of any other, or of any right, priority or remedy
allowed or provided for by law and not expressly waived in this Lease. 
  

 28 

 24.6 The terms, provisions, covenants and conditions contained in this Lease shall apply to, bind and
inure to the benefit of the parties hereto and their respective heirs, executors, administrators, legal representatives, successors and assigns, as permitted in Section 17 hereof. Without limiting the generality of the foregoing, the terms of this
Lease, including, without limitation Section 16 hereof, shall inure to the benefit of and be enforceable by the Administrative Agent (as defined in the Bank Credit Agreement), any successor representative of the Lenders (as defined in the Bank
Credit Agreement), or any Person to whom the Administrative Agent or such Lenders transfer their interest in the Deed of Trust. 
  
 24.7 If any term, covenant or condition of this Lease, or any application thereof, should be held by a court of competent jurisdiction to be invalid, void
or unenforceable, all terms, covenants and conditions of this Lease, and all applications thereof, not held invalid, void or unenforceable, shall continue in full force and effect and shall in no way be affected, impaired or invalidated thereby.

  
 24.8 Time is of the essence of this Lease and all of the
terms, covenants and conditions hereof. 
  
 24.9 This Lease
contains the entire agreement between the parties and cannot be changed or terminated orally. 
  
 24.10 Nothing contained herein shall be deemed to create any partnership, joint venture, agency or other relationship between Landlord and Tenant other than the relationship of landlord and tenant. 
  
 24.11 The captions are descriptive only and for convenience in reference to
this Lease and in no way whatsoever define, limit or describe the scope or intent of this Lease nor in any way affect this Lease. 
  
 24.12 The laws of the State of Nevada shall govern the validity, construction, performance and effect of this Lease. Each party hereto consents to, and
waives any objection to, Clark County, Nevada as the proper and exclusive venue for any disputes arising out of or relating to this Lease or any alleged breach thereof. The parties hereto shall and they hereby do waive trial by jury in any action,
proceeding or counterclaim brought by either of the parties hereto against the other on any matters whatsoever arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant, Tenant’s use or occupancy of the
Premises, and/or any claim of injury or damage. 
  
 24.13 In the
event Tenant now or hereafter shall consist of more than one Person, then and in such event, all such Persons shall be jointly and severally liable as Tenant hereunder. 
  
 24.14 Landlord and Tenant shall execute, and Landlord shall cause to be recorded, a memorandum of this Lease in form and
substance mutually agreeable to the parties; provided, however, that a memorandum of termination of Lease in form and substance mutually agreeable 

  

 29 

 
to the parties shall also be executed by the parties, shall be held by Landlord, and shall be recorded by Landlord upon termination of the Lease. 

 
 24.15 All necessary actions have been taken under the parties’
respective organizational documents to authorize the individuals signing this Lease on behalf of the respective parties to do so. 
  
 24.16 The prevailing party in any action regarding this Lease shall be entitled to receive its costs and legal expenses including, without limitation,
reasonable attorneys’ fees, whether such action is prosecuted to judgment or not. 
  
 24.17 Landlord and Tenant each represents and warrants to the other that it has not entered into any written contractual arrangement with, or promised to pay any broker’s fee, finder’s fee, commission or
other similar compensation to, or otherwise agreed to compensate, any real estate agent or broker in connection with this transaction. Landlord and Tenant each agrees to indemnify, defend, save and hold the other harmless from and against all loss,
cost and expense incurred by reason of the breach of the foregoing representation and warranty arising from any claim for compensation founded upon or as a result of acts asserted to have been performed on their respective behalf. Such
indemnification obligation shall survive any termination of the Lease. 
  
 24.18 Landlord and Tenant agree to maintain the confidentiality of all terms and provisions of this Lease, as well as all discussions and negotiations relating to any of the foregoing and any and all documents, data or other information
that may be generated in relation thereto, except that each party hereto may disclose the foregoing described information in connection with obtaining legal or financial advice from such party’s attorneys, accountants or financial advisors, or
pursuant to due diligence conducted in connection with the obtaining of financing by either party hereto (including, without limitation, delivery of estoppel certificates), provided that any recipient of such information is notified of its
confidential nature. The foregoing obligations apply to all principals, directors, officers, managers, members, employees, agents and representatives of the undersigned parties, except that such obligations do not apply to the extent that such
information is (a) required to be disclosed by Applicable Law, or (b) was already in the possession of the receiving party, or (c) becomes generally available to the public other than as a result of disclosure by either of the undersigned or their
respective representatives, or (d) becomes available to the receiving party on a non-confidential basis from a source other than the disclosing party, or (e) is furnished to third parties who execute a confidentiality agreement concerning the
information furnished. 
  
 24.19 This Lease may be executed in one
or more counterparts, all of which executed counterparts shall be deemed an original, but all of which, together, shall constitute one and the same instrument. Signature pages may be detached from the counterparts and attached to a single copy of
this document to physically form one document. 
  
 24.20 It is
understood and agreed that neither this Lease nor any interest herein or hereunder, nor any estate hereby created in favor of Tenant, shall pass by operation of law under any state of federal insolvency, bankruptcy or inheritance act, or any similar
law now or hereafter in effect, to any trustee, receiver, assignee for the benefit of creditors, heirs, legatees, devisees, or any other Person whomsoever without the prior written consent of Landlord. 
  
 [SIGNATURE PAGE FOLLOWS]

  

 30 

 IN WITNESS WHEREOF, the parties hereto have executed this Lease the day and year first above-written.

  

									
	 “Landlord”
	 	 	 	 “Tenant”

			
	 Wynn Las Vegas, LLC,
	 	 	 	 Wynn Gallery, LLC,

	 a Nevada limited liability company
	 	 	 	 a Nevada limited liability company

					
	 By:
	 	 Wynn Resorts Holdings, LLC
	 	 	 	 By:
	 	 Wynn Resorts, Limited,

	 	 	 a Nevada limited liability company,
 its sole member
	 	 	 	 	 	 a Nevada corporation,
 its sole member

					
	 By:
	 	 Wynn Resorts, Limited,
	 	 	 	 By:
	 	 /s/ John Strzemp

	 	 	 a Nevada corporation,
	 	 	 	 Name:
	 	 John Strzemp

	 	 	 its sole member
	 	 	 	 Title:
	 	 Executive Vice President and Chief Financial Officer

					
	 By:
	 	 /s/ Marc D. Schorr
	 	 	 	 	 	 
	 Name:
	 	 Marc D. Schorr
	 	 	 	 	 	 
	 Title:
	 	 Chief Operating Officer
	 	 	 	 	 	 

  

 31Form of Senior Indenture

 EXHIBIT 4.9 
  

NAPSTER, INC. 
 Issuer

  
 AND 
  
 [-------------------------] 
 Trustee 
  
 INDENTURE 
  
 Dated as of                         , 200     
  
 Senior Debt Securities 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE
	 ARTICLE I
	  	DEFINITIONS	  	1
			
	 Section 1.1  
	  	Definitions of Terms	  	1
			
	 ARTICLE II
	  	ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	  	4
			
	 Section 2.1  
	  	Designation and Terms of Securities	  	4
			
	 Section 2.2  
	  	Form of Securities and Trustee’s Certificate	  	6
			
	 Section 2.3  
	  	Denominations: Provisions for Payment	  	6
			
	 Section 2.4  
	  	Execution and Authentications	  	7
			
	 Section 2.5  
	  	Registration of Transfer and Exchange	  	8
			
	 Section 2.6  
	  	Temporary Securities	  	9
			
	 Section 2.7  
	  	Mutilated, Destroyed, Lost or Stolen Securities	  	9
			
	 Section 2.8  
	  	Cancellation	  	9
			
	 Section 2.9  
	  	Benefits of Indenture	  	10
			
	 Section 2.10
	  	Authenticating Agent	  	10
			
	 Section 2.11
	  	Global Securities	  	10
			
	 ARTICLE III
	  	REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	  	11
			
	 Section 3.1  
	  	Redemption	  	11
			
	 Section 3.2  
	  	Notice of Redemption	  	11
			
	 Section 3.3  
	  	Payment Upon Redemption	  	12
			
	 Section 3.4  
	  	Sinking Fund	  	12
			
	 Section 3.5  
	  	Satisfaction of Sinking Fund Payments with Securities	  	13
			
	 Section 3.6  
	  	Redemption of Securities for Sinking Fund	  	13
			
	 ARTICLE IV
	  	COVENANTS	  	13
			
	 Section 4.1  
	  	Payment of Principal, Premium and Interest	  	13
			
	 Section 4.2  
	  	Maintenance of Office or Agency	  	13
			
	 Section 4.3  
	  	Paying Agents	  	14

					
	 Section 4.4  
	  	Appointment to Fill Vacancy in Office of Trustee	  	15
			
	 Section 4.5  
	  	Compliance with Consolidation Provisions	  	15
			
	 ARTICLE V
	  	SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	  	15
			
	 Section 5.1  
	  	Company to Furnish Trustee Names and Addresses of Securityholders	  	15
			
	 Section 5.2  
	  	Preservation of Information; Communications With Securityholders	  	15
			
	 Section 5.3  
	  	Reports by the Company	  	15
			
	 Section 5.4  
	  	Reports by the Trustee	  	16
			
	 ARTICLE VI
	  	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	  	16
			
	 Section 6.1  
	  	Events of Default	  	16
			
	 Section 6.2  
	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	17
			
	 Section 6.3  
	  	Application of Moneys Collected	  	18
			
	 Section 6.4  
	  	Limitation on Suits	  	19
			
	 Section 6.5  
	  	Rights and Remedies Cumulative; Delay or Omission Not Waiver	  	19
			
	 Section 6.6  
	  	Control by Securityholders	  	20
			
	 Section 6.7  
	  	Undertaking to Pay Costs	  	20
			
	 ARTICLE VII
	  	CONCERNING THE TRUSTEE	  	20
			
	 Section 7.1  
	  	Certain Duties and Responsibilities of Trustee	  	20
			
	 Section 7.2  
	  	Certain Rights of Trustee	  	21
			
	 Section 7.3  
	  	Trustee Not Responsible for Recitals or Issuance or Securities	  	22
			
	 Section 7.4  
	  	May Hold Securities	  	22
			
	 Section 7.5  
	  	Moneys Held in Trust	  	23
			
	 Section 7.6  
	  	Compensation and Reimbursement	  	23
			
	 Section 7.7  
	  	Reliance on Officers’ Certificate	  	23
			
	 Section 7.8  
	  	Disqualification; Conflicting Interests	  	23
			
	 Section 7.9  
	  	Corporate Trustee Required; Eligibility	  	23
			
	 Section 7.10
	  	Resignation and Removal; Appointment of Successor	  	24

					
	 Section 7.11
	  	Acceptance of Appointment By Successor	  	25
			
	 Section 7.12
	  	Merger, Conversion, Consolidation or Succession to Business	  	26
			
	 Section 7.13
	  	Preferential Collection of Claims Against the Company	  	26
			
	 Section 7.14
	  	Notice of Default	  	26
			
	 ARTICLE VIII
	  	CONCERNING THE SECURITYHOLDERS	  	26
			
	 Section 8.1  
	  	Evidence of Action by Securityholders	  	26
			
	 Section 8.2  
	  	Proof of Execution by Securityholders	  	27
			
	 Section 8.3  
	  	Who May be Deemed Owners	  	27
			
	 Section 8.4  
	  	Certain Securities Owned by Company Disregarded	  	27
			
	 Section 8.5  
	  	Actions Binding on Future Securityholders	  	27
			
	 ARTICLE IX
	  	SUPPLEMENTAL INDENTURES	  	28
			
	 Section 9.1  
	  	Supplemental Indentures Without the Consent of Securityholders	  	28
			
	 Section 9.2  
	  	Supplemental Indentures With Consent of Securityholders	  	29
			
	 Section 9.3  
	  	Effect of Supplemental Indentures	  	29
			
	 Section 9.4  
	  	Securities Affected by Supplemental Indentures	  	29
			
	 Section 9.5  
	  	Execution of Supplemental Indentures	  	29
			
	 ARTICLE X
	  	SUCCESSOR ENTITY	  	30
			
	 Section 10.1
	  	Company May Consolidate, Etc	  	30
			
	 Section 10.2
	  	Successor Entity Substituted	  	30
			
	 Section 10.3
	  	Evidence of Consolidation, Etc. to Trustee	  	31
			
	 ARTICLE XI
	  	SATISFACTION AND DISCHARGE	  	31
			
	 Section 11.1
	  	Satisfaction and Discharge of Indenture	  	31
			
	 Section 11.2
	  	Discharge of Obligations	  	31
			
	 Section 11.3
	  	Deposited Moneys to be Held in Trust	  	31
			
	 Section 11.4
	  	Payment of Moneys Held by Paying Agents	  	32
			
	 Section 11.5
	  	Repayment to Company	  	32
			
	 ARTICLE XII
	  	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	  	32

					
	 Section 12.1  
	  	No Recourse	  	32
			
	 ARTICLE XIII
	  	MISCELLANEOUS PROVISIONS	  	32
			
	 Section 13.1  
	  	Effect on Successors and Assigns	  	32
			
	 Section 13.2  
	  	Actions by Successor	  	32
			
	 Section 13.3  
	  	Surrender of Company Powers	  	33
			
	 Section 13.4  
	  	Notices	  	33
			
	 Section 13.5  
	  	Governing Law	  	33
			
	 Section 13.6  
	  	Treatment of Securities as Debt	  	33
			
	 Section 13.7  
	  	Compliance Certificates and Opinions	  	33
			
	 Section 13.8  
	  	Payments on Business Days	  	33
			
	 Section 13.9  
	  	Conflict with Trust Indenture Act	  	34
			
	 Section 13.10
	  	Counterparts	  	34
			
	 Section 13.11
	  	Separability	  	34
			
	 Section 13.12
	  	Compliance Certificates	  	34

 INDENTURE 
  
 INDENTURE, dated as of             , 200    , among NAPSTER, INC., a
Delaware corporation (the “Company”), and             , as trustee (the “Trustee”): 
  
 WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered
Securities without coupons, to be authenticated by the certificate of the Trustee; 
  
 WHEREAS, to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and 
  
 WHEREAS, all things necessary to make this Indenture a valid agreement of the
Company, in accordance with its terms, have been done. 
  
 NOW,
THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities: 
  
 ARTICLE I 
 DEFINITIONS 
  
 SECTION 1. 1 DEFINITIONS OF TERMS. 
  
 The terms defined
in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the
respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined
in the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and
in said Securities Act as in force at the date of the execution of this instrument. 
  
 “Authenticating Agent” means an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee pursuant to Section 2.10. 
  
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal
or state law for the relief of debtors. 
  
 “Board of
Directors” means the Board of Directors of the Company or any duly authorized 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. 
  
 “Business Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions in the Borough of Manhattan, the City of New York, are authorized or
obligated by law, executive order or regulation to close. 
  
 “Certificate” means a certificate signed by the chairman of the Board of Directors, any principal executive officer, any chief executive officer, any president, any senior vice president, any vice president, any principal
financial officer or any principal accounting officer, any treasurer or any assistant treasurer, any controller or any assistant controller, any secretary or any assistant secretary of the Company. The Certificate need not comply with the provisions
of Section 13.7. 
  

 1 

 “Company” means NAPSTER, INC., a corporation duly organized and existing under the laws of the
State of Delaware, and, subject to the provisions of Article Ten, shall also include its successors and assigns. 
  
 “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             ,             ; Attention:
            , except that whenever a provision herein refers to an office or agency of the Trustee in the Borough of Manhattan, the City of New York, such office is located, at the date
hereof, at             , Attn: Corporate Trust Services. 
  
 “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
  
 “Default” means any event, act or condition that with notice or
lapse of time, or both, would constitute an Event of Default. 
  
 “Depositary” means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a Global Security, The Depository Trust Company, New York, New York, another clearing
agency, or any successor registered as a clearing agency under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or other applicable statute or regulation, which, in each case, shall be designated by the Company
pursuant to either Section 2.1 or 2.11. 
  
 “Event of
Default” means, with respect to Securities of a particular series, any event specified in Section 6.1, continued for the period of time, if any, therein designated. 
  
 “Global Security” means, with respect to any series of Securities, a Security executed by the Company and
delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee. 
  
 “Governmental Obligations” means securities that are
(a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States
of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a
depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such
Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder
of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt. 
  
 “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. 
  
 “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 in accordance with the terms hereof. 
  
 “Interest Payment Date,” when used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with
respect to such series as the fixed date on which an installment of interest with respect to Securities of that series is due and payable. 
  
 “Officers’ Certificate” means a certificate signed by a chief executive officer, a president, a senior vice president or a vice president
and by the chief financial officer or the treasurer or an assistant treasurer or the controller or an assistant controller or the secretary or an assistant secretary of the Company that is delivered to the Trustee in accordance with the terms
hereof. Each such certificate shall include the statements provided for in Section 13.7, if and to the extent required by the provisions thereof. 
  

 2 

 “Opinion of Counsel” means an opinion in writing subject to customary exceptions of legal
counsel, who may be an employee of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.7, if and to the extent required by
the provisions thereof. 
  
 “Outstanding,” when used
with reference to Securities of any series, means, subject to the provisions of Section 8.4, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except
(a) Securities theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying a agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or
redemption of which moneys or Governmental Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company
(if the Company shall act as its own paying agent); provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as in Article Three
provided, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of
Section 2.7. 
  
 “Person” means any individual,
corporation, partnership, joint venture, joint-stock company, limited liability company, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the
same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.7 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same
debt as the lost, destroyed or stolen Security. 
  
 “Responsible Officer” when used with respect to the Trustee means any officer in the Corporate Trust Office of the Trustee, or to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with
the particular subject. 
  
 “Securities” means the debt
Securities authenticated and delivered under this Indenture. 
  
 “Securityholder,” “holder of Securities,” “registered holder,” or other similar term, means the Person or Persons in whose name or names a particular Security shall be registered on the books of the Company
kept for that purpose in accordance with the terms of this Indenture. 
  
 “Subsidiary” means, with respect to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the time be owned, directly or indirectly, by such Person or by one or more of its
Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership or similar interests shall at the time be owned by such
Person, or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner. 
  
 “Trustee” means
            , and, subject to the provisions of Article Seven, shall also include its successors and assigns, and, if at any time there is more than one Person acting in such capacity
hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with respect to that series. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as
amended. 
  
 “Voting Stock,” as applied to stock of any
Person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other
than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency. 
  

 3 

 ARTICLE II 
 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION 
 AND EXCHANGE OF SECURITIES 
  
 SECTION  2.1 DESIGNATION AND TERMS OF SECURITIES. 
  
 (a) The aggregate principal amount of Securities that may be authenticated
and delivered under this Indenture is unlimited. The Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to
one or more indentures supplemental hereto. Prior to the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more
indentures supplemental hereto: 
  
 (1) the title of the
Securities of the series (which shall distinguish the Securities of that series from all other Securities); 
  
 (2) any limit upon the aggregate principal amount of the Securities of that 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 that series); 
  
 (3) the date or dates on which the principal of the Securities of the series is payable, any original issue discount that may apply to the Securities of
that series upon their issuance, the principal amount due at maturity, and the place(s) of payment; 
  
 (4) the rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if any; 
  
 (5) the date or dates from which such interest shall accrue, the Interest
Payment Dates on which such interest will be payable or the manner of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest is payable on any such Interest
Payment Dates or the manner of determination of such record dates; 
  
 (6) the right, if any, to extend the interest payment periods and the duration of such extension; 
  
 (7) the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in
whole or in part, at the option of the Company; 
  
 (8) the
obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory redemption, or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) or at
the option of a holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

  
 (9) the form of the Securities of the series including the
form of the Certificate of Authentication for such series; 
  
 (10) if other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the Securities of the series shall be issuable; 
  
  

 4 

 (11) any and all other terms (including terms, to the extent applicable, relating to any auction or
remarketing of the Securities of that series and any security for the obligations of the Company with respect to such Securities) with respect to such series (which terms shall not be inconsistent with the terms of this Indenture, as amended by any
supplemental indenture) including any terms which may be required by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that series; 
  
 (12) whether the Securities are issuable as a Global Security and, in such
case, the terms and the identity of the Depositary for such series; 
  
 (13) whether the Securities will be convertible into or exchangeable for shares of common stock or other securities of the Company or any other Person and, if so, the terms and conditions upon which such Securities will be so convertible or
exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option) conversion or exchange features, and the
applicable conversion or exchange period; 
  
 (14) if other than
the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.1; 
  
 (15) any additional or different Events of Default or restrictive covenants
(which may include, among other restrictions, restrictions on the Company’s ability or the ability of the Company’s Subsidiaries to: incur additional indebtedness; issue additional securities; create liens; pay dividends or make
distributions in respect of their capital stock; redeem capital stock; place restrictions on such Subsidiaries placing restrictions on their ability to pay dividends, make distributions or transfer assets; make investments or other restricted
payments; sell or otherwise dispose of assets; enter into sale-leaseback transactions; engage in transactions with stockholders and affiliates; issue or sell stock of their Subsidiaries; or effect a consolidation or merger) or financial covenants
(which may include, among other financial covenants, financial covenants that require the Company and its Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based or asset-based ratios) provided for with respect to the
Securities of the series; 
  
 (16) if other than dollars, the
coin or currency in which the Securities of the series are denominated (including, but not limited to, foreign currency); 
  
 (17) the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal amounts
of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes; and 
  
 (18) any restrictions on transfer, sale or assignment of the Securities of the series. 
  
 All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be
provided in or pursuant to any such Board Resolution or in any indentures supplemental hereto. 
  
 If any of the terms of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant
secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate of the Company setting forth the terms of the series. 
  

 5 

 Securities of any particular series may be issued at various times, with different dates on which the
principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different
redemption dates. 
  
 SECTION 2.2 FORM OF SECURITIES AND TRUSTEE’S
CERTIFICATE. 
  
 The Securities of any series and the
Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an
Officers’ Certificate, and they may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not
inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be
listed, or to conform to usage. 
  
 SECTION  2.3 DENOMINATIONS: PROVISIONS
FOR PAYMENT. 
  
 The Securities shall be issuable as registered
Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.1(10). The Securities of a particular series shall bear interest payable on the dates and at the rate specified
with respect to that series. The principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United States of America
that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New York. Each Security shall be dated the date of its
authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months. 
  
 The interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that
series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest installment. In the event that any Security of a particular
series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon
presentation and surrender of such Security as provided in Section 3.3. 
  
 Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause
(2) below: 
  
 (1) The Company may make payment of any
Defaulted Interest on Securities to the Persons in whose names 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 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 Interest which shall not be 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 
  

 6 

 Defaulted Interest and the special record date therefore to be mailed, first class postage prepaid, to
each Securityholder at his or her address as it appears in the Security Register (as hereinafter defined), 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
therefore 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. 
  
 (2) The Company may make payment of any Defaulted Interest on any Securities
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. 
  
 Unless otherwise set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant
to Section 2.1 hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding
the month in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall occur, if such Interest Payment Date is the first day of a month, or the last day of the month immediately preceding the month in which
an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day. 
  
 Subject to the foregoing provisions of this Section, each Security of a
series delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security. 
  
 SECTION  2.4 EXECUTION AND AUTHENTICATIONS. 
  
 The Securities shall be signed on behalf of the Company by its chief
executive officer, or one of its presidents, or one of its senior vice presidents, or one of its vice presidents, or its chief financial officer, or its chief legal officer, or its treasurer, or one of its assistant treasurers, or its controller or
one of its assistant controllers, or its secretary, or one of its assistant secretaries, under its corporate seal attested by its secretary or one of its assistant secretaries. Signatures may be in the form of a manual or facsimile signature.

  
 The Company may use the facsimile signature of any Person who
shall have been a chief executive officer, president, senior vice president or vice president thereof, chief financial officer, chief legal officer, treasurer or assistant treasurer, controller or assistant controller, secretary or assistant
secretary thereof, notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The seal of the Company may be in the form of a
facsimile of such seal and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated
the date of its authentication by the Trustee. 
  
 A Security
shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered
hereunder and that the holder is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed by a chief executive officer, president, senior vice president or any vice president, chief financial officer,
chief legal officer, treasurer or assistant treasurer, controller or assistant controller, and its secretary or any assistant secretary, and the Trustee in accordance with such written order shall authenticate and deliver such Securities.

  

 7 

 In authenticating such Securities and accepting the additional responsibilities under this Indenture in
relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and terms thereof have been established in conformity with
the provisions of this Indenture. 
  
 The Trustee shall not be
required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not
reasonably acceptable to the Trustee. 
  
 SECTION 2.5 REGISTRATION
OF TRANSFER AND EXCHANGE. 
  
 (a) Securities of any series may be
exchanged upon presentation thereof at the office or agency of the Company designated for such purpose in the Borough of Manhattan, the City and State of New York, for other Securities of such series of authorized denominations, and for a like
aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute, the
Trustee shall authenticate and such office or agency shall deliver in exchange therefore the Security or Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously
outstanding. 
  
 (b) The Company shall keep, or cause to be kept,
at its office or agency designated for such purpose in the Borough of Manhattan, the City and State of New York, or such other location designated by the Company, a register or registers (herein referred to as the “Security Register”) in
which, subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee.
The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution (the “Security Registrar”). 
  
 Upon surrender for transfer of any Security at the office or agency of the
Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security
presented for a like aggregate principal amount. 
  
 All
Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form
satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in writing. 
  
 (c) Except as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one
or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption of any series, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.6, Section 3.3(b) and Section 9.4 not involving any transfer. 
  
 (d) The Company shall not be required (i) to issue, exchange or
register the transfer of any Securities during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close of
business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption, other than the unredeemed portion of any such Securities being redeemed in part. The
provisions of this Section 2.5 are, with respect to any Global Security, subject to Section 2.11 hereof. 
  

 8 

 SECTION 2.6 TEMPORARY SECURITIES. 
  
 Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate
and deliver, temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such
omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same
conditions and in substantially the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all
temporary Securities of such series may be surrendered in exchange therefore (without charge to the holders), at the office or agency of the Company designated for the purpose in the Borough of Manhattan, the City and State of New York, and the
Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that
definitive Securities need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such
series authenticated and delivered hereunder. 
  
 SECTION 2.7
MUTILATED, DESTROYED, LOST OR STOLEN SECURITIES. 
  
 In case any
temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate
and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every
case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall
also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the
same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted Security, 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. 
  
 In case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a
substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they
may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof. 
  
 Every replacement Security issued pursuant to the provisions of this Section
shall constitute an additional contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be 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. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect
to the replacement or payment of negotiable instruments or other securities without their surrender. 
  
 SECTION 2.8 CANCELLATION. 
  
 All Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any paying
agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture.
On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of 

  

 9 

 
such request the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the
Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the
Trustee for cancellation. 
  
 SECTION 2.9 BENEFITS OF INDENTURE.

  
 Nothing in this Indenture or in the Securities, express or implied, shall give
or be construed to give to any Person, other than the parties hereto and the holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein
contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders of the Securities. 
  
 SECTION 2.10 AUTHENTICATING AGENT. 
  
 So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the
Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee
shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or
determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to
supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately. 
  
 Any Authenticating Agent may at any time resign by giving written notice of
resignation to the Trustee and to the Company. The Trustee may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the
Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its
appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto. 
  
 SECTION 2.11 GLOBAL SECURITIES. 
  
 (a) If the Company shall establish pursuant to Section 2.1 that the Securities of a particular series are to be issued as a Global Security, then the
Company shall execute and the Trustee shall, in accordance with Section 2.4, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the
Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall
bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor
Depositary or to a nominee of such successor Depositary.” 
  
 (b) Notwithstanding the provisions of Section 2.5, the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.5, only to another nominee of the Depositary for such series,
or to a successor Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary. 
  
 (c) If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for such
series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other 

  

 10 

 
applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days after the Company receives such
notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has received a request from the Depositary, this Section 2.11 shall no longer be applicable to the
Securities of such series and the Company will execute, and subject to Section 2.4, the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall no longer be represented
by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the Company will execute and, subject to Section 2.4, the Trustee, upon receipt of an Officers’
Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the
principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security
shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the
Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities are so
registered. 
  
  
 ARTICLE III 
 REDEMPTION OF SECURITIES AND 
 SINKING FUND PROVISIONS 
  
 SECTION 3.1 REDEMPTION. 
  
 The
Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to Section 2.1 hereof. 
  
 SECTION 3.2 NOTICE OF REDEMPTION. 
  

(a) In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in
accordance with any right the Company reserved for itself to do so pursuant to Section 2.1 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by
mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the Security
Register, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the
notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any
other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall
furnish the Trustee with an Officers’ Certificate evidencing compliance with any such restriction. 
  
 Each such notice of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed,
and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company in the Borough of Manhattan, the City and State of New York, upon presentation and surrender of such
Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to 

  

 11 

 
accrue and that the redemption is for a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the
holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed. 
  
 In case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to
be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 
  
 (b) If less than all the Securities of a series are to be redeemed, the
Company shall give the Trustee at least 45 days’ notice in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other
manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities
of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect,
by delivery of instructions signed on its behalf by its chief executive officer, president or any senior vice president or vice president, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for
redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to
be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or
suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this Section. 
  
 SECTION 3.3 PAYMENT UPON REDEMPTION. 
  
 (a) If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of
Securities of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and
interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security
or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such
series, together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered holder at the close
of business on the applicable record date pursuant to Section 2.3). 
  
 (b) Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall
deliver to the holder thereof, at the expense of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented. 
  
 SECTION 3.4 SINKING FUND. 
  
 The provisions of Sections 3.4, 3.5 and 3.6 shall be applicable to any
sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.1 for Securities of such series. 
  

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 The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is
herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”. If
provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.5. Each sinking fund payment shall be applied to the redemption of Securities of any series
as provided for by the terms of Securities of such series. 
  
 SECTION 3.5 SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES. 
  
 The Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of
such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such
series required to be made pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by
the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 
  
 SECTION 3.6 REDEMPTION OF SECURITIES FOR SINKING FUND. 
  
 Not less than 45 days prior to each sinking fund payment date for any series
of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be
satisfied by delivering and crediting Securities of that series pursuant to Section 3.5 and the basis for such credit and will, together with such Officers’ Certificate, deliver to the Trustee any Securities to be so delivered. Not less
than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in
the name of and at the expense of the Company in the manner provided in Section 3.2. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.3. 
  
  
 ARTICLE IV 
 COVENANTS 
  
 SECTION 4.1 PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST. 
  
 The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the
time and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check
drawn on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an
aggregate principal amount of Securities of the applicable series in excess of two million U.S. dollars ($2,000,000) and only if such Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the relevant
payment date). Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such address shall
appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities of the applicable series in excess of two million U.S.
dollars ($2,000,000) and only if such Securityholder shall have furnished wire instructions in writing to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date). 
  
 SECTION 4.2 MAINTENANCE OF OFFICE OR AGENCY. 
  
 So long as any series of the Securities remain Outstanding, the Company
agrees to maintain an office or agency in the Borough of Manhattan, the City and State of New York, with respect to each such series and at such other location or locations as may be designated as provided in this Section 4.2, where
(i) Securities of that series 

  

 13 

 
may be presented for payment, (ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange, and
(iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to such office or agency until the Company shall, by written
notice signed by any officer authorized to sign an Officers’ Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to
receive all such presentations, notices and demands. The Company initially appoints the corporate trust office of
[                        ], an affiliate of the Trustee, located in the Borough of Manhattan, the City of New York as its
paying agent with respect to the Securities. 
  
 SECTION 4.3
PAYING AGENTS. 
  
 (a) If the Company shall appoint one or more
paying agents for all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the
provisions of this Section: 
  
 (1) that it will hold all sums
held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the
benefit of the Persons entitled thereto; 
  
 (2) that it will
give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;

  
 (3) that it will, at any time during the continuance of any
failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and 
  
 (4) that it will perform all other duties of paying agent as set forth in this Indenture. 
  
 (b) If the Company shall act as its own paying agent with respect to any
series of the Securities, it will on or before each due date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient
to pay such principal (and premium, if any) or interest so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or
any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or
interest on any Securities of that series, deposit with the 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,
premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act. 
  
 (c) Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the
provisions of Section 11.5, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held
in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying
agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money. 
  

 14 

 SECTION 4.4 APPOINTMENT TO FILL VACANCY IN OFFICE OF TRUSTEE. 
  
 The Company, whenever necessary to avoid or fill a vacancy in the office of
Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be a Trustee hereunder. 
  
 SECTION 4.5 COMPLIANCE WITH CONSOLIDATION PROVISIONS. 
  
 The Company will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is
not the survivor of such transaction, or sell or convey all or substantially all of its property to any other Person unless the provisions of Article Ten hereof are complied with. 
  
  
 ARTICLE V 
 SECURITYHOLDERS’ LISTS AND REPORTS BY 
 THE
COMPANY AND THE TRUSTEE 
  
 SECTION 5.1 COMPANY TO FURNISH TRUSTEE
NAMES AND ADDRESSES OF SECURITYHOLDERS. 
  
 The Company will
furnish or cause to be furnished to the Trustee (a) on each regular record date (as defined in Section 2.3) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities
as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and
(b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;
provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar. 
  
 SECTION 5.2 PRESERVATION OF INFORMATION; COMMUNICATIONS WITH SECURITYHOLDERS. 
  
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and
addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.1 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if
acting in such capacity). 
  
 (b) The Trustee may destroy any
list furnished to it as provided in Section 5.1 upon receipt of a new list so furnished. 
  
 (c) Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture or under the Securities, and, in
connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act. 
  
 SECTION 5.3 REPORTS BY THE COMPANY. 
  
 The Company covenants and agrees to provide a copy to the Trustee, within 15
days after the Company is required to file the same with the Securities and Exchange Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Securities
and Exchange Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with the Securities and Exchange Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. 

 

 15 

 SECTION 5.4 REPORTS BY THE TRUSTEE. 
  
 (a) On or before May 1 in each year in which any of the Securities are Outstanding, the Trustee shall transmit by mail,
first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated as of the preceding May 1, if and to the extent required under Section 313(a) of the Trust Indenture
Act. 
  
 (b) The Trustee shall comply with Section 313(b)
and 313(c) of the Trust Indenture Act. 
  
 (c) A copy of each
such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Securities and Exchange Commission.
The Company agrees to notify the Trustee when any Securities become listed on any securities exchange. 
  
  
 ARTICLE VI 
 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT 
  
 SECTION 6.1 EVENTS OF DEFAULT. 
  
 (a) Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following events that has occurred and is continuing: 
  
 (1) the Company defaults in the payment of any installment of interest upon
any of the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company in accordance with
the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose; 
  
 (2) the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same shall
become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity
of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if any; 
  
 (3) the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained
in this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.1 hereof (other than a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more
series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice of Default” hereunder, shall have been
given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at the time Outstanding; 
  
 (4) the Company pursuant to or within the meaning of any Bankruptcy Law
(i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property or
(iv) makes a general assignment for the benefit of its creditors; or 
  
 (5) a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company for all or
substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days. 
  

 16 

 (b) In each and every such case (other than an Event of Default specified in clause (4) or clause
(5) above), unless the principal of all the Securities of that 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 that series then
Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due
and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and unpaid
interest on all the Securities of that series shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities. 
  
 (c) At any time after the principal of (and premium, if any, on) and accrued
and unpaid interest on the Securities of that series shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a
majority in aggregate principal amount of the Securities of that series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or
deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise
than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that
series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.6, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and
premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.6. 
  
 No such rescission and annulment shall extend to or shall affect any
subsequent default or impair any right consequent thereon. 
  
 (d) In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for
any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights
hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceedings had been taken. 
  
 SECTION 6.2 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE. 
  
 (a) The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the
Securities of a series, and such default shall have continued for a period of 90 Business Days, or (ii) in case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall
have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series as and when the
same shall have become due and payable, then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all
such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the 

  

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overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue installments of
interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under
Section 7.6. 
  
 (b) If the Company shall fail to pay such
amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may
prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable
in the manner provided by law or equity out of the property of the Company or other obligor upon the Securities of that series, wherever situated. 
  
 (c) In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings
affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to
file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under
the Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such
claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.6; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of
such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.6. 
  
 (d) All rights of action and of asserting claims under this Indenture, or
under any of the terms established with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any such
suit or 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 payment to the Trustee of any amounts due under Section 7.6, be for the
ratable benefit of the holders of the Securities of such series. 
  
 In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in this
Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 
  
 Nothing contained herein 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 of that series 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 6.3 APPLICATION OF MONEYS COLLECTED. 
  
 Any moneys collected by the Trustee pursuant to this Article with respect to
a particular series of Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of 

  

 18 

 
such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the
payment, if only partially paid, and upon surrender thereof if fully paid: 
  
 FIRST: To the payment of reasonable costs and expenses of collection and of all amounts payable to the Trustee under Section 7.6; 
  
 SECOND: To the payment of the amounts then due and unpaid upon Securities of such 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; and 
  
 THIRD: To the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto. 
  
 SECTION 6.4 LIMITATION ON SUITS. 
  
 No holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice
of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the
Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such
reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute
any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request. 
  
 Notwithstanding anything contained herein to the contrary or any other
provisions of this Indenture, the right of any holder of any Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security
(or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by
accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such
series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over
or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement
of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 
  
 SECTION 6.5 RIGHTS AND REMEDIES CUMULATIVE; DELAY OR OMISSION NOT WAIVER. 
  
 (a) Except as otherwise provided in Section 2.7, all powers and remedies given by this Article to the Trustee or to the
Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the
performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities. 
  
 (b) No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.4, every power and remedy given 

  

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by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee
or by the Securityholders. 
  
 SECTION 6.6 CONTROL BY
SECURITYHOLDERS. 
  
 The holders of a majority in aggregate
principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.4, 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 such series; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture. Subject to the provisions of Section 7.1, the
Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the
Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the
time Outstanding affected thereby, determined in accordance with Section 8.4, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established
pursuant to Section 2.1 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the
terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with
Section 6.1(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
  
 SECTION 6.7 UNDERTAKING TO PAY COSTS. 
  
 All parties to this Indenture agree, and each holder of any Securities by such holder’s 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, 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 more than 10% in
aggregate principal amount of the Outstanding Securities of any series, 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 any Security of such series, on or
after the respective due dates expressed in such Security or established pursuant to this Indenture. 
  
 ARTICLE VII 
 CONCERNING THE TRUSTEE 
  
 SECTION 7.1 CERTAIN DUTIES AND RESPONSIBILITIES OF TRUSTEE. 
  
 (a) The Trustee, prior to the occurrence of an Event of Default with respect
to the Securities of a series and after the curing of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such
duties as are specifically set forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or
waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs. 
  

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 (b) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own
negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
  
 (i) prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events of
Default with respect to that series that may have occurred: 
  
 (A) the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such
series except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (B) in the absence of bad faith on the part of the Trustee, the Trustee may
with respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any 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 furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
conform to the requirement of this Indenture; 
  
 (ii) the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
  
 (iii) the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding 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 that series; and 
  
 (iv) None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such funds or liability is not reasonably
assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it. 
  
 SECTION 7.2 CERTAIN RIGHTS OF TRUSTEE. 
  
 Except as otherwise provided in Section 7.1: 
  
 (a) The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond, security 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, direction, order or demand of the Company mentioned herein
shall be sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically prescribed herein); 
  

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 (c) The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon; 
  

(d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction
of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or
thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or waived), to exercise with respect to
Securities of that series such of the rights and powers vested in it by this Indenture, and to 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;

  
 (e) The Trustee shall not be liable for any action taken or
omitted to be taken 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; 
  

(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, consent, order, approval, bond, security, or other papers or documents, unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the
particular series affected thereby (determined as provided in Section 8.4); provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a
condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; and 
  
 (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. 
  
 SECTION 7.3 TRUSTEE NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OR SECURITIES. 
  
 (a) The recitals contained herein and in the Securities shall be taken as
the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. 
  
 (b) The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. 
  
 (c) The Trustee shall not be accountable for the use or application by the
Company of any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.1, or for the
use or application of any moneys received by any paying agent other than the Trustee. 
  
 SECTION 7.4 MAY HOLD SECURITIES. 
  
 The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar.

  

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 SECTION 7.5 MONEYS HELD IN TRUST. 
  
 Subject to the provisions of Section 11.5, all moneys received by the Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder
except such as it may agree with the Company to pay thereon. 
  
 SECTION 7.6 COMPENSATION AND REIMBURSEMENT. 
  
 (a) The
Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company
and the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as
otherwise expressly provided herein, the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture
(including the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance as may arise from its negligence or bad faith and except as
the Company and Trustee may from time to time agree in writing. The Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any loss, liability or expense incurred
without negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending itself against any claim of liability in the
premises. 
  
 (b) The obligations of the Company under this
Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for reasonable expenses, disbursements and advances shall constitute additional indebtedness hereunder. Such additional indebtedness shall be secured by a lien prior
to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities. 
  
 SECTION 7.7 RELIANCE ON OFFICERS’ CERTIFICATE. 
  
 Except as otherwise provided in Section 7.1, whenever in the administration of the provisions of this Indenture the
Trustee shall deem it reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee and such certificate, in the absence of negligence
or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof. 
  
 SECTION 7.8 DISQUALIFICATION; CONFLICTING INTERESTS. 
  
 If the Trustee has or shall acquire any “conflicting interest”
within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 
  
 SECTION 7.9 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. 
  
 There shall at all times be a Trustee with respect to the Securities issued
hereunder which shall at all times be a corporation organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as
trustee by the Securities and Exchange Commission, authorized under such laws to exercise corporate trust powers, having (or, in the case of a subsidiary of a bank holding company, its bank holding company parent shall have) a combined capital and
surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority. 
  

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 If such corporation or other Person 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 or other Person shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10. 
  
 SECTION 7.10 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. 
  
 (a) The Trustee or any successor hereafter appointed may at any time resign
with respect to the Securities of one or more series by giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of such series, as their names and addresses
appear upon the Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of
Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such
notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who has been a bona fide holder
of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem
proper and prescribe, appoint a successor trustee. 
  
 (b) In
case at any time any one of the following shall occur: 
  
 (i)
the Trustee shall fail to comply with the provisions of Section 7.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or 
  
 (ii) the Trustee shall cease to be eligible in accordance with the
provisions of Section 7.9 and shall fail to resign after written request therefor by the Company or by any such Securityholder; or 
  
 (iii) the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a
receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

  
 then, in any such case, the Company may remove the Trustee
with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor
trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
  
 (c) The holders of a majority in aggregate principal amount of the
Securities of any series at the time Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with the consent of the Company.

  

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 (d) Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the
Securities of a series pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 
  
 (e) Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more
series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series. 
  
 SECTION 7.11 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. 
  
 (a) In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and
deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money held by such retiring Trustee
hereunder. 
  
 (b) In case of the appointment hereunder of a
successor trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to
confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee
and that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and
powers or for the performance of the duties and obligations vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such
successor trustee relates. 
  
 (c) Upon request of any such
successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section,
as the case may be. 
  
 (d) No successor trustee shall accept its
appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under this Article. 
  

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 (e) Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall
transmit notice of the succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register. If the Company fails to transmit such notice within ten days
after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company. 
  
 SECTION 7.12 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 (including the administration of the trust created
by this Indenture), shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.8 and eligible under the provisions of Section 7.9, without the execution or filing of
any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 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 7.13 PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE COMPANY.

  
 The Trustee shall comply with Section 311(a) of the Trust
Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included
therein. 
  
 SECTION 7.14 NOTICE OF DEFAULT. 
  
 If any Default or any Event of Default occurs and is continuing and if such
Default or Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Default or Event of
Default within 45 days after it occurs, unless such Default or Event of Default has been cured; 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, 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 interest of the Securityholders. 
  
 ARTICLE VIII

 CONCERNING THE SECURITYHOLDERS 
  
 SECTION 8.1 EVIDENCE OF ACTION BY SECURITYHOLDERS. 
  
 Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a
particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of such majority or
specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed in writing.

  
 If the Company shall solicit from the Securityholders of any
series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by an Officers’ Certificate, fix in advance a record date for such series for the determination of
Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, 

  

 26 

 
waiver or other action may be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall
be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction,
notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders 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. 
  
 SECTION 8.2 PROOF OF EXECUTION BY SECURITYHOLDERS. 
  
 Subject to the provisions of Section 7.1, proof of the execution of any instrument by a Securityholder (such proof will
not require notarization) or his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner: 
  
 (a) The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner
acceptable to the Trustee. 
  
 (b) The ownership of Securities
shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof. 
  
 The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary. 
  
 SECTION 8.3 WHO MAY BE DEEMED OWNERS. 
  
 Prior to the due presentment for registration of transfer of any Security,
the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security (whether or not such Security
shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to
Section 2.3) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary. 
  
 SECTION 8.4 CERTAIN SECURITIES OWNED BY COMPANY DISREGARDED. 
  
 In determining whether the holders of the requisite aggregate principal
amount of Securities of a particular series have concurred in any direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person
directly or indirectly controlling or controlled by or under common control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination,
except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The
Securities so owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the
Trustee taken upon the advice of counsel shall be full protection to the Trustee. 
  
 SECTION 8.5 ACTIONS BINDING ON FUTURE SECURITYHOLDERS. 
  
 At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.1, of the taking of any action by the holders of the majority or percentage in aggregate principal amount of the
Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders of which have consented to such action
may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.2, revoke such action so far as 

  

 27 

 
concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all
future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any
action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee
and the holders of all the Securities of that series. 
  
 ARTICLE
IX 
 SUPPLEMENTAL INDENTURES 
  
 SECTION 9.1 SUPPLEMENTAL INDENTURES WITHOUT THE CONSENT OF SECURITYHOLDERS. 
  
 In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time
to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following
purposes: 
  
 (a) to cure any ambiguity, defect, or inconsistency
herein or in the Securities of any series; 
  
 (b) to comply with
Article Ten; 
  
 (c) to provide for uncertificated Securities in
addition to or in place of certificated Securities; 
  
 (d) to
add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less
than all series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in
any such additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company; 
  
 (e) to add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or
purposes of issue, authentication, and delivery of Securities, as herein set forth; 
  
 (f) to make any change that does not adversely affect the rights of any Securityholder in any material respect; 
  
 (g) to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.1, to
establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of any series of Securities; 
  
 (h) to evidence and provide for the acceptance of appointment hereunder by a
successor trustee; or 
  
 (i) to comply with any requirements of
the Securities and Exchange Commission or any successor in connection with the qualification of this Indenture under the Trust Indenture Act. 
  
 The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee 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.

  

 28 

 Any supplemental indenture authorized by the provisions of this Section may be executed by the Company
and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.2. 
  

 
 SECTION 9.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF SECURITYHOLDERS.

  
 With the consent (evidenced as provided in Section 8.1)
of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the
Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.1 the rights of the holders of the Securities of such series under this Indenture;
provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce the principal
amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent
to any such supplemental indenture. 
  
 It shall not be necessary
for the consent of the Securityholders of any series affected thereby under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.

  
 SECTION 9.3 EFFECT OF SUPPLEMENTAL INDENTURES. 
  
 Upon the execution of any supplemental indenture pursuant to the provisions
of this Article or of Section 10.1, this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities
under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the
terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
  
 SECTION 9.4 SECURITIES AFFECTED BY SUPPLEMENTAL INDENTURES. 
  
 Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such
supplemental indenture pursuant to the provisions of this Article or of Section 10.1, may bear a notation in form approved by the Company, provided such form meets the requirements of any securities exchange upon which such series may be
listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture
contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding. 
  
 SECTION 9.5 EXECUTION OF SUPPLEMENTAL INDENTURES. 
  
 Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental
indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental
indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to
the provisions of Section 7.1, may receive an Officers’ Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by, and conforms to, the terms
of this Article and that it is proper for the Trustee under the provisions of this Article to join in the execution thereof; provided, however, that such Officers’ Certificate or Opinion of Counsel need not be provided in connection with the
execution of a supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.1 hereof. 
  

 29 

 Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the
provisions of this Section, the Trustee shall transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby as their names
and addresses appear upon the Security Register. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
  
 ARTICLE X 
 SUCCESSOR ENTITY 
  
 SECTION 10.1 COMPANY MAY CONSOLIDATE, ETC. 
  
 Except as
provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental to this Indenture, nothing contained in this Indenture shall prevent any
consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall
prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its
successor or successors) authorized to acquire and operate the same; provided, however, the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale,
conveyance, transfer or other disposition, (a) the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the
due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.1 to be kept or performed by the Company shall be
expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such
consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property and (b) in the event that the Securities of any series then Outstanding are convertible into or exchangeable for shares of
common stock or other securities of the Company, such entity shall, by such supplemental indenture, make provision so that the Securityholders of Securities of that series shall thereafter be entitled to receive upon conversion or exchange of such
Securities the number of securities or property to which a holder of the number of shares of common stock or other securities of the Company deliverable upon conversion or exchange of those Securities would have been entitled had such conversion or
exchange occurred immediately prior to such consolidation, merger, sale, conveyance, transfer or other disposition. 
  
 SECTION 10.2 SUCCESSOR ENTITY SUBSTITUTED. 
  
 (a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by
supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.1 on all of the Securities of all series Outstanding, such successor entity shall succeed to
and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities. 

 
 (b) In case of any such consolidation, merger, sale, conveyance, transfer
or other disposition, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 
  

(c) Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the Company
where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company). 
  

 30 

 SECTION 10.3 EVIDENCE OF CONSOLIDATION, ETC. TO TRUSTEE. 
  
 The Trustee, subject to the provisions of Section 7.1, may receive an
Officers’ Certificate or an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions of this Article. 
  
 ARTICLE XI 
 SATISFACTION AND DISCHARGE 
  
 SECTION 11.1 SATISFACTION AND DISCHARGE OF INDENTURE. 
  
 If at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered to the Trustee for cancellation (other than any
Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.7 and Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or
segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.5); or (b) all such Securities of a particular series not theretofore delivered to the Trustee for
cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption,
and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if
any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then
this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.3, 2.5, 2.7, 4.1, 4.2, 4.3 and 7.10, that shall survive until the date of maturity or redemption date, as the case may
be, and Sections 7.6 and 11.5, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this
Indenture with respect to such series. 
  
 SECTION 11.2 DISCHARGE
OF OBLIGATIONS. 
  
 If at any time all such Securities of a
particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described in Section 11.1 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys
or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to
become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys
or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.3, 2.5, 2.7,
4.1, 4.2, 4.3, 7.6, 7.10 and 11.5 hereof that shall survive until such Securities shall mature and be paid. 
  
 Thereafter, Sections 7.6 and 11.5 shall survive. 
  
 SECTION 11.3 DEPOSITED MONEYS TO BE HELD IN TRUST. 
  
 All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.1 or 11.2 shall be held in trust and shall be available for
payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations
have been deposited with the Trustee. 
  

 31 

 SECTION 11.4 PAYMENT OF MONEYS HELD BY PAYING AGENTS. 
  
 In connection with the satisfaction and discharge of this Indenture all
moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with
respect to such moneys or Governmental Obligations. 
  
 SECTION
11.5 REPAYMENT TO COMPANY. 
  
 Any moneys or Governmental
Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the
holders of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable
escheat or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and
the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor, look only to the
Company for the payment thereof. 
  
 ARTICLE XII 
 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 
  
 SECTION 12.1 NO RECOURSE. 
  
 No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in
respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor
or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are
solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation,
or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such
personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the
creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issuance of such Securities. 
  
 ARTICLE XIII 
 MISCELLANEOUS PROVISIONS 
  
 SECTION 13.1 EFFECT ON SUCCESSORS AND ASSIGNS. 
  
 All the covenants, stipulations, promises and agreements in this Indenture
made by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not. 
  
 SECTION 13.2 ACTIONS BY SUCCESSOR. 
  
 Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company
shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company. 
  

 32 

 SECTION 13.3 SURRENDER OF COMPANY POWERS. 
  
 The Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may
surrender any of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation. 
  
 SECTION 13.4 NOTICES. 
  
 Except as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be given,
made or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being deposited in first class mail, postage prepaid, addressed (until another address is
filed in writing by the Company with the Trustee), as follows: Napster, Inc., 9044 Melrose Ave., Los Angeles, California 90069, Attention: General Counsel. Any notice, election, request or demand by the Company or any Securityholder or by any other
Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee. 
  
 SECTION 13.5 GOVERNING LAW. 
  
 This Indenture and each Security shall be deemed to be a contract made under
the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable. 
  
 SECTION 13.6 TREATMENT OF SECURITIES AS DEBT. 
  
 It is intended that the Securities will be treated as indebtedness and not as equity for
federal income tax purposes. The provisions of this Indenture shall be interpreted to further this intention. 
  
 SECTION 13.7 COMPLIANCE CERTIFICATES AND OPINIONS. 
  
 (a) Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall
furnish to the Trustee an Officers’ Certificate stating that all conditions 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 have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular
application or demand, no additional certificate or opinion need be furnished. 
  
 (b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in this Indenture shall include (i) a statement that the Person
making such certificate or opinion has read such covenant or condition; (ii) 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; (iii) a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been
complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 
  
 SECTION 13.8 PAYMENTS ON BUSINESS DAYS. 
  
 Except as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or
more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and
premium, if any) may be made on the next succeeding Business Day 

  

 33 

 
with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for the period after such nominal date.

  
 SECTION 13.9 CONFLICT WITH TRUST INDENTURE ACT. 
  
 If and to the extent that any provision of this Indenture limits, qualifies
or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
  
 SECTION 13.10 COUNTERPARTS. 
  
 This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one
and the same instrument. 
  
 SECTION 13.11 SEPARABILITY.

  
 In case any one or more of the provisions contained in this
Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such
Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 
  
 SECTION 13.12 COMPLIANCE CERTIFICATES. 
  
 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of
any series were outstanding, an Officers’ Certificate stating whether or not the signers know of any Default or Event of Default that occurred during such fiscal year. Such certificate shall contain a certification from the principal executive
officer, principal financial officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the Company has complied with all
conditions and covenants under this Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If any of the officers of the
Company signing such certificate has knowledge of such a Default or Event of Default, the certificate shall describe any such Default or Event of Default and its status. 
  

 34 

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

	
	 NAPSTER, INC.

	 
	 By:                                      
                                        
                  

	 Name:
 Title:

	 
	[                                      
                                        
                    ],
	as Trustee
	 
	By:                                      
                                        
                  
	Name:
	Title:

  

 35

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