Document:

Indenture, dated as of June 18, 2009

 Exhibit 4.1 
  
  
  
 CB Richard Ellis Services, Inc. 
 Issuer

 The Guarantors named herein 
 11.625% Senior Subordinated Notes due June 15, 2017 
  
  
 INDENTURE 
 Dated as of June 18, 2009 
  
  
 Wells Fargo Bank, National
Association 
 Trustee 
  
  
  

 CROSS-REFERENCE TABLE 
  

							
	 TIA
 Section
	  		  	Indenture
 Section

				
	310	 	(a)(1)	  		  	7.10
		 	(a)(2)	  		  	7.10
		 	(a)(3)	  		  	N.A.
		 	(a)(4)	  		  	N.A.
		 	(a)(5)	  		  	7.10
		 	(b)	  		  	7.08; 7.10
		 	(c)	  		  	N.A.
	311	 	(a)	  		  	7.11
		 	(b)	  		  	7.11
		 	(c)	  		  	N.A.
	312	 	(a)	  		  	2.05
		 	(b)	  		  	13.03
		 	(c)	  		  	13.03
	313	 	(a)	  		  	7.06
		 	(b)(1)	  		  	N.A.
		 	(b)(2)	  		  	7.06
		 	(c)	  		  	7.06; 13.02
		 	(d)	  		  	7.06
	314	 	(a)	  		  	4.02; 13.02
		 	(b)	  		  	N.A.
		 	(c)(1)	  		  	13.04
		 	(c)(2)	  		  	13.04
		 	(c)(3)	  		  	N.A.
		 	(d)	  		  	N.A.
		 	(e)	  		  	13.05
		 	(f)	  		  	N.A.
	315	 	(a)	  		  	7.01
		 	(b)	  		  	7.05; 13.02
		 	(c)	  		  	7.01
		 	(d)	  		  	7.01
		 	(e)	  		  	6.11
	316	 	(a)(last sentence)	  		  	13.06
		 	(a)(1)(A)	  		  	6.05
		 	(a)(1)(B)	  		  	6.04
		 	(a)(2)	  		  	N.A.
		 	(b)	  		  	6.07
		 	(c)	  		  	2.11; 9.04
	317	 	(a)(1)	  		  	6.08
		 	(a)(2)	  		  	6.09
		 	(b)	  		  	2.04
	318	 	(a)	  		  	13.01
		 	(b)	  		  	N.A.
		 	(c)	  		  	13.01

 N.A. means Not Applicable. 
  
  
 Note: This Cross-Reference Table shall not, for any purpose, be deemed to be part of the Indenture. 

 TABLE OF CONTENTS 
  

			
		  	Page
		
	ARTICLE 1      Definitions and Incorporation by Reference	  	1
		
	 Section 1.01.      Definitions.
	  	1
	 Section 1.02.      Other Definitions.
	  	31
	 Section 1.03.      Incorporation by Reference of Trust Indenture Act
	  	32
	 Section 1.04.      Rules of Construction
	  	32
		
	ARTICLE 2      The Securities	  	33
		
	 Section 2.01.      Form and Dating
	  	33
	 Section 2.02.      Execution and Authentication
	  	33
	 Section 2.03.      Registrar and Paying Agent
	  	34
	 Section 2.04.      Paying Agent To Hold Money in Trust
	  	34
	 Section 2.05.      Securityholder Lists
	  	35
	 Section 2.06.      Transfer and Exchange
	  	35
	 Section 2.07.      Replacement Securities
	  	35
	 Section 2.08.      Outstanding Securities
	  	35
	 Section 2.09.      Temporary Securities
	  	36
	 Section 2.10.      Cancellation
	  	36
	 Section 2.11.      Defaulted Interest
	  	36
	 Section 2.12.      CUSIP Numbers
	  	36
	 Section 2.13.      Issuance of Additional Securities
	  	37
		
	ARTICLE 3      Redemption	  	37
		
	 Section 3.01.      Notices to Trustee
	  	37
	 Section 3.02.      Selection of Securities To Be Redeemed
	  	38
	 Section 3.03.      Notice of Redemption
	  	38
	 Section 3.04.      Effect of Notice of Redemption
	  	39
	 Section 3.05.      Deposit of Redemption Price
	  	39
	 Section 3.06.      Securities Redeemed in Part
	  	39
		
	ARTICLE 4      Covenants	  	40
		
	 Section 4.01.      Payment of Securities
	  	40
	 Section 4.02.      SEC Reports
	  	40
	 Section 4.03.      Limitation on Indebtedness
	  	41
	 Section 4.04.      Limitation on Restricted Payments
	  	44
	 Section 4.05.      Limitation on Restrictions on Distributions from Restricted Subsidiaries
	  	48

			
		  	Page
		
	 Section 4.06.      Limitation on Sales of Assets and Subsidiary Stock
	  	50
	 Section 4.07.      Limitation on Affiliate Transactions
	  	53
	 Section 4.08.      [Intentionally Omitted]
	  	55
	 Section 4.09.      [Intentionally Omitted]
	  	55
	 Section 4.10.      Limitation on Liens
	  	55
	 Section 4.11.      [Intentionally Omitted]
	  	55
	 Section 4.12.      Change of Control
	  	55
	 Section 4.13.      Future Guarantors
	  	57
	 Section 4.14.      Compliance Certificate
	  	57
	 Section 4.15.      Payment of Additional Interest
	  	57
	 Section 4.16.      Further Instruments and Acts
	  	58
		
	ARTICLE 5      Merger and Consolidation	  	58
		
	 Section 5.01.      When Company, Subsidiary Guarantors and Parent May Merge or Transfer Assets
	  	58
		
	ARTICLE 6      Defaults and Remedies	  	60
		
	 Section 6.01.      Events of Default
	  	60
	 Section 6.02.      Acceleration
	  	63
	 Section 6.03.      Other Remedies
	  	63
	 Section 6.04.      Waiver of Past Defaults
	  	63
	 Section 6.05.      Control by Majority
	  	63
	 Section 6.06.      Limitation on Suits
	  	64
	 Section 6.07.      Rights of Holders to Receive Payment
	  	64
	 Section 6.08.      Collection Suit by Trustee
	  	64
	 Section 6.09.      Trustee May File Proofs of Claim
	  	64
	 Section 6.10.      Priorities
	  	65
	 Section 6.11.      Undertaking for Costs
	  	65
	 Section 6.12.      Waiver of Stay or Extension Laws
	  	65
		
	ARTICLE 7      Trustee	  	66
		
	 Section 7.01.      Duties of Trustee
	  	66
	 Section 7.02.      Rights of Trustee
	  	67
	 Section 7.03.      Individual Rights of Trustee
	  	68
	 Section 7.04.      Trustee’s Disclaimer
	  	68
	 Section 7.05.      Notice of Defaults
	  	68
	 Section 7.06.      Reports by Trustee to Holders
	  	69
	 Section 7.07.      Compensation and Indemnity
	  	69
	 Section 7.08.      Replacement of Trustee
	  	69
	 Section 7.09.      Successor Trustee by Merger
	  	70

			
		  	Page
		
	 Section 7.10.      Eligibility; Disqualification
	  	71
	 Section 7.11.      Preferential Collection of Claims Against Company
	  	71
		
	ARTICLE 8      Discharge of Indenture; Defeasance	  	71
		
	 Section 8.01.      Discharge of Liability on Securities; Defeasance
	  	71
	 Section 8.02.      Conditions to Defeasance
	  	72
	 Section 8.03.      Application of Trust Money
	  	73
	 Section 8.04.      Repayment to Company
	  	74
	 Section 8.05.      Indemnity for Government Obligations
	  	74
	 Section 8.06.      Reinstatement
	  	74
		
	ARTICLE 9      Amendments	  	74
		
	 Section 9.01.      Without Consent of Holders
	  	74
	 Section 9.02.      With Consent of Holders
	  	75
	 Section 9.03.      Compliance with Trust Indenture Act
	  	76
	 Section 9.04.      Revocation and Effect of Consents and Waivers
	  	76
	 Section 9.05.      Notation on or Exchange of Securities
	  	77
	 Section 9.06.      Trustee To Sign Amendments
	  	77
	 Section 9.07.      Payment for Consent
	  	77
		
	ARTICLE 10      Subordination	  	77
		
	 Section 10.01.      Agreement To Subordinate
	  	77
	 Section 10.02.      Liquidation, Dissolution, Bankruptcy
	  	77
	 Section 10.03.      Default on Senior Indebtedness of the Company
	  	78
	 Section 10.04.      Acceleration of Payment of Securities
	  	79
	 Section 10.05.      When Distribution Must Be Paid Over
	  	79
	 Section 10.06.      Subrogation
	  	79
	 Section 10.07.      Relative Rights
	  	79
	 Section 10.08.      Subordination May Not Be Impaired by Company
	  	80
	 Section 10.09.      Rights of Trustee and Paying Agent
	  	80
	 Section 10.10.      Distribution or Notice to Representative
	  	80
	 Section 10.11.      Article 10 Not To Prevent Events of Default or Limit Right To Accelerate
	  	80
	 Section 10.12.      Trust Moneys Not Subordinated
	  	81
	 Section 10.13.      Trustee Entitled To Rely
	  	81
	 Section 10.14.      Trustee To Effectuate Subordination
	  	81
	 Section 10.15.      Trustee Not Fiduciary for Holders of Senior Indebtedness of the Company
	  	81
	 Section 10.16.      Reliance by Holders of Senior Indebtedness of the Company on Subordination Provisions
	  	82

			
		  	Page
		
	ARTICLE 11      Guaranties	  	82
		
	 Section 11.01.      Guaranties
	  	82
	 Section 11.02.      Limitation on Liability
	  	84
	 Section 11.03.      Successors and Assigns
	  	85
	 Section 11.04.      No Waiver
	  	85
	 Section 11.05.      Modification
	  	85
	 Section 11.06.      Release of Subsidiary Guarantor
	  	85
	 Section 11.07.      Contribution
	  	85
		
	ARTICLE 12      Subordination of Guaranties	  	86
		
	 Section 12.01.      Agreement To Subordinate
	  	86
	 Section 12.02.      Liquidation, Dissolution, Bankruptcy
	  	86
	 Section 12.03.      Default on Senior Indebtedness of Guarantor
	  	86
	 Section 12.04.      Demand for Payment
	  	87
	 Section 12.05.      When Distribution Must Be Paid Over
	  	87
	 Section 12.06.      Subrogation
	  	88
	 Section 12.07.      Relative Rights
	  	88
	 Section 12.08.      Subordination May Not Be Impaired by a Guarantor
	  	88
	 Section 12.09.      Rights of Trustee and Paying Agent
	  	88
	 Section 12.10.      Distribution or Notice to Representative
	  	89
	 Section 12.11.      Article 12 Not To Prevent Events of Default or Limit Right To Demand Payment
	  	89
	 Section 12.12.      Trustee Entitled To Rely
	  	89
	 Section 12.13.      Trustee To Effectuate Subordination
	  	89
	 Section 12.14.      Trustee Not Fiduciary for Holders of Senior Indebtedness of Guarantor
	  	90
	 Section 12.15.      Reliance by Holders of Senior Indebtedness of Guarantors on Subordination Provisions
	  	90
	 Section 12.16.      Trust Moneys Not Subordinated
	  	91
		
	ARTICLE 13      Miscellaneous	  	91
		
	 Section 13.01.      Trust Indenture Act Controls
	  	91
	 Section 13.02.      Notices
	  	91
	 Section 13.03.      Communication by Holders with Other Holders
	  	92
	 Section 13.04.      Certificate and Opinion as to Conditions Precedent
	  	92
	 Section 13.05.      Statements Required in Certificate or Opinion
	  	93
	 Section 13.06.      When Securities Disregarded
	  	93
	 Section 13.07.      Rules by Trustee, Paying Agent and Registrar
	  	93
	 Section 13.08.      Legal Holidays
	  	93
	 Section 13.09.      Governing Law; Waiver of Jury Trial
	  	93
	 Section 13.10.      No Recourse Against Others
	  	94

			
		  	Page
		
	 Section 13.11.      Successors
	  	94
	 Section 13.12.      Multiple Originals
	  	94
	 Section 13.13.      Table of Contents; Headings
	  	94
	 Section 13.14.      Separability
	  	94
	 Section 13.15.      Force Majeure
	  	94
	 Section 13.16.      U.S.A. Patriot Act
	  	94
	 Section 13.17.      Consent to Jurisdiction; Appointment of Agent for Service of Process
	  	95
	 Section 13.18.      No Personal Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders
	  	95
	 Section 13.19.      No Adverse Interpretation of Other Agreements
	  	96

 INDENTURE dated as of June 18, 2009, among CB Richard Ellis Services, Inc., a
Delaware corporation (the “Company”), CB Richard Ellis Group, Inc., a Delaware corporation (“Parent”), each subsidiary guarantor party hereto (each, a “Subsidiary Guarantor” and, together with Parent, the
“Guarantors”) and Wells Fargo Bank, National Association, a national banking association (together with any successor appointed pursuant to the terms of this Indenture, the “Trustee”). 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Securities (as defined
below): 
 ARTICLE 1 
 Definitions and Incorporation by Reference 
 Section 1.01. Definitions. 
 “Additional Assets” means (1) any property or other assets (other than Indebtedness and Capital Stock) used in a Related Business;
(2) the Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by the Company or another Restricted Subsidiary; or (3) Capital Stock constituting a minority interest in any
Person that at such time is a Restricted Subsidiary; provided, however, that any such Restricted Subsidiary described in clause (2) or (3) above is primarily engaged in a Related Business. 
 “Additional Securities” means, subject to the Company’s compliance with Section 4.03, additional 11.625% Senior Subordinated Notes
due June 15, 2017 in an unlimited aggregate principal amount issued from time to time after the Issue Date under the terms of this Indenture (other then pursuant to Section 2.06, 2.07, 2.09 or 3.06 of this Indenture and other than Exchange
Securities or Private Exchange Securities issued pursuant to an exchange offer for other Securities outstanding under this Indenture). 
 “Adjusted Treasury Rate” means, with respect to any redemption date and as provided by the Company, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States
Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after June 15, 2013,
yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the
nearest month) or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to 

 
maturity of the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date, in each case calculated on the third Business Day immediately preceding the redemption date, in each case, plus 0.50%. 
 “Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition,
“control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. For purposes of Sections 4.04, 4.06 and 4.07 of this Indenture only, “Affiliate” shall also mean any beneficial owner of Capital Stock
representing 10% or more of the total voting power of the Voting Stock (on a fully diluted basis) of the Company or of rights or warrants to purchase such Capital Stock (whether or not currently exercisable) and any Person who would be an Affiliate
of any such beneficial owner pursuant to the first sentence hereof. 
 “Applicable Premium” means with respect to a Security at
any redemption date, as provided by the Company, the greater of (1) 1.00% of the principal amount of such Security and (2) the excess of (A) the present value at such redemption date of (i) the redemption price of such Security
on June 15, 2013 (as described under paragraph 5 of the Securities, exclusive of any accrued and unpaid interest) plus (ii) all required remaining scheduled interest payments due on such Security through June 15, 2013 (but
excluding accrued and unpaid interest, if any, to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate, over (B) the principal amount of such Security on such redemption date. 
 “Approved Credit Support” shall mean a reimbursement, indemnity or similar obligation issued by a Person (the “Support Provider”)
pursuant to which the Support Provider agrees to reimburse, indemnify or hold harmless the Company or any Restricted Subsidiary for any Indebtedness, liability, or other obligation of the Company or such Restricted Subsidiary, but only to the extent
(1) the Support Provider satisfies the criteria set forth in clause (1) or (2) of the definition of the term “Approved Take Out Party” or (2) the obligations of the Support Provider are secured by an irrevocable
third-party letter of credit from a financial institution with a senior unsecured non-credit-enhanced long-term debt rating of A- or higher from S&P and A3 or higher from Moody’s Investors Service, Inc. (or any successor to the rating
agency business thereof). 
 “Approved Take Out Commitment” shall mean a Take Out Commitment (1) no less than 90% of which is
issued by an Approved Take Out Party (with any remaining percentage being provided by Parent, the Company or any Restricted Subsidiary, in an aggregate amount for all such Take Out Commitments provided by Parent, the Company or any Restricted
Subsidiary not to exceed $10,000,000) and (2) in which the funding obligation of the issuer of such Take Out Commitment is not subject to any material condition other than (a) completion of construction in accordance with all requirements
of applicable law and agreed plans and specifications and by a date certain and (b) issuance of a certificate of occupancy. Any Approved Take Out Commitment shall 

  

 2 

 
cease to be an Approved Take Out Commitment (x) if the issuer of such Take Out Commitment (other than Parent, the Company or any Restricted Subsidiary)
at any time no longer meets the definition of “Approved Take Out Party” to the extent the issuer of such Approved Take Out Commitment fails or refuses to fund under such Approved Take Out Commitment or notifies Parent, the Company or any
Restricted Subsidiary of its intention to not fund under such Approved Take Out Commitment or (y) at such time as Parent, the Company or any Restricted Subsidiary acquires actual knowledge that the Approved Take Out Commitment will not fund.

 “Approved Take Out Party” shall mean a Person that issues a Take Out Commitment and that satisfies any of the following
criteria: (1) the senior unsecured non-credit-enhanced long-term debt of such Person is rated BBB or higher by S&P or Baa2 or higher by Moody’s Investors Service, Inc. (or any successor to the rating agency business thereof) or
(2) such Person is an endowment or pension fund (or such Take Out Commitment is guaranteed by an endowment or pension fund) in compliance with Title I of the Employee Retirement Income Security Act of 1974, as amended, and having net liquid
assets and a consolidated net worth (including equity commitments) determined in accordance with GAAP (as reflected in its most recent annual audited financial statements issued within 12 months of the date of determination) of not less than
$500,000,000. 
 “Asset Disposition” means any sale, lease, transfer or other disposition (or series of related sales, leases,
transfers or dispositions) by the Company or any Restricted Subsidiary, including any disposition by means of a merger, consolidation or similar transaction (each referred to for the purposes of this definition as a “disposition”), of
(1) any shares of Capital Stock of a Restricted Subsidiary (other than directors’ qualifying shares or shares required by applicable law to be held by a Person other than the Company or a Restricted Subsidiary); (2) all or
substantially all the assets of any division or line of business of the Company or any Restricted Subsidiary; or (3) any other assets of the Company or any Restricted Subsidiary outside of the ordinary course of business of the Company or such
Restricted Subsidiary (other than, in the case of clauses (1), (2) and (3) above, (A) a disposition by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Restricted Subsidiary, (B) for
purposes of Section 4.06 only, a disposition that constitutes a Restricted Payment permitted by Section 4.04 of this Indenture or a Permitted Investment, (C) the sale in the ordinary course of business by CBRE Capital Markets of
assets purchased and/or funded pursuant to a CBRE Capital Markets Repo Arrangement, a CBRE Capital Markets Mortgage Warehousing Facility, the CBRE Capital Markets Loan Arbitrage Facility or CBRE Capital Markets Lending Program Securities,
(D) the sale in the ordinary course of business by the Company or CBRE Inc. of assets purchased and/or funded pursuant to the CBRE Loan Arbitrage Facility, (E) any sale of Capital Stock in, or Indebtedness or other securities of, an
Unrestricted Subsidiary, (F) a disposition of Temporary Cash Investments in the ordinary course of business, (G) the disposition of property or assets that are obsolete, damaged or worn out, (H) the lease or sublease of office space
in the ordinary course of business, (I) sales by CBRE Capital Markets of servicing rights in respect of mortgage portfolios in the ordinary course of business, (J) the sale of interests or investments in real estate or related assets by an
Investment 

  

 3 

 
Subsidiary, (K) sales by the Company or any Restricted Subsidiary of brokerage offices, or transfers of the assets of brokerage offices and related
assets, to joint ventures in the ordinary course of business, (L) sales of Receivables pursuant to a Permitted Receivables Securitization, and (M) a disposition of assets with a fair market value of less than $5,000,000 (a “de minimis
disposition”), so long as the sum of such de minimis disposition plus all other de minimis dispositions previously made in the same calendar year does not exceed $15,000,000 in the aggregate); provided, however, that a disposition
of all or substantially all the assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by Section 4.12 and/or Section 5.01 and not by Section 4.06. 
 “Average Life” means, as of the date of determination, with respect to any Indebtedness, the quotient obtained by dividing (1) the sum of
the products of the number of years from the date of determination to the dates of each successive scheduled principal payment of or redemption or similar payment with respect to such Indebtedness multiplied by the amount of such payment by
(2) the sum of all such payments. 
 “Bank Indebtedness” means all Obligations pursuant to the Credit Agreement. 

“Blum Funds” means (1) Blum Capital Partners, L.P. and its successors and (2) any investment vehicle or account that is an
Affiliate of Blum Capital Partners, L.P. or its successors. 
 “Board of Directors” means the Board of Directors of the Company or
any committee thereof duly authorized to act on behalf of such Board. 
 “Business Day” means each day which is not a Legal
Holiday. 
 “Capital Lease Obligation” means an obligation that is required to be classified and accounted for as a capital lease
for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with GAAP; and the Stated Maturity thereof shall be
the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. For purposes of Section 4.10 of this Indenture, a Capital
Lease Obligation will be deemed to be secured by a Lien on the property being leased. 
 “Capital Stock” of any Person means any
and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into
such equity. 
 “CBRE Capital Markets” means, collectively, (1) CBRE Capital Markets, Inc., a Texas corporation (formerly
known as CBRE Melody & Company), and (2) CBRE Capital Markets of Texas, L.P., a limited partnership under the laws of the State of Texas. 
  

 4 

 “CBRE Capital Markets Lending Program Securities” shall mean mortgage-backed securities or
bonds issued by CBRE Capital Markets or any other Mortgage Banking Subsidiary supported by FHA Loans and Guaranteed by the Government National Mortgage Association or any other quasi-federal governmental agency or enterprise or government-sponsored
entity, the proceeds of which securities or bonds are applied by CBRE Capital Markets or any other Mortgage Banking Subsidiary to refinance Indebtedness under a CBRE Capital Markets Mortgage Warehousing Facility. 
 “CBRE Capital Markets Loan Arbitrage Facility” means a credit facility provided to CBRE Capital Markets by any depository bank in which a CBRE
Capital Markets entity makes deposits, so long as (1) such CBRE Capital Markets entity applies all proceeds of loans made under such credit facility to purchase Temporary Cash Investments and (2) all such Temporary Cash Investments
purchased by such CBRE Capital Markets entity with the proceeds of loans thereunder (and proceeds thereof and distributions thereon) are pledged to the depository bank providing such credit facility, and such bank has a first priority perfected
security interest therein, to secure loans made under such credit facility. 
 “CBRE Capital Markets Mortgage Warehousing
Facility” means (1) a credit facility provided by any bank or other financial institution extended to CBRE Capital Markets or any other Mortgage Banking Subsidiary in connection with any Mortgage Banking Activities, pursuant to which such
lender makes loans to CBRE Capital Markets or any other Mortgage Banking Subsidiary, the proceeds of which loans are applied by CBRE Capital Markets (or any other Mortgage Banking Subsidiary) to fund commercial mortgage loans originated and owned by
CBRE Capital Markets (or any other Mortgage Banking Subsidiary) subject to a commitment (subject to customary exceptions) to purchase such mortgage loans or mortgage-backed securities in respect thereof by (a) the Federal Home Loan Mortgage
Corporation, the Federal National Mortgage Association or any other quasi-federal governmental agency or enterprise or government-sponsored entity or its seller servicer or (b) any other commercial conduit lender, in each case so long as
(i) loans made by such lender to CBRE Capital Markets (or any other Mortgage Banking Subsidiary) thereunder are secured by a pledge of commercial mortgage loans made by CBRE Capital Markets (or any other Mortgage Banking Subsidiary) with the
proceeds of such loans, and such lender has a perfected first priority security interest therein, to secure loans made under such credit facility and (ii) in the case of loans to be sold to a commercial conduit lender, the related Indebtedness
of the Mortgage Banking Subsidiary does not exceed a term of 120 days or a loan to value of 80%, and (2) any other credit facility provided by any bank or other financial institution extended to CBRE Capital Markets or any other Mortgage
Banking Subsidiary pursuant to which such lender makes loans to CBRE Capital Markets or any other Mortgage Banking Subsidiary, the proceeds of which loans are applied by CBRE Capital Markets (or any other Mortgage Banking Subsidiary) to fund FHA
Loans, so long as such loans to CBRE Capital Markets (or any other Mortgage Banking Subsidiary) are repaid by CBRE Capital Markets (or any other Mortgage Banking Subsidiary) to such lender with the proceeds of the sale or issuance of CBRE Capital
Markets Lending Program Securities. 
  

 5 

 “CBRE Capital Markets Permitted Indebtedness” means Indebtedness of CBRE Capital Markets under
the CBRE Capital Markets Loan Arbitrage Facility, a CBRE Capital Markets Mortgage Warehousing Facility, the CBRE Capital Markets Working Capital Facility, the CBRE Capital Markets Repo Arrangement and CBRE Capital Markets Lending Program Securities,
and Indebtedness of any Mortgage Banking Subsidiary under a CBRE Capital Markets Mortgage Warehousing Facility that is, in all cases, non-recourse to the Company or any of its Restricted Subsidiaries (other than a Mortgage Banking Subsidiary),
except to the extent recourse is limited to the assets acquired with the proceeds of, or securing, such Indebtedness. 
 “CBRE Capital
Markets Repo Arrangement” shall mean an arrangement whereby mortgage loans originated by CBRE Capital Markets are funded by a third party lender or financial institution (a “CBRE Capital Markets Repo Party”) pursuant to an agreement
whereby the CBRE Capital Markets Repo Party funds and purchases from CBRE Capital Markets such mortgage loans upon origination and sells such loans to CBRE Capital Markets prior to CBRE Capital Markets’ sale of such loans to the Federal Home
Loan Mortgage Corporation or another counterparty. 
 “CBRE Capital Markets Working Capital Facility” means a credit facility
provided by a financial institution to CBRE Capital Markets, so long as (1) the proceeds of loans thereunder are applied only to provide working capital to CBRE Capital Markets, (2) loans under such credit facility are unsecured and
(3) the aggregate principal amount of loans outstanding under such credit facility at no time exceeds $1,000,000. 
 “CBRE Loan
Arbitrage Facility” shall mean a credit facility provided to the Company or CBRE Inc. by any depository bank in which the Company or CBRE Inc., as the case may be, makes deposits, so long as (1) the Company or CBRE Inc., as the case may
be, applies all proceeds of loans made under such credit facility to purchase certain highly-rated debt instruments considered to be permitted short-term investments under such credit facility, and (2) all such permitted short-term investments
purchased by the Company or CBRE Inc., as the case may be, with the proceeds of loans thereunder (and proceeds thereof and distributions thereon) are pledged to the depository bank providing such credit facility, and such bank has a first priority
perfected security interest therein, to secure loans made under such credit facility. 
 “CBRE Inc.” shall mean CB Richard Ellis,
Inc., a Delaware corporation, and its successors. 
 “Change of Control” means the occurrence of any of the following events:

 (1)       any “person” (as such term is used in Sections 13(d) and 14(d) of
the Exchange Act), other than one or more Permitted Holders, is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause (1) such person shall be deemed to have
“beneficial ownership” of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time, and except that any Person that is deemed to have beneficial ownership of
shares 

  

 6 

 
solely as the result of being part of a group pursuant to Rule 13d-5(b)(1) shall be deemed not to have beneficial ownership of any shares held by a
Permitted Holder forming a part of such group), directly or indirectly, of more than 35% of the total voting power of the Voting Stock of the Company; provided, however, that the Permitted Holders beneficially own (as defined above,
except that in the event the Permitted Holders are part of a group pursuant to Rule 13d-5(b)(1), the Permitted Holders shall be deemed not to have beneficial ownership of any shares held by persons other than Permitted Holders forming a part of
such group), directly or indirectly, in the aggregate a lesser percentage of the total voting power of the Voting Stock of the Company than such other person and do not have the right or ability by voting power, contract or otherwise to elect or
designate for election a majority of the Board of Directors (for the purposes of this clause (1), such other person shall be deemed to beneficially own any Voting Stock of a specified Person held by a parent entity, if such other person is the
beneficial owner (as first defined above), directly or indirectly, of more than 35% of the voting power of the Voting Stock of such parent entity and the Permitted Holders beneficially own (as second defined above), directly or indirectly, in the
aggregate a lesser percentage of the voting power of the Voting Stock of such parent entity and do not have the right or ability by voting power, contract or otherwise to elect or designate for election a majority of the board of directors of such
parent entity); 
 (2)       individuals who on the Issue Date constituted the Board of
Directors (together with any new directors whose election by such Board of Directors or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors of the Company then still in office who
were either directors on the Issue Date or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of Directors then in office; 
 (3)       the adoption of a plan relating to the liquidation or dissolution of the Company; or 

(4)       the merger or consolidation of the Company with or into another Person or the merger of
another Person with or into the Company, or the sale of all or substantially all the assets of the Company (determined on a consolidated basis) to another Person (other than, in all such cases, a Person that is controlled by the Permitted Holders),
other than a transaction following which (A) in the case of a merger or consolidation transaction, holders of securities that represented 100% of the Voting Stock of the Company immediately prior to such transaction (or other securities into
which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in such 
  

 7 

 merger or consolidation transaction immediately after such transaction and in substantially the same
proportion as before the transaction and (B) in the case of a sale of assets transaction, the transferee Person becomes the obligor in respect of the Securities and a Subsidiary of the transferor of such assets. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Co-investment Vehicle” shall mean an entity (other than a Restricted Subsidiary) formed for the purpose of investing principally in real estate related assets. 
 “Common Stock” shall mean the Class A common stock of Parent. 
 “Company” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor and, for purposes
of any provision contained herein and required by the TIA, each other obligor on the Securities. 
 “Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Securities from the redemption date to June 15, 2013, that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of a maturity most nearly equal to June 15, 2013. 
 “Comparable Treasury Price” means, with respect to any redemption date, if clause (2) of the Adjusted Treasury Rate definition is applicable, the average of three, or such lesser number as is obtained
by the Company, Reference Treasury Dealer Quotations for such redemption date. 
 “Consolidated EBITDA Coverage Ratio” as of any
date of determination means the ratio of (i) the aggregate amount of EBITDA for the period of the most recent four consecutive fiscal quarters for which internal financial statements are available prior to the date of such determination to
(ii) Consolidated Interest Expense for such four fiscal quarters; provided, however, that: 
 (1)       if the Company or any Restricted Subsidiary has issued any Indebtedness since the beginning of such period that remains outstanding or if the transaction giving rise to the need to calculate the
Consolidated EBITDA Coverage Ratio is an issuance of Indebtedness, or both, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving effect on a pro forma basis to such Indebtedness as if such Indebtedness had been
issued on the first day of such period and the discharge of any other Indebtedness repaid, repurchased, defeased or otherwise discharged with the proceeds of such new Indebtedness as if such discharge had occurred on the first day of such period;

 (2)       if since the beginning of such period the Company or any Restricted Subsidiary
shall have made any Asset Disposition, the EBITDA for such period shall be reduced by an amount equal to the EBITDA (if positive) 

  

 8 

 
directly attributable to the assets which are the subject of such Asset Disposition for such period, or increased by an amount equal to the EBITDA (if
negative), directly attributable thereto for such period, and Consolidated Interest Expense for such period shall be reduced by an amount equal to the Consolidated Interest Expense directly attributable to any Indebtedness of the Company or any
Restricted Subsidiary repaid, repurchased, defeased or otherwise discharged with respect to the Company and its continuing Restricted Subsidiaries in connection with such Asset Dispositions for such period (or, if the Capital Stock of any Restricted
Subsidiary is sold, the Consolidated Interest Expense for such period directly attributable to the Indebtedness of such Restricted Subsidiary to the extent the Company and its continuing Restricted Subsidiaries are no longer liable for such
Indebtedness after such sale); 
 (3)       if since the beginning of such period the Company
or any Restricted Subsidiary (by merger or otherwise) shall have made an Investment in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or an acquisition of assets, including any acquisition of assets occurring in
connection with a transaction causing a calculation to be made hereunder, which constitutes all or substantially all of an operating unit of a business, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro
forma effect thereto (including the issuance of any Indebtedness) as if such Investment or acquisition occurred on the first day of such period, and; 
 (4)       if since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the
beginning of such period) shall have made any Asset Disposition or any Investment that would have required an adjustment pursuant to clause (2) or (3) above if made by the Company or a Restricted Subsidiary during such period, EBITDA and
Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto as if such Asset Disposition or Investment occurred on the first day of such period. 
 For purposes of this definition, whenever pro forma effect is to be given to an acquisition of assets, the amount of income or earnings relating thereto, and the amount
of Consolidated Interest Expense associated with any Indebtedness issued in connection therewith, the pro forma calculations shall be determined in good faith by a responsible financial or accounting officer of the Company. If any Indebtedness bears
a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any
Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of 12 months). 
  

 9 

 “Consolidated Interest Expense” means, for any period, (1) the sum of (i) the
interest expense (including imputed interest expense in respect of Capital Lease Obligations) of the Company and its consolidated subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, plus (ii) any
interest accrued during such period in respect of Indebtedness of the Company or any of its consolidated subsidiaries that is required to be capitalized rather than included in consolidated interest expense for such period in accordance with GAAP,
minus (2) to the extent otherwise included in Consolidated Interest Expense, (i) deferred financing costs, (ii) interest expense associated with any Non-Recourse Indebtedness, (iii) interest capitalized in accordance with
GAAP in connection with the construction of real estate investments so long as the applicable consolidated subsidiary has obtained construction loan financing pursuant to which construction loan advances are made in the amount of such interest
expense, (iv) interest expense associated with Exempt Construction Loans to the extent such interest expense is either fully supported by net operating income from the underlying real estate investment or is covered by advances under such
Exempt Construction Loans, (v) interest expense associated with CBRE Capital Markets Permitted Indebtedness or Indebtedness under the CBRE Loan Arbitrage Facility, and (vi) any interest expense in respect of any Purchased Loans.

 For purposes of the foregoing, interest expense shall be determined after giving effect to any net payments made or received by the Company or any of its
consolidated subsidiaries with respect to Interest Rate Agreements. 
 “Consolidated Net Income” means, for any period, the net
income or loss of the Company and its consolidated Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded, (a) the income of any such consolidated subsidiary to the
extent that the declaration or payment of dividends or similar distributions by such consolidated subsidiary of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree,
statute, rule or governmental regulation applicable to such consolidated subsidiary, (b) the net income of any Unrestricted Subsidiary, except that, subject to the exclusion contained in clause (f) below, the Company’s or any
Restricted Subsidiary’s equity in the net income of any Unrestricted Subsidiary shall be included in Consolidated Net Income up to the aggregate amount of cash actually distributed by such Unrestricted Subsidiary to the Company or a Restricted
Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution paid to another Restricted Subsidiary, to the limitation contained in clause (a) above) and the Company’s or a Restricted
Subsidiary’s equity in the net loss of any Unrestricted Subsidiary shall be included in determining Consolidated Net Income, (c) the income or loss of any person accrued prior to the date it becomes a consolidated subsidiary of the Company
or is merged into or consolidated with the Company or any of its consolidated subsidiaries or the date that such Person’s assets are acquired by the Company or any of its consolidated subsidiaries, (d) any reduction for charges made in
accordance with Financial Accounting Standard No. 142—Goodwill and Other Intangible Assets, (e) any income or gains associated with or resulting from the purchase of Purchased Loans or any income associated with or resulting from
payments received by the Company, the Purchaser or any Restricted Subsidiary pursuant to the Purchaser Agreement, and 

  

 10 

 
(f) any gains or losses attributable to sales of assets out of the ordinary course of business; provided further, that Consolidated Net
Income for any period shall be (i) increased by cash received during such period by the Company or any of its consolidated subsidiaries in respect of commissions receivable (net of related commissions payable to brokers) on transactions that
were completed by any acquired business prior to the acquisition of such business and which purchase accounting rules under GAAP would require to be recognized as an intangible asset purchased, (ii) increased, to the extent otherwise deducted
in determining Consolidated Net Income for such period, by the amortization of intangibles relating to purchase accounting in connection with any Permitted Acquisition and (iii) increased (or decreased, as the case may be), in connection with
the sale of real estate during such period, to eliminate the effect of purchase price allocations to such real estate resulting from the consummation of any Permitted Acquisition. 
 “Credit Agreement” means the Second Amended and Restated Credit Agreement among the Company, Parent and certain Subsidiaries of the Company,
as guarantors, the lenders referred to therein, Credit Suisse, as Administrative Agent and Collateral Agent, Credit Suisse Securities (USA) LLC and Banc of America Securities LLC, as Joint Lead Arrangers and Joint Bookrunners, and the Co-Agents
named therein, together with the related documents thereto (including the term loans and revolving loans thereunder, any guarantees and security documents), as amended, extended, renewed, restated, supplemented or otherwise modified (in whole or in
part, and without limitation as to amount, terms, conditions, covenants and other provisions) from time to time, and any agreement (and related document) governing Indebtedness, including an indenture, incurred to Refinance, in whole or in part, the
borrowings and commitments then outstanding or permitted to be outstanding under such Second Amended and Restated Credit Agreement or a successor Credit Agreement. 
 “Credit Facility” means one or more credit facilities (including the Credit Agreement) with banks or other lenders providing for revolving credit loans or term loans or the issuance of letters of credit or
bankers’ acceptances or the like. 
 “Currency Agreement” means in respect of a Person any foreign exchange contract,
currency swap agreement or other similar agreement designed to protect such Person against fluctuations in currency values. 
 “D&I
Business” shall mean the real estate development and investment activities conducted by TCC and its subsidiaries. 
 “D&I
Subsidiary” shall mean any subsidiary of TCC engaged principally in the D&I Business. 
 “Default” means any event which
is, or after notice or passage of time or both would be, an Event of Default. 
 “Designated Senior Indebtedness” means any
Indebtedness outstanding under the Credit Agreement and any other Senior Indebtedness permitted under the Indenture the principal amount of which is $50,000,000 or more and that has been designated by the Company as “Designated Senior
Indebtedness.” 
  

 11 

 “Disqualified Stock” means, with respect to any Person, any Capital Stock which by its terms
(or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder) or upon the happening of any event: 
 (1)      matures (excluding any maturities as a result of an optional redemption by the issuer thereof) or
is mandatorily redeemable pursuant to a sinking fund obligation or otherwise; 
 (2)      is
convertible or exchangeable at the option of the holder for Indebtedness or Disqualified Stock; or 
 (3)      is mandatorily redeemable or must be purchased upon the occurrence of certain events or otherwise, in whole or in part; 
 in each case on or prior to the first anniversary of the Stated Maturity of the Securities; provided, however, that if such Capital Stock is issued to any employee or to any plan for the benefit of
employees of Parent or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by Parent or its Subsidiaries in order to satisfy
obligations as a result of such employee’s death or disability; and provided further, however, that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right
to require such Person to purchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control” occurring prior to the first anniversary of the Stated Maturity of the Securities shall not constitute
Disqualified Stock if (1) the “asset sale” or “change of control” provisions applicable to such Capital Stock are not more favorable to the holders of such Capital Stock than the terms applicable to the Securities in
Sections 4.06 and 4.12 of this Indenture and (2) any such requirement only becomes operative after compliance with such terms applicable to the Securities, including the purchase of any Securities tendered pursuant thereto. 
 The amount of any Disqualified Stock that does not have a fixed redemption, repayment or repurchase price will be calculated in accordance with the
terms of such Disqualified Stock as if such Disqualified Stock were redeemed, repaid or repurchased on any date on which the amount of such Disqualified Stock is to be determined pursuant to this Indenture; provided, however, that if
such Disqualified Stock could not be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment or repurchase price will be the book value of such Disqualified Stock as reflected in the most recent
financial statements of such Person. 
 “EBITDA” for any period means Consolidated Net Income for such period plus
(a) without duplication and to the extent deducted in determining such Consolidated Net Income, the sum of: 
  

 12 

 (1)      consolidated interest expense for such period
(including deferred financing costs), 
 (2)      consolidated income tax expense for such
period, 
 (3)      all amounts attributable to depreciation and amortization for such period,

 (4)      any non-recurring fees, expenses or charges for such period in connection with the
consummation and implementation of the second amendment to the Credit Agreement, any purchase of the term loans by a Restricted Subsidiary of the Company or any modifications to loans under the Credit Agreement, 
 (5)      any restructuring expenses for such period in an amount not to exceed $50,000,000, and

 (6)      all other non-cash losses, expenses and charges of Company and its consolidated
Subsidiaries for such period (excluding (x) the write-down of current assets and (y) any such non-cash charge to the extent that it represents an accrual of or reserve for cash expenditures in any future period); and minus

 (b) without duplication, 
 (1)      all cash payments made during such period on account of reserves, restructuring charges and other noncash charges added to Consolidated Net Income pursuant to clause (a)(6) above in a previous period
and 
 (2)      to the extent included in determining such Consolidated Net Income, any
extraordinary gains for such period, all determined on a consolidated basis in accordance with GAAP. 
 “Equity Offering” means
any primary offering of Capital Stock of Parent or the Company (other than Disqualified Stock) to Persons who are not Affiliates of Parent or the Company other than (1) public offerings with respect to the Parent’s Common Stock registered
on Form S-8 and (2) issuances upon exercise of options by employees of Parent or any of its Restricted Subsidiaries. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Exchange Securities” means the
Company’s 11.625% Senior Subordinated Notes due June 15, 2017 issued pursuant to a registered exchange for the Initial Securities. 
 “Exempt Construction Loan” shall mean any interim construction loan (or Guarantee thereof) of a D&I Subsidiary (1) that is subject to or backed by committed permanent refinancing, or (2) in which the D&I
Subsidiary that is the obligor of such 

  

 13 

 
construction loan has entered into a lease of the property securing such Exempt Construction Loan (or Guarantee thereof) and such lease supports a
refinancing of the entire interim construction loan amount based upon prevailing permanent loan terms at the time the interim construction loan is closed. Notwithstanding the foregoing, construction loans (and Guarantees thereof) shall cease to be
treated as Exempt Construction Loans in the event that any of the following occur: (a) the obligor of such Exempt Construction Loan is in default beyond any applicable notice and cure periods of any obligations under the credit agreement
relating to such Exempt Construction Loan; or (b) the underlying real property securing such Exempt Construction Loan has not been sold by a date which is no later than 15 months (unless subject to or backed by committed permanent refinancing,
in which case no deadline for the sale of such real property shall apply) after completion of construction. 
 “FHA Loans” shall
mean commercial or multi-housing mortgage loans originated by CBRE Capital Markets (or any other Mortgage Banking Subsidiary) and insured by the Federal Housing Administration or any other governmental entity. 
 “Foreign Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person that is not organized or existing under the
laws of the United States, any state thereof, the District of Columbia, or any territory thereof and any Restricted Subsidiary of such Foreign Subsidiary. 
 “GAAP” means generally accepted accounting principles in the United States of America as in effect as of the Issue Date, including those set forth in: 
 (1)      the opinions and pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants; 
 (2)      statements and pronouncements of the Financial
Accounting Standards Board; 
 (3)      such other statements by such other entity as approved
by a significant segment of the accounting profession; and 
 (4)      the rules and
regulations of the SEC governing the inclusion of financial statements (including pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and
pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC. Except as otherwise provided herein, all ratios and computations based on GAAP contained in this Indenture shall be computed in
conformity with GAAP. 
 “Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly
guaranteeing any Indebtedness of any Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
  

 14 

 (1) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness of such Person (whether arising by virtue of partnership or other ownership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or to maintain financial statement conditions or
otherwise); or 
 (2) entered into for the purpose of assuring in any other manner the obligee of such Indebtedness of the
payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 
 provided, however, that the term
“Guarantee” shall not include (i) endorsements for collection or deposit in the ordinary course of business, (ii) customary environmental indemnities and non-recourse carve-out guarantees requested by lenders in financing
transactions secured by real property or (iii) completion and budget guarantees. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Guarantor” means Parent and/or a Subsidiary Guarantor. 
 “Guaranty” means the Parent
Guaranty and/or a Subsidiary Guaranty, collectively referred to herein as the “Guaranties.” 
 “Guaranty Agreement”
means a supplemental indenture, in a form satisfactory to the Trustee, pursuant to which a Guarantor guarantees the Company’s obligations with respect to the Securities on the terms provided for in this Indenture. 
 “Hedging Obligations” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement,
commodity price protection or hedging agreement or other similar agreements. 
 “Holder” or “Securityholder” means the
Person in whose name a Security is registered on the Registrar’s books. 
 “Incur” means issue, assume, Guarantee, incur or
otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be
deemed to be Incurred by such Person at the time it becomes a Restricted Subsidiary. The term “Incurrence” when used as a noun shall have a correlative meaning. Solely for purposes of determining compliance with Section 4.03 of this
Indenture, (1) amortization of debt discount or the accretion of principal with respect to a noninterest bearing or other discount security and (2) the payment of regularly scheduled interest in the form of additional Indebtedness of the
same instrument or the payment of regularly scheduled dividends on Capital Stock in the form of additional Capital Stock of the same class and with the same terms will not be deemed to be the Incurrence of Indebtedness. 
 “Indebtedness” means, with respect to any Person on any date of determination (without duplication): 
  

 15 

 (1)      the principal in respect of (A) indebtedness
of such Person for money borrowed and (B) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable, including, in each case, any premium on such indebtedness
to the extent such premium has become due and payable; 
 (2)      all Capital Lease
Obligations of such Person; 
 (3)      all obligations of such Person issued or assumed as
the deferred purchase price of property, all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business);

 (4)      all obligations of such Person for the reimbursement of any obligor on any letter
of credit, banker’s acceptance or similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (1) through (3) above) entered into in
the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the twentieth Business Day following payment on the letter of
credit); 
 (5)      the amount of all obligations of such Person with respect to the
redemption, repayment or other repurchase of any Disqualified Stock of such Person or, with respect to any Preferred Stock of any Subsidiary of such Person, the principal amount of such Preferred Stock to be determined in accordance with
Section 1.04(7) of this Indenture (but excluding, in each case, any accrued dividends); 
 (6)      all obligations of the type referred to in clauses (1) through (5) of other Persons and all dividends of other Persons for the payment of which, in either case, such Person is responsible or
liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee; 
 (7)      all obligations of the type referred to in clauses (1) through (6) of other Persons secured by any Lien on any property or asset of such Person (whether or not such obligation is assumed
by such Person), the amount of such obligation being deemed to be the lesser of the value of such property or assets and the amount of the obligation so secured; 
 (8)      all obligations of such Person pursuant to any Permitted Receivables Securitization to the extent
such obligations are reflected as indebtedness on the consolidated balance sheet of Parent; and 
 (9)      to the extent not otherwise included in this definition, Hedging Obligations of such Person. 
  

 16 

 Notwithstanding the foregoing, in connection with the purchase by the Company or any Restricted Subsidiary of any
business, the term “Indebtedness” will exclude post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the performance of
such business after the closing; provided, however, that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within 60
days thereafter. Indebtedness of any Person shall include all Indebtedness of any partnership or other entity in which such Person is a general partner or other equity holder with unlimited liability other than (x) Indebtedness which is
nonrecourse to such Person and its assets (subject to customary environmental indemnities or completion or budget guarantees, and subject to customary exclusions from liability by lenders in non-recourse financing transactions secured by real
property (including by means of separate indemnification agreements or carve-out guarantees)) and (y) if such Person is an Investment Subsidiary, the indebtedness of a related Co-investment Vehicle. 
 The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above
and the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date; provided, however, that the principal amount of any noninterest bearing or other discount
security at any date will be the principal amount thereof that would be shown on a balance sheet of such Person dated such date prepared in accordance with GAAP. 
 “Indenture” means this Indenture as amended, supplemented or otherwise modified from time to time. 
 “Independent Qualified Party” means an investment banking firm, accounting firm or appraisal firm of national standing; provided, however, that such firm is not an Affiliate of the Company. 
 “Initial Purchasers” means, collectively, Banc of America Securities LLC, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc.,
as representatives of all the initial purchasers named in the Purchase Agreement. 
 “Initial Securities” means the Company’s
11.625% Senior Subordinated Notes due June 15, 2017 issued under this Indenture. 
 “Interest Rate Agreement” means in
respect of a Person any interest rate swap agreement, interest rate cap agreement or other financial agreement or arrangement designed to protect such Person against fluctuations in interest rates. 
 “Investment” in any Person means any direct or indirect advance, loan (other than advances to customers in the ordinary course of business
that are recorded as accounts receivable on the balance sheet of the lender) or other extensions of credit (including by way of Guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to
others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, 

  

 17 

 
Indebtedness or other similar instruments issued by such Person. Except as otherwise provided for herein, the amount of an Investment shall be its fair
market value at the time the Investment is made and without giving effect to subsequent changes in value. 
 For purposes of the definition of
“Unrestricted Subsidiary,” the definition of “Restricted Payment” and Section 4.04 of this Indenture, 
 (1)      “Investment” shall include the portion (proportionate to the Company’s equity interest in such Subsidiary) of the fair market value of the net assets of any Subsidiary of the Company at
the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall be deemed to continue to have a permanent
“Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal to (A) the Company’s “Investment” in such Subsidiary at the time of such redesignation less (B) the portion (proportionate to the
Company’s equity interest in such Subsidiary) of the fair market value of the net assets of such Subsidiary at the time of such redesignation; and 
 (2)      any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer, in each case as determined in good faith by
the Board of Directors. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) and BBB- (or
the equivalent) by Moody’s Investors Service, Inc. (or any successor to the rating agency business thereof) and Standard & Poor’s Ratings Group (or any successor to the rating agency business thereof), respectively. 
 “Investment Subsidiary” shall mean (1) any Subsidiary engaged principally in the business of buying and holding real estate related
assets in anticipation of selling such assets or transferring such assets, which assets may include securities of companies engaged principally in such business, (2) any Subsidiary engaged principally in the business of investment management,
including investing in and/or managing Co-investment Vehicles and (3) any D&I Subsidiary. 
 “Issue Date” means
June 18, 2009. 
 “Leverage Ratio” shall mean, on any date, the ratio of (1) (A) Total Debt minus (B) cash and
cash equivalents (excluding restricted cash) plus (C) accrued liability relating to cash bonuses (but only to the extent such amount is not in excess of the amount in clause (B)) on such date to (2) EBITDA for the period of four
consecutive fiscal quarters most recently ended on or prior to such date. 
 “Lien” means any mortgage, pledge, security interest,
encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof). For the avoidance of doubt, the grant by any Person of a non-exclusive license to use intellectual property
owned by, licensed to, or developed by such Person and such license activity shall not constitute a grant by such Person of a Lien on such intellectual property. 
  

 18 

 “Mortgage Banking Activities” means (1) the origination of mortgage loans in respect of
commercial and multi-family residential real property, and the sale or assignment of such mortgage loans and the related mortgages to another person (other than the Company or any Restricted Subsidiary) within 120 days after the origination thereof
(or thereafter, so long as the purchaser thereof is a quasi-federal governmental agency or enterprise or government-sponsored entity that shall have confirmed in writing its obligation to purchase such loans prior to such 120th day),
provided, however, that in each case prior to origination of any mortgage loan, the Company or a Mortgage Banking Subsidiary, as the case may be, shall have entered into a legally binding and enforceable agreement with respect to such
mortgage loan with a person that purchases such loans in the ordinary course of business, (2) the origination of FHA Loans, and (3) servicing activities related to the activities described in clauses (1) and (2) above.

 “Mortgage Banking Subsidiary” means CBRE Capital Markets and its subsidiaries that are engaged in Mortgage Banking Activities.

 “Net Available Cash” from an Asset Disposition means cash payments received therefrom (including any cash payments received by
way of deferred payment of principal pursuant to a note or installment receivable or otherwise and proceeds from the sale or other disposition of any securities received as consideration, but only as and when received, but excluding any other
consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to such properties or assets or received in any other noncash form), in each case net of: 
 (1)      all legal, accounting, investment banking and brokerage fees, title and recording tax expenses,
commissions and other fees and expenses incurred, and all Federal, state, provincial, foreign and local taxes required to be accrued as a liability under GAAP, as a consequence of such Asset Disposition; 
 (2)      all payments made on any Indebtedness which is secured by any assets subject to such Asset
Disposition, in accordance with the terms of any Lien upon or other security agreement of any kind with respect to such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset Disposition, or by applicable law, be
repaid out of the proceeds from such Asset Disposition; 
 (3)      all distributions and
other payments required to be made to minority interest holders in Restricted Subsidiaries as a result of such Asset Disposition; and 
 (4)      the deduction of appropriate amounts provided by the seller as a reserve, in accordance with GAAP, against any liabilities associated with the property or other assets disposed
in such Asset Disposition and retained by the Company or any Restricted Subsidiary after such Asset Disposition. 
  

 19 

 “Net Cash Proceeds,” with respect to any issuance or sale of Capital Stock, means the cash
proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with such
issuance or sale and net of taxes paid or payable as a result thereof. 
 “Non-Recourse Indebtedness” means Indebtedness of, or
Guarantees by, an Investment Subsidiary; provided that (1) such Indebtedness is incurred solely in relation to the permitted investment or real estate development activities of such Investment Subsidiary and (2) such Indebtedness is
not Guaranteed by, or otherwise recourse to Parent, the Company or any Restricted Subsidiary other than an Investment Subsidiary (subject to customary environmental indemnities or completion or budget guarantees, and subject to customary exclusions
from liability by lenders in non-recourse financing transactions secured by real property (including by means of separate indemnification agreements or carve-out guarantees)); provided further that, if any such Indebtedness is
partially Guaranteed by or otherwise recourse to Parent, the Company or any Restricted Subsidiary other than an Investment Subsidiary, the portion of such Indebtedness not so Guaranteed or recourse shall be “Non-Recourse Indebtedness”
hereunder. 
 “Obligations” means with respect to any Indebtedness all obligations for principal, premium, interest, penalties,
fees, indemnifications, reimbursements and other amounts payable pursuant to the documentation governing such Indebtedness. 
 “Offering Memorandum” means the Offering Memorandum dated June 15, 2009 relating to the Securities. 
 “Officer” means the Chairman of the board of directors, the Chief Executive Officer, the President, the Chief Financial Officer, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or any Assistant
Treasurer or the Secretary or any Assistant Secretary of Parent or the Company. 
 “Officer’s Certificate” means a
certificate signed on behalf of Parent or the Company, as the case may be, by an Officer of Parent or the Company, respectively. 
 “Opinion of Counsel” means a written opinion signed by legal counsel, who may be an employee of or counsel to Parent or the Company, satisfactory to the Trustee. 
 “Parent” means CB Richard Ellis Group, Inc., a Delaware corporation, and its successors. 
 “Parent Guaranty” means the Guarantee by Parent of the Company’s obligations with respect to the Securities contained in this Indenture.

  

 20 

 “Permitted Acquisition” shall have the meaning set forth in the Credit Agreement, as in effect
on the date hereof. 
 “Permitted Co-investment” means (1) any Investment by the Company or any of its Restricted
Subsidiaries in, or any Guarantee by the Company or any of its Restricted Subsidiaries of the Indebtedness of, a Co-investment Vehicle or separate account or investment program managed, operated or sponsored by an Investment Subsidiary;
provided, however, that if the aggregate commitments of all investors in a Co-investment Vehicle or separate account or investment program is (A) $50,000,000 or less, (i) such Investment shall not be greater than 10% of the
aggregate commitment of such Co-investment Vehicle or separate account or investment program and (ii) such Guarantee shall not be greater than 10% of the aggregate committed Indebtedness of such Co-investment Vehicle or separate account or
investment program and (B) greater than $50,000,000, (i) such Investment shall not be greater than 6% of the aggregate commitment of such Co-investment Vehicle or separate account or investment program and (ii) such Guarantee shall
not be greater than 6% of the aggregate committed Indebtedness of such Co-investment Vehicle or separate account or investment program, (2) any Guarantee of Indebtedness of a Co-investment Vehicle managed, operated or sponsored by an Investment
Subsidiary, provided that the other investors in such Co-investment Vehicle provide Approved Credit Support for their pro rata share of such Guarantee, and (3) any investment in which an Approved Take Out Party provides an Approved Take Out
Commitment in respect of such Investment (it being understood that any particular Investment or Guarantee may be allocated to one or more categories specified in clauses (1), (2) and (3) above). 
 “Permitted Holders” means (1) the Blum Funds, (2) any member of senior management of the Company on the Issue Date and (3) the
Parent. 
 “Permitted Investment” means an Investment by the Company or any Restricted Subsidiary in: 
 (1)      the Company, a Restricted Subsidiary or a Person that will, upon the making of such Investment,
become a Restricted Subsidiary; provided, however, that (A) the primary business of such Restricted Subsidiary is a Related Business and (B) such Restricted Subsidiary is not restricted from making dividends or similar
distributions by contract, operation of law or otherwise; provided further, however, that (1) any Investment in CBRE Capital Markets for purposes of supporting any CBRE Capital Markets Permitted Indebtedness shall be
limited to $50,000,000 in the aggregate after giving effect to any repayments of such Investments and (2) any Investment in an Investment Subsidiary shall be limited to the extent such Investment is made in such Investment Subsidiary to fund a
Permitted Co-investment or any other Investment that is separately permitted by this definition or in connection with funding routine start-up costs of such Investment Subsidiary; 
  

 21 

 (2)      another Person if as a result of such Investment
such other Person is merged or consolidated with or into, or transfers or conveys all or substantially all its assets to, the Company or a Restricted Subsidiary; provided, however, that such Person’s primary business is a Related
Business; 
 (3)      cash and Temporary Cash Investments; 
 (4)      receivables owing to the Company or any Restricted Subsidiary if created or acquired in the
ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary
deems reasonable under the circumstances; 
 (5)      payroll, travel, moving and similar
advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 
 (6)      loans or advances to employees or independent contractors made in the ordinary course of business
of the Company or such Restricted Subsidiary; 
 (7)      loans or advances to clients and
vendors made in the ordinary course of business of the Company or such Restricted Subsidiary in an aggregate amount outstanding at any time not exceeding $5,000,000; 
 (8)      stock, obligations or securities received in settlement of debts created in the ordinary course
of business and owing to the Company or any Restricted Subsidiary or in satisfaction of judgments; 
 (9)      any Person to the extent such Investment represents the noncash portion of the consideration received for an Asset Disposition as permitted pursuant to Section 4.06 of this Indenture; 

(10)      any Person where such Investment was acquired by the Company or any of its Restricted
Subsidiaries (a) in exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of
such other Investment or accounts receivable or (b) as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in
default; 
  

 22 

 (11)      Hedging Obligations entered into in the ordinary
course of the Company’s or any Restricted Subsidiary’s business and not for the purpose of speculation; 
 (12)      any Person to the extent such Investment exists on the Issue Date or replaces or refinances an Investment in such Person existing on the Issue Date in an amount not exceeding the amount of the
Investment being replaced or refinanced; provided, however, that the new Investment is on terms and conditions no less favorable than the Investment being renewed or replaced; 
 (13)      Investments in insurance on the life of any participant in any deferred compensation plan of the
Company made in the ordinary course of business; 
 (14)      Permitted Co-investments;

 (15)      Investments customarily arising in connection with any Permitted Receivables
Securitization; 
 (16)      Investments made pursuant to commitments to Invest, which
commitments are outstanding on the Issue Date; and 
 (17)      so long as no Default shall
have occurred and be continuing (or result therefrom), any Person in an aggregate amount which, when added together with the amount of all the Investments made pursuant to this clause (17) which at such time have not been repaid through
repayments of loans or advances or other transfers of assets, does not exceed $200,000,000 (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value). 
 “Permitted Junior Securities” means Capital Stock of the Company, Parent or any Subsidiary Guarantor or debt securities of the Company, Parent
or any Subsidiary Guarantor that are subordinated to all Senior Indebtedness of the Company, Parent or Subsidiary Guarantor to substantially the same extent as, or to a greater extent than, the Securities and the Guaranties are subordinated to
Senior Indebtedness under the Indenture. 
 “Permitted Receivables Securitization” means sales of Receivables pursuant to a
Receivables Securitization; provided that the aggregate Receivables Securitization Amount outstanding at any time in respect of all Receivables Securitizations does not exceed $100,000,000. 
 “Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust,
unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
  

 23 

 “Preferred Stock”, as applied to the Capital Stock of any Person, means Capital Stock of any
class or classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock
of any other class of such Person. 
 “principal” of a Security means the principal of the Security plus the premium, if any,
payable on the Security which is due or overdue or is to become due at the relevant time. 
 “Private Exchange Securities” means
the Company’s 11.625% Senior Subordinated Notes due June 15, 2017 issued pursuant to a private exchange for the Initial Securities. 
 “Purchase Agreement” means the Purchase Agreement dated June 15, 2009, among the Company, Parent, the Subsidiary Guarantors and the Initial Purchasers. 
 “Purchased Loan” means each term loan under the Credit Agreement purchased pursuant to an auction referred to in the Credit Agreement.

 “Purchaser” shall have the meaning set forth in the Credit Agreement, as in effect on the date hereof. 
 “Purchaser Agreement” shall have the meaning set forth in the Credit Agreement, as in effect on the date hereof. 
 “Quotation Agent” means the Reference Treasury Dealer selected by the Company. 
 “Rating Agencies” means Standard and Poor’s Ratings Group and Moody’s Investors Service, Inc. or any successor to the respective
rating agency business thereof. 
 “Receivables” shall mean a right to receive payment arising from a sale or lease of goods or the
performance of services by a Person pursuant to an arrangement with another person by which such other Person is obligated to pay for goods or services under terms that permit the purchase of such goods and services on credit, and all proceeds
thereof and rights (contractual or other) and collateral related thereto, and shall include, in any event, any items of property that would be classified as accounts receivable on the balance sheet of the Company or any of the Subsidiaries prepared
in accordance with GAAP or an “account”, “chattel paper”, an “instrument”, a “general intangible” or a “payment intangible” under the Uniform Commercial Code as in effect in the State of New York and
any “supporting obligations” or “proceeds” (as so defined) of any such items. 
 “Receivables Securitization”
shall mean, with respect to the Company and/or any of the Subsidiaries, any transaction or series of transactions of securitizations involving Receivables pursuant to which the Company or any Subsidiary may sell, convey or 

  

 24 

 
otherwise transfer to a Securitization Subsidiary, and may grant a corresponding security interest in, any Receivables (whether now existing or arising in
the future) of the Company or any Subsidiary, and any assets related thereto including collateral securing such Receivables, contracts and all Guarantees or other obligations in respect of such Receivables, the proceeds of such Receivables and other
assets which are customarily transferred, or in respect of which security interests are customarily granted, in connection with securitizations involving Receivables. 
 “Receivables Securitization Amount” shall mean, with respect to any Receivables Securitization, the amount of obligations outstanding under the legal documents entered into as part of such Receivables
Securitization on any date of determination that would be characterized as principal if such Receivables Securitization were structured as a secured lending transaction rather than as a purchase. 
 “Reference Treasury Dealer” means Banc of America Securities LLC and its successors and assigns, Credit Suisse Securities (USA) LLC and its
successors and assigns, and J.P. Morgan Securities Inc. and its successors and assigns. 
 “Reference Treasury Dealer Quotations”
means with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount,
quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day immediately preceding such redemption date. 
 “Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or retire, or to issue other Indebtedness in exchange or replacement for, such
indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings. 
 “Refinancing Indebtedness”
means Indebtedness that Refinances any Indebtedness of the Company or any Restricted Subsidiary existing on the Issue Date or Incurred in compliance with this Indenture, including Indebtedness that Refinances Refinancing Indebtedness;
provided, however, that: 
 (1)        such Refinancing Indebtedness
has a Stated Maturity no earlier than the Stated Maturity of the Indebtedness being Refinanced; 
 (2)        such Refinancing Indebtedness has an Average Life at the time such Refinancing Indebtedness is Incurred that is equal to or greater than the Average Life of the Indebtedness being
Refinanced; and 
 (3)        such Refinancing Indebtedness has an aggregate
principal amount (or if Incurred with original issue discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted value) then outstanding or
committed (plus fees and expenses, including any premium and defeasance costs) under the Indebtedness being Refinanced; 
  

 25 

 provided further, however, that Refinancing Indebtedness shall not include (A) Indebtedness of
a Restricted Subsidiary that Refinances Indebtedness of the Company or (B) Indebtedness of the Company or a Restricted Subsidiary that Refinances Indebtedness of an Unrestricted Subsidiary. 
 “Registration Rights Agreement” means the Registration Rights Agreement dated June 15, 2009 among the Company, Parent, the Subsidiary
Guarantors and the Initial Purchasers. 
 “Related Business” means any business in which the Company was engaged on the Issue Date
and any business related, ancillary or complementary to any business of the Company in which the Company was engaged on the Issue Date. 
 “Representative” means, with respect to a Person, any trustee, agent or representative (if any) for an issue of Senior Indebtedness of such Person. 
 “Restricted Payment” with respect to any Person means: 
 (1)        the declaration or payment of any dividends or any other distributions of any sort in respect of its Capital Stock (including any payment in connection with any merger or consolidation
involving such Person) or similar payment to the direct or indirect holders of its Capital Stock (other than dividends or distributions payable solely in its Capital Stock (other than Disqualified Stock) and dividends or distributions payable solely
to the Company or a Restricted Subsidiary, and other than pro rata dividends or other distributions made by a Subsidiary that is not a Wholly Owned Subsidiary to minority stockholders (or owners of an equivalent interest in the case of a Subsidiary
that is an entity other than a corporation)); 
 (2)        the purchase, redemption
or other acquisition or retirement for value of any Capital Stock of the Company held by any Person or of any Capital Stock of a Restricted Subsidiary held by any Affiliate of the Company (other than a Restricted Subsidiary), including the exercise
of any option to exchange any Capital Stock (other than into Capital Stock of the Company that is not Disqualified Stock); 
 (3)        the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment of any
Subordinated Obligations of such Person, if such Person is the Company or a Subsidiary Guarantor (other than the purchase, repurchase or other acquisition of Subordinated Obligations purchased in anticipation of satisfying a sinking fund obligation,
principal installment or final maturity, in each case due within one year of the date of such purchase, repurchase or other acquisition); or 
  

 26 

 (4)        the making of any Investment (other
than a Permitted Investment) in any Person. 
 “Restricted Subsidiary” means any Subsidiary of the Company that is not an
Unrestricted Subsidiary. 
 “SEC” means the Securities and Exchange Commission. 
 “Secured Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries secured by a Lien. 
 “Securities” means the Initial Securities and, if and when issued, the Additional Securities, the Exchange Securities and the Private Exchange
Securities. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Securitization Subsidiary” shall mean any Subsidiary formed solely for the purpose of engaging, and that engages only, in one or more
Permitted Receivables Securitizations. 
 “Senior Indebtedness” means with respect to any Person: 
 (1)        Indebtedness of such Person, whether outstanding on the Issue Date or thereafter
Incurred; and 
 (2)        accrued and unpaid interest (including interest accruing
on or after the filing of any petition in bankruptcy or for reorganization relating to such Person whether or not post-filing interest is allowed in such proceeding) in respect of (A) indebtedness of such Person for money borrowed and
(B) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable 
 unless, in the case of clauses (1) and (2), in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such obligations are not superior in right of payment to the Securities or
the Guaranty of such Person, as the case may be; provided, however, that Senior Indebtedness shall not include: 
 (1)        any obligation of such Person to any Subsidiary; 
 (2)        any liability for Federal, state, local or other taxes owed or owing by such Person; 
 (3)        any accounts payable or other liability to trade creditors arising in the ordinary course of business (including guarantees thereof or instruments evidencing such
liabilities); 
  

 27 

 (4)        any Indebtedness of such Person (and
any accrued and unpaid interest in respect thereof) which is subordinate or junior in any respect to any other Indebtedness or other obligation of such Person; or 
 (5)        that portion of any Indebtedness which at the time of Incurrence is Incurred in
violation of this Indenture; provided, however, that such Indebtedness shall be deemed not to have been Incurred in violation of the Indenture for purposes of this clause (5) if (x) the holders of such Indebtedness or their
representative or the Company shall have furnished to the Trustee an opinion of recognized independent legal counsel, unqualified in all material respects, addressed to the Trustee (which legal counsel may, as to matters of fact, rely upon an
Officer’s Certificate) to the effect that the Incurrence of such Indebtedness does not violate the provisions of the Indenture or (y) such Indebtedness consists of Bank Indebtedness, and the holders of such Indebtedness or their agent or
representative (1) had no actual knowledge at the time of the Incurrence that the Incurrence of such Indebtedness violated this Indenture and (2) shall have received an Officer’s Certificate to the effect that the Incurrence of such
Indebtedness does not violate the provisions of the Indenture. 
 “Senior Subordinated Indebtedness” means, with respect to a
Person, the Securities (in the case of the Company), the Subsidiary Guaranty (in the case of a Subsidiary Guarantor) and any other Indebtedness of such Person that specifically provides that such Indebtedness is to rank pari passu with
the Securities or such Subsidiary Guaranty, as the case may be, in right of payment and is not subordinated by its terms in right of payment to any Indebtedness or other Obligation of such Person which is not Senior Indebtedness of such Person.

 “Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Company
within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 
 “Stated Maturity” means, with respect to
any security, the date specified in such security as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the
repurchase of such security at the option of the holder thereof upon the happening of any contingency unless such contingency has occurred). 
 “Subordinated Obligation” means, with respect to a Person, any Indebtedness of such Person (whether outstanding on the Issue Date or thereafter Incurred) which is subordinate or junior in right of payment to the Securities or a
Guaranty of such Person, as the case may be, pursuant to a written agreement to that effect. 
  

 28 

 “Subsidiary” means, with respect to any Person, any corporation, association, partnership or
other business entity of which more than 50% of the total voting power of shares of Voting Stock is at the time owned or controlled, directly or indirectly, by (1) such Person; (2) such Person and one or more Subsidiaries of such Person;
or (3) one or more Subsidiaries of such Person. 
 “Subsidiary Guarantor” means each Subsidiary of the Company that executes
this Indenture as a guarantor on the Issue Date and each other Subsidiary of the Company that thereafter guarantees the Securities pursuant to the terms of this Indenture. 
 “Subsidiary Guaranty” means a Guarantee by a Subsidiary Guarantor of the Company’s obligations with respect to the Securities. 

“Take Out Commitment” shall mean a written obligation of a Person either (1) to purchase real property and the improvements thereon for
an amount sufficient to repay the interim construction loan used to acquire and construct such real property and improvements, or (2) to provide debt and/or equity financing the proceeds of which are to be used to repay the interim construction
loan used to acquire and construct real property and improvements thereon. 
 “TCC” shall mean Trammell Crow Company. 

“Temporary Cash Investments” means any of the following: 
 (1)        any investment in direct obligations of the United States of America or any agency
thereof or obligations guaranteed by the United States of America or any agency thereof; 
 (2)        investments in time deposit accounts, bankers’ acceptances, certificates of deposit and money market deposits maturing within one year of the date of acquisition thereof issued by a
bank or trust company which is organized under the laws of the United States of America, any State thereof or any foreign country recognized by the United States of America, and which bank or trust company has capital, surplus and undivided profits
aggregating in excess of $50,000,000 (or the foreign currency equivalent thereof) and has outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating
organization (as defined in Rule 436 under the Securities Act) or any money-market fund sponsored by a registered broker-dealer or mutual fund distributor; 
 (3)        repurchase obligations with a term of not more than 30 days for underlying securities
of the types described in clause (1) above and clauses (4) and (5) below entered into with a bank meeting the qualifications described in clause (2) above; 
 (4)        investments in commercial paper, maturing not more than one year from the date of
creation thereof, issued by a corporation (other than an Affiliate of the Company) organized and in existence under the laws of the United States of 

  

 29 

 
America or any foreign country recognized by the United States of America with a rating at the time as of which any investment therein is made of
“P-1” (or higher) according to Moody’s Investors Service, Inc. or “A-1” (or higher) according to Standard and Poor’s Ratings Group; 
 (5)        investments in securities with maturities of one year or less from the date of
acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least “A” by Standard & Poor’s Ratings
Group or “A” by Moody’s Investors Service, Inc.; and 
 (6)        other short-term investments utilized by any Foreign Subsidiaries of the Company in accordance with normal investment practices for cash management in investments of a type analogous to the
foregoing. 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on
the date of this Indenture, except as provided in Section 9.03 of this Indenture. 
 “Total Debt” shall mean, at any time, the
total Indebtedness of the Company and its Restricted Subsidiaries at such time, determined on a consolidated basis in accordance with GAAP, excluding Non-Recourse Indebtedness. 
 “Trust Officer” means any officer of the Trustee assigned by the Trustee having direct responsibility to administer its corporate trust
matters. 
 “Uniform Commercial Code” means the New York Uniform Commercial Code as in effect from time to time. 
 “Unrestricted Subsidiary” means: 
 (1)        any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors in the manner provided below;
and 
 (2)        any Subsidiary of an Unrestricted Subsidiary. 
 The Board of Directors may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such
Subsidiary or any of its Subsidiaries owns any Capital Stock or Indebtedness of, or holds any Lien on any property of, the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated;
provided, however, that either (A) the Subsidiary to be so designated has total assets of $1,000 or less or (B) if such Subsidiary has assets greater than $1,000, such designation would be permitted under Section 4.04 of
this Indenture. The Board of 

  

 30 

 
Directors may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after giving effect to
such designation (A) the Company could Incur $1.00 of additional Indebtedness under Section 4.03(a) of this Indenture (irrespective of whether Section 4.03 remains in effect) and (B) no Default shall have occurred and be
continuing. Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the resolution of the Board of Directors giving effect to such designation and an Officer’s Certificate
certifying that such designation complied with the foregoing provisions. 
 “U.S. Dollar Equivalent” means with respect to any
monetary amount in a currency other than U.S. dollars, at any time for determination thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of
U.S. dollars with the applicable foreign currency as published in The Wall Street Journal in the “Exchange Rates” column under the heading “Currency Trading” on the date two Business Days prior to such determination.

 Except as described in Section 4.03 of this Indenture, whenever it is necessary to determine whether the Company has complied with
any covenant in this Indenture or a Default has occurred and an amount is expressed in a currency other than U.S. dollars, such amount will be treated as the U.S. Dollar Equivalent determined as of the date such amount is initially determined
in such currency. 
 “U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in
such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable at the issuer’s option.

 “Voting Stock” of a Person means all classes of Capital Stock or other interests (including partnership interests) of such
Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 
 “Wholly Owned Subsidiary” means a Restricted Subsidiary all the Capital Stock of which (other than directors’ qualifying shares) is owned by the Company or one or more Wholly Owned Subsidiaries.

 Section 1.02.  Other Definitions. 
  

			
	 Term
	  	     Defined in     
Section
		
	 “Affiliate Transaction”
	  	      4.07
	 “Appendix”
	  	      2.01
	 “Bankruptcy Law”
	  	      6.01

  

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	 Term
	  	     Defined in     
Section
		
	 “Change of Control Offer”
	  	      4.12(b)
	 “covenant defeasance option”
	  	      8.01(b)
	 “Custodian”
	  	      6.01
	 “Event of Default”
	  	      6.01
	 “Guaranteed Obligations”
	  	    11.01
	 “Initial Lien”
	  	      4.10
	 “legal defeasance option”
	  	      8.01(b)
	 “Legal Holiday”
	  	    13.08
	 “Offer”
	  	      4.06(b)
	 “Offer Amount”
	  	      4.06(c)(2)
	 “Offer Period”
	  	      4.06(c)(2)
	 “Paying Agent”
	  	      2.03
	 “Purchase Date”
	  	      4.06(c)(1)
	 “Registrar”
	  	      2.03
	 “Successor Company”
	  	      5.01

 Section  1.03.  Incorporation by Reference of Trust Indenture
Act.  This Indenture is subject to the mandatory provisions of the TIA which are incorporated by reference in and made a part of this Indenture. The following TIA terms have the following meanings: 
 “Commission” means the SEC; 
 “indenture securities” means the Securities and each Guaranty; 
 “indenture security holder” means a
Securityholder; 
 “indenture to be qualified” means this Indenture and each Guaranty; 
 “indenture trustee” or “institutional trustee” means the Trustee; and 
 “obligor” on the indenture securities means the Company, Parent and each Subsidiary Guarantor and any other obligor on the indenture
securities. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined
by SEC rule have the meanings assigned to them by such definitions. 
 Section 1.04.  Rules of
Construction.  Unless the context otherwise requires: 
 (1)        a
term has the meaning assigned to it; 
 (2)        an accounting term not otherwise
defined has the meaning assigned to it in accordance with GAAP; 
  

 32 

 (3)        “or” is not exclusive;

 (4)        “including” means including without limitation; 

(5)        words in the singular include the plural and words in the plural include the
singular; 
 (6)        unsecured Indebtedness shall not be deemed to be subordinate
or junior to Secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; 
 (7)        the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or (ii) the maximum mandatory redemption or mandatory repurchase
price with respect to such Preferred Stock, whichever is greater; and 
 (8)        all references to the date the Securities were originally issued shall refer to the Issue Date. 
 ARTICLE 2 
 The Securities 
 Section 2.01.  Form and Dating.  Provisions relating to the Securities are set forth in the
Rule 144A/Regulation S Appendix attached hereto (the “Appendix”) which is hereby incorporated in and expressly made part of this Indenture. The Initial Securities and the Trustee’s certificate of authentication shall be
substantially in the form of Exhibit 1 to the Appendix which is hereby incorporated in and expressly made a part of this Indenture. The Exchange Securities, the Private Exchange Securities and the Trustee’s certificate of authentication shall
be substantially in the form of Exhibit A, which is hereby incorporated in and expressly made a part of this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Company
is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Security shall be dated the date of its authentication. The terms of the Securities set forth in the Appendix and
Exhibit A are part of the terms of this Indenture. 
 Section 2.02.  Execution and Authentication.  At
least one Officer shall sign the Securities for the Company by manual, facsimile or electronic signature. 
 If an Officer whose signature is
on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security shall be valid nevertheless. 
 A
Security shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.

  

 33 

 Each Security shall be dated the date of its authentication. 
 On the Issue Date, the Trustee shall authenticate and deliver $450,000,000 aggregate principal amount of 11.625% Senior Subordinated Notes due
June 15, 2017 and, at any time and from time to time thereafter, the Trustee shall authenticate and deliver Securities for original issue in an aggregate principal amount specified in such order, in each case upon a written order of the Company
signed by at least one Officer of the Company. Such order shall specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated and, in the case of an issuance of Additional
Securities pursuant to Section 2.13 of this Indenture after the Issue Date, shall certify that such issuance is in compliance with Section 4.03 of this Indenture. 
 The Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate the Securities. Unless limited by the terms of such
appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as
any Registrar, Paying Agent or agent for service of notices and demands. 
 Section 2.03.  Registrar and Paying
Agent.  The Company shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Securities may be presented for payment
(the “Paying Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent”
includes any additional paying agent. 
 The Company shall enter into an appropriate agency agreement with any Registrar, Paying Agent or
co-registrar not a party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee in writing of the name and
address of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation and indemnification therefor pursuant to Section 7.07 of this Indenture.
The Company or any Wholly Owned Subsidiary incorporated or organized within The United States of America may act as Paying Agent, Registrar, co-registrar or transfer agent. 
 The Company initially appoints the Trustee as Registrar and Paying Agent in connection with the Securities. The Company may change the Registrar and any
Paying Agent without prior notice to any Holder. 
 Section 2.04.  Paying Agent To Hold Money in
Trust.  Prior to each due date of the principal and interest on any Security, the Company shall deposit with the Paying Agent a sum sufficient to pay such principal and interest when so becoming due. The Company shall require each
Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for 

  

 34 

 
the benefit of Securityholders or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities and shall
notify the Trustee of any default by the Company in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time
may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section, the Paying Agent shall have no further liability for the money delivered to the
Trustee. 
 Section 2.05.  Securityholder Lists.  The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of Securityholders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee, in
writing at least five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of
Securityholders and the Company shall otherwise comply with TIA § 312(a). 
 Section 2.06.  Transfer and
Exchange.  The Securities shall be issued in registered form and shall be transferable only upon the surrender of a Security for registration of transfer. When a Security is presented to the Registrar or a co-registrar with a request
to register a transfer, the Registrar shall register the transfer as requested if the requirements of this Indenture and Section 8-401(1) of the Uniform Commercial Code are met. When Securities are presented to the Registrar or a co-registrar
with a request to exchange them for an equal principal amount of Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. 
 Section 2.07.  Replacement Securities.  If a mutilated Security is surrendered to the Registrar or if the Holder of a
Security claims that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Security if the requirements of Section 8-405 of the Uniform Commercial Code are met and
the Holder satisfies any other reasonable requirements of the Trustee. Such Holder shall furnish an indemnity bond sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee, the Paying Agent, the Registrar and any
co-registrar from any loss which any of them may suffer if a Security is replaced. The Company and the Trustee may charge the Holder for their expenses in replacing a Security. 
 Every replacement Security is an additional obligation of the Company. 
 Section 2.08.  Outstanding Securities.  Securities outstanding at any time are all Securities authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation and those described in this Section as not outstanding. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security. 
  

 35 

 If a Security is replaced pursuant to Section 2.07 of this Indenture, it ceases to be outstanding
unless the Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a bona fide purchaser. 
 If the
principal amount of any Security is considered paid under Section 4.01 of this Indenture, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on that date with respect to the
Securities (or portions thereof) to be redeemed or maturing, as the case may be, and the Paying Agent is not prohibited from paying such money to the Securityholders on that date pursuant to the terms of this Indenture, then on and after that date
such Securities (or portions thereof) cease to be outstanding and interest on them ceases to accrue. 
 Section 2.09.  Temporary Securities.  Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be
substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive
Securities and deliver them in exchange for temporary Securities. Holders and beneficial holders, as the case may be, of temporary Securities shall be entitled to all of the benefits accorded to Holders, or beneficial holders, respectively, of
definitive Securities under this Indenture. 
 Section 2.10.  Cancellation.  The Company at any time may
deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all
Securities surrendered for registration of transfer, exchange, payment or cancellation in accordance with its customary procedures. The Company may not issue new Securities to replace Securities it has redeemed, paid or delivered to the Trustee for
cancellation. 
 Section 2.11.  Defaulted Interest.  If the Company defaults in a payment of interest on the
Securities, the Company shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Company may pay the defaulted interest to the persons who are Securityholders on a subsequent special
record date. The Company shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly send to each Securityholder a notice that states the special record date, the
payment date and the amount of defaulted interest to be paid. 
 Section 2.12.  CUSIP Numbers.  The Company
in issuing the Securities may use “CUSIP” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided, however, that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or 

  

 36 

 
as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such
redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 
 Section 2.13.  Issuance of Additional Securities.  The Company shall be entitled, subject to its compliance with
Section 4.03 of this Indenture, to issue Additional Securities under this Indenture which shall have identical terms as the Initial Securities issued on the Issue Date, other than with respect to the date of issuance and issue price. The
Initial Securities issued on the Issue Date, any Additional Securities and all Exchange Securities or Private Exchange Securities issued in exchange therefor shall be treated as a single class for all purposes under this Indenture. 
 With respect to any Additional Securities, the Company shall set forth in a resolution of the Board of Directors and an Officer’s Certificate, a
copy of each which shall be delivered to the Trustee, the following information: 
 (1)        the aggregate principal amount of such Additional Securities to be authenticated and delivered pursuant to this Indenture; 
 (2)        the issue price, the issue date and the CUSIP number of such Additional Securities;
provided, however, that no Additional Securities may be issued at a price that would cause such Additional Securities to have “original issue discount” within the meaning of Section 1273 of the Code (unless then
applicable regulations under the Code would treat the outstanding Securities and the Additional Securities as part of the same issue); and 
 (3)        whether such Additional Securities shall be Transfer Restricted Securities and issued in the form of Initial Securities as set forth in the Appendix to this Indenture
or shall be issued in the form of Exchange Securities as set forth in Exhibit A. 
 ARTICLE 3 
 Redemption 
 Section 3.01.  Notices to Trustee.  If the Company elects to redeem Securities pursuant to paragraph 5 of the Securities, it shall notify the Trustee in writing of the redemption date, the principal
amount of Securities to be redeemed and the paragraph of the Securities pursuant to which the redemption will occur. 
 The Company shall
give notice to the Trustee provided for in this Section 3.01 not less than 45 days before the redemption date unless the Trustee consents to a shorter period. Such notice shall be accompanied by an Officer’s Certificate and an Opinion of
Counsel from the Company to the effect that such redemption will comply with the conditions herein. 
  

 37 

 Section 3.02.  Selection of Securities To Be Redeemed.  If fewer than all
the Securities are to be redeemed, the Trustee shall select the Securities to be redeemed pro rata or by lot or by a method that complies with applicable legal and securities exchange requirements, if any, and that the Trustee in its sole discretion
shall deem to be fair and appropriate and in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. The Trustee shall make the selection from outstanding Securities not previously called for
redemption. The Trustee may select for redemption portions of the principal of Securities that have minimum denominations of $2,000 and integral multiples of $1,000 thereof. Securities and portions of them the Trustee selects shall be in principal
amounts of $2,000 and integral multiples of $1,000 thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The Trustee shall notify the Company promptly of the
Securities or portions of Securities to be redeemed. 
 Section 3.03.  Notice of Redemption.  At least
30 days but not more than 60 days before a date for redemption of Securities, the Company shall mail a notice of redemption by first-class mail to each Holder to be redeemed at such Holder’s registered address or otherwise deliver such
notice in accordance with the procedures of the Depository. 
 The notice shall identify the Securities to be redeemed (including the CUSIP
numbers) and shall state: 
 (1)        the redemption date; 
 (2)        the redemption price; 
 (3)        the name and address of the Paying Agent; 
 (4)        that Securities called for redemption must be surrendered to the Paying Agent to
collect the redemption price; 
 (5)        if fewer than all the outstanding
Securities are to be redeemed, the identification and principal amounts of the particular Securities to be redeemed; 
 (6)        that, unless the Company defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on
Securities (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 
 (7)        the paragraph of the Securities pursuant to which the Securities called for redemption are being redeemed; and 
  

 38 

 (8)        that no representation is made as to
the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Securities. 
 At the Company’s written
request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense. In such event, the Company shall provide the Trustee with the information required by this Section. 
 Section 3.04.  Effect of Notice of Redemption.  Once notice of redemption is sent, Securities called for redemption
become irrevocably due and payable on the redemption date and at the redemption price stated in the notice. The notice, if sent in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such
notice. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price stated in the notice,
plus accrued interest to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the related interest payment date). 
 Section 3.05.  Deposit of Redemption Price.  Prior to the redemption date, the Company shall deposit with the Paying
Agent (or, if the Company or a Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest on all Securities to be redeemed on that date other than Securities or portions of
Securities called for redemption which have been delivered by the Company to the Trustee for cancellation. The Paying Agent shall promptly return to the Company any money deposited with the Paying Agent by the Company in excess of the amounts
necessary to pay the redemption price of, and accrued and unpaid interest on, all Securities to be redeemed. 
 If the Company complies with
the provisions of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Securities or the portions of the Securities called for redemption. If a Security is redeemed on or after a record date but on or
prior to the related interest payment date, then any accrued and unpaid interest, if any, to the redemption date shall be paid to the Person in whose name such Security was registered at the close of business on such record date. If any Security
called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is
paid, and to the extent lawful on any interest accrued to the redemption date not paid on such unpaid principal, in each case at the rate provided in the Security. 
 Section 3.06.  Securities Redeemed in Part.  Upon surrender of a Security that is redeemed in part, the Company shall execute and the Trustee shall authenticate for the Holder (at the
Company’s expense) a new Security equal in principal amount to the unredeemed portion of the Security surrendered. 
  

 39 

 ARTICLE 4 
 Covenants 
 Following the first day that (a) the ratings assigned to the Securities by both of
the Rating Agencies are Investment Grade Ratings and (b) no Default has occurred and is continuing under the Indenture (and notwithstanding that the Company may later cease to have an Investment Grade Rating from either or both Rating Agencies
or default under this Indenture), the Company and its Restricted Subsidiaries shall not be subject to Sections 4.03, 4.04, 4.05, 4.06, 4.07 and 4.10 of this Indenture. 
 Section 4.01.  Payment of Securities.  The Company shall promptly pay the principal of and interest on the Securities on
the dates and in the manner provided in the Securities and in this Indenture. Principal and interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds in accordance with this Indenture money sufficient to
pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Securityholders on that date pursuant to the terms of this Indenture. 
 The Company shall pay interest on overdue principal at the rate specified therefor in the Securities, and it shall pay interest on overdue installments
of interest at the same rate to the extent lawful. 
 Section 4.02.  SEC Reports.  Notwithstanding that the
Company may not be subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act, the Company shall file with the SEC and make available to the Trustee and Securityholders within 15 days after it files them with the SEC
such annual reports and such information, documents and other reports as are specified in Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. corporation subject to such Sections, such information, documents and other reports to
be so filed with the SEC at the times specified for the filings of such information, documents and reports under such Sections; provided, however, that the Company shall not be so obligated to file such reports with the SEC if the SEC
does not permit such filing, in which event the Company will make available such information to the Trustee and Securityholders within 15 days after the time the Company would be required to file such information with the SEC if it were subject
to Sections 13 or 15(d) of the Exchange Act; provided further, however, that (a) so long as Parent is the Guarantor of the Securities, the reports, information and other documents required to be filed and provided as
described hereunder may, at the Company’s option, be filed by and be those of Parent rather than the Company and (b) in the event that Parent conducts any business or holds any significant assets other than the capital stock of the Company
at the time of filing and providing any such report, information or other document containing financial statements of Parent, Parent shall include in such report, information or other document summarized financial information (as defined in
Rule 1-02(bb) of Regulation S-X promulgated by the SEC) with respect to the Company. 
 In addition, the Company shall furnish to
the Holder of the Securities and to prospective investors, upon the requests of such Holders, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long any Securities are not freely transferable under the
Securities Act. The Company also shall comply with the other provisions of TIA § 314(a). 
  

 40 

 Delivery of such reports, information and documents to the Trustee is for informational purposes only and
the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to
which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 Section 4.03.  Limitation on
Indebtedness.  (a) The Company shall not, and shall not permit any Restricted Subsidiary to, Incur, directly or indirectly, any Indebtedness; provided, however, that the Company and its Restricted Subsidiaries shall be
entitled to Incur Indebtedness if, on the date of such Incurrence and after giving effect thereto, no Default has occurred and is continuing and the Consolidated EBITDA Coverage Ratio is greater than 2.0 to 1.0. 
 (b)  Notwithstanding the foregoing paragraph (a), the Company and the Restricted Subsidiaries shall be entitled to Incur any or all of the
following Indebtedness: 
 (1)        Indebtedness Incurred by the Company pursuant
to any Credit Facility (including the Credit Agreement); provided, however, that, immediately after giving effect to any such Incurrence, the aggregate principal amount of all Indebtedness Incurred under this clause (1) and then
outstanding does not exceed $2,600,000,000; 
 (2)        [Intentionally Omitted]

 (3)        Indebtedness owed to and held by the Company or a Restricted
Subsidiary; provided, however, that (A) any subsequent issuance or transfer of any Capital Stock which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of such Indebtedness
(other than to the Company or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of such Indebtedness by the obligor thereon and (B) if the Company is the obligor on such Indebtedness, such Indebtedness is
expressly subordinated to the prior payment in full in cash of all obligations with respect to the Securities; 
 (4)        the Securities and the Exchange Securities (other than any Additional Securities); 
 (5)        Indebtedness of the Company and its Subsidiaries outstanding on the Issue Date (other than Indebtedness described in clause (1), (3) or (4) of this
Section 4.03(b)); 
  

 41 

 (6)        Indebtedness of a Restricted
Subsidiary Incurred and outstanding on or prior to the date on which such Subsidiary was acquired by the Company (other than Indebtedness Incurred in connection with, or to provide all or any portion of the funds or credit support utilized to
consummate, the transaction or series of related transactions pursuant to which such Subsidiary became a Subsidiary or was acquired by the Company); provided, however, that on the date of such acquisition and after giving effect
thereto, the aggregate principal amount of all Indebtedness Incurred pursuant to this clause (6) and then outstanding does not exceed $50,000,000; 
 (7)        Refinancing Indebtedness in respect of Indebtedness Incurred pursuant to Section 4.03(a) of this Indenture or pursuant to clause (4), (5) or
(6) of this Section 4.03(b) or this clause (7); provided, however, that to the extent such Refinancing Indebtedness directly or indirectly Refinances Indebtedness of a Subsidiary Incurred pursuant to clause (6), such
Refinancing Indebtedness shall be Incurred only by such Subsidiary; 
 (8)        Hedging Obligations entered into in the ordinary course of business and not for the purpose of speculation; 
 (9)        obligations in respect of letters of credit, performance, bid and surety bonds,
completion guarantees, budget guarantees, payment obligations in connection with self-insurance or similar requirements provided by the Company or any Restricted Subsidiary in the ordinary course of business; 
 (10)      Indebtedness arising from the honoring by a bank or other financial institution of a check, draft
or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within five Business Days of its Incurrence; 
 (11)      Indebtedness with respect to workers’ compensation claims in the ordinary course of
business; 
 (12)      any Guarantee (including the Subsidiary Guaranties) by the Company or a
Restricted Subsidiary of Indebtedness or other obligations of the Company or any of its Restricted Subsidiaries so long as the Incurrence of such Indebtedness by the Company or such Restricted Subsidiary is permitted under the terms of this
Indenture (other than Indebtedness Incurred pursuant to clause (6) above); 
 (13)      Indebtedness arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, in each case, Incurred or assumed in connection with the acquisition or
disposition of any business, 

  

 42 

 
assets or a Subsidiary; provided that (A) such Indebtedness is not reflected on the balance sheet of the Company or any Restricted Subsidiary
(contingent obligations referred to in a footnote or footnotes to financial statements and not otherwise reflected on the balance sheet will not be deemed to be reflected on such balance sheet for purposes of this clause (A)) and
(B) in the case of a disposition, the maximum liability in respect of such Indebtedness shall at no time exceed the gross proceeds including noncash proceeds (the fair market value of such noncash proceeds being determined at the time received
and without giving effect to any subsequent changes in value) actually received by the Company or such Restricted Subsidiary in connection with such disposition; 
 (14)      CBRE Capital Markets Permitted Indebtedness, Indebtedness under the CBRE Loan Arbitrage Facility,
the Exempt Construction Loans and Indebtedness in respect of any Permitted Receivables Securitization; 
 (15)      Indebtedness of Foreign Subsidiaries of the Company in an aggregate principal amount outstanding at any one time not to exceed $75,000,000; 
 (16)      Non-Recourse Indebtedness and Permitted Co-investments; and 
 (17)      Indebtedness of the Company or any Restricted Subsidiary in an aggregate principal amount which,
when taken together with all other Indebtedness of the Company and the Restricted Subsidiaries outstanding on the date of such Incurrence (other than Indebtedness permitted by clauses (1) through (16) of this Section 4.03(b) or
Section 4.03(a)), does not exceed $100,000,000. 
 (c)  Notwithstanding the foregoing, none of the Company or any Subsidiary
Guarantor shall Incur any Indebtedness pursuant to Section 4.03(b) of this Indenture if the proceeds thereof are used, directly or indirectly, to Refinance any Subordinated Obligations of the Company or any Subsidiary Guarantor unless such
Indebtedness shall be subordinated to the Securities or the applicable Subsidiary Guaranty to at least the same extent as such Subordinated Obligations. 
 (d)  For purposes of determining compliance with this Section 4.03, (1) any Indebtedness outstanding under the Credit Agreement on the Issue Date will be treated as having been incurred on the
Issue Date under clause (1) of Section 4.03(b) of this Indenture; (2) in the event that an item of Indebtedness meets the criteria of more than one of the types of Indebtedness described herein, the Company, in its sole discretion,
shall classify such item of Indebtedness at the time of Incurrence and only be required to include the amount and type of such Indebtedness in one of the above clauses (provided that any Indebtedness originally classified as Incurred pursuant
to Section 4.03(b)(6), (15) or (17) of this Indenture may later be reclassified as having been Incurred pursuant to 

  

 43 

 
Section 4.03(a) of this Indenture to the extent that such reclassified Indebtedness could be Incurred pursuant to paragraph (a) above at the time
of such reclassification); and (3) the Company shall be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described herein. 
 (e)  The Company shall not, and shall not permit Subsidiary Guarantors to, Incur any Indebtedness that is subordinate in right of payment to
any Senior Indebtedness unless such Indebtedness is Senior Subordinated Indebtedness of such Person or is expressly subordinated in right of payment to Senior Subordinated Indebtedness of such Person. Neither the existence nor lack of a security
interest nor the priority of any such security interest shall be deemed to affect the ranking or right of payment of any Indebtedness. 
 (f)  For purposes of determining compliance with any U.S. dollar restriction on the Incurrence of Indebtedness where the Indebtedness Incurred is denominated in a different currency, the amount of such Indebtedness will be the
U.S. Dollar Equivalent determined on the date of the Incurrence of such Indebtedness, provided, however, that if any such Indebtedness denominated in a different currency is subject to a Currency Agreement with respect to U.S.
dollars covering all principal, premium, if any, and interest payable on such Indebtedness, the amount of such Indebtedness expressed in U.S. dollars will be as provided in such Currency Agreement. The principal amount of any Refinancing
Indebtedness Incurred in the same currency as the Indebtedness being Refinanced will be the U.S. Dollar Equivalent of the Indebtedness Refinanced, except to the extent that (1) such U.S. Dollar Equivalent was determined based on a
Currency Agreement, in which case the Refinancing Indebtedness will be determined in accordance with the preceding sentence, and (2) the principal amount of the Refinancing Indebtedness exceeds the principal amount of the Indebtedness being
Refinanced, in which case the U.S. Dollar Equivalent of such excess will be determined on the date such Refinancing Indebtedness is Incurred. 
 Section 4.04.  Limitation on Restricted Payments.  (a) The Company shall not, and shall not permit any Restricted Subsidiary, directly or indirectly, to make a Restricted Payment if at the time the
Company or such Restricted Subsidiary makes such Restricted Payment: 
 (1)        a
Default shall have occurred and be continuing (or would result therefrom); 
 (2)        the Company is not entitled to Incur an additional $1.00 of Indebtedness pursuant to Section 4.03(a) of this Indenture; or 
 (3)        the aggregate amount of such Restricted Payment and all other Restricted Payments
since the Reference Date would exceed the sum of (without duplication): 
  

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 (A) 50% of the Consolidated Net Income accrued during the period (treated as one
accounting period) from July 1, 2009 to the end of the most recent fiscal quarter ended for which internal financial statements are available prior to the date of such Restricted Payment (or, in case such Consolidated Net Income shall be a
deficit, minus 100% of such deficit); plus 
 (B) 100% of the aggregate Net Cash Proceeds received by the
Company from the issuance or sale of its Capital Stock (other than Disqualified Stock) subsequent to the Issue Date (other than an issuance or sale to a Subsidiary of the Company and other than an issuance or sale to an employee stock ownership plan
or to a trust established by the Company or any of its Subsidiaries for the benefit of their employees) and 100% of any cash capital contribution received by the Company from its shareholders subsequent to the Issue Date; plus 
 (C) the amount by which Indebtedness of the Company is reduced on the Company’s balance sheet upon the conversion or exchange
(other than by a Subsidiary of the Company) subsequent to the Issue Date of any Indebtedness of the Company convertible or exchangeable for Capital Stock (other than Disqualified Stock) of the Company (less the amount of any cash, or the fair value
of any other property, distributed by the Company upon such conversion or exchange); plus 
 (D) an amount equal to
the sum of (x) the net reduction in the Investments (other than Permitted Investments) made by the Company or any Restricted Subsidiary in any Person resulting from repurchases, repayments or redemptions of such Investments by such Person,
proceeds realized on the sale of such Investment and proceeds representing the return of capital (excluding dividends and distributions), in each case received by the Company or any Restricted Subsidiary, and (y) to the extent such Person is an
Unrestricted Subsidiary, the portion (proportionate to the Company’s equity interest in such Subsidiary) of the fair market value of the net assets of such Unrestricted Subsidiary at the time such Unrestricted Subsidiary is designated a
Restricted Subsidiary; provided, however, that the foregoing sum shall not exceed, in the case of any such Person or Unrestricted Subsidiary, the amount of Investments (excluding Permitted Investments) previously made (and treated as a
Restricted Payment) by the Company or any Restricted Subsidiary in such Person or Unrestricted Subsidiary. 
 (b)  The provisions
of Section 4.04(a) shall not prohibit: 
 (1)        (A) any Restricted Payment
made out of the Net Cash Proceeds of the substantially concurrent sale of, or made by exchange for, Capital Stock of the Company (other than Disqualified Stock and other than Capital Stock issued or sold to a Subsidiary of the Company or an employee
stock ownership plan or to a trust established by the Company or any 

  

 45 

 
of its Subsidiaries for the benefit of their employees) subsequent to the Issue Date or (B) any Restricted Payment made out of a substantially
concurrent cash capital contribution received by the Company from its shareholders subsequent to the Issue Date; provided, however, that (i) such Restricted Payment shall be excluded in the calculation of the amount of Restricted
Payments and (ii) the Net Cash Proceeds from such sale or such cash capital contribution (to the extent so used for such Restricted Payment) shall be excluded from the calculation of amounts under Section 4.04(a)(3)(B) of this Indenture;

 (2)        any purchase, repurchase, redemption, defeasance or other acquisition
or retirement for value of Subordinated Obligations of the Company or a Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Indebtedness which is permitted to be Incurred pursuant to
Section 4.03 of this Indenture; provided, however, that such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value shall be excluded in the calculation of the amount of Restricted Payments;

 (3)        dividends paid within 60 days after the date of declaration
thereof if at such date of declaration such dividend would have complied with this Section 4.04; provided, however, that such dividend shall be included in the calculation of the amount of Restricted Payments; 
 (4)        (A) payments or distributions to employees of Parent, the Company or any Restricted
Subsidiary pursuant to the “CBREI UK MAG scheme” or similar incentive plans designed to pay employees amounts reflecting incentive compensation in recognition of performance thresholds achieved by such employees or (B) payments or
distributions to employees of Parent, the Company or any Restricted Subsidiary of “co-investment return,” “carried interest” or other form of incentive compensation or performance fees or any distribution of an equity interest in
respect thereof, or any other incentive distributions from Investment Subsidiaries or Co-investment Vehicles; provided, however, that such payments or distributions shall be excluded from the calculation of the amount of Restricted
Payments; 
 (5)        so long as no Default has occurred and is continuing, the
repurchase or other acquisition of shares of Capital Stock of Parent or the Company or any of the Company’s Subsidiaries from employees (including substantially full-time independent contractors), former employees, directors, former directors
or consultants of the Company or any of its Subsidiaries (or permitted transferees of such employees, former employees, directors, former directors or consultants), pursuant to the terms of the agreements (including employment agreements) or plans
(or amendments thereto) approved by the Board of Directors of Parent or its Subsidiaries under which such individuals purchase or sell or are granted the 

  

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option to purchase or sell, shares of such Capital Stock; provided, however, that the aggregate amount of such repurchases and other
acquisitions shall not exceed the sum of (A) $25,000,000, (B) the Net Cash Proceeds from the sale of Capital Stock to members of management, consultants or directors of the Company and its Subsidiaries that occurs after the Issue Date (to
the extent the Net Cash Proceeds from the sale of such Capital Stock have not otherwise been applied to the payment of Restricted Payments by virtue of clause (3)(B) of paragraph (a) above) and (C) the cash proceeds of any “key
man” life insurance policies that are used to make such repurchases; provided further, however, that (x) such repurchases and other acquisitions shall be excluded in the calculation of the amount of Restricted Payments
and (y) the Net Cash Proceeds from such sale shall be excluded from the calculation of amounts under clause (3)(B) of paragraph (a) above; 
 (6)        Investments made by CBRE Capital Markets pursuant to a CBRE Capital Markets Loan Arbitrage Facility or a CBRE Capital Markets Mortgage Warehousing Facility or
Investments made by CBRE Inc. or the Company pursuant to a CBRE Loan Arbitrage Facility; provided, however, that such Investments shall be excluded in the calculation of the amount of Restricted Payments; 
 (7)        dividends to Parent to be used by Parent solely to pay its franchise taxes and other
fees required to maintain its corporate existence and to pay for general corporate and overhead expenses (including salaries and other compensation of the employees) incurred by Parent in the ordinary course of its business; provided,
however, that such dividends shall not exceed $5,000,000 in any calendar year; provided further, however, that such dividends shall be excluded in the calculation of the amount of Restricted Payments; 
 (8)        payments to Parent in respect of Federal, state and local taxes directly attributable
to (or arising as a result of) the operations of the Company and its consolidated Subsidiaries; provided, however, that the amount of such payments in any fiscal year do not exceed the amount that the Company and its consolidated
Subsidiaries would be required to pay in respect of Federal, state and local taxes for such fiscal year were the Company to pay such taxes as a stand-alone taxpayer (whether or not all such amounts are actually used by Parent for such purposes);
provided further, however, that such payments shall be excluded in the calculation of the amount of Restricted Payments; 
 (9)        Investments made pursuant to commitments to Invest if at the date such commitment was made, such Investment would have complied with this Section 4.04;
provided, however, that such Investment shall be included in the calculation of the amount of Restricted Payments; and 
  

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 (10)      Restricted Payments in an aggregate amount which,
when taken together with all Restricted Payments made pursuant to this clause (10) which have not been repaid, does not exceed $175,000,000; provided, however, no Restricted Payments of the type described in clauses (1),
(2) or (3) of the definition of Restricted Payment shall be made pursuant to this clause (10) either (A) on or prior to December 31, 2009 or (B) unless the Leverage Ratio, after giving pro forma effect to such
Restricted Payment, is less than 3.0 to 1.0, thereafter; provided further, however, that (A) at the time of such Restricted Payments, no Default shall have occurred and be continuing (or result therefrom) and (B) such
Restricted Payments shall be excluded in the calculation of the amount of Restricted Payments. 
 Section 4.05.  Limitation
on Restrictions on Distributions from Restricted Subsidiaries.  The Company shall not, and shall not permit any Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective any consensual encumbrance or
restriction on the ability of any Restricted Subsidiary to (a) pay dividends or make any other distributions on its Capital Stock to the Company or a Restricted Subsidiary or pay any Indebtedness owed to the Company, (b) make any loans or
advances to the Company or (c) transfer any of its property or assets to the Company, except: 
 (1)        with respect to clauses (a), (b) and (c), 
 (A)  any encumbrance or restriction pursuant to an agreement of the Company or any of its Subsidiaries in effect at or entered into on the Issue Date; 
 (B)  any encumbrance or restriction contained in the terms of any agreement pursuant to which such Indebtedness was issued if
(x) either (i) the encumbrance or restriction applies only in the event of and during the continuance of a payment default or a default with respect to a financial covenant contained in such Indebtedness or agreement or (ii) the
Company determines at the time any such Indebtedness is Incurred (and at the time of any modification of the terms of any such encumbrance or restriction) that any such encumbrance or restriction will not materially affect the Company’s ability
to make principal or interest payments on the Securities and (y) the encumbrance or restriction is not materially more disadvantageous to the Holders than is customary in comparable financings or agreements (as determined by the Board of
Directors in good faith); 
 (C)  any encumbrance or restriction with respect to a Restricted Subsidiary pursuant
to an agreement relating to any Indebtedness Incurred by such Restricted Subsidiary on or prior to the date on which such Restricted Subsidiary was acquired by the Company (other than Indebtedness Incurred as consideration in, or to provide all or
any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was acquired by the Company) and outstanding on such
date; 
  

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 (D)  any encumbrance or restriction pursuant to an agreement effecting a
Refinancing of Indebtedness Incurred pursuant to an agreement referred to in Section 4.05(1) (A), (B) or (C) of this Indenture or this clause (D) or contained in any amendment to an agreement referred to in
Section 4.05(1)(A), (B) or (C) of this Indenture or this clause (D); provided, however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such refinancing agreement
or amendment are no less favorable to the Securityholders than encumbrances and restrictions with respect to such Restricted Subsidiary contained in such predecessor agreements; 
 (E)  any encumbrance or restriction pursuant to customary restrictions and conditions contained in agreements relating to any
Permitted Receivables Securitization; provided such restrictions and conditions apply solely to (i) the Receivables involved in such Permitted Receivables Securitization and (ii) any applicable Securitization Subsidiary; 

(F)  any encumbrance or restriction pursuant to customary restrictions on, or customary conditions to the payment of
dividends or other distributions on, equity interests owned by the Company or any Subsidiary in any joint venture or similar enterprise contained in the constitutive documents, including shareholders’ or similar agreements, of such joint
venture or enterprise, to the extent encumbrances or restrictions apply solely to the income of such joint venture or similar enterprise; and 
 (G)  any encumbrance or restriction pursuant to applicable law; and 
 (2)        with respect to clause (c) only, 
 (A)  any such
encumbrance or restriction consisting of customary non-assignment provisions in leases governing leasehold interests or licenses of intellectual property to the extent such provisions restrict the transfer of the lease or the property leased or
licensed thereunder; 
 (B)  restrictions contained in security agreements or mortgages securing Indebtedness of a
Restricted Subsidiary to the extent such restrictions restrict the transfer of the property subject to such security agreements or mortgages; 
 (C)  restrictions on the transfer of assets subject to any Lien permitted under this Indenture imposed by the holder of such Lien; and 
 (D)  any restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into for the sale or
disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary pending the closing of such sale or disposition. 
  

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 Section 4.06.  Limitation on Sales of Assets and Subsidiary
Stock.  (a) The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, consummate any Asset Disposition unless: 
 (1)        the Company or such Restricted Subsidiary receives consideration at the time of such
Asset Disposition at least equal to the fair market value (including as to the value of all noncash consideration), as determined in good faith by the Board of Directors, of the shares and assets subject to such Asset Disposition; 
 (2)        at least 75% of the consideration thereof received by the Company or such Restricted
Subsidiary is in the form of cash or cash equivalents; and 
 (3)        an amount
equal to 100% of the Net Available Cash from such Asset Disposition is applied by the Company (or such Restricted Subsidiary, as the case may be) (A) first, to the extent the Company elects (or is required by the terms of any
Indebtedness), to prepay, repay, redeem or purchase Senior Indebtedness of the Company or a Subsidiary Guarantor or Indebtedness (other than any Disqualified Stock) of any other Wholly Owned Subsidiary (in each case other than Indebtedness owed to
the Company or an Affiliate of the Company) within one year from the later of the date of such Asset Disposition or the receipt of such Net Available Cash; (B) second, to the extent of the balance of such Net Available Cash after
application in accordance with clause (A), to the extent the Company elects, to acquire Additional Assets within one year from the later of the date of such Asset Disposition or the receipt of such Net Available Cash; and (C) third,
to the extent of the balance of such Net Available Cash after application in accordance with clauses (A) and (B), to make an Offer to the holders of the Securities (and to holders of other Senior Subordinated Indebtedness of the Company
designated by the Company) to purchase Securities (and such other Senior Subordinated Indebtedness of the Company) pursuant to and subject to the conditions contained in this Indenture; 
 provided, however, that in connection with any prepayment, repayment or purchase of Indebtedness pursuant to clause (A) or (C) above, the Company or such Restricted Subsidiary shall permanently
retire such Indebtedness and shall cause the related loan commitment (if any) to be permanently reduced in an amount equal to the principal amount so prepaid, repaid or purchased. 
 Notwithstanding the foregoing provisions of this Section 4.06, the Company and the Restricted Subsidiaries shall not be required to apply any Net
Available Cash in accordance with this Section 4.06 except to the extent that the aggregate Net Available Cash from all Asset Dispositions which is not applied in accordance with this Section 4.06 exceeds $20,000,000. Pending application
of Net Available Cash pursuant to this Section 4.06, such Net Available Cash shall be invested in Temporary Cash Investments or applied to temporarily reduce revolving credit indebtedness. 
  

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 For the purposes of this Section 4.06, the following are deemed to be cash or cash equivalents:

 (1) the assumption of Indebtedness of the Company or any Restricted Subsidiary and the release of the Company or such
Restricted Subsidiary from all liability on such Indebtedness in connection with such Asset Disposition; and 
 (2) securities received by the Company or any Restricted Subsidiary from the transferee that are promptly converted by the Company or such Restricted Subsidiary into cash. 
 (b) In the event of an Asset Disposition that requires the purchase of Securities (and other Senior Subordinated Indebtedness of the Company) pursuant to
Section 4.06(a)(3)(C) of this Indenture, the Company shall purchase Securities tendered pursuant to an offer by the Company for the Securities (and such other Senior Subordinated Indebtedness of the Company) (the “Offer”) at a
purchase price of 100% of their principal amount (or, in the event such other Senior Subordinated Indebtedness of the Company was issued with significant original issue discount, 100% of the accreted value thereof), without premium, plus accrued but
unpaid interest, if any, (or, in respect of such other Senior Subordinated Indebtedness, such lesser price, if any, as may be provided for by the terms of such Senior Subordinated Indebtedness of the Company) in accordance with the procedures
(including prorating in the event of over-subscription) set forth in this Indenture. If the aggregate purchase price of the Securities tendered pursuant to the Offer exceeds the Net Available Cash allotted to their purchase, the Company shall select
the Securities to be purchased on a pro rata basis but in round denominations, which in the case of the Securities will be denominations of $2,000 principal amount or multiples of $1,000 greater thereof. The Company shall not be required to make an
Offer to purchase Securities (and other Senior Subordinated Indebtedness of the Company) pursuant to this Section 4.06 if the Net Available Cash available therefor is less than $10,000,000 (which lesser amount shall be carried forward for
purposes of determining whether such an Offer is required with respect to the Net Available Cash from any subsequent Asset Disposition). 
 (c) (1) Promptly, and in any event within 10 days after the Company becomes obligated to make an Offer, the Company shall deliver to the Trustee and send, by first-class mail (in the case of Securities held in book entry form) to
each Holder and/or otherwise deliver in accordance with the procedures of the Depository, a written notice stating that the Holder may elect to have its Securities purchased by the Company either in whole or in part (subject to prorating as
described in Section 4.06(b) of this Indenture in the event the Offer is oversubscribed) in minimum denominations of $2,000 and integral multiples of $1,000 of principal amount thereof, at the applicable purchase price. The notice shall specify
a purchase date (the “Purchase Date”) not less than 30 days nor more than 60 days after the 
  

 51 

 date of such notice and shall contain such information concerning the business of the Company which the
Company in good faith believes will enable such Holders to make an informed decision (which at a minimum will include or incorporate by reference (A) Parent’s most recently filed Annual Report on Form 10-K (including audited consolidated
financial statements), Parent’s most recent subsequently filed Quarterly Report on Form 10-Q and any Current Report on Form 8-K of Parent filed subsequent to such Quarterly Report, other than Current Reports describing Asset Dispositions
otherwise described in the offering materials (or corresponding successor reports), (B) a description of material developments in the Company’s business subsequent to the date of the latest of such Reports, and (C) if material,
appropriate pro forma financial information) and all instructions and materials necessary to tender Securities pursuant to the Offer, together with the information contained in clause (3). 
 (2) Not later than the date upon which written notice of an Offer is delivered to the Trustee as provided below, the Company shall deliver
to the Trustee an Officer’s Certificate as to (A) the amount of the Offer (the “Offer Amount”), including information as to any other Senior Subordinated Indebtedness included in the Offer, (B) the allocation of the Net
Available Cash from the Asset Dispositions pursuant to which such Offer is being made and (C) the compliance of such allocation with the provisions of Section 4.06(a) and (b) of this Indenture. On such date, the Company shall also
irrevocably deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust) in Temporary Cash Investments, maturing on the last day prior to the Purchase Date or no later than 10:00
a.m. New York City time on the Purchase Date, in immediately available funds, an amount equal to the Offer Amount to be held for payment in accordance with the provisions of this Section 4.06. If the Offer includes other Senior Subordinated
Indebtedness, the deposit described in the preceding sentence may be made with any other paying agent pursuant to arrangements satisfactory to the Trustee. Upon the expiration of the period for which the Offer remains open (the “Offer
Period”), the Company shall deliver to the Trustee for cancellation the Securities or portions thereof which have been properly tendered to and are to be accepted by the Company. The Trustee shall, on the Purchase Date, mail or deliver payment
(or cause the delivery of payment) to each tendering Holder in the amount of the purchase price. In the event that the aggregate purchase price of the Securities delivered by the Company to the Trustee is less than the Offer Amount applicable to the
Securities, the Trustee shall deliver the excess to the Company immediately after the expiration of the Offer Period for application in accordance with this Section 4.06. 
  

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 (3) Holders electing to have a Security purchased shall be required to surrender the
Security, with an appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the Purchase Date. Holders shall be entitled to withdraw their election if the Trustee or the Company
receives not later than one Business Day prior to the Purchase Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security which was delivered for purchase by the Holder and a statement that
such Holder is withdrawing his election to have such Security purchased. Holders whose Securities are purchased only in part shall be issued new Securities equal in principal amount to the unpurchased portion of the Securities surrendered.

 (4) At the time the Company delivers Securities to the Trustee which are to be accepted for purchase, the Company shall
also deliver an Officer’s Certificate stating that such Securities are to be accepted by the Company pursuant to and in accordance with the terms of this Section. A Security shall be deemed to have been accepted for purchase at the time the
Trustee, directly or through an agent, mails or delivers payment therefor to the surrendering Holder. 
 (d) The Company shall comply, to the
extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the purchase of Securities pursuant to this Section. To the extent that the provisions of any
securities laws or regulations conflict with provisions of this Section, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section by virtue of its
compliance with such securities laws or regulations. 
 Section 4.07. Limitation on Affiliate Transactions. (a) The Company
shall not, and shall not permit any Restricted Subsidiary to, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property, employee compensation arrangements or the rendering of any service) with,
or for the benefit of, any Affiliate of the Company (an “Affiliate Transaction”) unless: 
 (1) the terms of the
Affiliate Transaction are no less favorable to the Company or such Restricted Subsidiary than those that could be obtained at the time of the Affiliate Transaction in arm’s-length dealings with a Person who is not an Affiliate; 
 (2) if such Affiliate Transaction involves an amount in excess of $10,000,000, the terms of the Affiliate Transaction are set forth
in writing and a majority of the directors of the Company disinterested with respect to such Affiliate Transaction have determined in good faith that the criteria set forth in clause (1) of this Section 4.07(a) are satisfied and have
approved the relevant Affiliate Transaction as evidenced by a resolution of the Board of Directors; and 
  

 53 

 (3) if such Affiliate Transaction involves an amount in excess of $25,000,000, the Board
of Directors shall also have received a written opinion from an Independent Qualified Party to the effect that such Affiliate Transaction is fair, from a financial standpoint, to the Company and its Restricted Subsidiaries or is not less favorable
to the Company and its Restricted Subsidiaries than could reasonably be expected to be obtained at the time in an arm’s-length transaction with a Person who was not an Affiliate. 
 (b) The provisions of Section 4.07(a) of this Indenture shall not prohibit: 
 (1) any Investment (other than a Permitted Investment) or other Restricted Payment, in each case permitted to be made pursuant to
Section 4.04 of this Indenture; 
 (2) any issuance of securities, or other payments, awards or grants in cash,
securities or otherwise pursuant to, or the funding of, employment arrangements, stock options and stock ownership plans approved by the Board of Directors; 
 (3) loans or advances to employees or consultants in the ordinary course of business of the Company or its Restricted Subsidiaries;

 (4) the payment of reasonable fees and compensation to, or the provision of employee benefit arrangements and indemnity for
the benefit of, directors, officers, employees and consultants of the Company and its Restricted Subsidiaries in the ordinary course of business; 
 (5) any transaction between or among the Company, any Restricted Subsidiary or joint venture or similar entity which would constitute an Affiliate Transaction solely because the Company or a Restricted Subsidiary owns
an equity interest in or otherwise controls such Restricted Subsidiary, joint venture or similar entity; 
 (6) the issuance
or sale of any Capital Stock (other than Disqualified Stock) of the Company; 
 (7) the existence of, or the performance by
the Company or any of its Restricted Subsidiaries of its obligations under the terms of any stockholders agreement (including any registration rights agreement or purchase agreement related thereto) or warrant agreement to which it is a party as of
the Issue Date and any similar agreements which it may enter into thereafter; provided, however, that the existence of, or the performance by the Company or any of its Restricted Subsidiaries of obligations under any future amendment
to any such existing agreement or under any similar agreement entered into after the Issue Date shall only be permitted by this clause (7) to the extent that the terms of any such amendment or new agreement are not otherwise disadvantageous to
the Holders in any material respect; 
  

 54 

 (8) transactions customarily arising in connection with any Permitted Receivables
Securitization; 
 (9) any agreement as in effect on the Issue Date and described in the Offering Memorandum or any renewals,
extensions or amendments of any such agreement (so long as such renewals, extensions or amendments are not less favorable to the Company or the Restricted Subsidiaries) and the transactions evidenced thereby; and 
 (10) transactions with customers, clients, suppliers or purchasers or sellers of goods or services in each case in the ordinary course of
business and otherwise in compliance with the terms of the applicable Indenture which are fair to the Company or its Restricted Subsidiaries, in the reasonable determination of the Board of Directors of the Company or the senior management thereof,
or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party. 
 Section 4.08.
[Intentionally Omitted] 
 Section 4.09. [Intentionally Omitted] 
 Section 4.10. Limitation on Liens. The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, Incur or
permit to exist any Lien (the “Initial Lien”) of any nature whatsoever on any of its properties (including Capital Stock of a Restricted Subsidiary), whether owned at the Issue Date or thereafter acquired, securing any Indebtedness unless
such Indebtedness is Senior Indebtedness, without effectively providing that the Securities shall be secured equally and ratably with (or prior to) the obligations so secured for so long as such obligations are so secured. Any Lien created for the
benefit of the Holders of the Securities pursuant to the preceding sentence shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien. 

Section 4.11. [Intentionally Omitted] 
 Section 4.12. Change of Control. (a) Upon the occurrence of a Change of Control, each Holder shall have the right to require that the Company purchase such Holder’s Securities at a purchase price in cash equal to 101%
of the principal amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment
date), in accordance with the terms contemplated in Section 4.12(b) of this Indenture. 
  

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 (b) Within 30 days following any Change of Control, unless the Company has exercised its option to
redeem all the Securities pursuant to paragraph 5 of the Securities, the Company shall mail a notice to each Holder with a copy to the Trustee (the “Change of Control Offer”) stating: 
 (1) that a Change of Control has occurred and that such Holder has the right to require the Company to purchase such Holder’s
Securities at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant record date to
receive interest on the relevant interest payment date); 
 (2) the circumstances and relevant facts regarding such Change of
Control (including information with respect to pro forma historical income, cash flow and capitalization, in each case after giving effect to such Change of Control); 
 (3) the purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is sent); and

 (4) the instructions, as determined by the Company, consistent with this Section 4.12, that a Holder must follow in
order to have its Securities purchased. 
 (c) Holders electing to have a Security purchased will be required to surrender the Security, with
an appropriate form duly completed, to the Trustee for cancellation at the address specified in the notice at least three Business Days prior to the purchase date. Securities held in book entry form shall be delivered in accordance with the
Depository’s procedures. Holders will be entitled to withdraw their election if the Trustee or the Company receives not later than one Business Day prior to the purchase date, a facsimile transmission or letter setting forth the name of the
Holder, the principal amount of the Security which was delivered for purchase by the Holder and a statement that such Holder is withdrawing his election to have such Security purchased. 
 (d) On the purchase date, all Securities purchased by the Company under this Section 4.12 shall be delivered by the Company to the Trustee for
cancellation, and the Company shall pay the purchase price plus accrued and unpaid interest, if any, to the Holders entitled thereto. 
 (e)
Notwithstanding the foregoing provisions of this Section 4.12, the Company shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Section 4.12 applicable to a Change of Control Offer made by the Company and purchases all Securities validly tendered and not withdrawn under such Change of Control Offer or if
the Company has exercised its option to redeem all the Securities pursuant to paragraph 5 of the Securities. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional
upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of such Change of Control Offer. 
  

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 (f) The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of
the Exchange Act and any other securities laws or regulations in connection with the purchase of Securities pursuant to this Section 4.12. To the extent that the provisions of any securities laws or regulations conflict with provisions of this
Section 4.12, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section by virtue of its compliance with such securities laws or regulations.

 Section 4.13. Future Guarantors. On the Issue Date, Parent shall, and the Company shall cause each of its Restricted
Subsidiaries that is a guarantor under the Credit Agreement to, execute and deliver to the Trustee a Guaranty Agreement pursuant to which Parent and each such Restricted Subsidiary shall Guarantee the Company’s obligations with respect to the
Securities on the terms set forth therein. After the Issue Date, the Company shall cause each Restricted Subsidiary that Guarantees any Indebtedness of the Company to, at the same time, execute and deliver to the Trustee a Guaranty Agreement
pursuant to which such Restricted Subsidiary shall Guarantee the Company’s obligations with respect to the Securities on the terms set forth herein. For the avoidance of doubt, if a Foreign Subsidiary is a co-borrower of Indebtedness of the
Company, and not a Guarantor of such Indebtedness, then it will not be considered a Guarantor of such Indebtedness for purposes of this Section 4.13. 
 Section 4.14. Compliance Certificate. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year (commencing with the fiscal year ending December 31, 2009) of the
Company an Officer’s Certificate, the signer of which shall be the principal executive officer, principal financial officer or principal accounting officer of the Company, stating that in the course of the performance by the signor of their
duties as officer of the Company they would normally have knowledge of any Default and whether or not the signor knows of any Default that occurred during such period. If they do, the certificate shall describe the Default, its status and what
action the Company is taking or proposes to take with respect thereto. The Company also shall comply with TIA § 314(a)(4). 
 Section 4.15. Payment of Additional Interest. If additional interest is payable by the Company pursuant to the Registration Rights Agreement and paragraph 1 of the Securities, the Company shall deliver to the Trustee a
certificate to that effect stating (i) the amount of such additional interest that is payable and (ii) the date on which such interest is payable. Unless and until the Trustee receives such a certificate, the Trustee may assume without
inquiry that no Registration Default (as defined in the Registration Rights Agreement) exists and that no additional interest is owed by the Company. If the Company has paid additional interest directly to the persons entitled to such interest, the
Company shall deliver to the Trustee a certificate setting forth the particulars of such payment. 
  

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 Section 4.16. Further Instruments and Acts. Upon request of the Trustee, the Company will
execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 ARTICLE 5 
 Merger and Consolidation 
 Following the first day that (a) the ratings assigned to the Securities by both of the Rating Agencies are Investment Grade Ratings and (b) no
Default has occurred and is continuing under this Indenture (and notwithstanding that the Company may later cease to have an Investment Grade Rating from either or both Rating Agencies or default under the Indenture), the Company shall not be
subject to clause (3) of Section 5.01(a). 
 Section 5.01. When Company, Subsidiary Guarantors and Parent May Merge or
Transfer Assets. (a) The Company shall not consolidate with or merge with or into, or convey, transfer or lease, in one transaction or a series of transactions, directly or indirectly, all or substantially all its assets to, any Person,
unless: 
 (1) the resulting, surviving or transferee Person (the “Successor Company”) shall be a Person organized
and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Company (if not the Company) shall expressly assume, by an indenture supplemental hereto, executed and delivered to the
Trustee, in form reasonably satisfactory to the Trustee, all the obligations of the Company under the Securities and this Indenture; 
 (2) immediately after giving pro forma effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Company or any Subsidiary as a result of such transaction as having been Incurred by such
Successor Company or such Subsidiary at the time of such transaction), no Default shall have occurred and be continuing; 
 (3) immediately after giving pro forma effect to such transaction, the Successor Company would be able to Incur an additional $1.00 of Indebtedness pursuant to Section 4.03(a) of this Indenture; and 
 (4) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture; 
  

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 provided, however, that clause (3) shall not be applicable to (A) a Restricted Subsidiary
consolidating with, merging into or transferring all or part of its properties and assets to the Company or (B) the Company merging with an Affiliate of the Company solely for the purpose and with the sole effect of reincorporating the Company
in another jurisdiction. 
 The Successor Company shall be the successor to the Company and shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture, and the predecessor Company, except in the case of a lease, shall be released from the obligation to pay the principal of and interest on the Securities. 
 (b) The Company shall not permit any Subsidiary Guarantor to consolidate with or merge with or into, or convey, transfer or lease, in one transaction or
a series of transactions, all or substantially all of its assets to any Person unless: 
 (1) except in the case of a
Subsidiary Guarantor that has been disposed of in its entirety to another Person (other than to the Company or an Affiliate of the Company), whether through a merger, consolidation or sale of Capital Stock or assets, if in connection therewith the
Company provides an Officer’s Certificate to the Trustee to the effect that the Company will comply with its obligations under Section 4.06 of this Indenture in respect of such disposition, the resulting, surviving or transferee Person (if
not such Subsidiary) shall be a Person organized and existing under the laws of the jurisdiction under which such Subsidiary was organized or under the laws of the United States of America, or any State thereof or the District of Columbia, and such
Person shall expressly assume, by a Guaranty Agreement, all the obligations of such Subsidiary, if any, under its Subsidiary Guaranty; 
 (2) immediately after giving effect to such transaction or transactions on a pro forma basis (and treating any Indebtedness which becomes an obligation of the resulting, surviving or transferee Person as a result of
such transaction as having been issued by such Person at the time of such transaction), no Default shall have occurred and be continuing; and 
 (3) the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such Guaranty Agreement, if any, complies with this
Indenture. 
 (c) Parent shall not consolidate with or merge with or into, or convey, transfer or lease, in one transaction or a series of
transactions, all or substantially all of its assets to any Person unless: 
  

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 (1) the resulting, surviving or transferee Person (if not Parent) shall be a Person
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and such Person shall expressly assume, by a Guaranty Agreement, all the obligations of Parent, if any, under its Guaranty;

 (2) immediately after giving effect to such transaction or transactions on a pro forma basis (and treating any Indebtedness
which becomes an obligation of the resulting, surviving or transferee Person as a result of such transaction as having been issued by such Person at the time of such transaction), no Default shall have occurred and be continuing; and 
 (3) the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or transfer and such Guaranty Agreement, if any, complies with this Indenture. 
 ARTICLE 6 
 Defaults and Remedies 
 Section 6.01. Events of Default. An “Event of Default” occurs if: 
 (1) the Company defaults
in any payment of interest on any Security when the same becomes due and payable, whether or not such payment shall be prohibited by Article 10, and such default continues for a period of 30 days; 
 (2) the Company defaults in the payment of the principal of any Security when the same becomes due and payable at its Stated Maturity,
upon required purchase, upon redemption, upon declaration of acceleration or otherwise, whether or not such payment shall be prohibited by Article 10; 
 (3) the Company, Parent or any Subsidiary Guarantor fails to comply with Section 5.01 of this Indenture; 
 (4) the Company, Parent or any Subsidiary Guarantor, as the case may be, fails to comply with Sections 4.03, 4.04, 4.05, 4.06 (other than a failure to purchase Securities), 4.07, 4.10, 4.12 (other than a failure
to purchase Securities) or 4.13 and such failure continues for 30 days after the notice specified below; 
 (5) the
Company or Parent, as the case may be, fails to comply with Section 4.02 (provided that, if applicable, failure by the Company or Parent to comply with the provisions of Section 314(a) of the TIA will not in itself be deemed a
Default or an Event of Default under this Section 6.01) and such failure continues for 180 days after the notice specified below; 
  

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 (6) the Company, Parent or any Subsidiary Guarantor fails to comply with any of its
agreements in the Securities or this Indenture (other than those referred to in clause (1), (2), (3), (4) or (5) above) and such failure continues for 60 days after the notice specified below; 
 (7) Indebtedness of the Company, any Subsidiary Guarantor or any Significant Subsidiary is not paid within any applicable grace period
after final maturity or is accelerated by the holders thereof because of a default and the total amount of such Indebtedness unpaid or accelerated exceeds $25,000,000, or its foreign currency equivalent at the time; 
 (8) the Company, any Subsidiary Guarantor or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 (A) commences a voluntary case; 
 (B) consents to the entry of an order for relief against it in an involuntary case; 
 (C) consents to the appointment of a Custodian of it or for any substantial part of its property; or 
 (D) makes a general assignment for the benefit of its creditors; 
 or takes any comparable action under any foreign laws relating to insolvency; 
 (9) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (A) is for relief against the Company, any Subsidiary Guarantor or any Significant Subsidiary in an involuntary case; 
 (B) appoints a Custodian of the Company, any Subsidiary Guarantor or any Significant Subsidiary or for any substantial part of its
property; or 
 (C) orders the winding up or liquidation of the Company, any Subsidiary Guarantor or any Significant
Subsidiary; 
 or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for
60 days; 
  

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 (10) any final judgment or decree for the payment of money (other than judgments which
are covered by enforceable insurance policies issued by solvent carriers) in excess of $25,000,000 (or its foreign currency equivalent at the time) is entered against the Company, any Subsidiary Guarantor or any Significant Subsidiary, remains
outstanding for a period of 60 consecutive days following the entry of such judgment or decree becoming final and is not discharged, waived or the execution thereof stayed within 10 days after the notice specified below; or 
 (11) the Parent Guaranty or a Subsidiary Guaranty ceases to be in full force and effect (other than in accordance with the terms of such
Guaranty) or a Guarantor denies or disaffirms its obligations under its Guaranty. 
 The foregoing will constitute Events of Default whatever
the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body. 
 The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal, state or foreign law for
the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 A Default under clauses (4), (5), (6) and (10) is not an Event of Default until the Trustee or the holders of at least 25% in principal amount of the outstanding Securities notify the Company of the Default
and the Company does not cure such Default within the time specified after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” 
 The Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any
Event of Default under clause (7) or (11) and any event which with the giving of notice or the lapse of time would become an Event of Default under clause (4), (5), (6) or (10), its status and what action the Company is taking or
proposes to take with respect thereto. 
 In the event of any Event of Default under clause (7), such Event of Default and all consequences
thereof (excluding any resulting payment default, other than as a result of acceleration of Securities) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 30 days after such an
Event of Default, (a) Holders have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (b) the default that is the basis for such Event of Default has been cured. 

 

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 Section 6.02. Acceleration. If an Event of Default (other than an Event of Default specified
in Section 6.01(8) or (9) of this Indenture with respect to the Company) occurs and is continuing, the Trustee by notice to the Company, or the Holders of at least 25% in principal amount of the Securities by notice to the Company and the
Trustee, may declare the principal of and accrued but unpaid interest, if any, on all the Securities to be due and payable; provided, however, that so long as any Bank Indebtedness remains outstanding, no such acceleration shall be
effective until the earlier of (1) five Business Days after receipt by the Company of written notice of such acceleration and (2) the day on which any Bank Indebtedness is accelerated. Upon such a declaration, such principal and interest
shall be due and payable immediately. If an Event of Default specified in Section 6.01(8) or (9) of this Indenture with respect to the Company occurs and is continuing, the principal of and interest on all the Securities shall ipso
facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Securityholders. The Holders of a majority in principal amount of the Securities by written notice to the Trustee may rescind
an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely because of
acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
 Section 6.03. Other
Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of or interest on the Securities or to enforce the performance of any provision of the Securities or this
Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the
proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No
remedy is exclusive of any other remedy. All available remedies are cumulative. 
 Section 6.04. Waiver of Past Defaults. The
Holders of a majority in principal amount of the Securities by written notice to the Trustee may waive an existing Default and its consequences except (i) a Default in the payment of the principal of or interest on a Security, (ii) a
Default arising from the failure to redeem or purchase any Security when required pursuant to this Indenture or (iii) a Default in respect of a provision that under Section 9.02 of this Indenture cannot be amended or waived without the
consent of each Securityholder affected. When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 
 Section 6.05. Control by Majority. The Holders of a majority in principal amount of the Securities may direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to
Section 7.01 of this Indenture, that the Trustee determines is unduly prejudicial to the rights of other Securityholders or would involve the Trustee in personal liability; provided, however, that the Trustee may take any other
action deemed proper by the Trustee that is 

  

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not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall receive indemnification satisfactory to it in its sole
discretion against all losses and expenses caused by taking or not taking such action. 
 Section 6.06. Limitation on Suits.
Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Securityholder may pursue any remedy with respect to this Indenture or the Securities unless: 
 (1) the Holder gives to the Trustee written notice stating that an Event of Default is continuing; 
 (2) the Holders of at least 25% in principal amount of the Securities make a written request to the Trustee to pursue the remedy;

 (3) such Holder or Holders offer to the Trustee security or indemnity satisfactory to it against any loss, liability or
expense; 
 (4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of
security or indemnity; and 
 (5) the Holders of a majority in principal amount of the Securities do not give the Trustee a
direction inconsistent with the request during such 60-day period. 
 A Securityholder may not use this Indenture to prejudice the rights of
another Securityholder or to obtain a preference or priority over another Securityholder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such
Securityholders). 
 Section 6.07. Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture,
the right of any Holder to receive payment of principal of and interest on the Securities held by such Holder, on or after the respective due dates expressed in the Securities, or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.08. Collection Suit by
Trustee. If an Event of Default specified in Section 6.01(1) or (2) of this Indenture occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole
amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.07 of this Indenture. 
 Section 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the
Securityholders allowed in any judicial proceedings relative to the Company, its creditors or its property and, unless prohibited by law or applicable regulations, may vote on 

  

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behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial
proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07 of this Indenture. 
 Section 6.10. Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in
the following order: 
 FIRST: to the Trustee for amounts due under Section 7.07 of this Indenture; 
 SECOND: to Securityholders for amounts due and unpaid on the Securities for principal and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and 
 THIRD: to the Company. 
 The Trustee may fix a record date and payment date for any payment to Securityholders pursuant to this
Section. At least 15 days before such record date, the Company shall mail to each Securityholder and the Trustee a notice that states the record date, the payment date and amount to be paid. 
 Section 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the
Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by
the Trustee, a suit by a Holder pursuant to Section 6.07 of this Indenture or a suit by Holders of more than 10% in principal amount of the Securities. 
 Section 6.12. Waiver of Stay or Extension Laws. The Company (to the extent it may lawfully do so under applicable law) shall not at any time insist upon, or plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been
enacted. 
  

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 ARTICLE 7 
 Trustee 
 Section 7.01. Duties of Trustee. (a) If an Event of Default has occurred
and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct of such
Person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (1)      the Trustee undertakes to perform such duties and only such duties as are specifically set forth
in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2)      in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or
investigate the accuracy of mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from liability
for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (1)      this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 
 (2)      the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent
facts; and 
 (3)      the Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 of this Indenture. 
 (d) Every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 
 (e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. 
 (f) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  

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 (g) No provision of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it. 
 (h) Every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
 Section 7.02. Rights of Trustee. (a) The Trustee may exclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or
matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate and an
Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate and Opinion of Counsel. 
 (c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 

(d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or
powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 
 (e) The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Securities shall be full and complete authorization and
protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Securityholders pursuant to this Indenture, unless such
Securityholders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 
 (g) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the
Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
  

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 (h) In no event shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (i) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer has actual knowledge thereof or unless
written notice of any event which is in fact such a default is received by the Trustee at the corporate trust office of the Trustee, and such notice references the Securities and this Indenture. 
 (j) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
 (k) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder. 
 (l) The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture.

 Section 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or
pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the
Trustee must comply with Sections 7.10 and 7.11 of this Indenture. 
 Section 7.04. Trustee’s Disclaimer. The Trustee shall
not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for
any statement of the Company in the Indenture or in any document issued in connection with the sale of the Securities or in the Securities other than the Trustee’s certificate of authentication. 
 Section 7.05. Notice of Defaults. If a Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to each
Securityholder notice of the Default within 90 days after it occurs. Except in the case of a Default in payment of principal of or interest on any Security, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in
good faith determines that withholding the notice is not opposed to the interests of Securityholders. 
  

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 Section 7.06. Reports by Trustee to Holders. As promptly as practicable after
each June 15, commencing with June 15, 2010 and in any event prior to August 15 in each year, the Trustee shall mail to each Securityholder a brief report dated as of June 15 that complies with TIA
§ 313(a). The Trustee also shall comply with TIA § 313(b). 
 A copy of each report at the time of its mailing to
Securityholders shall be filed with the SEC and each stock exchange (if any) on which the Securities are listed. The Company agrees to notify promptly the Trustee in writing whenever the Securities become listed on any stock exchange and of any
delisting thereof. 
 Section 7.07. Compensation and Indemnity. The Company shall pay to the Trustee from time to time such
compensation as shall be agreed in writing between the Company and the Trustee for its services. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the
Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Company shall indemnify the Trustee and each predecessor Trustee against any and all loss, liability, damage, claim or expense (including attorneys’
fees) incurred by it in connection with the administration of this trust and the performance of its duties hereunder. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the
Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee may have separate counsel and the Company shall pay the fees and expenses of such counsel. The Company need not reimburse any
expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct or negligence. 
 To secure the Company’s payment obligations in this Section 7.07, the Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee other than money or property
held in trust to pay principal of and interest on particular Securities. 
 The Company’s payment obligations pursuant to this
Section 7.07 shall survive the discharge of this Indenture. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(8) or (9) of this Indenture with respect to the Company, the expenses are
intended to constitute expenses of administration under the Bankruptcy Law. 
 Section 7.08. Replacement of Trustee. The
Trustee may resign at any time by so notifying the Company. The Holders of a majority in principal amount of the Securities may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Company shall remove the Trustee
if: 
  

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 (1)      the Trustee fails to comply with
Section 7.10 of this Indenture; 
 (2)      the Trustee is adjudged bankrupt or
insolvent; 
 (3)      a receiver or other public officer takes charge of the Trustee or its
property; or 
 (4)      the Trustee otherwise becomes incapable of acting. 
 If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the Securities and such Holders do not
reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of the Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee.

 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Securityholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07 of this Indenture. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the Holders of 10%
in principal amount of the Securities may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee fails to comply with Section 7.10 of this Indenture, any Securityholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07
of this Indenture shall continue for the benefit of the retiring Trustee. 
 Section 7.09. Successor Trustee by Merger.
If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets (including the administration of the trust created by this Indenture) to, another corporation or banking
association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee. 
 In case at the
time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee
may adopt the certificate of authentication of any predecessor trustee, and deliver such Securities so authenticated; and in case 

  

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at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities in the name of the
successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 
 Section 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of TIA § 310(a). The Trustee
(or, in the case of a subsidiary of a bank holding company, its corporate parent) shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with
TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other
securities of the Company are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 
 Section 7.11. Preferential Collection of Claims Against Company. The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been
removed shall be subject to TIA § 311(a) to the extent indicated. 
 ARTICLE 8 
 Discharge of Indenture; Defeasance 
 Section 8.01. Discharge of Liability on Securities; Defeasance. (a) When (1) the Company delivers to the Trustee all outstanding Securities (other than Securities replaced pursuant to Section 2.07 of this
Indenture) for cancellation or (2) all outstanding Securities have become due and payable, whether at maturity or on a redemption date as a result of the mailing of a notice of redemption pursuant to Article 3 of this Indenture and the
Company irrevocably deposits with the Trustee funds sufficient to pay at maturity or upon redemption all outstanding Securities, including interest thereon to maturity or such redemption date (other than Securities replaced pursuant to
Section 2.07 of this Indenture), and if in either case the Company pays all other sums payable hereunder by the Company, then this Indenture shall, subject to Section 8.01(c) of this Indenture, cease to be of further effect. The Trustee
shall acknowledge satisfaction and discharge of this Indenture on demand of the Company accompanied by an Officer’s Certificate and an Opinion of Counsel and at the cost and expense of the Company. 
 (b) Subject to Sections 8.01(c) and 8.02 of this Indenture, the Company at any time may terminate (1) all its and each Guarantor’s obligations
under the Securities, the Guaranties and this Indenture (“legal defeasance option”) or (2) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.10, 4.12 and 4.13 of this Indenture and the operation of
Sections 6.01(4), 6.01(5), 6.01(7), 6.01(8), 6.01(9) and 6.01(10) of this Indenture (but, in the case of Sections 6.01(8) and (9) of this Indenture, with respect only to Significant Subsidiaries), the limitations contained in
Section 5.01(a)(3) of this Indenture and the Guarantors’ Obligations 

  

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under the Guaranties and this Indenture (“covenant defeasance option”). The Company may exercise its legal defeasance option notwithstanding its
prior exercise of its covenant defeasance option. 
 If the Company exercises its legal defeasance option, payment of the Securities may not
be accelerated because of an Event of Default with respect thereto. If the Company exercises its covenant defeasance option, payment of the Securities may not be accelerated because of an Event of Default specified in Sections 6.01(4), 6.01(5),
6.01(7), 6.01(8), 6.01(9) and 6.01(10) of this Indenture (but, in the case of Sections 6.01(8) and (9) of this Indenture, with respect only to Significant Subsidiaries) or because of the failure of the Company to comply with
Section 5.01(a)(3) of this Indenture. If the Company exercises its legal defeasance option or its covenant defeasance option, each Guarantor, if any, shall be released from all its obligations with respect to its Guaranty. 
 Upon satisfaction of the conditions set forth in this Indenture and upon request of the Company, the Trustee shall acknowledge in writing the discharge
of those obligations that the Company terminates. 
 (c) Notwithstanding clauses (a) and (b) of this Section 8.01, the
Company’s obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 7.07 and 7.08 of this Indenture and in this Article 8 shall survive until the Securities have been paid in full. Thereafter, the Company’s obligations in Sections
7.07, 8.04 and 8.05 of this Indenture shall survive. 
 Section 8.02. Conditions to Defeasance. The Company may exercise its
legal defeasance option or its covenant defeasance option only if: 
 (1)      the Company
irrevocably deposits in trust with the Trustee money or U.S. Government Obligations for the payment of principal of and interest on the Securities to maturity or redemption, as the case may be; 
 (2)      the Company delivers to the Trustee a certificate from a nationally recognized firm of
independent accountants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such
times and in such amounts as will be sufficient to pay principal and interest when due on all the Securities to maturity or redemption, as the case may be; 
 (3)      123 days pass after the deposit is made and during the 123-day period no Default specified
in Sections 6.01(8) or (9) of this Indenture with respect to the Company occurs which is continuing at the end of the period; 
  

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 (4)      the deposit does not constitute a default under
any other agreement binding on the Company and is not prohibited by Article 10 of the Indenture; 
 (5)      the Company delivers to the Trustee an Opinion of Counsel to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the
Investment Company Act of 1940, as amended; 
 (6)      in the case of the legal defeasance
option, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the date of this Indenture
there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Securityholders will not recognize income, gain or loss for Federal income tax
purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred; 
 (7)      in the case of the covenant defeasance option, the Company shall have delivered to the Trustee an
Opinion of Counsel to the effect that the Securityholders will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such covenant defeasance had not occurred; and 
 (8)      the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Securities as contemplated
by this Article 8 have been complied with. 
 Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for
the redemption of Securities at a future date in accordance with Article 3. 
 Section 8.03. Application of Trust
Money. The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying
Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities. Money and securities so held in trust are not subject to Articles 10 and 12 of the Indenture. 
  

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 Section 8.04. Repayment to Company. The Trustee and the Paying Agent shall promptly
turn over to the Company upon written request any excess money or Securities held by them at any time. 
 Subject to any applicable
abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Securityholders entitled to the
money must look to the Company for payment as general creditors. 
 Section 8.05. Indemnity for Government Obligations.
The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations.

 Section 8.06. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. Government
Obligations in accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s
obligations under this Indenture and the Securities and the Guarantors’ obligations under their respective Guaranties shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or
Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article 8; provided, however, that, if the Company has made any payment of interest on or principal of any Securities
because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 

ARTICLE 9 
 Amendments 

Section 9.01. Without Consent of Holders. The Company, the Guarantors and the Trustee may amend this Indenture, or the Securities without
notice to or consent of any Securityholder: 
 (1)      to cure any ambiguity, omission,
defect or inconsistency; 
 (2)      to comply with Article 5 of this Indenture; 

(3)      to provide for uncertificated Securities in addition to or in place of certificated
Securities; provided, however, that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Securities are described in
Section 163(f)(2)(B) of the Code; 
  

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 (4)      to add guarantees with respect to the Securities,
including any Guaranties, or to secure the Securities; 
 (5)      to add to the covenants of
the Company or a Guarantor for the benefit of the Holders or to surrender any right or power herein conferred upon the Company or a Guarantor; 
 (6)      to comply with any requirements of the SEC in connection with qualifying, or maintaining the qualification of, this Indenture under the TIA; or 
 (7)      to make any change that does not materially adversely affect the rights of any Securityholder.

 However, no amendment under this Section may be made that adversely affects the rights under Articles 10 or 12 of any holder of Senior
Indebtedness of the Company or a Guarantor then outstanding unless the holders of such Senior Indebtedness (or their Representatives) consent to such change. 
 After an amendment under this Section 9.01 becomes effective, the Company shall mail to Securityholders a notice briefly describing such amendment. The failure to give such notice to all Securityholders, or any
defect therein, shall not impair or affect the validity of an amendment under this Section. 
 Section 9.02. With Consent of
Holders. The Company, the Guarantors and the Trustee may amend this Indenture or the Securities without notice to any Securityholder but with the written consent of the Holders of at least a majority in principal amount of the Securities then
outstanding (including consents obtained in connection with a tender offer or exchange for the Securities). However, without the consent of each Securityholder affected thereby, an amendment or waiver may not: 
 (1)      reduce the amount of Securities whose Holders must consent to an amendment; 
 (2)      reduce the rate of or extend the time for payment of interest on any Security; 
 (3)      reduce the principal amount of or extend the Stated Maturity of any Security; 
 (4)      reduce the amount payable upon the redemption of any Security or change the time at which any
Security may be redeemed pursuant to paragraph 5 of the Securities; 
 (5)      make any
Security payable in money other than that stated in the Security; 
  

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 (6)      impair the right of any Holder to receive payment
of principal of and interest on such Holder’s Securities on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Securities; 
 (7)      make any change in Section 6.04 or 6.07 of this Indenture or the second sentence of this
Section 9.02; 
 (8)      make any changes in the ranking or priority of any Security
that would adversely affect the Securityholders; or 
 (9)      make any change in any
Guaranty that would adversely affect the Securityholders. 
 It shall not be necessary for the consent of the Holders under this Section to
approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
 However, no amendment under this Section may be made that adversely affects the rights under Articles 10 or 12 of any holder of Senior Indebtedness of the Company or a Guarantor then outstanding unless the holders of such Senior
Indebtedness (or their Representatives) consent to such change. 
 After an amendment under this Section 9.02 becomes effective, the
Company shall mail to Securityholders a notice briefly describing such amendment. The failure to give such notice to all Securityholders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02.

 Section 9.03. Compliance with Trust Indenture Act. Every amendment to this Indenture or the Securities shall comply with the
TIA as then in effect. 
 Section 9.04. Revocation and Effect of Consents and Waivers. A consent to an amendment or a waiver by
a Holder of a Security shall bind the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent or waiver is not made on the
Security. However, any such Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes
effective. After an amendment or waiver becomes effective, it shall bind every Securityholder. An amendment or waiver becomes effective upon the execution of such amendment or waiver by the Trustee. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Securityholders entitled to give their consent or
take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Securityholders at such record date
(or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such record date. No
such consent shall be valid or effective for more than 120 days after such record date. 
  

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 Section 9.05. Notation on or Exchange of Securities. If an amendment changes the
terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security regarding the changed terms and return it to the Holder. Alternatively, if the
Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall
not affect the validity of such amendment. 
 Section 9.06. Trustee To Sign Amendments. The Trustee shall sign any
amendment authorized pursuant to this Article 9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment the Trustee shall
receive indemnity reasonably satisfactory to it, and (subject to Section 7.01 of this Indenture) shall be fully protected in conclusively relying upon, an Officer’s Certificate and an Opinion of Counsel stating that such amendment is
authorized or permitted by this Indenture. 
 Section 9.07. Payment for Consent. Neither the Company nor any Affiliate of
the Company shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this
Indenture or the Securities unless such consideration is offered to be paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement. 
 ARTICLE 10 
 Subordination 

Section 10.01. Agreement To Subordinate. The Company agrees, and each Securityholder by accepting a Security agrees, that the
Indebtedness evidenced by the Securities is subordinated in right of payment, to the extent and in the manner provided in this Article 10, to the prior payment of all Senior Indebtedness of the Company and that the subordination is for the benefit
of and enforceable by the holders of such Senior Indebtedness. The Securities shall in all respects rank pari passu with all other Senior Subordinated Indebtedness of the Company and only Indebtedness of the Company which is Senior
Indebtedness of the Company shall rank senior to the Securities in accordance with the provisions set forth herein. All provisions of this Article 10 shall be subject to Section 10.12. 
 Section 10.02. Liquidation, Dissolution, Bankruptcy. Upon any payment or distribution of the assets of the Company to creditors upon
a total or partial liquidation or a total or partial dissolution of the Company or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or its property: 
  

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 (1)      holders of Senior Indebtedness of the Company
shall be entitled to receive payment in full in cash or cash equivalents of such Senior Indebtedness before Securityholders shall be entitled to receive any payment; and 
 (2)      until such Senior Indebtedness is paid in full in cash or cash equivalents, any payment or
distribution to which Securityholders would be entitled but for this Article 10 shall be made to holders of such Senior Indebtedness as their interests may appear, except that Securityholders may receive Permitted Junior Securities and payments from
either of the trusts described in Article 8. 
 Section 10.03. Default on Senior Indebtedness of the Company. The Company
shall not pay the principal of or interest on the Securities or make any deposit pursuant to Section 8.01 and may not purchase, redeem or otherwise retire any Securities (collectively, “pay the Securities”) (except that
Securityholders may receive and retain Permitted Junior Securities and payments made from funds deposited with the Trustee pursuant to Section 8.01 or 8.02) if either of the following (a “Payment Default”) occurs (a) any
Designated Senior Indebtedness of the Company is not paid in full in cash when due; or (b) any other default on Designated Senior Indebtedness of the Company occurs and the maturity of such Senior Indebtedness is accelerated in accordance with
its terms unless, in either case, the Payment Default has been cured or waived and any such acceleration has been rescinded or such Designated Senior Indebtedness has been paid in full in cash; provided, however, that the Company shall
be entitled to pay the Securities without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representatives of all Designated Senior Indebtedness or cash with respect to which a Payment
Default has occurred and is continuing. During the continuance of any default (other than a Payment Default) with respect to any Designated Senior Indebtedness of the Company pursuant to which the maturity thereof may be accelerated immediately
without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, the Company shall not pay the Securities for a period (a “Payment Blockage Period”) commencing
upon the receipt by the Trustee of (with a copy to the Company) written notice (a “Blockage Notice”) of such default from the Representative of such Designated Senior Indebtedness specifying an election to effect a Payment Blockage Period
and ending 179 days thereafter. The Payment Blockage Period shall end earlier if such Payment Blockage Period is terminated (1) by written notice to the Trustee and the Company from the Person or Persons who gave such Blockage Notice;
(2) because the default giving rise to such Blockage Notice is cured, waived or otherwise no longer continuing; or (3) because such Designated Senior Indebtedness has been discharged or repaid in full in cash. Notwithstanding the
provisions described in the immediately preceding two sentences (but subject to the provisions contained in the first sentence of this Section), unless the holders of such Designated Senior Indebtedness or the Representative of such Designated
Senior Indebtedness 

  

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shall have accelerated the maturity of such Designated Senior Indebtedness, the Company shall be entitled to resume payments on the Securities after
termination of such Payment Blockage Period. The Securities shall not be subject to more than one Payment Blockage Period in any consecutive 360-day period, irrespective of the number of defaults with respect to Designated Senior Indebtedness of the
Company during such period. For purposes of this Section, no default or event of default which existed or was continuing on the date of the commencement of any Payment Blockage Period with respect to the Designated Senior Indebtedness of the
Company initiating such Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent Payment Blockage Period by the Representative of such Designated Senior Indebtedness, unless such default or event of default shall
have been cured or waived for a period of not less than 90 consecutive days. 
 Section 10.04. Acceleration of Payment of
Securities. If payment of the Securities is accelerated because of an Event of Default, the Company or the Trustee shall promptly notify the holders of the Designated Senior Indebtedness of the Company (or their Representatives) of the
acceleration; provided that any failure to give such notice shall have no effect whatsoever on the provisions of this Article 10. 
 Section 10.05. When Distribution Must Be Paid Over. If a distribution is made to Securityholders that because of this Article 10 should not have been made to them, the Securityholders who receive the distribution shall hold it
in trust for holders of Senior Indebtedness of the Company and pay it over to them as their interests may appear. If any Designated Senior Indebtedness of the Company is outstanding, the Company shall not pay the Securities until five Business Days
after the Representatives of all the issues of Designated Senior Indebtedness of the Company receive notice of such acceleration and, thereafter, shall be entitled to pay the Securities only if this Article 10 otherwise permits payment at that time.

 Section 10.06. Subrogation. After all Senior Indebtedness of the Company is paid in full and until the Securities are paid in
full, Securityholders shall be subrogated to the rights of holders of such Senior Indebtedness to receive distributions applicable to such Senior Indebtedness. A distribution made under this Article 10 to holders of such Senior Indebtedness which
otherwise would have been made to Securityholders is not, as between the Company and Securityholders, a payment by the Company on such Senior Indebtedness. 
 Section 10.07. Relative Rights. This Article 10 defines the relative rights of Securityholders and holders of Senior Indebtedness of the Company. Nothing in this Indenture shall: 
 (1)      impair, as between the Company and Securityholders, the obligation of the Company, which is
absolute and unconditional, to pay principal of and interest on the Securities in accordance with their terms; or 
 (2)      prevent the Trustee or any Securityholder from exercising its available remedies upon a Default, subject to the rights of holders of Senior Indebtedness of the Company to receive distributions
otherwise payable to Securityholders and such other rights of such holders of Senior Indebtedness as set forth herein; or 
  

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 (3)      affect the relative rights of Securityholders and
creditors of the Company other than their rights in relation to holders of Senior Indebtedness. 
 Section 10.08. Subordination May
Not Be Impaired by Company. No right of any holder of Senior Indebtedness of the Company to enforce the subordination of the Indebtedness evidenced by the Securities shall be impaired by any act or failure to act by the Company or by its
failure to comply with this Indenture. 
 Section 10.09. Rights of Trustee and Paying Agent. Notwithstanding Section 10.03,
the Trustee or Paying Agent shall continue to make payments on the Securities and shall not be charged with knowledge of the existence of facts that under this Article 10 would prohibit the making of any such payments unless, not less than two
Business Days prior to the date of such payment, a Trust Officer receives notice satisfactory to it that such payments are prohibited by this Article 10. The Company, the Registrar or co-registrar, the Paying Agent, a Representative or a holder of
Senior Indebtedness of the Company shall be entitled to give the notice; provided, however, that, if an issue of Senior Indebtedness of the Company has a Representative, only the Representative shall be entitled to give the notice.

 The Trustee in its individual or any other capacity shall be entitled to hold Senior Indebtedness of the Company with the same rights it
would have if it were not Trustee. The Registrar and co-registrar and the Paying Agent shall be entitled to do the same with like rights. The Trustee shall be entitled to all the rights set forth in this Article 10 with respect to any Senior
Indebtedness of the Company which may at any time be held by it, to the same extent as any other holder of such Senior Indebtedness; and nothing in Article 7 shall deprive the Trustee of any of its rights as such holder. Nothing in this Article 10
shall apply to claims of, or payments to, the Trustee under or pursuant to Section 7.07. 
 Section 10.10. Distribution or
Notice to Representative. Whenever any Person is to make a distribution or give a notice to holders of Senior Indebtedness of the Company, such Person shall be entitled to make such distribution or give such notice to their Representative (if
any). 
 Section 10.11. Article 10 Not To Prevent Events of Default or Limit Right To Accelerate. The failure to
make a payment pursuant to the Securities by reason of any provision in this Article 10 shall not be construed as preventing the occurrence of a Default. Nothing in this Article 10 shall have any effect on the right of the Securityholders or the
Trustee to accelerate the maturity of the Securities. 
  

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 Section 10.12. Trust Moneys Not Subordinated. Notwithstanding anything contained herein to
the contrary, payments from money or the proceeds of U.S. Government Obligations deposited in trust or with the Trustee, for the payment of principal of and interest on the Securities pursuant to Article 8 of this Indenture shall not be
subordinated to the prior payment of any Senior Indebtedness of the Company or subject to the restrictions set forth in this Article 10, and none of the Securityholders shall be obligated to pay over any such amount to the Company or any holder of
Senior Indebtedness of the Company or any other creditor of the Company, provided that the subordination provisions of Article 12 of this Indenture or this Article 10 were not violated at the time the applicable amounts were deposited in
trust pursuant to Article 8 of this Indenture, as the case may be. 
 Section 10.13. Trustee Entitled To Rely. Upon any payment
or distribution pursuant to this Article 10, the Trustee and the Securityholders shall be entitled to conclusively rely (a) upon any order or decree of a court of competent jurisdiction in which any proceedings of the nature referred to in
Section 10.02 are pending, (b) upon a certificate of the liquidating trustee or agent or other Person making such payment or distribution to the Trustee or to the Securityholders or (c) upon the Representatives of Senior Indebtedness
of the Company for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of such Senior Indebtedness and other Indebtedness of the Company, the amount thereof or payable thereon, the amount or
amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 10. In the event that the Trustee determines, in good faith, that evidence is required with respect to the right of any Person as a holder of Senior
Indebtedness of the Company to participate in any payment or distribution pursuant to this Article 10, the Trustee shall be entitled to request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of such
Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and other facts pertinent to the rights of such Person under this Article 10, and, if such evidence is not
furnished, the Trustee shall be entitled to defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. The provisions of Sections 7.01 and 7.02 shall be applicable to all actions or
omissions of actions by the Trustee pursuant to this Article 10. 
 Section 10.14. Trustee To Effectuate Subordination. Each
Securityholder by accepting a Security authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination between the Securityholders and the holders of Senior
Indebtedness of the Company as provided in this Article 10 and appoints the Trustee as attorney-in-fact for any and all such purposes. 
 Section 10.15. Trustee Not Fiduciary for Holders of Senior Indebtedness of the Company. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of the Company and shall not be liable
to any such holders if it shall mistakenly pay over or distribute to Securityholders or the Company or any other Person, money or assets to which any holders of Senior Indebtedness of the Company shall be entitled by virtue of this Article 10 or
otherwise. With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in this Article and no implied covenants or obligations with
respect to holders of Senior Indebtedness shall be read into this Indenture against the Trustee. 
  

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 Section 10.16. Reliance by Holders of Senior Indebtedness of the Company on Subordination
Provisions. Each Securityholder by accepting a Security acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness of the Company,
whether such Senior Indebtedness was created or acquired before or after the issuance of the Securities, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of such Senior Indebtedness shall be deemed
conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or in continuing to hold, such Senior Indebtedness. 
 Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness of the Company may, at any time and from time to time, without the consent of or notice to the Trustee or the
Holders, without incurring responsibility to the Trustee or the Holders and without impairing or releasing the subordination provided in this Article 10 or the obligations hereunder of the Holders to the holders of the Senior Indebtedness of the
Company, do any one or more of the following: 
 (1)      change the manner, place or terms of
payment or extend the time of payment of, or renew or alter, Senior Indebtedness of the Company, or otherwise amend or supplement in any manner Senior Indebtedness of the Company, or any instrument evidencing the same or any agreement under which
Senior Indebtedness of the Company is outstanding; 
 (2)      sell, exchange, release or
otherwise deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness of the Company; 
 (3)      release any Person liable in any manner for the payment or collection of Senior Indebtedness of the Company; and 
 (4)      exercise or refrain from exercising any rights against the Company and any other Person.

 ARTICLE 11 
 Guaranties 

 Section 11.01. Guaranties. Each Guarantor required to execute and deliver a Guaranty Agreement pursuant to Section 4.13
of this Indenture shall, upon execution and delivery of its Guaranty Agreement, unconditionally and irrevocably 
  

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guarantee, jointly and severally, to each Holder and to the Trustee and its successors and assigns (a) the full and punctual payment of principal of and
interest on the Securities when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Company under this Indenture and the Securities and (b) the full and punctual performance within
applicable grace periods of all other obligations of the Company under this Indenture and the Securities (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each Guarantor further agrees that the
Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from such Guarantor and that such Guarantor will remain bound under this Article 11 notwithstanding any extension or renewal of any
Guaranteed Obligation. 
 Each Guarantor waives presentation to, demand of, payment from and protest to the Company of any of the Guaranteed
Obligations and also waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Securities or the Guaranteed Obligations. The obligations of each Guarantor hereunder shall not be affected by (a) the failure
of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Securities or any other agreement or otherwise; (b) any extension or renewal of any
thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities or any other agreement; (d) the release of any security held by any Holder or the Trustee for the Guaranteed
Obligations or any of them; (e) the failure of any Holder or the Trustee to exercise any right or remedy against any other guarantor of the Obligations; or (f) except as set forth in Section 11.06 of this Indenture, any change in the
ownership of such Guarantor. 
 Each Guarantor further agrees that its Guaranty herein constitutes a guarantee of payment, performance and
compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed Obligations. 
 Each Guaranty is, to the extent and in the manner set forth in Article 12, subordinated and subject in right of payment to the prior payment in full of
the principal of and premium, if any, and interest on all Senior Indebtedness of the Guarantor giving such Guaranty and each Guaranty is made subject to such provisions of this Indenture. 
 Except as expressly set forth in Sections 8.01(b), 11.02 and 11.06 of this Indenture, the obligations of each Guarantor hereunder shall not be
subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not be discharged or impaired or
otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver or modification of any thereof, by any default, failure
or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Guarantor or would
otherwise operate as a discharge of such Guarantor as a matter of law or equity. 
  

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 Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated,
as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Company or
otherwise. 
 In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in
equity against any Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise,
or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal to
the sum of (1) the unpaid amount of such Guaranteed Obligations, (2) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and (3) all other monetary Guaranteed Obligations of the
Company to the Holders and the Trustee. 
 Each Guarantor agrees that it shall not be entitled to any right of subrogation in respect of any
Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations and all obligations to which the Guaranteed Obligations are subordinated as provided in Article 12. 
 Each Guarantor further agrees that, as between it, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the
Guaranteed Obligations may be accelerated as provided in Article 6 of this Indenture for the purposes of such Guarantor’s Guaranty herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
Guaranteed Obligations, and (y) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6 of this Indenture, such Guaranteed Obligations (whether or not due and payable) shall forthwith become
due and payable by such Guarantor for the purposes of this Section. 
 Each Guarantor also agrees to pay any and all costs and expenses
(including reasonable attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 11.01. 
 Section 11.02. Limitation on Liability. Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Obligations guaranteed hereunder by any
Subsidiary Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Subsidiary Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer or similar laws affecting the rights of creditors generally. 
  

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 Section 11.03. Successors and Assigns. This Article 11 shall be binding upon each
Guarantor and its successors and assigns and shall enure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges
conferred upon that party in this Indenture and in the Securities shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 
 Section 11.04. No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power or
privilege under this Article 11 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the
Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 11 at law, in equity, by statute or otherwise. 
 Section 11.05. Modification. No modification, amendment or waiver of any provision of this Article 11, nor the consent to any departure
by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No
notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances. 
 Section 11.06. Release of Subsidiary Guarantor. The Subsidiary Guarantor shall be deemed released from all obligations under this Article 11 without any further action required on the part of the
Trustee or any Holder: (1) upon the sale (including any sale pursuant to any exercise of remedies by a holder of Senior Indebtedness of the Company or of such Subsidiary Guarantor) or other disposition (including by way of consolidation or
merger) of a Subsidiary Guarantor, (2) upon the sale or disposition of all or substantially all the assets of such Subsidiary Guarantor (in each case other than a sale or disposition to the Company or a Subsidiary of the Company), (3) at
such time a Subsidiary Guarantor no longer Guarantees any other Indebtedness of the Company, (4) upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary pursuant to the terms of this Indenture, or (5) upon the
defeasance of the Securities, as provided under Article 8 of this Indenture, in the case of clause (1) or (2), other than to the Company or an Affiliate of the Company and as permitted by this Indenture. At the written request of the Company,
the Trustee shall execute and deliver an appropriate instrument evidencing such release. 
 Section 11.07. Contribution. Each
Subsidiary Guarantor that makes a payment under its Subsidiary Guaranty will be entitled upon payment in full of all Guaranteed Obligations to a contribution from each other Subsidiary Guarantor in an amount equal to such other Subsidiary
Guarantor’s pro rata portion of such payment based on the respective net assets of all the Subsidiary Guarantors at the time of such payment determined in accordance with GAAP. 
  

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 ARTICLE 12 
 Subordination of Guaranties 
 Section 12.01. Agreement To Subordinate. Each Guarantor
agrees, and each Securityholder by accepting a Security agrees, that the Indebtedness evidenced by such Guarantor’s Guaranty is subordinated in right of payment, to the extent and in the manner provided in this Article 12, to the prior payment
of all Senior Indebtedness of such Guarantor and that the subordination is for the benefit of and enforceable by the holders of such Senior Indebtedness. The Obligations of a Guarantor shall in all respects rank pari passu with all
other Senior Subordinated Indebtedness of such Guarantor and only Senior Indebtedness of such Guarantor (including such Guarantor’s Guaranty of Senior Indebtedness of the Company) shall rank senior to the Obligations of such Guarantor in
accordance with the provisions set forth herein. 
 Section 12.02. Liquidation, Dissolution, Bankruptcy. Upon any payment or
distribution of the assets of any Guarantor to creditors upon a total or partial liquidation or a total or partial dissolution of such Guarantor or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to such
Guarantor or its property: 
 (1)      holders of Senior Indebtedness of such Guarantor shall
be entitled to receive payment in full in cash or cash equivalents of such Senior Indebtedness before Securityholders shall be entitled to receive any payment pursuant to the Guaranty of such Guarantor; and 
 (2)      until the Senior Indebtedness of any Guarantor is paid in full in cash or cash equivalents, any
payment or distribution to which Securityholders would be entitled but for this Article 12 shall be made to holders of such Senior Indebtedness as their interests may appear, except that Securityholders may receive and retain Permitted Junior
Securities and payments from either of the trusts described in Article 8. 
 Section 12.03. Default on Senior Indebtedness of
Guarantor. No Guarantor shall make its Guaranty or purchase, redeem or otherwise retire or defease any Securities or other Obligations (collectively, “pay its Guaranty”) (except that Securityholders may receive and retain Permitted
Junior Securities and payments made from funds deposited with the Trustee pursuant to Section 8.01 or 8.02) if either of the following (a “Guarantor Payment Default”) occurs (a) any Designated Senior Indebtedness of such
Guarantor is not paid in full in cash when due; or (b) any other default on Designated Senior Indebtedness of such Guarantor occurs and the maturity of such Designated Senior Indebtedness is accelerated in accordance with its terms; unless, in
either case, the Guarantor Payment Default has been cured or waived and any such acceleration has been rescinded or such Designated Senior Indebtedness has been paid in full in cash; provided, however, that any Guarantor shall be
entitled to pay its Guaranty without regard to the foregoing if such Guarantor and the Trustee receive written notice approving such payment from the Representatives of all Designated Senior Indebtedness or cash with respect to which a Guarantor
Payment Default has occurred and 

  

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is continuing. During the continuance of any default (other than a Guarantor Payment Default) with respect to any Designated Senior Indebtedness of such
Guarantor pursuant to which the maturity thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, such Guarantor shall not
pay its Guaranty for a period (a “Guarantor Payment Blockage Period”) commencing upon the receipt by the Trustee of (with a copy to such Guarantor) written notice (a “Guarantor Blockage Notice”) of such default from the
Representative of such Designated Senior Indebtedness specifying an election to effect a Guarantor Payment Blockage Period and ending 179 days thereafter. The Guarantor Payment Blockage Period shall end earlier if such Guarantor Payment
Blockage Period is terminated (1) by written notice to the Trustee and such Guarantor from the Person or Persons who gave such Guarantor Blockage Notice; (2) because the default giving rise to such Guarantor Blockage Notice is cured,
waived or otherwise no longer continuing; or (3) because such Designated Senior Indebtedness has been discharged or repaid in full in cash. Notwithstanding the provisions described in the immediately preceding two sentences (but subject to the
provisions contained in the first sentence of this Section), unless the holders of such Designated Senior Indebtedness giving such Guarantor Blockage Notice or the Representative of such Designated Senior Indebtedness shall have accelerated the
maturity of such Designated Senior Indebtedness, any Guarantor shall be entitled to resume payments pursuant to its Guaranty after termination of such Guarantor Payment Blockage Period. No Guarantor shall be subject to more than one Guarantor
Blockage Period in any consecutive 360-day period, irrespective of the number of defaults with respect to Designated Senior Indebtedness of such Guarantor during such period. For purposes of this Section, no default or event of default which existed
or was continuing on the date of the commencement of any Guarantor Payment Blockage Period with respect to the Designated Senior Indebtedness of such Guarantor initiating such Guarantor Payment Blockage Period shall be, or be made, the basis of the
commencement of a subsequent Guarantor Payment Blockage Period by the Representative of such Designated Senior Indebtedness, unless such default or event of default shall have been cured or waived for a period of not less than 90 consecutive
days. 
 Section 12.04. Demand for Payment. If a demand for payment is made on a Guarantor pursuant to Article 11,
the Company shall promptly notify the holders of the Designated Senior Indebtedness of such Guarantor (or their Representatives) of such demand. 
 Section 12.05. When Distribution Must Be Paid Over. If a distribution is made to Securityholders that because of this Article 12 should not have been made to them, the Securityholders who receive the distribution shall
hold it in trust for holders of Senior Indebtedness of the applicable Guarantor and pay it over to them or their Representatives as their interests may appear. If any Designated Senior Indebtedness of a Subsidiary Guarantor is outstanding, such
Subsidiary Guarantor shall not make a payment on its Guaranty until five Business Days after the Representations of all the issues of Designated Senior Indebtedness of such Guarantor receive notice of such acceleration and, thereafter, shall be
entitled to pay the Securities only if Article 12 otherwise permits payment at that time. 
  

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 Section 12.06. Subrogation. After all Senior Indebtedness of a Guarantor is paid in full and
until the Securities are paid in full, Securityholders shall be subrogated to the rights of holders of such Senior Indebtedness to receive distributions applicable to Senior Indebtedness of such Guarantor. A distribution made under this Article 12
to holders of such Senior Indebtedness which otherwise would have been made to Securityholders is not, as between the relevant Guarantor and Securityholders, a payment by such Guarantor on such Senior Indebtedness. 
 Section 12.07. Relative Rights. This Article 12 defines the relative rights of Securityholders and holders of Senior Indebtedness of a
Guarantor. Nothing in this Indenture shall: 
 (1)       impair, as between a Guarantor and
Securityholders, the obligation of such Guarantor, which is absolute and unconditional, to pay its Guaranty to the extent set forth in Article 11; 
 (2)       prevent the Trustee or any Securityholder from exercising its available remedies upon a default by such Guarantor under its Guaranty, subject to the rights of holders of Senior
Indebtedness of such Guarantor to receive distributions otherwise payable to Securityholders and such other rights of such Securityholders of Senior Indebtedness as set forth herein; or 
 (3)       affect the relative rights of Securityholders and creditors of such Guarantor other than their
rights in relation to Securityholders of Senior Indebtedness. 
 Section 12.08. Subordination May Not Be Impaired by a
Guarantor. No right of any holder of Senior Indebtedness of any Guarantor to enforce the subordination of the Guaranty of such Guarantor shall be impaired by any act or failure to act by such Guarantor or by its failure to comply with this
Indenture. 
 Section 12.09. Rights of Trustee and Paying Agent. Notwithstanding Section 12.03, the Trustee or Paying Agent
shall continue to make payments on any Guaranty and shall not be charged with knowledge of the existence of facts that would prohibit the making of any such payments unless, not less than two Business Days prior to the date of such payment, a Trust
Officer receives written notice satisfactory to it that such payments are prohibited by this Article 12. The Company, the relevant Guarantor, the Registrar or co-registrar, the Paying Agent, a Representative or a holder of Senior Indebtedness of
such Guarantor shall be entitled to give the notice; provided, however, that, if an issue of Senior Indebtedness of any Guarantor has a Representative, only the Representative shall be entitled to give the notice. 
  

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 The Trustee in its individual or any other capacity shall be entitled to hold Senior Indebtedness of any
Guarantor with the same rights it would have if it were not the Trustee. The Registrar and co-registrar and the Paying Agent may do the same with like rights. The Trustee shall be entitled to all the rights set forth in this Article 12 with respect
to any Senior Indebtedness of any Guarantor which may at any time be held by it, to the same extent as any other holder of such Senior Indebtedness; and nothing in Article 7 shall deprive the Trustee of any of its rights as such holder. Nothing in
this Article 12 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 7.07. 
 Section 12.10.
Distribution or Notice to Representative. Whenever any Person is to make a distribution or give a notice to holders of Senior Indebtedness of any Guarantor, such Person shall be entitled to make such distribution or give such notice to
their Representative (if any). 
 Section 12.11. Article 12 Not To Prevent Events of Default or Limit Right To Demand
Payment. The failure to make a payment pursuant to a Guaranty by reason of any provision in this Article 12 shall not be construed as preventing the occurrence of a Default. Nothing in this Article 12 shall have any effect on the right of
the Securityholders or the Trustee to make a demand for payment on any Guarantor pursuant to its Guaranty. 
 Section 12.12. Trustee
Entitled To Rely. Upon any payment or distribution pursuant to this Article 12, the Trustee and the Securityholders shall be entitled to conclusively rely (a) upon any order or decree of a court of competent jurisdiction in which any
proceedings of the nature referred to in Section 12.02 are pending, (b) upon a certificate of the liquidating trustee or agent or other Person making such payment or distribution to the Trustee or to the Securityholders or (c) upon
the Representatives for the holders of Senior Indebtedness of any Guarantor for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of such Senior Indebtedness and other indebtedness of such
Guarantor, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 12. In the event that the Trustee determines, in good faith, that evidence is required with
respect to the right of any Person as a holder of Senior Indebtedness of any Guarantor to participate in any payment or distribution pursuant to this Article 12, the Trustee shall be entitled to request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness of such Guarantor held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and other facts pertinent to the rights
of such Person under this Article 12, and, if such evidence is not furnished, the Trustee shall be entitled to defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. The
provisions of Sections 7.01 and 7.02 shall be applicable to all actions or omissions of actions by the Trustee pursuant to this Article 12. 
 Section 12.13. Trustee To Effectuate Subordination. Each Securityholder by accepting a Security authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to acknowledge or
effectuate the subordination between the Securityholders and the holders of Senior Indebtedness of any Guarantor as provided in this Article 12 and appoints the Trustee as attorney-in-fact for any and all such purposes. 
  

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 Section 12.14. Trustee Not Fiduciary for Holders of Senior Indebtedness of Guarantor.
The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of any Guarantor and shall not be liable to any such holders if it shall mistakenly pay over or distribute to Securityholders or the Company or any other
Person, money or assets to which any holders of such Senior Indebtedness shall be entitled by virtue of this Article 12 or otherwise. With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of
its covenants or obligations as are specifically set forth in this Article and no implied covenants or obligations with respect to holders of Senior Indebtedness shall be read into this Indenture against the Trustee. 
 Section 12.15. Reliance by Holders of Senior Indebtedness of Guarantors on Subordination Provisions. Each Securityholder by accepting a
Security acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness of any Guarantor, whether such Senior Indebtedness was created or
acquired before or after the issuance of the Securities, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination
provisions in acquiring and continuing to hold, or in continuing to hold, such Senior Indebtedness. 
 Without in any way limiting the
generality of the foregoing paragraph, the holders of Senior Indebtedness of any Guarantor may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders, without incurring responsibility to the Trustee or the
Holders and without impairing or releasing the subordination provided in this Article 12 or the obligations hereunder of the Holders to the holders of the Senior Indebtedness of such Guarantor, do any one or more of the following: 
 (1)      change the manner, place or terms of payment or extend the time of payment of, or renew or alter,
Senior Indebtedness of such Guarantor, or otherwise amend or supplement in any manner Senior Indebtedness of such Guarantor, or any instrument evidencing the same or any agreement under which Senior Indebtedness of such Guarantor is outstanding;

 (2)      sell, exchange, release or otherwise deal with any property pledged, mortgaged or
otherwise securing Senior Indebtedness of such Guarantor; 
 (3)      release any Person
liable in any manner for the payment or collection of Senior Indebtedness of such Guarantor; and 
  

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 (4)      exercise or refrain from exercising any rights
against such Guarantor and any other Person. 
 Section 12.16. Trust Moneys Not Subordinated. Notwithstanding anything contained
herein to the contrary, payments from money or the proceeds of U.S. Government Obligations deposited in trust or with the Trustee, as applicable, for the payment of principal of and interest on the Securities pursuant to Article 8 of this Indenture
shall not be subordinated to the prior payment of any Senior Indebtedness of any Guarantor or subject to the restrictions set forth in this Article 12, and none of the Holders shall be obligated to pay over any such amount to such Guarantor or any
holder of Senior Indebtedness of such Guarantor or any other creditor of such Guarantor, provided that the subordination provisions of Article 10 of this Indenture or this Article 12 were not violated at the time the applicable amounts were
deposited in trust pursuant to Article 8 of this Indenture, as the case may be. 
 ARTICLE 13 
 Miscellaneous 
 Section 13.01.
Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision shall control. 
 Section 13.02. Notices. Any notice or communication shall be in writing (including telecopy) and delivered in person, by facsimile or mailed
by first-class mail addressed as follows: 
 if to the Company or any Guarantor: 
 CB Richard Ellis Services, Inc. 
 11150
Santa Monica Boulevard, 
 Suite 1600 
 Los Angeles, California 90025 
 Facsimile No.: (310) 405-8925 
 Attention: General Counsel 
 with a copy to:

 Simpson Thacher & Bartlett LLP 
 2550 Hanover Street 
 Palo Alto, California 94304 
 Facsimile No.: (650) 251-5002 
 Attention: William B. Brentani 
  

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 if to the Trustee: 
 Wells Fargo Bank, National Association 
 707 Wilshire Boulevard, 17th Floor 
 Los Angeles, California 90017 
 Facsimile
No.: (213) 614-3355 
 Attention: Corporate Trust Services 
 with a copy to: 
 Thompson Hine LLP

 335 Madison Avenue, 12th Floor 
 New York, New York 10017 
 Facsimile No.: (212) 344-6101 
 Attention: Irving C. Apar 
 The Company,
any Guarantor or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 
 Any notice or communication mailed to a Securityholder shall be mailed to the Securityholder at the Securityholder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within
the time prescribed. However, in the case of Securities held in book entry form, notices may be sent by electronic transmission. 
 Failure
to mail a notice or communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other Securityholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not
the addressee receives it. 
 Section 13.03. Communication by Holders with Other Holders. Securityholders may communicate
pursuant to TIA § 312(b) with other Securityholders with respect to their rights under this Indenture or the Securities. The Company, any Guarantor, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).

 Section 13.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the
Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 
 (1)      an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and 
 (2)      an Opinion of Counsel
in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with, provided, however, that no such Opinion of Counsel shall be required to
be furnished in connection with the issuance of the Securities on the Issue Date. 
  

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 Section 13.05. Statements Required in Certificate or Opinion. Each certificate or
opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
 (1)      a statement that the individual making such certificate or opinion has read such covenant or condition; 
 (2)      a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

 (3)      a statement that, in the opinion of such individual, he has made such examination
or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4)      a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with. 
 Section 13.06. When Securities Disregarded. In determining whether the Holders of the required principal amount of Securities have
concurred in any direction, waiver or consent, Securities owned by the Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be disregarded and deemed not to be
outstanding, except that, for the purpose of determining whether the Trustee shall be protected in conclusively relying on any such direction, waiver or consent, only Securities which a Trust Officer actually knows are so owned shall be so
disregarded. Also, subject to the foregoing, only Securities outstanding at the time shall be considered in any such determination. 
 Section 13.07. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of Securityholders. The Registrar and the Paying Agent may make reasonable rules for their
functions. 
 Section 13.08. Legal Holidays. A “Legal Holiday” is a Saturday, a Sunday or a day on which
commercial banking institutions are authorized or required by law to close in New York City. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the
intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 
 Section 13.09. Governing
Law; Waiver of Jury Trial. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 
  

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 Section 13.10.  No Recourse Against Others.  A director, officer,
employee or stockholder, as such, of the Company or any Guarantor shall not have any liability for any obligations of the Company under the Securities or this Indenture or of such Guarantor under its Guaranty or this Indenture or for any claim based
on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Securityholder shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Securities.

 Section 13.11.  Successors.  All agreements of the Company and the Guarantors in this Indenture and the
Securities shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 Section 13.12.  Multiple Originals.  The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy
is enough to prove this Indenture. The exchange of copies of this Indenture and of signature pages by facsimile or electronic transmission (including PDF) shall constitute effective execution and delivery of this Indenture as to the parties
hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic transmission (including PDF) shall be deemed to be their original signatures for all purposes.

 Section 13.13.  Table of Contents; Headings.  The table of contents, cross-reference sheet and headings of
the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
 Section 13.14.  Separability.  In case any provision in the Indenture or in the Securities is invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 
 Section 13.15.  Force Majeure.  In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or
indirectly, forces beyond its reasonable control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances. 
 Section 13.16.  U.S.A. Patriot Act.  The parties hereto
acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is 

  

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required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the
Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 
 Section 13.17.  Consent to Jurisdiction; Appointment of Agent for Service of Process.  To the fullest extent permitted by
applicable law, the Company and the Guarantors hereby irrevocably submit to the jurisdiction of any Federal or State court located in the Borough of Manhattan in The City of New York, New York in any suit, action or proceeding based on or arising
out of or relating to this Indenture or any Securities and irrevocably agrees that all claims in respect of such suit or proceeding may be determined in any such court. The Company and the Guarantors irrevocably waive, to the fullest extent
permitted by law, any objection which they may have to the laying of the venue of any such suit, action or proceeding brought in an inconvenient forum. The Company and the Guarantors agree that final judgment in any such suit, action or proceeding
brought in such a court shall be conclusive and binding upon them, and may be enforced in any courts to the jurisdiction of which the Company or the Guarantors are subject by a suit upon such judgment, provided, that service of process is effected
upon the Company and the Guarantors in the manner specified herein or as otherwise permitted by law. The Guarantors hereby irrevocably designate and appoint the Company (the “Process Agent”) as its authorized agent for purposes of this
section, it being understood that the designation and appointment of the Process Agent as such authorized agent shall become effective immediately without any further action on the part of the Guarantors. The Guarantors further agree that service of
process upon the Process Agent and written notice of said service to the Guarantors, mailed by prepaid registered first class mail or delivered to the Process Agent at its principal office, shall be deemed in every respect effective service of
process upon the Guarantors, in any such suit or proceeding. The Guarantors further agree to take any and all action, including the execution and filing of any and all such documents and instruments as may be necessary, to continue such designation
and appointment of the Process Agent in full force and effect so long as the Guarantors, have any outstanding obligations under this Indenture. To the extent the Company or the Guarantors have or hereafter may acquire any immunity from jurisdiction
of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, executor or otherwise) with respect to itself or its property, the Company and the Guarantors hereby irrevocably
waive such immunity in respect of their obligations under this Indenture to the extent permitted by law. 
 Section 13.18.  No Personal Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders.  No director, officer, employee, incorporator, member or stockholder of the Company or any
Guarantor shall have any liability for any obligations of the Company or any Guarantor under the Securities, any Guaranty or the Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each
Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 
  

 95 

 Section 13.19.  No Adverse Interpretation of Other Agreements.  The
Indenture may not be used to interpret another indenture or loan or debt agreement of the Company or any Subsidiary of the Company, and no such indenture or loan or debt agreement may be used to interpret the Indenture. 
  

 96 

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

							
	CB RICHARD ELLIS SERVICES. INC.,	 	
	CB RICHARD ELLIS GROUP, INC.,	 	
			
	by	 	   /s/ Robert E. Sulentic
	 	
		 	Name:	 	Robert E. Sulentic	 	
		 	Title:	 	Chief Financial Officer	 	
		
	CB HOLDCO, INC.	 	
	CB RICHARD ELLIS INVESTORS, INC.	 	
	CB RICHARD ELLIS INVESTORS, L.L.C.	 	
	CB RICHARD ELLIS, INC.	 	
	CB/TCC HOLDINGS LLC	 	
	CB/TCC, LLC	 	
	CBRE CAPITAL MARKETS OF TEXAS,
LP	 	
	CBRE CAPITAL MARKETS, INC.	 	
	CBRE TECHNICAL SERVICES, LLC	 	
	CBRE/LJM MORTGAGE COMPANY,
L.L.C.	 	
	CBRE/LJM-NEVADA, INC.	 	
	HOLDPAR A	 	
	HOLDPAR B	 	
	INSIGNIA/ESG CAPITAL
CORPORATION	 	
	THE POLACHECK COMPANY, INC.	 	
	TRAMMELL CROW COMPANY	 	
	TRAMMELL CROW SERVICES, INC.	 	
	VINCENT F. MARTIN, JR., INC.	 	
	WESTMARK REAL ESTATE
ACQUISITION PARTNERSHIP, L.P.	 	
			
	by	 	   /s/ Debera Fan
	 	
		 	Name:	 	Debera Fan	 	
		 	Title:	 	Senior Vice President & Treasurer	 	

							
	CB/TCC GLOBAL HOLDINGS LIMITED	 	
			
	by	 	   /s/ Philip Emburey
	 	
		 	Name:	 	Philip Emburey	 	
		 	Title:	 	Director	 	
			
	by	 	   /s/ Elizabeth Thetford
	 	
		 	Name:	 	Elizabeth Thetford	 	
		 	Title:	 	Secretary	 	
		
	TC HOUSTON, INC.	 	
	TCCT REAL ESTATE, INC.	 	
	TCDFW, INC.	 	
			
	by	 	   /s/ Robert E. Sulentic
	 	
		 	Name:	 	Robert E. Sulentic	 	
		 	Title:	 	Executive Vice President	 	
		
	TRAMMELL CROW DEVELOPMENT &
INVESTMENT, INC.	 	
			
	by	 	   /s/ Robert E. Sulentic
	 	
		 	Name:	 	Robert E. Sulentic	 	
		 	Title:	 	President & Chief Executive
	 	
		 	Officer	 	
		
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Trustee	 	
			
	by	 	   /s/ Maddy Hall
	 	
		 	Name:	 	Maddy Hall	 	
		 	Title:	 	Vice President	 	

			
		 	RULE 144A/REGULATION S
		 	APPENDIX

 PROVISIONS RELATING TO INITIAL SECURITIES, 
 PRIVATE EXCHANGE SECURITIES 
 AND
EXCHANGE SECURITIES 
 1. Definitions 
 1.1  Definitions 
 Capitalized terms used but not otherwise defined in this Appendix shall have the meanings
assigned in the Indenture. For the purposes of this Appendix the following terms shall have the meanings indicated below: 
 “Applicable
Procedures” means, with respect to any transfer or transaction involving a Temporary Regulation S Global Security or beneficial interest therein, the rules and procedures of the Depository, Euroclear and Clearstream, for such a Temporary
Regulation S Global Security, in each case to the extent applicable to such transaction and as in effect from time to time. 
 “Clearstream” means Clearstream Banking, société anonyme, or any successor securities clearing agency. 
 “Definitive Security” means a certificated Initial Security or Exchange Security or Private Exchange Security bearing, if required, the restricted securities legend set forth in Section 2.3(e). 
 “Depository” means The Depository Trust Company, its nominees and their respective successors. 
 “Distribution Compliance Period”, with respect to any Securities, means the period of 40 consecutive days beginning on and including the later
of (i) the day on which such Securities are first offered to Persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S and (ii) the Issue Date with respect to such Securities.

 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System, or any successor securities clearing agency.

 “Exchange Securities” means (1) the 11.625% Senior Subordinated Notes due June 15, 2017 issued pursuant to the
Indenture in connection with a Registered Exchange Offer pursuant to a Registration Rights Agreement and (2) Additional Securities, if any, issued pursuant to a registration statement filed with the SEC under the Securities Act. 
 “Initial Purchasers” means (1) with respect to the Initial Securities issued on the Issue Date, Banc of America Securities LLC, Credit
Suisse Securities (USA) LLC and J.P. Morgan Securities Inc., as representatives of the initial purchasers and (2) with respect to each issuance of Additional Securities, the Persons purchasing such Additional Securities under the related
Purchase Agreement. 

 “Initial Securities” means (1) $450,000,000 aggregate principal amount of 11.625% Senior
Subordinated Notes due June 15, 2017 issued on the Issue Date and (2) Additional Securities, if any, issued in a transaction exempt from the registration requirements of the Securities Act. 
 “Private Exchange” means the offer by the Company and the Guarantors, pursuant to a Registration Rights Agreement, to the Initial Purchasers to
issue and deliver to each Initial Purchaser, in exchange for the Initial Securities held by the Initial Purchaser as part of its initial distribution, a like aggregate principal amount of Private Exchange Securities. 
 “Private Exchange Securities” means any 11.625% Senior Subordinated Notes due June 15, 2017 issued in connection with a Private Exchange.

 “Purchase Agreement” means (1) with respect to the Initial Securities issued on the Issue Date, the Purchase Agreement
dated June 15, 2009 among the Company, Parent, the Subsidiary Guarantors and the Initial Purchasers, and (2) with respect to each issuance of Additional Securities, the purchase agreement or underwriting agreement among the Company,
Parent, the Subsidiary Guarantors and the Persons purchasing such Additional Securities. 
 “QIB” means a “qualified
institutional buyer” as defined in Rule 144A. 
 “Registered Exchange Offer” means the offer by the Company and the
Guarantors, pursuant to a Registration Rights Agreement, to certain Holders of Initial Securities, to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of Exchange Securities registered
under the Securities Act. 
 “Registration Rights Agreement” means (1) with respect to the Initial Securities issued on the
Issue Date, the Registration Rights Agreement dated June 15, 2009, among the Company, Parent, the Subsidiary Guarantors and the Initial Purchasers and (2) with respect to each issuance of Additional Securities issued in a transaction
exempt from the registration requirements of the Securities Act, the registration rights agreement, if any, among the Company, Parent, the Subsidiary Guarantors and the Persons purchasing such Additional Securities under the related Purchase
Agreement. 
 “Rule 144A Securities” means all Initial Securities offered and sold to QIBs in reliance on Rule 144A. 
 “Securities” means the Initial Securities, the Exchange Securities and the Private Exchange Securities, treated as a single class. 

 

 2 

 “Securities Act” means the Securities Act of 1933, as amended. 
 “Securities Custodian” means the custodian with respect to a Global Security (as appointed by the Depository), or any successor Person thereto
and shall initially be the Trustee. 
 “Shelf Registration Statement” means the registration statement issued by the Company in
connection with the offer and sale of Initial Securities or Private Exchange Securities pursuant to a Registration Rights Agreement. 
 “Transfer Restricted Securities” means Securities that bear or are required to bear the legend relating to restrictions on transfer relating to the Securities Act set forth in Section 2.3(e) hereto. 
 1.2  Other Definitions 
  

				
	Term	  	 Defined in
 Section:
	 
		
	 “Agent Members”
	  	2.1	(b) 
	 “Global Security”
	  	2.1	(a) 
	 “Permanent Regulation S Global Security”
	  	2.1	(a) 
	 “Regulation S”
	  	2.1	(a) 
	 “Rule 144A”
	  	2.1	(a) 
	 “Rule 144A Global Security”
	  	2.1	(a) 
	 “Temporary Regulation S Global Security”
	  	2.1	(a) 

  

	2.	The Securities 

 2.1  (a)  Form and Dating.  The Initial Securities will be offered and sold by the Company pursuant to a Purchase Agreement. The Initial Securities will be resold initially only to (i) QIBs in
reliance on Rule 144A under the Securities Act (“Rule 144A”) and (ii) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S under the Securities Act (“Regulation S”). Initial
Securities may thereafter be transferred to, among others, QIBs and purchasers in reliance on Regulation S, subject to the restrictions on transfer set forth herein. Initial Securities initially resold pursuant to Rule 144A shall be issued initially
in the form of one or more temporary global Securities in definitive, fully registered form (collectively, the “Rule 144A Global Security”) and Initial Securities initially resold pursuant to Regulation S shall be issued initially in the
form of one or more temporary global securities in definitive, fully registered form (collectively, the “Temporary Regulation S Global Security”), in each case without interest coupons and with the global securities legend and restricted
securities legend set forth in Exhibit 1 hereto, which shall be deposited on behalf of the purchasers of the Initial Securities represented thereby with the Securities Custodian, and registered in the name of the Depository or a nominee of the
Depository, duly executed by the Company and authenticated by the Trustee as provided in this 

  

 3 

 
Indenture. Beneficial ownership interests in the Temporary Regulation S Global Security will not be exchangeable for interests in the Rule 144A Global
Security, a permanent global security (the “Permanent Regulation S Global Security”), or any other Security without a legend containing restrictions on transfer of such Security prior to the expiration of the Distribution Compliance Period
and then only upon certification in form reasonably satisfactory to the Trustee that beneficial ownership interests in such Temporary Regulation S Global Security are owned either by non-U.S. persons or U.S. persons who purchased such interests in a
transaction that did not require registration under the Securities Act. The Rule 144A Global Security, the Temporary Regulation S Global Security and the Permanent Regulation S Global Security are collectively referred to herein as “Global
Securities.” The aggregate principal amount of the Global Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter provided. 
 (b)  Book-Entry Provisions.  This Section 2.1(b) shall apply only to a Global Security deposited with or on behalf of the
Depository. 
 The Company shall execute and the Trustee shall, in accordance with this Section 2.1(b), authenticate and deliver
initially one or more Global Securities that (a) shall be registered in the name of the Depository for such Global Security or Global Securities or the nominee of such Depository and (b) shall be delivered by the Trustee to such Depository
or pursuant to such Depository’s instructions or held by the Trustee as custodian for the Depository. 
 Members of, or participants in,
the Depository (“Agent Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depository or by the Trustee as the custodian of the Depository or under such Global Security, and
the Company, the Trustee and any agent of the Company or the Trustee shall be entitled to treat the Depository as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of
customary practices of such Depository governing the exercise of the rights of a holder of a beneficial interest in any Global Security. 
 (c)  Certificated Securities.  Except as provided in this Section 2.1 or Section 2.3 or 2.4, owners of beneficial interests in Global Securities shall not be entitled to receive physical delivery of
Definitive Securities. 
 2.2  Authentication.  The Trustee shall authenticate and deliver: (1) on the Issue
Date, an aggregate principal amount of $450,000,000 11.625% Senior Subordinated Notes due June 15, 2017, (2) any Additional Securities for an original issue in an aggregate principal amount specified in the written order of the Company
pursuant to Section 2.02 of the Indenture and (3) Exchange Securities or Private Exchange Securities for issue only in a Registered Exchange Offer or a Private Exchange, respectively, pursuant 

  

 4 

 
to a Registration Rights Agreement, for a like principal amount of Initial Securities, in each case upon a written order of the Company signed by at least
one Officer. Such order shall specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated and, in the case of any issuance of Additional Securities pursuant to
Section 2.13 of the Indenture, shall certify that such issuance is in compliance with Section 4.03 of the Indenture. 
 2.3  Transfer and Exchange 
 (a)  Transfer and Exchange of Definitive Securities. When Definitive
Securities are presented to the Registrar or a co-registrar with a request: 
 (x)  to register the transfer of
such Definitive Securities; or 
 (y)  to exchange such Definitive Securities for an equal principal amount of
Definitive Securities of other authorized denominations, 
 the Registrar or co-registrar shall register the transfer or make the exchange as requested if
its reasonable requirements for such transaction are met; provided, however, that the Definitive Securities surrendered for transfer or exchange: 
 (i) shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the
Registrar or co-registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and 
 (ii) if
such Definitive Securities are required to bear a restricted securities legend, they are being transferred or exchanged pursuant to an effective registration statement under the Securities Act, pursuant to Section 2.3(b) or pursuant to clause
(A), (B) or (C) below, and are accompanied by the following additional information and documents, as applicable: 
 (A) if such Definitive Securities are being delivered to the Registrar by a Holder for registration in the name of such Holder, without transfer, a certification from such Holder to that effect; or 
 (B) if such Definitive Securities are being transferred to the Company, a certification to that effect; or 
 (C) if such Definitive Securities are being transferred (x) pursuant to an exemption from registration in accordance with Rule 144A,
Regulation S or Rule 144 under the Securities Act,; or (y) in reliance upon another exemption from the requirements of the Securities Act: (i) a certification to that effect (in the form set forth on the reverse of the Security) and
(ii) if the Company so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set forth in Section 2.3(e)(i). 
  

 5 

 (b)  Restrictions on Transfer of a Definitive Security for a Beneficial Interest in a Global
Security.  A Definitive Security may not be exchanged for a beneficial interest in a Rule 144A Global Security or a Permanent Regulation S Global Security except upon satisfaction of the requirements set forth below. Upon receipt by
the Trustee of a Definitive Security, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Trustee, together with: 
 (i) certification, in the form set forth on the reverse of the Security, that such Definitive Security is either (A) being
transferred to a QIB in accordance with Rule 144A or (B) is being transferred after expiration of the Distribution Compliance Period by a Person who initially purchased such Security in reliance on Regulation S to a buyer who elects to hold its
interest in such Security in the form of a beneficial interest in the Permanent Regulation S Global Security; and 
 (ii)
written instructions directing the Trustee to make, or to direct the Securities Custodian to make, an adjustment on its books and records with respect to such Rule 144A Global Security (in the case of a transfer pursuant to clause (b)(i)(A)) or
Permanent Regulation S Global Security (in the case of a transfer pursuant to clause (b)(i)(B)) to reflect an increase in the aggregate principal amount of the Securities represented by the Rule 144A Global Security or Permanent
Regulation S Global Security, as applicable, such instructions to contain information regarding the Depository account to be credited with such increase, 
 then the Trustee shall cancel such Definitive Security and cause, or direct the Securities Custodian to cause, in accordance with the standing instructions and procedures existing between the Depository and the Securities Custodian, the
aggregate principal amount of Securities represented by the Rule 144A Global Security or Permanent Regulation S Global Security, as applicable, to be increased by the aggregate principal amount of the Definitive Security to be exchanged and shall
credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Rule 144A Global Security or Permanent Regulation S Global Security, as applicable, equal to the principal amount of the
Definitive Security so canceled. If no Rule 144A Global Securities or Permanent Regulation S Global Securities, as applicable, are then outstanding, the Company shall issue and the Trustee shall authenticate, upon written order of the Company in the
form of an Officer’s Certificate of the Company, a new Rule 144A Global Security or Permanent Regulation S Global Security, as applicable, in the appropriate principal amount. 
 (c)  Transfer and Exchange of Global Securities.  (i)  The transfer and exchange of Global Securities or beneficial
interests therein shall be effected through the Depository, in accordance with this Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depository therefor. A transferor of a beneficial
interest in a Global Security shall 

  

 6 

 
deliver to the Registrar a written order given in accordance with the Depository’s procedures containing information regarding the participant account
of the Depository to be credited with a beneficial interest in the Global Security. The Registrar shall, in accordance with such instructions, instruct the Depository to credit to the account of the Person specified in such instructions a beneficial
interest in the Global Security and to debit the account of the Person making the transfer the beneficial interest in the Global Security being transferred. 
 (ii)  If the proposed transfer is a transfer of a beneficial interest in one Global Security to a beneficial interest in another Global Security, the Registrar shall reflect on its books and records the date
and an increase in the principal amount of the Global Security to which such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the Registrar shall reflect on its books and records the
date and a corresponding decrease in the principal amount of the Global Security from which such interest is being transferred. 
 (iii)  Notwithstanding any other provisions of this Appendix (other than the provisions set forth in Section 2.4), a Global Security may not be transferred as a whole except by the Depository to a nominee of the Depository or
by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. 
 (iv)  In the event that a Global Security is exchanged for Definitive Securities pursuant to Section 2.4 of this Appendix, prior to the
consummation of a Registered Exchange Offer or the effectiveness of a Shelf Registration Statement with respect to such Securities, such Securities may be exchanged only in accordance with such procedures as are substantially consistent with the
provisions of this Section 2.3 (including the certification requirements set forth on the reverse of the Initial Securities intended to ensure that such transfers comply with Rule 144A or Regulation S, as the case may be) and such other
procedures as may from time to time be adopted by the Company. 
 (d)  Restrictions on Transfer of Temporary Regulation S Global
Securities.  During the Distribution Compliance Period, beneficial ownership interests in Temporary Regulation S Global Securities may only be sold, pledged or transferred through Euroclear or Clearstream in accordance with the
Applicable Procedures and only (i) to the Company, (ii) so long as such Security is eligible for resale pursuant to Rule 144A, to a Person whom the selling holder reasonably believes is a QIB that purchases for its own account or for the
account of a QIB to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, (iii) in an offshore transaction in accordance with Regulation S, (iv) pursuant to an exemption from registration under
the Securities Act provided by Rule 144 (if applicable) under the Securities Act or (v) pursuant to an effective registration statement under the Securities Act, in each case in accordance with any applicable securities laws of any state of the
United States. 
  

 7 

 (e)  Legend. 
 (i)  Except as permitted by the following paragraphs (ii), (iii) and (iv), each Security certificate evidencing the
Global Securities (and all Securities issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form: 
 THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE
SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
 THE HOLDER
OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1)(a) TO A PERSON WHO IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (d) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF THE SECURITIES ACT (AN “INSTITUTIONAL
ACCREDITED INVESTOR”)) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN
AGGREGATE PRINCIPAL AMOUNT OF SECURITIES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, OR (e) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), (2) TO THE COMPANY, OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH 

  

 8 

 
CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL,
AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE
144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY. 
 Each Security certificate evidencing the Global Securities (and all Securities issued in
exchange therefor or in substitution thereof) shall also bear a legend in substantially the following form: 
 THIS SECURITY HAS BEEN ISSUED
WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST, THE COMPANY WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS SECURITY THE
FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THE SECURITY, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE SECURITY AND (3) THE YIELD TO MATURITY OF THE SECURITY. 
 Each Definitive Security will also bear the following additional legend: 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES
WITH THE FOREGOING RESTRICTIONS. 
 (ii)  Upon any sale or transfer of a Transfer Restricted Security (including
any Transfer Restricted Security represented by a Global Security) pursuant to Rule 144 under the Securities Act, the Registrar shall permit the transferee thereof to exchange such Transfer Restricted Security for a certificated Security that does
not bear the legend set forth above and rescind any restriction on the transfer of such Transfer Restricted Security, if the transferor thereof certifies in writing to the Registrar that such sale or transfer was made in reliance on Rule 144
(such certification to be in the form set forth on the reverse of the Security). 
 (iii)  After a transfer of any
Initial Securities or Private Exchange Securities pursuant to and during the period of the effectiveness of a Shelf Registration Statement with respect to such Initial Securities or Private Exchange Securities, as the 

  

 9 

 
case may be, all requirements pertaining to legends relating to the restrictions on transfer relating to the Securities Act on such Initial Security or such
Private Exchange Security will cease to apply, the requirements requiring any such Initial Security or such Private Exchange Security issued to certain Holders be issued in global form will cease to apply, and a certificated Initial Security or
Private Exchange Security or an Initial Security or Private Exchange Security in global form, in each case without restrictive transfer legends, will be available to the transferee of the Holder of such Initial Securities or Private Exchange
Securities upon exchange of such transferring Holder’s certificated Initial Security or Private Exchange Security or appropriate directions to transfer such Holder’s interest in the Global Security, as applicable. 
 (iv)  Upon the consummation of a Registered Exchange Offer with respect to the Initial Securities, all requirements pertaining
to such Initial Securities that Initial Securities issued to certain Holders be issued in global form will still apply with respect to Holders of such Initial Securities that do not exchange their Initial Securities, and Exchange Securities in
certificated or global form, in each case without the restrictive securities legend relating to the restrictions on transfer relating to the Securities Act set forth in Exhibit 1 hereto, will be available to Holders that exchange such Initial
Securities in such Registered Exchange Offer. 
 (v)  Upon the consummation of a Private Exchange with respect to
the Initial Securities, all requirements pertaining to such Initial Securities that Initial Securities issued to certain Holders be issued in global form will still apply with respect to Holders of such Initial Securities that do not exchange their
Initial Securities, and Private Exchange Securities in global form with the global securities legend and the Restricted Securities Legend set forth in Exhibit 1 hereto will be available to Holders that exchange such Initial Securities in such
Private Exchange. 
 (f)  Cancellation or Adjustment of Global Security.  At such time as all beneficial interests
in a Global Security have either been exchanged for Definitive Securities, redeemed, purchased or canceled, such Global Security shall be returned to the Depository for cancellation or retained and canceled by the Trustee. At any time prior to such
cancellation, if any beneficial interest in a Global Security is exchanged for certificated Securities, redeemed, purchased or canceled, the principal amount of Securities represented by such Global Security shall be reduced and an adjustment shall
be made on the books and records of the Trustee (if it is then the Securities Custodian for such Global Security) with respect to such Global Security, by the Trustee or the Securities Custodian, to reflect such reduction. 
 (g)  Obligations with Respect to Transfers and Exchanges of Securities. 
 (i)  To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate
Definitive Securities and Global Securities at the Registrar’s or co-registrar’s request. 
  

 10 

 (ii)  No service charge shall be made for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.09, 3.06, 4.06, 4.12 and 9.05 of the Indenture). 
 (iii)  The Registrar or co-registrar shall not be required to register the transfer of or exchange of (a) any Definitive Security selected for redemption in whole or in part pursuant to Article 3 of this Indenture, except the
unredeemed portion of any Definitive Security being redeemed in part, or (b) any Security for a period beginning 15 Business Days before the mailing of a notice of an offer to repurchase or redeem Securities or 15 Business Days before an
interest payment date. 
 (iv)  Prior to the due presentation for registration of transfer of any Security, the
Company, the Trustee, the Paying Agent, the Registrar or any co-registrar may deem and treat the Person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and interest
on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and none of the Company, the Trustee, the Paying Agent, the Registrar or any co-registrar shall be affected by notice to the contrary. 
 (v)  All Securities issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt
and shall be entitled to the same benefits under this Indenture as the Securities surrendered upon such transfer or exchange. 
 (h)  No Obligation of the Trustee. 
 (i)  The Trustee shall have no responsibility or
obligation to any beneficial owner of a Global Security, a member of, or a participant in the Depository or other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with
respect to any ownership interest in the Securities or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption) or the payment of any
amount, under or with respect to such Securities. The Trustee shall have no responsibility for any action taken or not taken by the Depository. All notices and communications to be given to the Holders and all payments to be made to Holders under
the Securities shall be given or made only to or upon the order of the registered Holders (which shall be the Depository or its nominee in the case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only
through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may conclusively rely and shall be fully protected in relying upon information furnished by the Depository with respect to its members, participants
and any beneficial owners. 
  

 11 

 (ii)  The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depository participants, members
or beneficial owners in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to
examine the same to determine substantial compliance as to form with the express requirements hereof. 
 2.4  Certificated
Securities 
 (a)  A Global Security deposited with the Depository or with the Trustee as Securities Custodian for the
Depository pursuant to Section 2.1 shall be transferred to the beneficial owners thereof in the form of Definitive Securities in an aggregate principal amount equal to the principal amount of such Global Security, in exchange for such Global
Security, only if such transfer complies with Section 2.3 hereof and (i) the Depository notifies the Company that it is unwilling or unable to continue as Depository for such Global Security and the Depository fails to appoint a successor
depositary or if at any time such Depository ceases to be a “clearing agency” registered under the Exchange Act and, in either case, a successor Depository is not appointed by the Company within 90 days of such notice, or (ii) an
Event of Default has occurred and is continuing or (iii) the Company, in its sole discretion, notifies the Trustee in writing that it elects to cause the issuance of Definitive Securities under this Indenture. 
 (b)  Any Global Security that is transferable to the beneficial owners thereof pursuant to this Section shall be surrendered by the Depository
to the Trustee located at its principal corporate trust office, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Security,
an equal aggregate principal amount of Definitive Securities of authorized denominations. Any portion of a Global Security transferred pursuant to this Section shall be executed, authenticated and delivered only in denominations of $2,000 principal
amount and integrals of $1,000 in excess thereof and registered in such names as the Depository shall direct. Any Definitive Security delivered in exchange for an interest in the Transfer Restricted Security shall, except as otherwise provided by
Section 2.3(e) hereof, bear the restricted securities legend set forth in Exhibit 1 hereto. 
 (c)  Subject to the
provisions of Section 2.4(b) hereof, the registered Holder of a Global Security shall be entitled to grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take
any action which a Holder is entitled to take under this Indenture or the Securities. 
  

 12 

 (d)  In the event of the occurrence of one of the events specified in Section 2.4(a)
hereof, the Company shall promptly make available to the Trustee a reasonable supply of Definitive Securities in definitive, fully registered form without interest coupons. 
  

 13 

 EXHIBIT 1 
 TO 
 RULE 144A/REGULATION S APPENDIX 
 [FORM OF FACE OF INITIAL SECURITY] 
 [Global Securities Legend] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON
THE REVERSE HEREOF. 
 [[FOR REGULATION S GLOBAL SECURITY ONLY] UNTIL 40 DAYS AFTER THE COMMENCEMENT OF THE OFFERING, AN OFFER OR SALE OF
SECURITIES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE U.S. SECURITIES ACT OF 1933, AS AMENDED) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE
144A THEREUNDER.] 
 [Restricted Securities Legend] 
 THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE
SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 

 THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT ((A) SUCH SECURITY
MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) (a) TO A PERSON WHO IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (d) TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”)) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF SECURITIES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE
COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, OR (e) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS),
(2) TO THE COMPANY, OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER
WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY
RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY. 
 [Temporary Regulation S Global Security Legend] 
 EXCEPT AS SET FORTH BELOW, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY WILL NOT BE EXCHANGEABLE FOR INTERESTS IN
THE PERMANENT REGULATION S GLOBAL SECURITY OR ANY OTHER SECURITY REPRESENTING AN INTEREST IN THE SECURITIES REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION OF THE “40-DAY
DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(2) OF REGULATION S UNDER THE SECURITIES ACT) AND THEN ONLY UPON CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE TRUSTEE THAT SUCH BENEFICIAL INTERESTS ARE OWNED
EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED SUCH INTERESTS IN A TRANSACTION THAT DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT. DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE 

  

 2 

 
PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED THROUGH EUROCLEAR BANK
S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM OR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME AND ONLY (I) TO THE COMPANY, (II) WITHIN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE UNITED STATES IN A TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, OR
(IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND OTHER JURISDICTIONS. HOLDERS OF
INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY WILL NOTIFY ANY PURCHASER OF THIS SECURITY OF THE RESALE RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE. 
 BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY MAY BE EXCHANGED FOR INTERESTS IN A RULE 144A GLOBAL SECURITY ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE SECURITIES
IN COMPLIANCE WITH RULE 144A, AND (2) THE TRANSFEROR OF THE REGULATION S GLOBAL SECURITY FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL SECURITY IS BEING
TRANSFERRED (A) TO A PERSON WHO THE TRANSFEROR REASONABLY BELIEVES TO BE A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (B) TO A PERSON WHO IS PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, AND (C) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. 
 BENEFICIAL INTERESTS IN A RULE 144A GLOBAL SECURITY MAY BE TRANSFERRED TO A PERSON WHO TAKES DELIVERY IN THE FORM OF AN INTEREST IN THE REGULATION S
GLOBAL SECURITY, WHETHER BEFORE OR AFTER THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF THE TRANSFEROR FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT IF SUCH
TRANSFER IS BEING MADE IN ACCORDANCE WITH RULES 903 OR 904 OF REGULATION S OR RULE 144 (IF AVAILABLE) AND THAT, IF SUCH TRANSFER OCCURS PRIOR TO THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, THE INTEREST TRANSFERRED WILL BE HELD
IMMEDIATELY THEREAFTER THROUGH EUROCLEAR BANK S.A./N.V. OR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME. 
  

 3 

 [Original Issue Discount Legend] 
 THIS SECURITY HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED). UPON WRITTEN REQUEST, THE COMPANY WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS SECURITY THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THE SECURITY, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON
THE SECURITY AND (3) THE YIELD TO MATURITY OF THE SECURITY. 
 [Definitive Securities Legend] 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER
AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
  

 4 

 CUSIP No. [  ] 
 ISIN US[  ] 
 No. [  ] 
 $[      ] 
 11.625% Senior Subordinated Notes due June 15,
2017 
 CB Richard Ellis Services, Inc., a Delaware corporation, promises to pay to Cede & Co., or registered assigns, the principal
sum of [        ] on June 15, 2017. 
 Interest Payment Dates: June 15 and
December 15. 
 Record Dates: June 1 and December 1. 
  

 5 

 Additional provisions of this Security are set forth on the other side of this Security. 
 Dated: June     , 2009 
  

			
	CB Richard Ellis Services, Inc.
		
	By:	 	  

	Name:
	Title:

  
  

			
	TRUSTEE’S CERTIFICATE OF
	          AUTHENTICATION
	
	Wells Fargo Bank, National Association
	
	  as Trustee, certifies
	              that this is one of
	              the Securities referred
	              to in the Indenture.
		
	By:	 	  

		 	Authorized Signatory

  

 6 

 [FORM OF REVERSE SIDE OF INITIAL SECURITY] 
 11.625% Senior Subordinated Notes due June 15, 2017 
 1. Interest 
 CB Richard Ellis Services, Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to,
being herein called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above; provided, however, that if a Registration Default (as defined in the Registration Rights
Agreement) occurs, additional interest will accrue on this Security at a rate of 0.50% per annum (increasing by an additional 0.50% per annum after each consecutive 90-day period that occurs after the date on which such Registration
Default occurs up to a maximum additional interest rate of 2.00%) from and including the date on which any such Registration Default shall occur to but excluding the date on which all Registration Defaults have been cured. The Company will pay
interest semiannually on June 15 and December 15 of each year, commencing December 15, 2009. Interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from
June 18, 2009. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of Payment 
 The Company will pay interest on the Securities (except defaulted interest) to the Persons who are registered holders of Securities at the close of
business on the June 1 or December 1 next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest payment date. Holders must surrender Securities to a Paying Agent to
collect principal payments. The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global
Security (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company. The Company will make all payments in respect of a certificated
Security (including principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof; provided, however, that payments on a certificated Security will be made by wire transfer to a U.S.
dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days
immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
  

 7 

 3. Paying Agent and Registrar 
 Initially, Wells Fargo Bank, National Association (the “Trustee”), will act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice. The
Company or any Wholly Owned Subsidiary may act as Paying Agent, Registrar or co-registrar. 
 4. Indenture 
 The Company issued the Securities under an Indenture dated as of June 18, 2009 (the “Indenture”), among the Company, the Guarantors and
the Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the
Indenture (the “Act”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all such terms, and Securityholders are referred to the Indenture and the Act
for a statement of those terms. 
 The Securities are general senior subordinated unsecured obligations of the Company. The Company shall be
entitled, subject to its compliance with Section 4.03 of the Indenture, to issue Additional Securities pursuant to Section 2.13 of the Indenture. The Initial Securities issued on the Issue Date, any Additional Securities and all Exchange
Securities or Private Exchange Securities issued in exchange therefor will be treated as a single class for all purposes under the Indenture. The Indenture contains covenants that limit the ability of the Company and its subsidiaries to incur
additional indebtedness; pay dividends or distributions on, or redeem or repurchase capital stock; make investments; engage in transactions with affiliates; transfer or sell assets; guarantee indebtedness; restrict dividends or other payments of
subsidiaries; consolidate, merge or transfer all or substantially all of its assets and the assets of its subsidiaries. These covenants are subject to important exceptions and qualifications. 
 5. Optional Redemption 
 Except as set forth below,
the Company shall not be entitled to redeem the Securities at its option prior to June 15, 2013. 
 On and after June 15, 2013, the
Company shall be entitled at its option to redeem all or a portion of the Securities upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed in percentages of principal amount on the redemption date), plus
accrued and unpaid interest, if any, to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the related interest payment date), if redeemed during the 12-month period commencing on
June 15 of the years set forth below: 
  

 8 

						
	 Period
	  	Redemption
 Price
	  
   
	 	
	  
 2013
	  	  
 105.813
	  
 % 
	 
	 2014
	  	102.906	% 	 
	 2015 and thereafter
	  	100.000	% 	 

 Prior to June 15, 2012 the Company may at its option on one or more occasions redeem
Securities (which includes Additional Securities, if any) in an aggregate principal amount not to exceed 35% of the aggregate principal amount of the Securities (which includes Additional Securities, if any) originally issued at a redemption price
(expressed as a percentage of principal amount) of 111.625%, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds from one or more Equity Offerings (provided that if the Equity Offering is an offering
by Parent, a portion of the Net Cash Proceeds thereof equal to the amount required to redeem any such Securities is contributed to the equity capital of the Company); provided, however, that 
 (1) at least 65% of such aggregate principal amount of Securities (which includes Additional Securities, if any) remains outstanding
immediately after the occurrence of each such redemption (other than Securities held, directly or indirectly by the Company or its Affiliates); and 
 (2) each such redemption occurs within 90 days after the date of the related Equity Offering. 
 Prior to June 15, 2013, the Company may at its option redeem all or a portion of the Securities at a redemption price equal to 100% of the principal amount of the Securities plus the Applicable Premium as of, and accrued and unpaid
interest, if any, to, the redemption date (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date). Notice of such redemption must be mailed by first-class mail to each Holder’s
registered address, not less than 30 nor more than 60 days prior to the redemption date. The Trustee shall have no duty or responsibility for the contents, calculations or determinations provided for in the notice of redemption required under this
paragraph 5. 
 6. Subordination 
 The
Securities are subordinated to Senior Indebtedness of the Company and the Subsidiary Guarantors on the terms and subject to the conditions set forth in the Indenture. To the extent provided in the Indenture, Senior Indebtedness must be paid before
the Securities may be paid. Each Securityholder by accepting a Security agrees to the subordination provisions contained in the Indenture and authorizes the Trustee to give it effect and appoints the Trustee as attorney-in-fact for such purpose.

  

 9 

 7.  Notice of Redemption 
 Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at its registered address. Securities in denominations larger than
$2,000 principal amount may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited
with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Securities (or such portions thereof) called for redemption. 
 8.  Put Provisions 
 Upon a Change of
Control, any Holder of Securities will have the right to cause the Company to purchase all or any part of the Securities of such Holder at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued
and unpaid interest, if any, to the date of repurchase (subject to the right of holders of record on the relevant record date to receive interest due on the related interest payment date) as provided in, and subject to the terms of, the Indenture.

 9.  Guaranties 
 From and
after the Issue Date, the payment by the Company of the principal of, and premium and interest on, the Securities is guaranteed on a joint and several senior subordinated unsecured basis by each of the Guarantors on the terms set forth in the
Indenture. 
 10.  Denominations; Transfer; Exchange 
 The Securities are in registered form without coupons in denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange Securities in accordance with the
Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of
or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or any Securities for a period beginning 15 Business Days before the mailing of a notice of
an offer to repurchase or redeem Securities or 15 Business Days before an interest payment date. 
 11.  Persons Deemed Owners 

The registered Holder of this Security may be treated as the owner of it for all purposes. 
  

 10 

 12.  Unclaimed Money 
 If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another
Person. After any such payment, Holders entitled to the money must look only to the Company and not to the Trustee for payment. 
 13.  Discharge and Defeasance 
 Subject to certain conditions, the Company at any time shall be entitled to
terminate some or all of its and each Guarantor’s obligations under the Securities, the Guaranties and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the
Securities to redemption or maturity, as the case may be. 
 14.  Amendment, Waiver 
 Subject to certain exceptions set forth in the Indenture, (i) the Indenture and the Securities may be amended with the written consent of the
Holders of at least a majority in principal amount outstanding of the Securities and (ii) any default or noncompliance with any provision may be waived with the written consent of the Holders of a majority in principal amount outstanding of the
Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Securityholder, the Company, the Guarantors and the Trustee shall be entitled to amend the Indenture or the Securities to cure any ambiguity, omission,
defect or inconsistency, or to provide for the assumption by a successor corporation of the obligations of the Company, Parent, or any Subsidiary Guarantor, or to provide for uncertificated Securities in addition to or in place of certificated
Securities, or to add guarantees with respect to the Securities, including Subsidiary Guaranties, or to secure the Securities, or to add additional covenants or surrender rights and powers conferred on the Company, Parent or the Subsidiary
Guarantors, or to comply with any requirement of the SEC in connection with qualifying the Indenture under the Act, or to make any change that does not materially adversely affect the rights of any Securityholder. 
 15.  Defaults and Remedies 
 Under the
Indenture, Events of Default include (i) default for 30 days in payment of interest on the Securities; (ii) default in payment of principal on the Securities at maturity, upon redemption pursuant to paragraph 5 of the Securities,
upon required 

  

 11 

 
purchase pursuant to paragraph 8 of the Securities, upon declaration of acceleration or otherwise, or failure by the Company to redeem or purchase Securities
when required; (iii) failure by the Company, Parent or any Subsidiary Guarantor to comply with other agreements in the Indenture or the Securities, in certain cases subject to notice and lapse of time; (iv) acceleration or failure to pay
within any applicable grace period after final maturity of other Indebtedness of the Company, any Subsidiary Guarantor or any Significant Subsidiary if the amount accelerated or so unpaid exceeds $25,000,000; (v) certain events of bankruptcy or
insolvency or reorganization with respect to the Company, any Subsidiary Guarantor or any Significant Subsidiary; (vi) certain final judgments or decrees for the payment of money in excess of $25,000,000; and (vii) certain defaults with
respect to Guaranties. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Securities may declare all the Securities to be due and payable immediately. Certain events of bankruptcy
or insolvency are Events of Default which will result in the Securities being due and payable immediately upon the occurrence of such Events of Default. 
 Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives indemnity or security
satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Securityholders notice of any continuing
Default (except a Default in payment of principal or interest) if it determines that withholding notice is not opposed to the interests of the Holders. 
 16.  Trustee Dealings with the Company 
 Subject to certain limitations imposed by the Act, the Trustee under the
Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its
Affiliates with the same rights it would have if it were not Trustee. 
 17.  No Recourse Against Others 
 A director, officer, employee or stockholder, as such, of the Company or the Trustee shall not have any liability for any obligations of the Company
under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Securityholder waives and releases all such liability. The waiver and release are part
of the consideration for the issue of the Securities. 
  

 12 

 18.  Authentication 
 This Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 
 19.  Abbreviations 
 Customary
abbreviations may be used in the name of a Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST
(=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
 20.  CUSIP Numbers 
 The Company has caused CUSIP numbers to be printed on the Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Securityholders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed
thereon. 
 21.  Holders’ Compliance with Registration Rights Agreement 
 Each Holder of a Security, by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement, including the
obligations of the Holders with respect to a registration and the indemnification of the Company to the extent provided therein. 
 22. Governing Law

 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 23.  Copies of Indenture 
 The Company will
furnish to any Securityholder upon written request and without charge to the Securityholder a copy of the Indenture which has in it the text of this Security in larger type. Requests may be made to: 
  

 13 

 CB Richard Ellis Services, Inc. 
 11150 Santa Monica Boulevard, 
 Suite 1600

 Los Angeles, California 90025 
 Attention:  General Counsel 
 [Remainder of Page Intentionally Left Blank] 
  

 14 

  
 ASSIGNMENT FORM 
 To assign this Security, fill in the form below: 
 I or we assign and transfer this Security to 
 (Print or type assignee’s name, address and zip code)

 (Insert assignee’s soc. sec. or tax I.D. No.) 
 and irrevocably appoint                          agent to transfer this Security on the books of the Company. The
agent may substitute another to act for him. 
  

							
	  

				
	 Date:
	  	  
	 	Your Signature:	 	  

 Sign exactly as your name appears on the other side of this Security. 
 In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the holding period referred to in
Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), after the later of the date of original issuance of such Securities and the last date, if any, on which such Securities were owned by the Company or
any Affiliate of the Company, the undersigned confirms that such Securities are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW

  

					
	(1)	  	 ̈	  	to the Company; or
			
	(2)	  	 ̈	  	pursuant to an effective registration statement under the Securities Act; or
			
	(3)	  	 ̈	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) that purchases for its own account or for the account of a
qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act; or

  

 15 

					
	(4)	  	 ̈	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act; or
			
	(5)	  	 ̈	  	pursuant to the exemption from registration provided by Rule 144 under the Securities Act.

 If such transfer is being made pursuant to an offshore transaction in accordance with
Rule 904 under the Securities Act, the undersigned further certifies that: 
 (i) the offer of the Securities was not made to a
person in the United States; 
 (ii) either (a) at the time the buy offer was originated, the transferee was outside the United
States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States, or (b) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither
we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 
 (iii) no
directed selling efforts have been made in the United States in contravention of the requirements of Rule 903 or Rule 904 of Regulation S, as applicable; 
 (iv) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; 
 (v) we have advised the transferee of the transfer restrictions applicable to the Securities; and 
 (vi) if the circumstances set forth in Rule 904(b) under the Securities Act are applicable, we have complied with the additional conditions therein, including (if applicable) sending a confirmation or other notice stating that the
Securities may be offered and sold during the distribution compliance period specified in Rule 903 of Regulation S; pursuant to registration of the Securities under the Securities Act; or pursuant to an available exemption from the
registration requirements under the Securities Act. 
 Unless one of the boxes is checked, the Trustee will refuse to register any of the
Securities evidenced by this certificate in the name of any person other than the registered holder thereof; provided, however, that if box (4) or (5) is checked, the Trustee shall be entitled to require, prior to registering
any such transfer of the Securities, such legal opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act such as the exemption provided by Rule 144 under such statute. 
  

 16 

									
		 		 	  
	 	
		 		 		 	 Signature
	 	
		 		 		 		 	
	Signature Guarantee:	 		 		 		 	
				
	  
	 		 		 	  

	Signature must be guaranteed	 		 		 	Signature	 	

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  
  
 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS
CHECKED. 
 The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to
which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, and is aware that the sale to it is being made in reliance
on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is
relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

											
	Dated:          	 	  
	 		 		 	  

		 		 		 		 	NOTICE:	 	To be executed by
		 		 		 		 		 	an executive officer

  

 17 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 
 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The following increases or
decreases in this Global Security have been made: 
  

									
	 Date of
 Exchange
	 	 Amount of
 Decrease in
 Principal Amount
 of this Global
 Security
	 	 Amount of Increase
 in Principal
 Amount of this
 Global Security
	 	 Principal Amount
 of this Global
 Security following
 such decrease or
 increase
	 	 Signature of
 Authorized
 Signatory of
 Trustee or
 Securities
 Custodian

  

 18 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Security purchased by the Company pursuant to Section 4.06 or 4.12 of the Indenture, check the box: 
  

					
		 	 	  	

 If you want to elect to have only part of this Security purchased by the Company pursuant to
Section 4.06 or 4.12 of the Indenture, state the amount in principal amount:  $             
  

							
	Date:                             	 	 Your Signature:
                                
	 	
		 		 	       (Sign exactly as your name appears on the other side
       of this Security.)
	 	

							
	Signature Guarantee:
                                         
                             	 	
	                                   (Signature must be guaranteed)
	 	

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 19 

 EXHIBIT A 
 FORM OF FACE OF EXCHANGE SECURITY 
 OR PRIVATE EXCHANGE SECURITY */**/ 
  
  
 */ If the Security is to be issued in global form add the Global Securities Legend from Exhibit 1 to Appendix A and the attachment from such Exhibit 1 captioned “[TO BE ATTACHED TO GLOBAL SECURITIES] -
SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY.” 
 **/ If the Security is a Private Exchange Security issued in a Private Exchange to an
Initial Purchaser holding an unsold portion of its initial allotment, add the Restricted Securities Legend from Exhibit 1 to Appendix A and replace the Assignment Form included in this Exhibit A with the Assignment Form included in such Exhibit 1.

 CUSIP No.[        ] 
 ISIN [        ] 
 No.
[    ] 
 $[        ]             
 11.625% Senior Subordinated Notes due June 15, 2017 
 CB Richard Ellis Services, Inc., a Delaware corporation, promises to pay
to Cede & Co., or registered assigns, the principal sum of [    ] on June 15, 2017. 
 Interest Payment
Dates: June 15 and December 15. 
 Record Dates: June 1 and December 1. 
  

 2 

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

  

			
	CB Richard Ellis Services, Inc.
		
	By:	 	  

	Name:
	Title:

  
  
  

			
	TRUSTEE’S CERTIFICATE OF
	            AUTHENTICATION
	
	Wells Fargo Bank, National Association
	
	  as Trustee, certifies
		 	    that this is one of
		 	    the Securities referred
		 	    to in the Indenture.
		
	By:	 	  

		 	Authorized Signatory

  

 3 

 FORM OF REVERSE SIDE OF EXCHANGE SECURITY 
 OR PRIVATE EXCHANGE SECURITY 
 11.625% Senior Subordinated Notes due June 15, 2017

 1. Interest 
 CB Richard Ellis
Services, Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at
the rate per annum shown above[; provided, however, that if a Registration Default (as defined in the Registration Rights Agreement) occurs, additional interest will accrue on this Security at a rate of 0.50% per annum
(increasing by an additional 0.50% per annum after each consecutive 90-day period that occurs after the date on which such Registration Default occurs up to a maximum additional interest rate of 2.00%) from and including the date on which any
such Registration Default shall occur to but excluding the date on which all Registration Defaults have been cured]1. The Company will pay interest semiannually on June 15 and December 15 of each year, commencing December 15, 2009. Interest on the Securities will
accrue from the most recent date to which interest has been paid or, if no interest has been paid, from [                ]2. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of Payment 
 The Company will pay interest
on the Securities (except defaulted interest) to the Persons who are registered holders of Securities at the close of business on the June 1 or December 1 next preceding the interest payment date even if Securities are canceled after
the record date and on or before the interest payment date. Holders must surrender Securities to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States that at the time of payment is
legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the
accounts specified by The Depository Trust Company. The Company will make all payments in respect of a certificated Security (including principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof;
provided, however, that payments on a 
  
 1 Insert if at the date of issuance of the Exchange
Security or Private Exchange Security (as the case may be) any Registration Default has occurred with respect to the related Initial Securities during the interest period in which such date of issuance occurs. 
 2
Insert the last interest payment date relating to the Initial Securities issued on the Issue Date. 

  

 4 

 
certificated Security will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects
payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may
accept in its discretion). 
 3. Paying Agent and Registrar 
 Initially, Wells Fargo Bank, National Association (the “Trustee”), will act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice. The
Company or any Wholly Owned Subsidiary may act as Paying Agent, Registrar or co-registrar. 
 4. Indenture 
 The Company issued the Securities under an Indenture dated as of June 18, 2009 (the “Indenture”), among the Company, the Guarantors and
the Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the
Indenture (the “Act”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all such terms, and Securityholders are referred to the Indenture and the Act
for a statement of those terms. 
 The Securities are general senior subordinated unsecured obligations of the Company. The Company shall be
entitled, subject to its compliance with Section 4.03 of the Indenture, to issue Additional Securities pursuant to Section 2.13 of the Indenture. The Initial Securities issued on the Issue Date, any Additional Securities and all Exchange
Securities or Private Exchange Securities issued in exchange therefor will be treated as a single class for all purposes under the Indenture. The Indenture contains covenants that limit the ability of the Company and its subsidiaries to incur
additional indebtedness; pay dividends or distributions on, or redeem or repurchase capital stock; make investments; engage in transactions with affiliates; transfer or sell assets; guarantee indebtedness; restrict dividends or other payments of
subsidiaries; consolidate, merge or transfer all or substantially all of its assets and the assets of its subsidiaries. These covenants are subject to important exceptions and qualifications. 
 5. Optional Redemption 
 Except as set forth below,
the Company shall not be entitled to redeem the Securities at its option prior to June 15, 2013. 
  

 5 

 On and after June 15, 2013, the Company shall be entitled at its option to redeem all or a portion
of the Securities upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed in percentages of principal amount on the redemption date), plus accrued and unpaid interest, if any, to the redemption date (subject to
the right of holders of record on the relevant record date to receive interest due on the related interest payment date), if redeemed during the 12-month period commencing on June 15 of the years set forth below: 
  

						
	 Period
	  	Redemption
 Price
	  
   
	 	
	  
 2013
	  	  
 105.813
	  
 % 
	 
	 2014
	  	102.906	% 	 
	 2015 and thereafter
	  	100.000	% 	 

 Prior to June 15, 2012 the Company may at its option on one or more occasions redeem
Securities (which includes Additional Securities, if any) in an aggregate principal amount not to exceed 35% of the aggregate principal amount of the Securities (which includes Additional Securities, if any) originally issued at a redemption price
(expressed as a percentage of principal amount) of 111.625%, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds from one or more Equity Offerings (provided that if the Equity Offering is an offering
by Parent, a portion of the Net Cash Proceeds thereof equal to the amount required to redeem any such Securities is contributed to the equity capital of the Company); provided, however, that 
 (1) at least 65% of such aggregate principal amount of Securities (which includes Additional Securities, if any) remains outstanding
immediately after the occurrence of each such redemption (other than Securities held, directly or indirectly by the Company or its Affiliates); and 
 (2) each such redemption occurs within 90 days after the date of the related Equity Offering. 
 Prior to June 15, 2013, the Company may at its option redeem all or a portion of the Securities at a redemption price equal to 100% of the principal amount of the Securities plus the Applicable Premium as of, and accrued and unpaid
interest, if any, to, the redemption date (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date). Notice of such redemption must be mailed by first-class mail to each Holder’s
registered address, not less than 30 nor more than 60 days prior to the redemption date. The Trustee shall have no duty or responsibility for the contents, calculations or determinations provided for in the notice of redemption required under this
paragraph 5. 
 6. Subordination 
 The
Securities are subordinated to Senior Indebtedness of the Company and the Subsidiary Guarantors on the terms and subject to the conditions set forth in the Indenture. To the extent provided in the Indenture, Senior Indebtedness must be paid before

  

 6 

 
the Securities may be paid. Each Securityholder by accepting a Security agrees to the subordination provisions contained in the Indenture and authorizes the
Trustee to give it effect and appoints the Trustee as attorney-in-fact for such purpose. 
 7. Notice of Redemption 
 Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at
its registered address. Securities in denominations larger than $2,000 principal amount may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued interest on all Securities (or
portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Securities (or such
portions thereof) called for redemption. 
 8. Put Provisions 
 Upon a Change of Control, any Holder of Securities will have the right to cause the Company to purchase all or any part of the Securities of such Holder at a purchase price in cash equal to 101% of the principal
amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of holders of record on the relevant record date to receive interest due on the related interest payment date) as
provided in, and subject to the terms of, the Indenture. 
 9. Guaranties 
 From and after the Issue Date, the payment by the Company of the principal of, and premium and interest on, the Securities is guaranteed on a joint and
several senior subordinated unsecured basis by each of the Guarantors on the terms set forth in the Indenture. 
 10. Denominations; Transfer;
Exchange 
 The Securities are in registered form without coupons in denominations of $2,000 principal amount and integral multiples of
$1,000 in excess thereof. A Holder may transfer or exchange Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be
redeemed) or any Securities for a period beginning 15 Business Days before the mailing of a notice of an offer to repurchase or redeem Securities or 15 Business Days before an interest payment date. 
  

 7 

 11.  Persons Deemed Owners 
 The registered Holder of this Security may be treated as the owner of it for all purposes. 
 12.  Unclaimed Money 
 If money for the payment of principal or interest remains unclaimed
for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Company and not
to the Trustee for payment. 
 13.  Discharge and Defeasance 
 Subject to certain conditions, the Company at any time shall be entitled to terminate some or all of its and each Guarantor’s obligations under the Securities, the Guaranties and the Indenture if the Company
deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or maturity, as the case may be. 
 14.  Amendment, Waiver 
 Subject to certain exceptions set forth in the Indenture,
(i) the Indenture and the Securities may be amended with the written consent of the Holders of at least a majority in principal amount outstanding of the Securities and (ii) any default or noncompliance with any provision may be waived
with the written consent of the Holders of a majority in principal amount outstanding of the Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Securityholder, the Company, the Guarantors and the Trustee
shall be entitled to amend the Indenture or the Securities to cure any ambiguity, omission, defect or inconsistency, or to provide for the assumption by a successor corporation of the obligations of the Company, Parent, or any Subsidiary Guarantor,
or to provide for uncertificated Securities in addition to or in place of certificated Securities, or to add guarantees with respect to the Securities, including Subsidiary Guaranties, or to secure the Securities, or to add additional covenants or
surrender rights and powers conferred on the Company, Parent or the Subsidiary Guarantors, or to comply with any requirement of the SEC in connection with qualifying the Indenture under the Act, or to make any change that does not materially
adversely affect the rights of any Securityholder. 
  

 8 

 15.  Defaults and Remedies 
 Under the Indenture, Events of Default include (i) default for 30 days in payment of interest on the Securities; (ii) default in payment
of principal on the Securities at maturity, upon redemption pursuant to paragraph 5 of the Securities, upon required purchase pursuant to paragraph 8 of the Securities, upon declaration of acceleration or otherwise, or failure by the Company to
redeem or purchase Securities when required; (iii) failure by the Company, Parent or any Subsidiary Guarantor to comply with other agreements in the Indenture or the Securities, in certain cases subject to notice and lapse of time;
(iv) acceleration or failure to pay within any applicable grace period after final maturity of other Indebtedness of the Company, any Subsidiary Guarantor or any Significant Subsidiary if the amount accelerated or so unpaid exceeds $25,000,000;
(v) certain events of bankruptcy or insolvency or reorganization with respect to the Company, any Subsidiary Guarantor or any Significant Subsidiary; (vi) certain final judgments or decrees for the payment of money in excess of
$25,000,000; and (vii) certain defaults with respect to Guaranties. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Securities may declare all the Securities to be due and
payable immediately. Certain events of bankruptcy or insolvency are Events of Default which will result in the Securities being due and payable immediately upon the occurrence of such Events of Default. 
 Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or
the Securities unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Securities may direct the Trustee in its exercise of any trust or power. The Trustee may
withhold from Securityholders notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding notice is not opposed to the interests of the Holders. 
 16.  Trustee Dealings with the Company 
 Subject to certain limitations imposed by the Act, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the
Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
 17.  No Recourse Against Others 
 A director, officer, employee or stockholder, as such, of the Company or the
Trustee shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Securityholder
waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 
  

 9 

 18.  Authentication 
 This Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 
 19.  Abbreviations 
 Customary
abbreviations may be used in the name of a Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST
(=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
 20.  CUSIP Numbers 
 The Company has caused CUSIP numbers to be printed on the Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Securityholders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed
thereon. 
 [21.  Holders’ Compliance with Registration Rights Agreement 
 Each Holder of a Security, by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement,
including the obligations of the Holders with respect to a registration and the indemnification of the Company to the extent provided therein.]3 
 [21] [22].  Governing Law 
 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

	3
	 Delete if this Security is not being issued in exchange for an Initial Security. 

  

 10 

 [22] [23].  Copies of Indenture 
 The Company will furnish to any Securityholder upon written request and without charge to the Securityholder a copy of the Indenture which has in it the
text of this Security in larger type. Requests may be made to: 
 CB Richard Ellis Services, Inc. 
 11150 Santa Monica Boulevard, 
 Suite 1600

 Los Angeles, California 90025 
 Attention: General Counsel 
 [Remainder of Page Intentionally Left Blank] 
  

 11 

  
 ASSIGNMENT FORM 
 To assign this Security, fill in the form below: 
 I or we assign and transfer this Security to 
 (Print or type assignee’s name, address and zip code)

 (Insert assignee’s soc. sec. or tax I.D. No.) 
 and irrevocably
appoint                                    agent to transfer this
Security on the books of the Company. The agent may substitute another to act for him. 
  

							
	  
 Date:
	 	  
	 	  
 Your Signature:
	 	  

	
	  

 Sign exactly as your name appears on the other side of this Security. 
  

 12 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Security purchased by the Company pursuant to Section 4.06 or 4.12 of the Indenture, check the box: 
  

					
		 	 	 	
		 	 	 	

 If you want to elect to have only part of this Security purchased by the Company pursuant to
Section 4.06 or 4.12 of the Indenture, state the amount in principal amount:  $ 
  

									
	Date:                                      
       	 	Your Signature:	 		 	  
	  	
		 		 		 	(Sign exactly as your name appears on the other side of this Security.)

  

					
	Signature Guarantee:	 	  
	  	
		 	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 13Registration Rights Agreement

 Exhibit 4.4 
 EXECUTION VERSION 
 $450,000,000 
 CB RICHARD ELLIS SERVICES, INC. 
 11.625% Senior Subordinated Notes due 2017

 REGISTRATION RIGHTS AGREEMENT 
 June 15, 2009 
 Banc of America Securities LLC 
 Credit Suisse Securities (USA) LLC 
 J.P. Morgan Securities Inc. 
 As Representatives of the Initial Purchasers 
 c/o Banc of America Securities LLC 
 One Bryant Park 
 New York, New York 10036 
 Dear Sirs: 
 CB Richard Ellis Services, Inc., a Delaware corporation (the “Issuer”), proposes to issue and sell to Banc of America Securities LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities Inc. and
certain other initial purchasers (collectively, the “Initial Purchasers”), upon the terms set forth in a purchase agreement of even date herewith (the “Purchase Agreement”), $450,000,000 aggregate principal amount of its 11.625%
Senior Subordinated Notes due 2017 (the “Initial Securities”) to be unconditionally guaranteed (the “Guaranties”) by CB Richard Ellis Group, Inc., a Delaware corporation (the “Parent”) and certain subsidiaries of the
Issuer, as set forth in the Purchase Agreement (collectively, the “Guarantors” and together with the Issuer, the “Company”). The Initial Securities will be issued pursuant to an Indenture, dated as of June 18, 2009, (the
“Indenture”) among the Issuer, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee (the “Trustee”). As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company
agrees with the Initial Purchasers, for the benefit of the holders of the Initial Securities (including, without limitation, the Initial Purchasers), the Exchange Securities (as defined below) and the Private Exchange Securities (as defined below)
(collectively the “Holders”), as follows: 
 1. Registered Exchange Offer.    Unless not
permitted by applicable law (after the Company has complied with the last paragraph of this Section 1), the Company shall prepare and, not later than 90 days after the date of original issue of the Initial Securities (the “Issue
Date”), file with the Securities and Exchange Commission (the “Commission”) a registration statement (the “Exchange Offer Registration Statement”) on an appropriate form under the Securities Act of 1933, as amended (the
“Securities 

 
Act”), with respect to a proposed offer (the “Registered Exchange Offer”) to the Holders of Transfer Restricted Securities (as defined in
Section 6 hereof), who are not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer, to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal
amount of debt securities of the Company issued under the Indenture, identical in all material respects to the Initial Securities and registered under the Securities Act (the “Exchange Securities”). The Company shall use its reasonable
best efforts to (i) cause such Exchange Offer Registration Statement to become effective under the Securities Act within 180 days after the Issue Date of the Initial Securities and (ii) keep the Exchange Offer Registration Statement
effective for not less than 20 business days (or longer, if required by applicable law) after the date notice of the Registered Exchange Offer is mailed to the Holders (such period being called the “Exchange Offer Registration Period”).

 If the Company commences the Registered Exchange Offer, the Company (i) will be entitled to consummate the Registered
Exchange Offer 20 business days after such commencement (provided that the Company has accepted all the Initial Securities theretofore validly tendered in accordance with the terms of the Registered Exchange Offer) and (ii) will be
required to consummate the Registered Exchange Offer no later than 40 days after the date on which the Exchange Offer Registration Statement is declared effective (such 40th day being the “Consummation Deadline”). 
 Following the declaration of the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the
Registered Exchange Offer, it being the objective of such Registered Exchange Offer to enable each Holder of Transfer Restricted Securities electing to exchange the Initial Securities for Exchange Securities (assuming that such Holder is not an
affiliate of the Company within the meaning of the Securities Act, acquires the Exchange Securities in the ordinary course of such Holder’s business and has no arrangements with any person to participate in the distribution of the Exchange
Securities and is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer) to trade such Exchange Securities from and after their receipt without any limitations or restrictions under the Securities
Act and without material restrictions under the securities laws of the several states of the United States. 
 The Company
acknowledges that, pursuant to current interpretations by the Commission’s staff of Section 5 of the Securities Act, in the absence of an applicable exemption therefrom, (i) each Holder which is a broker-dealer electing to exchange
Initial Securities, acquired for its own account as a result of market making activities or other trading activities, for Exchange Securities (an “Exchanging Dealer”), is required to deliver a prospectus containing the information set
forth in (a) Annex A hereto on the cover, (b) Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of the Exchange Offer” section and (c) Annex C hereto in the “Plan of Distribution”
section of such prospectus in connection with a sale of any such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an Initial Purchaser that elects to sell Exchange Securities acquired in
exchange for Initial Securities constituting any portion of an unsold allotment is required to deliver a prospectus containing the information required by Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in connection with
such sale. 
  

 2 

 The Company shall use its reasonable best efforts to keep the Exchange Offer Registration
Statement effective and to amend and supplement the prospectus contained therein, in order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of the Securities Act for such period of
time as such persons must comply with such requirements in order to resell the Exchange Securities; provided, however, that (i) in the case where such prospectus and any amendment or supplement thereto must be delivered by an
Exchanging Dealer or an Initial Purchaser, such period shall be the lesser of 180 days and the date on which all Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities held by them (unless such period is extended pursuant to
Section 3(j) below) and (ii) the Company shall make such prospectus and any amendment or supplement thereto, available to any broker-dealer for use in connection with any resale of any Exchange Securities for a period of not less than 180
days after the consummation of the Registered Exchange Offer. Notwithstanding the foregoing, the Company shall not be obligated to keep the Exchange Offer Registration Statement continuously effective to the extent set forth above if the Company
determines, in its reasonable judgment, upon advice of counsel, that the continued effectiveness and usability of the Exchange Offer Registration Statement would (i) require the disclosure of material information, which the Company or any of
its subsidiaries has a bona fide business reason for preserving as confidential or (ii) interfere with any existing or prospective financing, acquisition, corporate reorganization or other material business situation, transaction or negotiation
involving the Company or any of its subsidiaries; provided, however, that the failure to keep the Exchange Offer Registration Statement effective and usable for such reason shall last no longer than 20 days (whereafter Additional
Interest (as defined in Section 6(a)) shall accrue and be payable until the Exchange Offer Registration Statement becomes effective and usable) and shall in no event occur during the first 30 days after the Exchange Offer Registration Statement
becomes effective. In the event that the Company does not keep the Exchange Offer Registration Statement continuously effective as provided in the immediately preceding sentence, the number of days during which the Exchange Offer Registration
Statement is not continuously effective, which shall include the date the Company gives notice that the Exchange Offer Registration Statement is no longer effective, shall be added on to, and therefore extend, the period during which the Company is
obligated to use its reasonable best efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus contained therein. 
 If, upon consummation of the Registered Exchange Offer, any Initial Purchaser holds Initial Securities acquired by it as part of its initial distribution, the Company, simultaneously with the
delivery of the Exchange Securities pursuant to the Registered Exchange Offer, shall issue and deliver to such Initial Purchaser upon the written request of such Initial Purchaser, in exchange (the “Private Exchange”) for the Initial
Securities held by such Initial Purchaser, a like principal amount of debt securities of the Company issued under the Indenture and identical in all material respects to the Initial Securities (the “Private Exchange Securities”). The
Initial Securities, the Exchange Securities and the Private Exchange Securities are herein collectively called the “Securities”. 
  

 3 

 In connection with the Registered Exchange Offer, the Company shall: 
 (a)  mail to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement,
together with an appropriate letter of transmittal and related documents; 
 (b)  keep the
Registered Exchange Offer open for not less than 20 business days (or longer, if required by applicable law) after the date notice thereof is mailed to the Holders; 
 (c)  utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of
Manhattan, The City of New York, which may be the Trustee or an affiliate of the Trustee; 
 (d)  permit Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last business day on which the Registered Exchange Offer shall remain open; and 
 (e)  otherwise comply with all applicable laws. 
 As soon as practicable after the close of the Registered Exchange Offer or the Private Exchange, as the case may be, the Company shall:

 (x)    accept for exchange all the Securities validly tendered and not withdrawn
pursuant to the Registered Exchange Offer and the Private Exchange; 
 (y)    deliver to
the Trustee for cancellation all the Initial Securities so accepted for exchange; and 
 (z)    cause the Trustee to authenticate and deliver promptly to each Holder of the Initial Securities, Exchange Securities or Private Exchange Securities, as the case may be, equal in principal amount to the Initial
Securities of such Holder so accepted for exchange. 
 The Indenture will provide that the Exchange Securities will not be
subject to the transfer restrictions set forth in the Indenture and that all the Securities will vote and consent together on all matters as one class and that none of the Securities will have the right to vote or consent as a class separate from
one another on any matter. 
 Interest on each Exchange Security and Private Exchange Security issued pursuant to the
Registered Exchange Offer and in the Private Exchange will accrue from the last interest payment date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has been paid on the Initial Securities,
from the date of original issue of the Initial Securities. 
  

 4 

 Each Holder participating in the Registered Exchange Offer shall be required to represent
to the Company that at the time of the consummation of the Registered Exchange Offer (i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder will have no arrangements or
understanding with any person to participate in the distribution of the Securities or the Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as defined in Rule 405 of the Securities
Act, of the Company or if it is an affiliate, such Holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged
in, and does not intend to engage in, the distribution of the Exchange Securities and (v) if such Holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a
result of market-making activities or other trading activities and that it will be required to acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. 
 Notwithstanding any other provisions hereof, the Company will ensure that (i) any Exchange Offer Registration Statement and any
amendment thereto and any prospectus forming part thereof and any supplement thereto complies in all material respects with the Securities Act and the rules and regulations thereunder, (ii) any Exchange Offer Registration Statement and any
amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (iii) any
prospectus forming part of any Exchange Offer Registration Statement, and any supplement to such prospectus, does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 2. Shelf
Registration.    If, (i) applicable interpretations of the staff of the Commission do not permit the Company to effect a Registered Exchange Offer, as contemplated by Section 1 hereof, (ii) the Registered
Exchange Offer is not consummated by the 220th day after the Issue Date, (iii) any Initial Purchaser so requests with respect to the Initial Securities (or the Private Exchange Securities) not eligible to be exchanged for Exchange Securities in
the Registered Exchange Offer and held by it following consummation of the Registered Exchange Offer or (iv) any Holder (other than an Exchanging Dealer) is prohibited by law or Commission policy from participating in the Registered Exchange
Offer or, in the case of any Holder (other than an Exchanging Dealer) that participates in the Registered Exchange Offer, such Holder does not receive freely tradeable Exchange Securities on the date of the exchange and any such Holder so requests,
the Company shall take the following actions (the date on which any of the conditions described in the foregoing clauses (i) through (iv) occur, including in the case of clauses (iii) or (iv) the receipt of the required notice,
being a “Trigger Date”): 
 (a)  The Company shall as promptly as practicable (but in no
event more than 90 days after the Trigger Date (such 90th day being a “Filing Deadline”) file with the Commission and thereafter use its reasonable best efforts to cause to be declared 

  

 5 

 
effective: in the case of clause (i), no later than 180 days after the Issue Date and, in the case of clauses (ii) through (iv), no later than 90th date
after the Trigger Date (such 180th day after the Issue Date in the case of clause (i), or such 90th day after the Trigger Date in the case of clauses (ii) through (iv) being an “Effectiveness Deadline”) a registration statement
(the “Shelf Registration Statement” and, together with the Exchange Offer Registration Statement, a “Registration Statement”) on an appropriate form under the Securities Act relating to the offer and sale of the Transfer
Restricted Securities by the Holders thereof from time to time in accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the “Shelf Registration”);
provided, however, that no Holder (other than the Initial Purchasers) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all the
provisions of this Agreement applicable to such Holder. 
 (b)  The Company shall use its
reasonable best efforts to keep the Shelf Registration Statement continuously effective in order to permit the prospectus included therein to be lawfully delivered by the Holders of the relevant Securities, for a period of two years (or for such
longer period if extended pursuant to Section 3(j) below) from the date of its effectiveness or such shorter period that will terminate when all the Securities covered by the Shelf Registration Statement (i) have been sold pursuant thereto
or (ii) are no longer restricted securities (as defined in Rule 144 under the Securities Act, or any successor rule thereof), provided, however, the Company shall not be obligated to keep the Shelf Registration Statement
continuously effective to the extent set forth below if (i) the Company determines, in its reasonable judgment, upon advice of counsel, that the continued effectiveness and usability of the Shelf Registration statement would (x) require
the disclosure of material information which the Company or any of its subsidiaries has a bona fide business reason for preserving as confidential or (y) interfere with any financing, acquisition, corporate reorganization or other material
transaction involving the Company or any of its subsidiaries, provided that the failure to keep the Shelf Registration Statement effective and usable for offers and sales of Securities for the reasons set forth in clauses (x) and
(y) above shall last no longer than 60 days in any 12-month period (whereafter Additional Interest shall accrue and be payable until the Shelf Registration Statement becomes effective and usable) and (ii) the Company promptly thereafter
complies with the requirements of Section 3(j) hereof, if applicable; provided, further, that the number of days of any actual Suspension Period (as hereinafter defined) shall be added on to, and therefore extend, the two-year
period specified above. Any such period during which the Company is excused from keeping the Shelf Registration Statement effective and usable for offers and sales of securities is referred to herein as a “Suspension Period.” A Suspension
Period shall commence on and include the date that the Company gives notice that the Shelf Registration Statement is no longer effective or the prospectus included therein is no longer usable for offers and sales of Securities and shall end on the
earlier to occur of (1) the 

  

 6 

 
date on which each seller of Securities covered by the Shelf Registration Statement either receives the copies of the supplemented or amended prospectus
contemplated by Section 3(j) hereof or is advised in writing by the Company that the use of the prospectus may be resumed and (2) the expiration of 60 days in any 12-month period during which one or more Suspension Periods has been in
effect. The Company shall be deemed not to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the requisite period if it voluntarily takes any action that would result in Holders of Securities covered
thereby not being able to offer and sell such Securities during that period, unless such action is (A) required by applicable law or (B) permitted by this paragraph. 
 (c)  Notwithstanding any other provisions of this Agreement to the contrary, the Company shall cause the Shelf
Registration Statement and the related prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, amendment or supplement, (i) to comply in all material respects with the applicable
requirements of the Securities Act and the rules and regulations of the Commission and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading. 
 3. Registration
Procedures.    In connection with any Shelf Registration contemplated by Section 2 hereof and, to the extent applicable, any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall
apply: 
 (a)  The Company shall (i) furnish to each Initial Purchaser, prior to the filing
thereof with the Commission, a copy of the Registration Statement and each amendment thereof and each supplement, if any, to the prospectus included therein and, in the event that an Initial Purchaser (with respect to any portion of an unsold
allotment from the original offering) is participating in the Registered Exchange Offer or the Shelf Registration Statement, the Company shall use its reasonable best efforts to reflect in each such document, when so filed with the Commission, such
comments as such Initial Purchaser reasonably may propose; (ii) include the information set forth in Annex A hereto on the cover, in Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of the Exchange
Offer” section and in Annex C hereto in the “Plan of Distribution” section of the prospectus forming a part of the Exchange Offer Registration Statement and include the information set forth in Annex D hereto in the Letter of
Transmittal delivered pursuant to the Registered Exchange Offer; (iii) if requested by an Initial Purchaser, include the information required by Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in the prospectus
forming a part of the Exchange Offer Registration Statement; (iv) include within the prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan of Distribution,” reasonably acceptable to the Initial
Purchasers, which shall contain a summary statement of the positions taken or policies made by the staff of the Commission with respect to the potential “underwriter” status of any broker-dealer that is the beneficial owner (as defined in
Rule 13d-3 under the Securities 

  

 7 

 
Exchange Act of 1934, as amended (the “Exchange Act”)) of Exchange Securities received by such broker-dealer in the Registered Exchange Offer (a
“Participating Broker-Dealer”), whether such positions or policies have been publicly disseminated by the staff of the Commission or such positions or policies, in the reasonable judgment of the Initial Purchasers based upon advice of
counsel (which may be in-house counsel), represent the prevailing views of the staff of the Commission; and (v) in the case of a Shelf Registration Statement, include the names of the Holders who propose to sell Securities pursuant to the Shelf
Registration Statement as selling securityholders. 
 (b)  The Company shall give written notice to
the Initial Purchasers, the Holders of the Securities and any Participating Broker-Dealer from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer (which notice pursuant
to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): 
 (i)    when the Registration Statement or any amendment thereto has been filed with the Commission and when the Registration Statement or any post-effective amendment thereto
has become effective; 
 (ii)    of any request by the Commission for amendments or
supplements to the Registration Statement or the prospectus included therein or for additional information; 
 (iii)    of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose, of the issuance by the Commission of a
notification of objection to the use of the form on which the Registration Statement has been filed, and of the happening of any event that causes the Company to become an “ineligible issuer,” as defined in Commission Rule 405.

 (iv)    of the receipt by the Company or its legal counsel of any notification with
respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 
 (v)    of the happening of any event that requires the Company to make changes in the Registration
Statement or the prospectus in order that the Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein
(in the case of the prospectus, in light of the circumstances under which they were made) not misleading. 
  

 8 

 (c)  The Company shall make every reasonable effort to obtain
the withdrawal at the earliest possible time, of any order suspending the effectiveness of the Registration Statement. 
 (d)  The Company shall furnish to each Holder of Securities included within the coverage of the Shelf Registration, without charge, at least one copy of the Shelf Registration Statement and any
post-effective amendment or supplement thereto, including financial statements and schedules, and, if the Holder so requests in writing, all exhibits thereto (including those, if any, incorporated by reference). The Company shall not, without the
prior consent of the Initial Purchasers, make any offer relating to the Securities that would constitute a “free writing prospectus,” as defined in Commission Rule 405. 
 (e)  The Company shall deliver to each Exchanging Dealer and each Initial Purchaser, and to any other Holder
who so requests, without charge, at least one copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and, if any Initial Purchaser or any such Holder requests, all
exhibits thereto (including those incorporated by reference). 
 (f)  The Company shall, during the
Shelf Registration Period, deliver to each Holder of Securities included within the coverage of the Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration
Statement and any amendment or supplement thereto as such person may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling
Holders of the Securities in connection with the offering and sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 
 (g)  The Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any Participating
Broker-Dealer and such other persons required to deliver a prospectus following the Registered Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or
supplement thereto as such persons may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Initial Purchaser, if necessary, any
Participating Broker-Dealer and such other persons required to deliver a prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the prospectus, or any amendment or supplement
thereto, included in such Exchange Offer Registration Statement. 
 (h)  Prior to any public
offering of the Securities pursuant to any Registration Statement, the Company shall use its reasonable best efforts to register or qualify or cooperate with the Holders of the Securities included therein and their respective 

  

 9 

 
counsel in connection with the registration or qualification of the Securities for offer and sale under the securities or “blue sky” laws of such
states of the United States as any Holder of the Securities reasonably requests in writing and do any and all other acts or things necessary or advisable to enable the offer and sale in such jurisdictions of the Securities covered by such
Registration Statement; provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it is not then so qualified or (ii) take any action which would subject it to
general service of process or to taxation in any jurisdiction where it is not then so subject. 
 (i)  The Company shall cooperate with the Holders of the Securities to facilitate the timely preparation and delivery of certificates representing the Securities to be sold pursuant to any Registration Statement free of any
restrictive legends and in such denominations and registered in such names as the Holders may request a reasonable period of time prior to sales of the Securities pursuant to such Registration Statement. 
 (j)  Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of
Section 3(b) above during the period for which the Company is required to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Registration Statement or a supplement to the
related prospectus and any other required document so that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Initial Purchasers, the Holders of the Securities and any known
Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Initial Purchasers, the
Holders of the Securities and any such Participating Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement provided for in Section 2(b) above and the Exchange Offer Registration
Statement provided for in Section 1 above shall each be extended by the number of days from and including the date of the giving of such notice to and including the date when the Initial Purchasers, the Holders of the Securities and any known
Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 3(j). During the period during which the Company is required to maintain an effective Shelf Registration Statement pursuant to this
Agreement, the Company will prior to the three-year expiration of that Shelf Registration Statement file, and use its reasonable best efforts to cause to be declared effective (unless it becomes effective automatically upon filing) within a period
that avoids any interruption in the ability of Holders of Securities covered by the expiring Shelf Registration Statement to make registered dispositions, a new registration statement relating to the Securities, which shall be deemed the “Shelf
Registration Statement” for purposes of this Agreement. 
  

 10 

 (k)  Not later than the effective date of the applicable
Registration Statement, the Company will provide a CUSIP number for the Initial Securities, the Exchange Securities or the Private Exchange Securities, as the case may be, and provide the applicable trustee with printed certificates for the Initial
Securities, the Exchange Securities or the Private Exchange Securities, as the case may be, in a form eligible for deposit with The Depository Trust Company. 
 (l)  The Company will comply with all rules and regulations of the Commission to the extent and so long as they are applicable to the Registered Exchange Offer or the Shelf Registration
and will make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of Section 11(a) of the Securities Act, no later than
45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement, which statement
shall cover such 12-month period. 
 (m)  The Company shall cause the Indenture to be qualified
under the Trust Indenture Act of 1939, as amended (“Trust Indenture Act”), in a timely manner and containing such changes, if any, as shall be necessary for such qualification. In the event that such qualification would require the
appointment of a new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 
 (n)  The Company may require each Holder of Securities to be sold pursuant to the Shelf Registration Statement to furnish to the Company such information regarding the Holder and the
distribution of the Securities as the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement, and the Company may exclude from such registration the Securities of any Holder that unreasonably fails to
furnish such information within a reasonable time after receiving such request. 
 (o)  The Company
shall enter into such customary agreements (including, if requested by the Holders of at least 10% of the aggregate principal amount of the outstanding Securities covered thereby, an underwriting agreement in customary form) and take all such other
action, if any, as the Holders of at least 10% of the aggregate principal amount of the outstanding Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration. 
 (p)  In the case of any Shelf Registration, the Company shall (i) make reasonably available for inspection
by the Holders of the Securities, any underwriter participating in any disposition pursuant to the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders of the Securities or any such underwriter all
relevant financial and other records, pertinent corporate documents and properties of the Company and (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply all relevant information reasonably requested
by the Holders of the Securities or 

  

 11 

 
any such underwriter, attorney, accountant or agent in connection with the Shelf Registration Statement (the information supplied pursuant to
clauses (i) and (ii) being the “Records”), in each case, as shall be reasonably necessary to enable such persons, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided,
however, that any such person shall first agree in writing with the Company that any information that is reasonably and in good faith designated by the Company as confidential at the time of delivery of such information shall be kept
confidential by such person, unless (A) disclosure of such information is required by court or administrative order or is necessary to respond to inquiries of regulatory authorities, (B) disclosure of such information is required by law
(including any disclosure requirements pursuant to federal securities laws in connection with the filing of the Registration Statement or the use of any prospectus) or (C) such information becomes generally available to the public other than as
a result of a disclosure or failure to safeguard such information by such person; provided further that the foregoing inspection and information gathering shall be coordinated on behalf of the Initial Purchasers by Banc of America
Securities LLC and on behalf of the other parties by one counsel designated by and on behalf of such other parties as described in Section 4 hereof. Each Holder of Securities and the Initial Purchasers further agree and shall cause any person
reviewing documents on their behalf pursuant to this paragraph (p) to agree, that it will, upon learning that disclosure of such Records is sought pursuant to clause (A) or (B) above, give notice to the Company and allow the Company,
at its expense, to undertake appropriate action to prevent disclosure of the Records deemed confidential. 
 (q)  In the case of any Shelf Registration, the Company, if requested by any Holder of at least 10% of the aggregate principal amount of the outstanding Securities covered thereby, shall cause (i) its counsel to deliver an
opinion and updates thereof relating to the Securities in customary form addressed to such Holders and the managing underwriters, if any, thereof and dated, in the case of the initial opinion, the effective date of such Shelf Registration Statement
(it being agreed that the matters to be covered by such opinion shall include, without limitation, the due incorporation and good standing of the Issuer and the Guarantors; the qualification of the Issuer and the Guarantors to transact business as
foreign corporations; the due authorization, execution and delivery of the relevant agreement of the type referred to in Section 3(o) hereof; the due authorization, execution, authentication and issuance, and the validity and enforceability, of
the applicable Securities; the absence of material legal or governmental proceedings involving the Issuer and the Guarantors; the absence of governmental approvals required to be obtained in connection with the Shelf Registration Statement, the
offering and sale of the applicable Securities, or any agreement of the type referred to in Section 3(o) hereof; the compliance as to form of such Shelf Registration Statement and any documents incorporated by reference therein and of the
Indenture with the requirements of the Securities Act and the Trust Indenture Act, respectively; and as of the date of the opinion and as of the effective date of the Shelf Registration Statement or most recent post-effective amendment thereto
(or in the case of a Shelf Registration Statement where a new Annual 

  

 12 

 
Report on Form 10-K has been filed by the Company subsequent to the effective date of the Shelf Registration Statement or latest post-effective
amendment thereto, as of the date of such Annual Report), as the case may be, the absence from such Shelf Registration Statement and the prospectus included therein, as then amended or supplemented, and from any documents incorporated by reference
therein, of an untrue statement of a material fact or the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any such documents, in the light of the
circumstances existing at the time that such documents were filed with the Commission under the Exchange Act); (ii) its officers to execute and deliver all customary documents and certificates and updates thereof requested by any underwriters
of the applicable Securities and (iii) its independent public accountants to provide to the selling Holders of the applicable Securities and any underwriter therefor a comfort letter in customary form and covering matters of the type
customarily covered in comfort letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement of Auditing Standards No. 72. 
 (r)  In the case of the Registered Exchange Offer, if requested by any Initial Purchaser or any known
Participating Broker-Dealer, the Company shall cause (i) its counsel to deliver to such Initial Purchaser or such Participating Broker-Dealer a signed opinion substantially in the form set forth in Exhibits A-1, A-2, B and C to the Purchase
Agreement, modified as is customary in connection with the preparation of a Registration Statement and (ii) its independent public accountants to deliver to such Initial Purchaser or such Participating Broker-Dealer a comfort letter, in
customary form, meeting the requirements as to the substance thereof as set forth in Section 5(a) of the Purchase Agreement, with appropriate date changes. 
 (s)  If a Registered Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Initial Securities by Holders to the Company (or to such other Person as directed by
the Company) in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, the Company shall mark, or caused to be marked, on the Initial Securities so exchanged that such Initial Securities are being canceled in
exchange for the Exchange Securities or the Private Exchange Securities, as the case may be; in no event shall the Initial Securities be marked as paid or otherwise satisfied. 
 (t)  If the Initial Securities have been rated prior to the initial sale of such Initial Securities, the
Company will use its reasonable best efforts to confirm such ratings will apply to the Securities covered by a Registration Statement. 
 (u)  In the event that any broker-dealer registered under the Exchange Act shall underwrite any Securities or participate as a member of an underwriting syndicate or selling group or “assist in the
distribution” (within the meaning of the Conduct Rules (the “Rules”) of the Financial Industry Regulatory Authority (“FINRA”)) thereof, whether as a Holder of such Securities or as 

  

 13 

 
an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company will assist such broker-dealer in complying
with the requirements of such Rules (as may be amended from time to time), including, without limitation, by (i) if such Rules, including Rule 2720, shall so require, engaging a “qualified independent underwriter” (as defined in Rule
2720) to participate in the preparation of the Registration Statement relating to such Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Registration Statement is an
underwritten offering or is made through a placement or sales agent, to recommend the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in
Section 5 hereof and (iii) providing such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Rules. 
 (v)  The Company shall use its reasonable best efforts to take all other steps necessary to effect the
registration of the Securities covered by a Registration Statement contemplated hereby. 
 4. Registration
Expenses.    (a)    All expenses incident to the Company’s performance of and compliance with this Agreement will be borne by the Company, regardless of whether a Registration Statement is ever filed
or becomes effective, including without limitation; 
 (i)    all registration and filing
fees and expenses; 
 (ii)    all fees and expenses of compliance with federal securities
and state “blue sky” or securities laws; 
 (iii)    all expenses of printing
(including printing certificates for the Securities to be issued in the Registered Exchange Offer and the Private Exchange and printing of Prospectuses), messenger and delivery services and telephone; 
 (iv)    all fees and disbursements of counsel for the Company; 
 (v)    all application and filing fees in connection with listing the Exchange Securities on a
national securities exchange or automated quotation system pursuant to the requirements hereof; and 
 (vi)    all fees and disbursements of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance). 
 The Company will bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or
accounting duties), the expenses of any annual audit and the fees and expenses of any person, including special experts, retained by the Company. 
  

 14 

 (b)  In connection with any Registration Statement required by this Agreement,
the Company will reimburse the Initial Purchasers and the Holders of Transfer Restricted Securities who are tendering Initial Securities in the Registered Exchange Offer and/or selling or reselling Securities pursuant to the “Plan of
Distribution” contained in the Exchange Offer Registration Statement or the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel, who shall be Cravath, Swaine & Moore LLP
unless another firm shall be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is being prepared. 
  

 15 

 5. Indemnification.    (a)    The Company
agrees to indemnify and hold harmless each Holder of the Securities, any Participating Broker-Dealer and each person, if any, who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act
(each Holder, any Participating Broker-Dealer and such controlling persons are referred to collectively as the “Indemnified Parties”) from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect
thereof (including, but not limited to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the Securities) to which each Indemnified Party may become subject under the Securities Act, the Exchange Act or
otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or
supplement thereto or in any preliminary prospectus or “issuer free writing prospectus,” as defined in Commission Rule 433 (“Issuer FWP”), relating to a Shelf Registration, or arise out of, or are based upon, the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred
by them in connection with investigating or defending any such loss, claim, damage, liability or action in respect thereof; provided, however, that the Company shall not be liable in any such case to the extent that such loss, claim,
damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission (A) made in a Registration Statement or prospectus or in any amendment or supplement thereto or in any
preliminary prospectus or Issuer FWP relating to a Shelf Registration in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion
therein or (B) resulting from the use of the prospectus during the period when the use of the prospectus was suspended or otherwise unavailable for sales thereunder in accordance with the terms of this Agreement; provided,
however, that Holders received at least 10 days prior written notice of such suspension or other unavailability. The Company shall also indemnify underwriters, their officers and directors and each person who controls such underwriters within
the meaning of the Securities Act or the Exchange Act to the same extent as provided above with respect to the indemnification of the Holders of the Securities if requested by such Holders. The indemnity agreement set forth in this Section 5(a)
shall be in addition to any liabilities that the Company may otherwise have. 
 (b)  Each Holder of the Securities,
severally and not jointly, will indemnify and hold harmless the Company and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any
actions in respect thereof, to which the Company or any such controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based
upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration,
or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or omission or alleged untrue

  

 16 

 
statement or omission was made in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on
behalf of such Holder specifically for inclusion therein; and, subject to the limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Company for any legal or other expenses reasonably incurred by the Company or any
such controlling person in connection with investigating or defending any loss, claim, damage, liability or action in respect thereof. This indemnity agreement will be in addition to any liability which such Holder may otherwise have to the Company
or any of its controlling persons. 
 (c)  Promptly after receipt by an indemnified party under this Section 5
of notice of the commencement of any action or proceeding (including a governmental investigation), such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 5, notify the
indemnifying party of the commencement thereof; but the omission so to notify the indemnifying party will not, in any event, relieve the indemnifying party from any liability that it may have under subsection (a) or (b) above except to the
extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) as a proximate result of such failure. In case any such action is brought against any indemnified party, and it notifies the indemnifying party
of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party); provided, however, if the defendants in any such action include both the indemnified party
and the indemnifying party and the indemnified party shall have reasonably concluded that actual conflicts of interest exist between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or
that there are legal defenses relating to a material aspect of such action available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, the indemnified party or parties shall
have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified
party of such indemnifying party’s election so to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this Section 5 for any legal or
other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the next preceding sentence (it being
understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel (together with local counsel), approved by the indemnifying party, representing the indemnified parties who are parties to such
action) or (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action, in each of which cases the fees
and expenses of counsel shall be at the expense of the indemnifying party. 
  

 17 

 No indemnifying party shall, without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement includes an unconditional release
of such indemnified party from all liability on any claims that are the subject matter of such action, and does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. No
indemnifying party shall be liable for any settlement of any proceeding without its prior written consent, which consent will not be unreasonably withheld. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have
requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated above, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written
consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such
request prior to the date of such settlement, unless such indemnifying party has (a) paid all undisputed amounts and only failed to pay amounts disputed in good faith and (b) provided detail regarding the reasons for the failure to pay
amounts requested by the indemnified party. 
 (d)  If the indemnification provided for in this Section 5 is
unavailable or insufficient to hold harmless an indemnified party under subsections (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims,
damages or liabilities (or actions in respect thereof) referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand
and the indemnified party on the other from the exchange of the Securities, pursuant to the Registered Exchange Offer, or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements
or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or such Holder or such other indemnified party, as
the case may be, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an indemnified party as a result of the losses, claims,
damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or
claim which is the subject of this subsection (d). Notwithstanding any other provision of this Section 5(d), the Holders of the Securities shall not be required to contribute any amount in excess of the amount by which the net proceeds received
by such Holders from the sale of the Securities pursuant to a Registration Statement exceeds the amount of damages which such Holders have otherwise been required to pay by 

  

 18 

 
reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls such indemnified party within
the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such indemnified party and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act shall have the
same rights to contribution as the Company. 
 (e)  The agreements contained in this Section 5 shall survive
the sale of the Securities pursuant to a Registration Statement and shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party.

 6. Additional Interest Under Certain Circumstances.    (a)    Additional
interest (the “Additional Interest”) with respect to the Securities shall be assessed as follows if any of the following events occur (each such event in clauses (i) through (iv) below being herein called a “Registration
Default”): 
 (i)    any Registration Statement required by this Agreement is not
filed with the Commission on or prior to the applicable Filing Deadline; 
 (ii)    any
Registration Statement required by this Agreement is not declared effective by the Commission on or prior to the applicable Effectiveness Deadline; 
 (iii)    the Registered Exchange Offer has not been consummated on or prior to the Consummation Deadline; or 
 (iv)    any Registration Statement required by this Agreement has been declared effective by the
Commission but (A) such Registration Statement thereafter ceases to be effective or (B) such Registration Statement or the related prospectus ceases to be usable in connection with resales of Transfer Restricted Securities during the periods
specified herein because either (1) any event occurs as a result of which the related prospectus forming part of such Registration Statement would include any untrue statement of a material fact or omit to state any material fact necessary to
make the statements therein in the light of the circumstances under which they were made not misleading, or (2) it shall be necessary to amend such Registration Statement or supplement the related prospectus, to comply with the Securities Act
or the Exchange Act or the respective rules thereunder. 
 Each of the foregoing will constitute a Registration Default whatever the reason
for any such event and whether it is voluntary or involuntary or is beyond the control of the Company or pursuant to operation of law or as a result of any action or inaction by the Commission. 
  

 19 

 Additional Interest shall accrue on the Securities over and above the interest set forth
in the title of the Securities from and including the date on which any such Registration Default shall occur to but excluding the date on which all such Registration Defaults have been cured, at a rate of 0.50% per annum (the “Additional
Interest Rate”) for the first 90-day period immediately following the occurrence of such Registration Default. The Additional Interest Rate shall increase by an additional 0.50% per annum with respect to each subsequent 90-day period until
all Registration Defaults have been cured, up to a maximum Additional Interest Rate of 2.0% per annum. 
 (b)  A Registration Default referred to in Section 6(a)(iv) hereof shall be deemed not to have occurred and be continuing in relation to a Shelf Registration Statement or the related prospectus if (i) such Registration
Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Shelf Registration Statement to incorporate annual audited financial information with respect to the Company where such post-effective amendment is
not yet effective and needs to be declared effective to permit Holders to use the related prospectus or (y) other material events, with respect to the Company that would need to be described in such Shelf Registration Statement or the related
prospectus and (ii) in the case of clause (y), the Company is proceeding promptly and in good faith to amend or supplement such Shelf Registration Statement and related prospectus to describe such events; provided, however, that
in any case if such Registration Default occurs for a continuous period in excess of 30 days, Additional Interest shall be payable in accordance with the above paragraph from the day such Registration Default occurs until such Registration Default
is cured. 
 (c)  Any amounts of Additional Interest due pursuant to Section 6(a) will be payable in cash on
the regular interest payment dates with respect to the Securities. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest Rate by the principal amount of the Securities, and further multiplied by a
fraction, the numerator of which is the number of days such Additional Interest Rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months), and the denominator of which is 360. 
 (d)  “Transfer Restricted Securities” means each Security until (i) the date on which such Security has been
exchanged by a person other than a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange by a broker-dealer in the Registered Exchange Offer of an Initial Security for an
Exchange Note, the date on which such Exchange Note is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the prospectus contained in the Exchange Offer Registration Statement or (iii) the
date on which such Security has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement. 
  

 20 

 7. Rules 144 and 144A.    The Company shall use its reasonable
best efforts to file the reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the request of any Holder of Securities,
make publicly available other information so long as necessary to permit sales of their Securities pursuant to Rules 144 and 144A. The Company covenants that it will take such further action as any Holder of Securities may reasonably request,
all to the extent required from time to time to enable such Holder to sell Securities without registration under the Securities Act within the limitation of the exemptions provided by Rules 144 and 144A (including the requirements of
Rule 144A(d)(4)). The Company will provide a copy of this Agreement to prospective purchasers of Initial Securities identified to the Company by the Initial Purchasers upon request. Upon the request of any Holder of Initial Securities, the
Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its Securities
pursuant to the Exchange Act. 
 8. Underwritten Registrations.    If any of the Transfer
Restricted Securities covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering will be selected by the Holders of a majority
in aggregate principal amount of such Transfer Restricted Securities to be included in such offering and shall be reasonably acceptable to the Company. 
 No person may participate in any underwritten registration hereunder unless such person (i) agrees to sell such person’s Transfer Restricted Securities on the basis reasonably provided in any underwriting
arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the
terms of such underwriting arrangements. 
 9. Miscellaneous. 
 (a) Remedies.    The Company acknowledges and agrees that any failure by the Company to comply with its
obligations under Section 1 and 2 hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Company’s obligations under Sections 1 and 2 hereof. The Company further agrees to
waive the defense in any action for specific performance that a remedy at law would be adequate. 
 (b) No Inconsistent
Agreements.    The Company will not on or after the date of this Agreement enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise
conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company’s securities under any agreement in effect on the
date hereof. 
  

 21 

 (c) Amendments and Waivers.    The provisions of this
Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of a majority in principal amount of the
Securities affected by such amendment, modification, supplement, waiver or consents. 
 (d)
Notices.    All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, first-class mail, facsimile transmission, or air courier which guarantees overnight delivery:

 (1) if to a Holder of the Securities, at the most current address given by such Holder to the Company. 
 (2) if to the Initial Purchasers; 
 Banc of America Securities LLC 
 One Bryant Park 
 New York, New York 10036 
 Facsimile: (212) 901-7097 
 Attention: Legal Department 
 and 
 J.P.
Morgan Securities Inc. 
 270 Park Avenue 
 New York, New York 10017 
 Facsimile: (212) 270-1063 

Attention: Ken Lang 
 and 
 Credit Suisse Securities (USA) LLC 
 Eleven Madison Avenue 
 New York, New York 10010-3629 
 Facsimile: (212) 325-4296 
 Attention: Transaction Advisory Group 
 with a copy to: 
 Cravath, Swaine & Moore LLP 
 Worldwide Plaza 
 825 Eighth Avenue 
 New York, NY 10019 
 Fax No.: (212) 474-3700 
 Attention: William J. Whelan, III

  

 22 

 (3) if to the Company, at its address as follows: 
 11150 Santa Monica Boulevard, Suite 1600 
 Los Angeles, CA 90025 
 Fax No.: (310) 405-8925 
 Attention: General Counsel 
 with a copy to: 
 Simpson Thacher & Bartlett LLP 
 2550 Hanover Street 
 Palo Alto, CA 94304 
 Fax No.: (650) 251-5002 
 Attention: William B. Brentani 
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three business days after being deposited in the mail, postage prepaid, if mailed; when receipt is
acknowledged by recipient’s facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier guaranteeing next day delivery. 
 (e) Third Party Beneficiaries.    The Holders shall be third party beneficiaries to the
agreements made hereunder between the Company, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent they may deem such enforcement necessary or advisable to
protect their rights or the rights of Holders hereunder. 
 (f) Successors and
Assigns.    This Agreement shall be binding upon the Company, the Initial Purchasers and their successors and assigns. 
 (g) Counterparts.    This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (h) Headings.    The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (i) Governing Law.    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. 
 (j) Severability.    If any one or more of
the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby. 
  

 23 

 (k) Securities Held by the
Company.    Whenever the consent or approval of Holders of a specified percentage of principal amount of Securities is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of
Securities if such subsequent Holders are deemed to be affiliates solely by reason of their holdings of such Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage.

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a
counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the several Initial Purchasers, the Issuer and the Guarantors in accordance with its terms. 
  

					
	 Very truly yours,

	
	 CB RICHARD ELLIS SERVICES, INC.

	 CB RICHARD ELLIS GROUP, INC.

		
	 By:
	 	 /s/ Robert E. Sulentic

		 	 Name:
	 	 Robert E. Sulentic

		 	 Title:
	 	 Chief Financial Officer

	
	 CB HOLDCO, INC.

	 CB RICHARD ELLIS INVESTORS, INC.

	 CB RICHARD ELLIS INVESTORS, L.L.C.

	 CB RICHARD ELLIS, INC.

	 CB/TCC HOLDINGS LLC

	 CB/TCC, LLC

	 CBRE CAPITAL MARKETS OF TEXAS, LP

	 CBRE CAPITAL MARKETS, INC.

	 CBRE TECHNICAL SERVICES, LLC

	 CBRE/LJM MORTGAGE COMPANY, L.L.C.

	 CBRE/LJM-NEVADA, INC.

	 HOLDPAR A

	 HOLDPAR B

	 INSIGNIA/ESG CAPITAL CORPORATION

	 THE POLACHECK COMPANY, INC.

	 TRAMMELL CROW COMPANY

	 TRAMMELL CROW SERVICES, INC.

	 VINCENT F. MARTIN, JR., INC.

	 WESTMARK REAL ESTATE ACQUISITION

	 PARTNERSHIP, L.P.

		
	 By:
	 	 /s/ Debera Fan

		 	 Name:
	 	 Debera Fan

		 	 Title:
	 	 Senior Vice President & Treasurer

  

 24 

					
	 CB/TCC GLOBAL HOLDINGS LIMITED

		
	 By:
	 	 /s/ Philip Emburey

		 	 Name:
	 	 Philip Emburey

		 	 Title:
	 	 Director

		
	 By:
	 	 /s/ Elizabeth Thetford

		 	 Name:
	 	 Elizabeth Thetford

		 	 Title:
	 	 Secretary

	
	 TC HOUSTON, INC.

	 TCCT REAL ESTATE, INC.

	 TCDFW, INC.

		
	 By:
	 	 /s/ Robert E. Sulentic

		 	 Name:
	 	 Robert E. Sulentic

		 	 Title:
	 	 Executive Vice President

	
	TRAMMELL CROW DEVELOPMENT & INVESTMENT, INC.
		
	 By:
	 	 /s/ Robert E. Sulentic

		 	 Name:
	 	 Robert E. Sulentic

		 	 Title:
	 	 President and Chief

		 		 	 Executive Officer

  

 25 

 The foregoing Registration 
 Rights Agreement is hereby confirmed 
 and accepted as of the date first 
 above written. 
 BANC OF AMERICA SECURITIES LLC 
 CREDIT SUISSE SECURITIES (USA) LLC 
 J.P. MORGAN SECURITIES INC. 
 Acting on behalf of itself 
 and as the Representatives of 
 the several Initial Purchasers 
  

							
		
	 Banc of America Securities LLC
	  	
				
		 	 By:
	  	 /s/Stephan Jaeger
	  	
		 		  	Stephan Jaeger	  	
		 		  	Managing Director	  	
		
	 Credit Suisse Securities (USA) LLC
	  	
				
		 	 By:
	  	 /s/ Malcolm Price
	  	
		 		  	Malcolm Price	  	
		 		  	Managing Director	  	
		
	 J.P. Morgan Securities Inc.
	  	
				
		 	 By:
	  	 /s/Todd Rothman
	  	
		 		  	Todd Rothman	  	
		 		  	Executive Director	  	

  

 26 

 ANNEX A 
 Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. The
Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. This Prospectus, as it may be amended
or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired by such broker-dealer as a result of
market-making activities or other trading activities. The Company has agreed that, for a period of 180 days after the Expiration Date (as defined herein), it will make this Prospectus available to any broker-dealer for use in connection with any
such resale. See “Plan of Distribution.” 
  

 27 

 ANNEX B 
 Each broker-dealer that receives Exchange Securities for its own account in exchange for Initial Securities, where such Initial Securities were acquired by such broker-dealer as a result of market-making activities or
other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See “Plan of Distribution.” 
  

 28 

 ANNEX C 
 PLAN OF DISTRIBUTION 
 Each broker-dealer that receives Exchange
Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or supplemented from time to time, may
be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired as a result of market-making activities or other trading activities. The Company has
agreed that, for a period of 180 days after the Expiration Date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition, until
                    ,     , all dealers effecting transactions in the Exchange Securities may be required to deliver a
prospectus.(1) 
 The Company will not receive any proceeds from any sale of Exchange Securities by
broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the
writing of options on the Exchange Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made
directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer or the purchasers of any such Exchange Securities. Any broker-dealer that resells Exchange
Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such Exchange Securities may be deemed to be an “underwriter” within the meaning of the
Securities Act and any profit on any such resale of Exchange Securities and any commission or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that, by
acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. 
 For a period of 180 days after the Expiration Date the Company will promptly send additional copies of this Prospectus and any amendment
or supplement to this Prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the Holders of the
Securities) other than commissions or concessions of any brokers or dealers and will indemnify the Holders of the Securities (including any broker-dealers) against certain liabilities, including liabilities under the Securities Act. 
  
  
 (1) In addition, the legend required by
Item 502(e) of Regulation S-K will appear on the back cover page of the Exchange Offer prospectus. 
  

 29 

 ANNEX D 
  

	 ̈	 CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

  

			
	 Name:                                      
                                         
                                         
              

		
	 Address:
	 	                                        
                                         
                                         
           

		 	                                        
                                         
                                         
           

 If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in,
and does not intend to engage in, a distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of
market-making activities or other trading activities, it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not
be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. 
  

 30

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