Document:

Third Amendment to Amended and Restated Credit Agreement

 Exhibit 10.1 
 THIRD AMENDMENT TO AMENDED AND 
 RESTATED CREDIT
AGREEMENT 
 THIS THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of
March 9, 2010 by and among POST APARTMENT HOMES, L.P. (the “Borrower”), each of the Lenders party hereto, and WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”). 
 WHEREAS, the Borrower, the Lenders, the Agent and certain other parties have entered into that certain Amended and Restated Credit Agreement
dated as of April 28, 2006 (as amended and in effect immediately prior to the date hereof, the “Credit Agreement”) and the Borrower, the Lenders party hereto and the Agent desire to amend certain provisions of the Credit Agreement on
the terms and conditions contained herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows: 
 Section 1.
Specific Amendments to Credit Agreement. The parties hereto agree that the Credit Agreement is amended as follows: 
 (a)
The Credit Agreement is amended by restating clauses (k) and (l) in the definition of “Indebtedness” contained in Section 1.1 in their entirety as follows: 
 (k) all guarantees or other agreements of such Person to become liable on a recourse basis for the Indebtedness of another Person
(provided that the amount of such Indebtedness under such guarantees or other agreements pursuant to this clause (k) shall be deemed to be equal to the stated or determinable amount owing under such guarantee or other agreement or, if not
stated or determinable, the maximum reasonably anticipated amount of liability thereunder; and (l) all Indebtedness of another Person secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) any Lien (other than certain Permitted Liens) on property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness (provided that the amount of Indebtedness of such
Person pursuant to this clause (l) shall be deemed to be the lesser of (I) the fair market value of such property or assets, and (II) the total Indebtedness of such other Person secured thereby); 
 (b) The Credit Agreement is amended by adding the following proviso at the end of the definition of “Subsidiaries” contained in
Section 1.1: 
 ; provided, however, that in no event shall any Designated Affiliate be deemed to be a
Subsidiary for purposes of clause (a) of the definition of “Material Adverse Effect” or Sections 6.1.(k), 6.1.(n), 6.1.(r), 7.1. (but only with respect to the

 
requirement to maintain the existence, right, franchises, license and privileges), 9.6., 9.7., 9.10., 10.1.(f), 10.1.(g), 10.1.(i) and 10.1.(j). 
 (c) The Credit Agreement is amended by inserting the following new definitions of “Designated Affiliates”, “Specified
Obligations” and “Third Amendment Effective Date” in the correct alphabetical order in Section 1.1 thereof: 
 “Designated Affiliates” means, collectively, 3630 Peachtree Road Holdings Limited Partnership, a Georgia limited partnership, 3630 South Tower Residential, LLC, a Georgia limited
liability company, and 3630 North Tower Residential, LLC, a Georgia limited liability company, and any Subsidiaries of any of the foregoing, together with their respective successors and assigns. 
 “Specified Obligations” means, collectively, all Indebtedness and related payment obligations in respect of
such Indebtedness of any of the Designated Affiliates pursuant to or otherwise owing in respect of the Construction Loan Agreement dated as of July 3, 2007, among the Designated Affiliates, Bank of America, N.A., as administrative agent, and
the banks and other lenders from time to time parties thereto (as the same has been, and may hereafter be, amended, supplemented, extended, restated, otherwise modified, refinanced or replaced from time to time). 
 “Third Amendment Effective Date” means March 9, 2010. 
 (e) The Credit Agreement is amended by adding the following new subsection (y) to Section 6.1.: 
 (y) Designated Affiliates. As of the Third Amendment Effective Date, Schedule 6.1.(y) sets forth each member of
the Consolidated Group holding any Equity Interests in a Designated Affiliate, the nature of such Equity Interests, and the percentage of ownership of such Designated Affiliate represented by such Equity Interests. 
 (f) The Credit Agreement is amended by restating clause (i) in Section 10.1.(e) in its entirety as follows: 
 (i) The Borrower, any Subsidiary or any other Loan Party shall fail to pay when due, within any applicable cure period, the
principal of, or interest on, (A) any Indebtedness (other than the Loans and any Nonrecourse Indebtedness and Specified Obligations) having an aggregate outstanding amount of $10,000,000 or more (such Indebtedness described in this clause (A),
“Material Recourse Indebtedness”) or (B) any Nonrecourse Indebtedness (other than any Specified Obligations) having an aggregate outstanding principal amount of $20,000,000 or more (such Nonrecourse Indebtedness described in this
clause (B),

  

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“Material Nonrecourse Indebtedness”; and together with the Material Recourse Indebtedness, the “Material Indebtedness”); or 
 (g) The Credit Agreement is amended by (i) replacing the “.” at the end of clause (iii) in Section 10.1.(e) with
“; or”, and (ii) inserting the following new clause (iv) at the end of Section 10.1.(e): 
 (iv) The Borrower, any Subsidiary (other than a Designated Affiliate) or any other Loan Party shall fail to pay when due an aggregate amount required to be paid by it pursuant to any Guarantee given in respect of the Specified Obligations
or other agreement pursuant to which it has become liable on a recourse basis for such Specified Obligations, of $10,000,000 or more; provided no Default or Event of Default shall be deemed to have occurred under this clause (iv) unless such
failure shall continue for a period of more than 2 Business Days. 
 (h) The Credit Agreement is amended by adding Schedule
6.1.(y) attached hereto as Schedule 6.1.(y) thereto. 
 Section 2. Conditions Precedent. The effectiveness of this
Amendment is subject to receipt by the Agent of each of the following, each in form and substance satisfactory to the Agent: 
 (a) a counterpart of this Amendment duly executed by the Borrower and the Requisite Lenders; 
 (b) a Reaffirmation of
Obligations duly executed by each Guarantor, in the form of Exhibit A attached hereto; 
 (c) evidence of the payment of the fee
described in Section 7 below, and of all other fees and expenses payable to the Agent in connection with this Amendment; and 
 (d) such other documents, instruments and agreements as the Agent may reasonably request. 
 Section 3.
Reduction of Commitments. Upon the effectiveness of this Amendment, the aggregate unused amount of the Commitment shall be reduced by $200,000,000. The parties hereto waive the notice requirements of Section 2.12 with respect to such
reduction. As provided in Section 3.2., the reduction of the amount of the Commitments shall be applied to the respective Commitments of the Lenders pro rata according to the amounts of their respective Commitments. 
  

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 Section 4. Representations. The Borrower represents and warrants to the Agent
and the Lenders that: 
 (a) Authorization. The Borrower has the right and power, and has taken all necessary action to
authorize it, to execute and deliver this Amendment and to perform its obligations hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with their respective terms. This Amendment has been duly executed and delivered
by a duly authorized officer of the sole general partner of the Borrower and each of this Amendment and the Credit Agreement, as amended by this Amendment, is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in
accordance with its respective terms except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain
obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally. 
 (b) Compliance with Laws, etc. The execution and delivery by the Borrower of this Amendment and the performance by the Borrower of this Amendment and the Credit Agreement, as amended by this Amendment, in accordance with their
respective terms, do not and will not, by the passage of time, the giving of notice or otherwise: (i) require any Government Approvals or violate any Applicable Laws relating to the Borrower or any other Loan Party; (ii) conflict with,
result in a breach of or constitute a default under the organizational documents of the Borrower or any other Loan Party, or any indenture, agreement or other instrument to which the Borrower or any other Loan Party is a party or by which it or any
of its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the Borrower or any other Loan Party. 
 (c) No Default. No Default or Event of Default has occurred and is continuing as of the date hereof nor will exist immediately after
giving effect to this Amendment. 
 Section 5. Reaffirmation of Representations by Borrower. The Borrower hereby
repeats and reaffirms all representations and warranties made by the Borrower to the Agent and the Lenders in the Credit Agreement and the other Loan Documents to which it is a party on and as of the date hereof with the same force and effect as if
such representations and warranties were set forth in this Amendment in full, except for (i) representations and warranties that expressly relate solely to an earlier date (in which case such representations and warranties shall have been true
and correct in all material respects on and as of such earlier date) and (ii) changes in factual circumstances not prohibited under the Loan Documents. 
 Section 6. Certain References. Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment.

 Section 7. Amendment Fee. The Borrower agrees to pay to the Agent for the account of each Lender executing and
delivering this Amendment a fee equal to 0.05% of the amount of such

  

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Lender’s Commitment (after giving effect to the reduction of the Commitments provided for in Section 3 above). 
 Section 8. Expenses. The Borrower shall reimburse the Agent upon demand for all reasonable costs and expenses (including
reasonable attorneys’ fees) incurred by the Agent in connection with the preparation, negotiation and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith. 
 Section 9. Benefits. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns. 
 Section 10. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 11. Effect. Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect. The amendments contained herein shall be deemed to have
prospective application only, unless otherwise specifically stated herein. 
 Section 12. Counterparts. This
Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns. 
 Section 13. Definitions. All capitalized terms not otherwise defined herein are used herein with the respective definitions
given them in the Credit Agreement. 
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 IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to Amended and
Restated Credit Agreement to be executed as of the date first above written. 
  
  

			
	POST APARTMENT HOMES, L.P.
		
	By:	 	Post GP Holdings, Inc., its sole general partner
		 	

					
	
			
	By:	 	 	 	/s/    CHRISTOPHER J.
PAPA      
		 	Name:	 	Christopher J. Papa
		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

  
  
  
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 Credit Agreement with Post Apartment Homes, L.P.] 
  
  
  

					
	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 as a Lender and Agent

			
	By:	 	 	 	/s/    ANDREW W. HUSSION        

		 	Name:	 	Andrew W. Hussion
		 	Title:	 	Assistant Vice President

  
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	JPMORGAN CHASE BANK, N.A.
			
	By:	 	 	 	/s/    VANESSA
CHIU        
		 	Name:	 	Vanessa Chiu
		 	Title:	 	Vice President

  
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	SUMITOMO MITSUI BANKING CORPORATION
			
	By:	 	 	 	/S/    WILLIAM M.
GINN        
		 	Name:	 	William M. Ginn
		 	Title:	 	Executive Officer

  
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	 SUNTRUST BANK

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  
  
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	WELLS FARGO BANK, NATIONAL ASSOCIATION
			
	By:	 	 	 	/s/    ANDREW W.
HUSSION      
		 	Name:	 	Andrew W. Hussion
		 	Title:	 	Assistant Vice President

  
  
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	 PNC BANK, NATIONAL ASSOCIATION

			
	By:	 	 	 	/s/    CHAD
MCMASTERS        
		 	Name:	 	Chad McMasters
		 	Title:	 	Senior Vice President

  
  
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	 REGIONS BANK

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  
  
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	 US BANK, NATIONAL ASSOCIATION

			
	By:	 	 	 	/S/    JOHN
FEENEY        
		 	Name:	 	John Feeney
		 	Title:	 	Vice President

  
  
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	 DEUTSCHE BANK TRUST COMPANY AMERICAS

			
	By:	 	 	 	/S/    MICHAEL
SUCHY        
		 	Name:	 	Michael Suchy
		 	Title:	 	Vice President

  

					
	
			
	By:	 	 	 	/S/    PERRY
FORMAN        
		 	Name:	 	Perry Forman
		 	Title:	 	Director

  
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	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

			
	By:	 	 	 	/S/    RANDY K.
RINDERKNECHT        
		 	Name:	 	Randy K. RinderKnecht
		 	Title:	 	Vice President

  
  
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	 MIDFIRST BANK, a federally chartered savings association

			
	By:	 	 	 	/S/    DARRIN
RIGLER      
		 	Name:	 	Darrin Rigler
		 	Title:	 	Vice President

  
  
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	 THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND

			
	By:	 	 	 	/s/    CONOR
LINEHAN        
		 	Name:	 	Conor Linehan
		 	Title:	 	Authorized Signatory
			
	By:	 	 	 	/s/    ROBERT D. GOMINIAK        

		 	Name:	 	Robert D. Gominiak
		 	Title:	 	Director

  
  
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	 COMERICA BANK

			
	By:	 	 	 	/S/    ADAM
SHEETS          
		 	Name:	 	Adam Sheets
		 	Title:	 	Vice President

  
  
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	 THE NORTHERN TRUST COMPANY

			
	By:	 	 	 	/S/    CAROL B.
CONKLIN        
		 	Name:	 	Carol B. Conklin
		 	Title:	 	Senior Vice President

  
  
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	 FIRST COMMERCIAL BANK, NEW YORK AGENCY

			
	By:	 	 	 	/S/    JENN-HWA
WANG      
		 	Name:	 	Jenn-Hwa Wang
		 	Title:	 	General Manager

  
  
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	 CHANG HWA COMMERCIAL BANK, LTD.,
 New York Branch

			
	By:	 	 	 	/S/    ERIC Y.S.
TSAI        
		 	Name:	 	Eric Y.S. Tsai
		 	Title:	 	VP and General Manager

  
  
  
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	 PEOPLE’S UNITED BANK

			
	By:	 	 	 	/S/    MAURICE
FRY        
		 	Name:	 	Maurice Fry
		 	Title:	 	Sr. Commercial Loan Officer, SVP

  

 SCHEDULE 6.1(y) 
 Designated Affiliates 
  
  

					
	Owner of Equity Interest	  	Nature of Equity Interest	  	Percentage of Ownership
	 	 	 
	 Post Services, Inc.
	  	Membership Interest in PSI 3630 Peachtree, LLC and PSI 3630 Peachtree North, LLC	  	100%
	 	 	 
	 PSI 3630 Peachtree, LLC
	  	Membership Interest in 3630 Condo Holdings, LLC	  	50%1
	 	 	 
	 3630 Condo Holdings, LLC
	  	Membership Interest in 3630 South Tower Residential, LLC	  	100%
	 	 	 
	 3630 South Tower Residential, LLC
	  	 Membership Interest in 3630 Residential GP, LLC
  
 Limited Partnership Interest in 3630 Peachtree Road Holdings Limited
Partnership
	  	 100%
 49%2

	 	 	 
	 3630 Residential GP, LLC
	  	General Partnership Interest in 3630 Peachtree Road Holdings Limited Partnership	  	nominal interest
	 	 	 
	 PSI 3630 Peachtree North, LLC
	  	Membership Interest in 3630 North Condo Holdings, LLC	  	50%
	 	 	 
	 3630 North Condo Holdings,
LLC
	  	Membership Interest in 3630 North Tower Residential, LLC	  	100%

  
  
  
  

	1	 Based on Contribution Share. If based on Residual Distribution Percentage, the interest is 62.5%.

  

	2	 Based on pro rata budgeted construction costs as of 12/31/09.

 EXHIBIT A 
 REAFFIRMATION OF OBLIGATIONS 
  
 Each of the undersigned (each a “Guarantor” and collectively the “Guarantors”) hereby (a) reaffirms its continuing obligations owing under the Guaranty dated as of April 26,
2006, executed and delivered by the Guarantors (the “Guaranty”) and (b) agrees that the Third Amendment to Amended and Restated Credit Agreement dated the date hereof (the “Amendment”) amending the Amended and Restated
Credit Agreement dated as of April 26, 2006 by and between Post Apartment Homes, L.P., the Lenders party thereto (the “Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”) and the other parties thereto (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), and the transactions contemplated by the Amendment do not in any way affect the validity or enforceability of the Guaranty, or reduce, impair
or discharge the obligations of such Guarantor thereunder. 
 Each of the Guarantors represents and warrants to the Agent and
the Lenders that the execution, delivery, and performance of this Reaffirmation of Obligations has been authorized by all requisite action on the part of such Guarantor and will not violate such Guarantor’s organizational or governing document.

 Each of the Guarantors further agrees that references to the Credit Agreement contained in any Loan Document (as defined in
the Credit Agreement) shall be deemed to be references to the Credit Agreement, as amended by the Amendment. 
 This
Reaffirmation of Obligations shall be construed in accordance with and be governed by the law (without giving effect to the conflict of law principles thereof) of the State of Georgia. 
  
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 IN WITNESS WHEREOF, each of the undersigned have duly executed and delivered this
Reaffirmation of Obligations as of March 9, 2010. 
  

									
	POST PROPERTIES, INC.
		
	By:	 	/S/ CHRISTOPHER J. PAPA
	Name:	 	Christopher J. Papa
	Title:	 	 Executive Vice President and
 Chief Financial Officer

	
	POST GP HOLDINGS, INC.
		
	By:	 	/S/ CHRISTOPHER J. PAPA
	Name:	 	Christopher J. Papa
	Title:	 	 Executive Vice President and
 Chief Financial Officer

	
	POST LP HOLDINGS, INC.
		
	By:	 	/S/ CHRISTOPHER J. PAPA
	Name:	 	Christopher J. Papa
	Title:	 	 Executive Vice President and
 Chief Financial Officer

	
	POST FB I, LIMITED PARTNERSHIP,
a Georgia limited partnership
		
	By:	 	 Post FB Acquisition GP I, LLC,
 a Georgia limited liability company,
its sole general partner

			
		 	By:	 	 Post Apartment Homes, L.P.,
 a Georgia limited partnership,
its sole member

				
		 		 	By:	 	 Post GP Holdings, Inc.,
 a Georgia corporation,
 its sole general partner

					
		 		 		 	By:	 	/S/ CHRISTOPHER J. PAPA
		 		 		 	Name:	 	Christopher J. Papa
		 		 		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

									
	POST FB II, LIMITED PARTNERSHIP,
a Georgia limited partnership
		
	By:	 	 Post FB Acquisition GP II, LLC,
 a Georgia limited liability company,
its sole general partner

			
		 	By:	 	 Post Apartment Homes, L.P.,
 a Georgia limited partnership,
its sole member

				
		 		 	By:	 	 Post GP Holdings, Inc.,
 a Georgia corporation,
 its sole general partner

					
		 		 		 	By:	 	/S/ CHRISTOPHER J. PAPA
		 		 		 	Name:	 	Christopher J. Papa
		 		 		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

  
  

									
	AUSTIN BC, L.P.,
a Georgia limited partnership
		
	By:	 	 BC Austin GP, LLC,
 a Georgia limited liability company,
its sole general partner

			
		 	By:	 	 Post Apartment Homes, L.P.,
 a Georgia limited partnership,
its sole member

				
		 		 	By:	 	 Post GP Holdings, Inc.,
 a Georgia corporation,
 its sole general partner

					
		 		 		 	By:	 	/S/ CHRISTOPHER J. PAPA
		 		 		 	Name:	 	Christopher J. Papa
		 		 		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

  
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	PBP LAKE SUSANNAH APARTMENT LAND, LLC, a Georgia limited liability company
		
	By:	 	 Post Apartment Homes, L.P.,
 a Georgia limited partnership,
its sole member

			
		 	By:	 	 Post GP Holdings, Inc.,
 a Georgia corporation,
 its sole general partner

				
		 		 	By:	 	/S/ CHRISTOPHER J. PAPA
		 		 	Name:	 	Christopher J. Papa
		 		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

	
	 PARK LAND DEVELOPMENT, LLC,
 a Georgia limited liability company

		
	By:	 	 Post Park, LLC,
 a
Georgia limited liability company,
 its managing member

			
		 	By:	 	 Post Apartment Homes, L.P.,
 a Georgia limited partnership,
its sole member

				
		 		 	By:	 	 Post GP Holdings, Inc.,
 a Georgia corporation,
 its sole general partner

					
		 		 		 	By:	 	/S/ CHRISTOPHER J. PAPA
		 		 		 	Name:	 	Christopher J. Papa
		 		 		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

	
	PBP LAKE SUSANNAH CONDO LAND, LLC,
a Georgia limited liability company
		
	By:	 	 Post Services, Inc.,
 a Georgia corporation,
 its sole member

			
		 	By:	 	/S/ CHRISTOPHER J. PAPA
		 	Name:	 	Christopher J. Papa
		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

  
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	POST EASTSIDE LIMITED PARTNERSHIP, a Georgia limited partnership
		
	By:	 	 Post Eastside Acquisition GP, LLC,
 a Georgia limited liability company,
its sole general partner

			
		 	By:	 	 Post Apartment Homes, L.P.,
 a Georgia limited partnership,
its sole member

				
		 		 	By:	 	 Post GP Holdings, Inc.,
 a Georgia corporation,
 its sole general partner

					
		 		 		 	By:	 	/S/ CHRISTOPHER J. PAPA
		 		 		 	Name:	 	Christopher J. Papa
		 		 		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

	
	PBP BLOCKS 206/207, LLC,
a Georgia limited liability company
		
	By:	 	 Post Services, Inc.,
 a Georgia corporation,
 its sole member

			
		 	By:	 	/S/ CHRISTOPHER J. PAPA
		 	Name:	 	Christopher J. Papa
		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

  
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	 PBC APARTMENTS, LLC,
 a Georgia limited liability company

		
	By:	 	 Post Apartment Homes, L.P.,
 a Georgia limited partnership,
 its sole member

			
		 	By:	 	 Post GP Holdings, Inc.,
 a Georgia corporation,
 its sole general partner

				
		 		 	By:	 	 /S/ CHRISTOPHER J.
PAPA

		 		 	Name:	 	Christopher J. Papa
		 		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

	
	ALEXANDER CONDOMINIUM DEVELOPMENT I, LLC, a Georgia limited liability company
		
	By:	 	 Post Services, Inc.,
 a Georgia corporation,
 its sole member

			
		 	By:	 	 /S/ CHRISTOPHER J.
PAPA

		 	Name:	 	Christopher J. Papa
		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

  
  
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	 POST MIDTOWN SQUARE, L.P.,
 a Georgia limited partnership

		
	By:	 	 Post Midtown Square GP, LLC,
 a Georgia limited liability company,
 its sole general partner

			
		 	By:	 	 Post Apartment Homes, L.P.,
 a Georgia limited partnership
its sole member

				
		 		 	By:	 	 Post GP Holdings, Inc.,
 a Georgia corporation,
 its sole general partner

					
		 		 		 	By:	 	/S/ CHRISTOPHER J. PAPA
		 		 		 	Name:	 	Christopher J. Papa
		 		 		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

  
  

											
	
	 POST-AMERUS RICE LOFTS, L.P.,
 a Georgia limited partnership

		
	By:	 	 Rice Lofts, L.P.,
 a Texas limited partnership,
 its sole general partner

			
		 	By:	 	 Post Rice Lofts, LLC,
 a Texas limited liability company,
 its sole general partner

				
		 		 	 By:
	 	 Post Apartment Homes, L.P.,
 a Georgia limited partnership,
 its sole member

					
		 		 		 	By:	 	 Post GP Holdings, Inc.,
 a Georgia corporation,
 its sole general partner

						
		 		 		 		 	By:	 	 /S/ CHRISTOPHER J. PAPA

		 		 		 		 	Name:	 	Christopher J. Papa
		 		 		 		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

  
  
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	 PMBC AUSTIN LIMITED PARTNERSHIP,
 a Georgia limited partnership

		
	By:	 	 Austin BCPM Acquisition LLC,
 a Delaware limited liability company,
 its sole general partner

			
		 	By:	 	 Post Apartment Homes, L.P.,
 a Georgia limited partnership,
its sole member

				
		 		 	By:	 	 Post GP Holdings, Inc.,
 a Georgia corporation,
 its sole general partner

					
		 		 		 	By:	 	/S/ CHRISTOPHER J. PAPA
		 		 		 	Name:	 	Christopher J. Papa
		 		 		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

	
	 POST ALEXANDER, LLC,
 a Georgia limited liability company

		
	By:	 	 Post Apartment Homes, L.P.,
 a Georgia limited partnership,
 its sole member

			
		 	By:	 	 Post GP Holdings, Inc.,
 a Georgia corporation,
 its sole general partner

				
		 		 	By:	 	 /S/ CHRISTOPHER J.
PAPA

		 		 	Name:	 	Christopher J. Papa
		 		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

  
  
 [Signatures Continued on Next Page] 

									
	 PBP APARTMENTS, LLC,
 a Georgia limited liability company

		
	By:	 	 Post Apartment Homes, L.P.,
 a Georgia limited partnership,
 its sole member

			
		 	By:	 	 Post GP Holdings, Inc.,
 a Georgia corporation,
 its sole general partner

				
		 		 	By:	 	 /S/ CHRISTOPHER J.
PAPA

		 		 	Name:	 	Christopher J. Papa
		 		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

	
	SOHO CONDOMINIUM DEVELOPMENT, LLC,
a Georgia limited liability company
		
	By:	 	 Post Services, Inc.,
 a Georgia corporation,
 its sole member

			
		 	By:	 	/S/ CHRISTOPHER J. PAPA
		 	Name:	 	Christopher J. Papa
		 	Title:	 	 Executive Vice President and
 Chief Financial OfficerForm of Debt Securities Indenture

 Exhibit 4.1 
  
  
 CLIFFS NATURAL RESOURCES INC. 
  
  
 INDENTURE 

 Dated as of
                     
  
  
 U.S. BANK
NATIONAL ASSOCIATION 
 Trustee 
  
  

					
	 ARTICLE I.
	  	DEFINITIONS AND INCORPORATION BY REFERENCE	  	1
			
	 Section 1.1.
	  	 Definitions
	  	1
	 Section 1.2.
	  	 Other Definitions
	  	5
	 Section 1.3.
	  	 Incorporation by Reference of Trust Indenture Act
	  	5
	 Section 1.4.
	  	 Rules of Construction
	  	6
			
	 ARTICLE II.
	  	THE SECURITIES	  	6
			
	 Section 2.1.
	  	 Amount Unlimited; Issuable in Series
	  	6
	 Section 2.2.
	  	 Establishment of Terms of Series of Securities
	  	7
	 Section 2.3.
	  	 Execution and Authentication
	  	9
	 Section 2.4.
	  	 Registrar and Paying Agent
	  	10
	 Section 2.5.
	  	 Paying Agent to Hold Money in Trust
	  	11
	 Section 2.6.
	  	 Securityholder Lists
	  	11
	 Section 2.7.
	  	 Transfer and Exchange
	  	11
	 Section 2.8.
	  	 Persons Deemed Owners
	  	12
	 Section 2.9.
	  	 Mutilated, Destroyed, Lost and Stolen Securities
	  	12
	 Section 2.10.
	  	 Outstanding Securities
	  	13
	 Section 2.11.
	  	 Treasury Securities
	  	13
	 Section 2.12.
	  	 Temporary Securities
	  	14
	 Section 2.13.
	  	 Cancellation
	  	14
	 Section 2.14.
	  	 Defaulted Interest
	  	14
	 Section 2.15.
	  	 Global Securities
	  	14
	 Section 2.16.
	  	 CUSIP Numbers
	  	16
	 Section 2.17.
	  	 Form of Trustee’s Certification of Authentication.
	  	16
			
	 ARTICLE III.
	  	REDEMPTION	  	16
			
	 Section 3.1.
	  	 Notice to Trustee
	  	16
	 Section 3.2.
	  	 Selection of Securities to be Redeemed
	  	17
	 Section 3.3.
	  	 Notice of Redemption
	  	17
	 Section 3.4.
	  	 Effect of Notice of Redemption
	  	18
	 Section 3.5.
	  	 Deposit of Redemption Price
	  	18
	 Section 3.6.
	  	 Securities Redeemed in Part
	  	18
			
	 ARTICLE IV.
	  	COVENANTS	  	18
			
	 Section 4.1.
	  	 Payment of Principal and Interest
	  	18
	 Section 4.2.
	  	 SEC Reports
	  	18
	 Section 4.3.
	  	 Compliance Certificate
	  	19
	 Section 4.4.
	  	 Corporate Existence
	  	19
	 Section 4.5.
	  	 Calculation of Original Issue Discount.
	  	19
			
	 ARTICLE V.
	  	SUCCESSORS	  	19
			
	 Section 5.1.
	  	 When Company May Merge, Etc
	  	19
	 Section 5.2.
	  	 Successor Corporation Substituted
	  	20
			
	 ARTICLE VI.
	  	DEFAULTS AND REMEDIES	  	20
			
	 Section 6.1.
	  	 Events of Default
	  	20
	 Section 6.2.
	  	 Acceleration of Maturity; Rescission and Annulment
	  	22

					
	 Section 6.3.
	  	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	22
	 Section 6.4.
	  	 Trustee May File Proofs of Claim
	  	23
	 Section 6.5.
	  	 Trustee May Enforce Claims Without Possession of Securities
	  	24
	 Section 6.6.
	  	 Application of Money Collected
	  	24
	 Section 6.7.
	  	 Limitation on Suits
	  	25
	 Section 6.8.
	  	 Unconditional Right of Holders to Receive Principal and Interest
	  	25
	 Section 6.9.
	  	 Restoration of Rights and Remedies
	  	25
	 Section 6.10.
	  	 Rights and Remedies Cumulative
	  	26
	 Section 6.11.
	  	 Delay or Omission Not Waiver
	  	26
	 Section 6.12.
	  	 Control by Holders
	  	26
	 Section 6.13.
	  	 Waiver of Past Defaults
	  	27
	 Section 6.14.
	  	 Undertaking for Costs
	  	27
			
	 ARTICLE VII.
	  	TRUSTEE	  	27
			
	 Section 7.1.
	  	 Duties of Trustee
	  	27
	 Section 7.2.
	  	 Rights of Trustee
	  	29
	 Section 7.3.
	  	 Individual Rights of Trustee
	  	30
	 Section 7.4.
	  	 Trustee’s Disclaimer
	  	30
	 Section 7.5.
	  	 Notice of Defaults
	  	30
	 Section 7.6.
	  	 Reports by Trustee to Holders
	  	30
	 Section 7.7.
	  	 Compensation and Indemnity
	  	30
	 Section 7.8.
	  	 Replacement of Trustee
	  	31
	 Section 7.9.
	  	 Successor Trustee by Merger, etc
	  	32
	 Section 7.10.
	  	 Eligibility; Disqualification
	  	32
	 Section 7.11.
	  	 Preferential Collection of Claims Against Company
	  	33
	 Section 7.12.
	  	 Calculations in Respect of Securities.
	  	33
	 Section 7.13.
	  	 Brokerage Confirmations
	  	33
			
	 ARTICLE VIII.
	  	SATISFACTION AND DISCHARGE; DEFEASANCE	  	33
			
	 Section 8.1.
	  	 Satisfaction and Discharge of Indenture
	  	33
	 Section 8.2.
	  	 Application of Trust Funds; Indemnification
	  	34
	 Section 8.3.
	  	 Legal Defeasance of Securities of any Series
	  	35
	 Section 8.4.
	  	 Covenant Defeasance
	  	36
	 Section 8.5.
	  	 Repayment to Company
	  	38
	 Section 8.6.
	  	 Reinstatement
	  	38
			
	 ARTICLE IX.
	  	AMENDMENTS AND WAIVERS	  	38
			
	 Section 9.1.
	  	 Without Consent of Holders
	  	38
	 Section 9.2.
	  	 With Consent of Holders
	  	39
	 Section 9.3.
	  	 Limitations
	  	40
	 Section 9.4.
	  	 Compliance with the Trust Indenture Act
	  	40
	 Section 9.5.
	  	 Revocation and Effect of Consents
	  	40
	 Section 9.6.
	  	 Notation on or Exchange of Securities
	  	41
	 Section 9.7.
	  	 Trustee Protected
	  	41

  

 ii 

					
	ARTICLE X.	  	MISCELLANEOUS	  	41
			
	 Section 10.1.
	  	 Trust Indenture Act Controls
	  	41
	 Section 10.2.
	  	 Notices
	  	41
	 Section 10.3.
	  	 Communication by Holders with Other Holders
	  	42
	 Section 10.4.
	  	 Certificate and Opinion as to Conditions Precedent
	  	42
	 Section 10.5.
	  	 Statements Required in Certificate or Opinion
	  	43
	 Section 10.6.
	  	 Rules by Trustee and Agents
	  	43
	 Section 10.7.
	  	 Legal Holidays
	  	43
	 Section 10.8.
	  	 No Recourse Against Others
	  	43
	 Section 10.9.
	  	 Counterparts
	  	44
	 Section 10.10.
	  	 Governing Laws
	  	44
	 Section 10.11.
	  	 No Adverse Interpretation of Other Agreements
	  	44
	 Section 10.12.
	  	 Successors
	  	44
	 Section 10.13.
	  	 Severability
	  	44
	 Section 10.14.
	  	 Table of Contents, Headings, Etc
	  	44
	 Section 10.15.
	  	 Securities in a Foreign Currency or in ECU
	  	44
	 Section 10.16.
	  	 Judgment Currency
	  	45
	 Section 10.17.
	  	 Force Majeure
	  	46
	 Section 10.18.
	  	 USA Patriot Act
	  	46
			
	ARTICLE XI.	  	SINKING FUNDS	  	46
			
	 Section 11.1.
	  	 Applicability of Article
	  	46
	 Section 11.2.
	  	 Satisfaction of Sinking Fund Payments with Securities
	  	46
	 Section 11.3.
	  	 Redemption of Securities for Sinking Fund
	  	47

  

 iii 

 CLIFFS NATURAL RESOURCES INC.

 Reconciliation and tie between Trust Indenture Act of 1939 and 
 Indenture, dated as of                      
  

					
	 § 310(a)(1)
	 		  	 7.10

	 (a)(2)
	 		  	 7.10

	 (a)(3)
	 		  	 Not Applicable

	 (a)(4)
	 		  	 Not Applicable

	 (a)(5)
	 		  	 7.10

	 (b)
	 		  	 7.10

	 § 311(a)
	 		  	 7.11

	 (b)
	 		  	 7.11

	 (c)
	 		  	 Not Applicable

	 § 312(a)
	 		  	 2.6

	 (b)
	 		  	 10.3

	 (c)
	 		  	 10.3

	 § 313(a)
	 		  	 7.6

	 (b)(1)
	 		  	 7.6

	 (b)(2)
	 		  	 7.6

	 (c)(1)
	 		  	 7.6

	 (d)
	 		  	 7.6

	 § 314(a)
	 		  	 4.2, 10.5

	 (a)(4)
	 		  	 4.3

	 (b)
	 		  	 Not Applicable

	 (c)(1)
	 		  	 10.4

	 (c)(2)
	 		  	 10.4

	 (c)(3)
	 		  	 Not Applicable

	 (d)
	 		  	 Not Applicable

	 (e)
	 		  	 10.5

	 (f)
	 		  	 Not Applicable

	 § 315(a)
	 		  	 7.1

	 (b)
	 		  	 7.5

	 (c)
	 		  	 7.1

	 (d)
	 		  	 7.1

	 (e)
	 		  	 6.14

	 § 316(a)
	 		  	 2.10

	 (a)(1)(A)
	 		  	 6.12

	 (a)(1)(B)
	 		  	 6.13

	 (b)
	 		  	 6.8

	 § 317(a)(1)
	 		  	 6.3

	 (a)(2)
	 		  	 6.4

	 (b)
	 		  	 2.5

	 § 318(a)
	 		  	 10.1

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

 Indenture dated as of
                     between Cliffs Natural Resources Inc., an Ohio corporation (the “Company”), and U.S. Bank
National Association, as trustee hereunder (the “Trustee”). 
 Each party agrees as follows for
the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture. 
 ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.1. Definitions. 
 “Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances
specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders. 
 “Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under common control with such specified person. For the purposes
of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any person, shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise. 
 “Agent” means any Registrar, Paying Agent or Service Agent. 
 “Board of Directors” means the Board of Directors of the Company or any duly authorized committee thereof. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to
authorization by the Board of Directors and to be in full force and effect on the date of such certification and delivered to the Trustee. 
 “Business Day” means, with respect to any Series of Securities, any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions generally
or the Trustee are authorized or required by law, regulation or executive order to close. 
 “Capital
Stock” means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock. 
 “Company” means the person named as the “Company” in the first paragraph of this instrument until a successor replaces it and thereafter means the successor. 

“Company Order” means a written order signed in the name of the Company by two Officers, one of whom must be the
Company’s principal executive officer, principal financial officer, principal accounting officer or a Vice President and delivered to the Trustee. 

 “Company Request” means a written request signed in the name of the
Company by its principal executive officer, principal financial officer, principal accounting officer, the President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the
Trustee. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its
corporate trust business and this Indenture shall be administered, which office at the date hereof is located at the address of the Trustee specified in Section 10.2 hereof, or such other address as the Trustee may designate from time to time
by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as a successor Trustee may designate from time to time by notice to the Holders and the Company). 
 “Default” means any event which is, or after notice or passage of time or both would be, an Event of Default.

 “Depositary” means, with respect to the Securities of any Series issuable or issued in whole or in
part in the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such
person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series. 
 “Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the
maturity thereof pursuant to Section 6.2. 
 “Dollars” and “$” means the
currency of The United States of America. 
 “ECU” means the European Currency Unit as determined by the
Commission of the European Union. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “Foreign Currency” means any currency or currency unit issued by a government other than the
government of The United States of America. 
 “Foreign Government Obligations” means, with respect to
Securities of any Series that are denominated in a Foreign Currency, (a) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or
(b) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in
either case under clauses (a) or (b), are not callable or redeemable at the option of the issuer thereof. 
 “GAAP” means accounting principles generally accepted in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the

  

 2 

 
Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the
date of determination. 
 “Global Security” or “Global Securities” means a
Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary
or nominee. 
 “Holder” or “Securityholder” means a person in whose name a
Security is registered. 
 “Indenture” means this instrument as originally executed and as amended or
supplemented from time to time as herein provided and shall include the form and terms of particular Series of Securities established as contemplated hereunder. 
 “interest” with respect to any Discount Security, which by its terms bears interest only after Maturity, means interest payable after Maturity. 
 “Maturity,” when used with respect to any Security, means the date on which the principal of such Security becomes
due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 
 “Officer” means the President and Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, any Vice President, the Treasurer, the Secretary, any Assistant
Treasurer or any Assistant Secretary of the Company. 
 “Officers’ Certificate” means a certificate
signed by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer, principal accounting officer or any Vice President and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee in its reasonable
discretion and delivered to the Trustee. The counsel may be an employee of or counsel to the Company. 
 “person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political
subdivision thereof. 
 “principal” of a Security means the principal of the Security plus, when
appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security. 
 “Responsible
Officer” means, when used with respect to the Trustee, any vice president, assistant vice president, trust officer or assistant trust officer, or any other officer within the corporate trust department of the Trustee customarily
performing functions similar to those performed by any of the above-designated officers and also shall mean, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his

  

 3 

 
knowledge and familiarity with the particular subject and who shall have direct responsibility for administration of this Indenture. 
 “SEC” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange
Act, or if at any time after the execution and delivery of this Indenture the SEC is not existing and performing the duties now assigned to it under the TIA, then the body performing such duties on such date. 
 “Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and
delivered under this Indenture. 
 “Series” or “Series of Securities” means each
series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 
 “Stated Maturity” when used with respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest is due and payable. 
 “Subsidiary” of any specified person means any corporation, association or other business entity of which more than
50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by
such person or one or more of the other Subsidiaries of that person or a combination thereof. 
 “TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA”
means, to the extent required by any such amendment, the Trust Indenture Act as so amended. 
 “Trustee”
means the person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such
person who is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series. 
 “U.S. Government Obligations” means securities which are (a) direct obligations of The United States of America
for the payment of which its full faith and credit is pledged or (b) obligations of a person controlled or supervised by and acting as an agency or instrumentality of The United States of America the full and timely payment of which is
unconditionally guaranteed as a full faith and credit obligation by The United States of America, and which in the case of (a) and (b) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository
receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder
of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount

  

 4 

 
received by the custodian in respect of the U.S. Government Obligation evidenced by such depository receipt. 
 Section 1.2. Other Definitions. 
  

					
	 TERM
	  	 DEFINED IN SECTION
	  	 
			
	“Bankruptcy Law”	  	6.1	  	
			
	“Custodian”	  	6.1	  	
			
	“Event of Default”	  	6.1	  	
			
	“Journal”	  	10.15	  	
			
	“Judgment Currency”	  	10.16	  	
			
	“Legal Holiday”	  	10.7	  	
			
	“mandatory sinking fund payment”	  	11.1	  	
			
	“Market Exchange Rate”	  	10.15	  	
			
	“New York Banking Day”	  	10.16	  	
			
	“optional sinking fund payment”	  	11.1	  	
			
	“Paying Agent”	  	2.4	  	
			
	“Registrar”	  	2.4	  	
			
	“Required Currency”	  	10.16	  	
			
	“Service Agent”	  	2.4	  	
			
	“successor person”	  	5.1	  	

 Section 1.3. Incorporation by Reference of Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.
The following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the
SEC. 
 “indenture securities” means the Securities. 
 “indenture security holder” means a Securityholder. 
  

 5 

 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means the Company and any successor obligor upon the Securities. 

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule
under the TIA and not otherwise defined herein are used herein as so defined. 
 Section 1.4. Rules of
Construction. 
 Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (c) “or” is not exclusive; 
 (d) words in the singular include the plural, and in the plural include the singular; and 
 (e) provisions apply to successive events and transactions. 
 ARTICLE II. THE SECURITIES 
 Section 2.1. Amount Unlimited; Issuable in Series. 
 The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board
Resolution, supplemental indenture or Officers’ Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board
Resolution, Officers’ Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity
date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of
the Indenture. 
 The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be
produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
  

 6 

 Section 2.2. Establishment of Terms of Series of Securities. 
 At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case
of Section 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Sections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a
Board Resolution, supplemental indenture or Officers’ Certificate: 
 2.2.1. the title of the Series (which shall
distinguish the Securities of that particular Series from the Securities of any other Series); 
 2.2.2. the price or
prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued; 
 2.2.3. any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or
in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.9, 2.12, 3.6 or 9.6); 
 2.2.4. the date or dates on which the principal of the Securities of the Series is payable; 
 2.2.5. the
rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the
Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest
payable on any interest payment date; 
 2.2.6. the place or places where the principal of and interest, if any, on the
Securities of the Series shall be payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this
Indenture may be served, and the method of such payment, if by wire transfer, mail or other means; 
 2.2.7. if applicable,
the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 
 2.2.8. the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part,
pursuant to such obligation; 
 2.2.9. the dates, if any, on which and the price or prices at which the Securities of the
Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 
  

 7 

 2.2.10. if other than denominations of $1,000 and any integral multiple thereof, the
denominations in which the Securities of the Series shall be issuable; 
 2.2.11. the forms of the Securities of the
Series, whether the Securities will be issuable as Global Securities, and any appropriate legends if the Securities are Discount Securities; 
 2.2.12. if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof
pursuant to Section 6.2; 
 2.2.13. the currency of denomination of the Securities of the Series, which may be Dollars
or any Foreign Currency, including, but not limited to, the ECU, and if such currency of denomination is a composite currency other than the ECU, the agency or organization, if any, responsible for overseeing such composite currency; 
 2.2.14. the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the
Securities of the Series will be made; 
 2.2.15. if payments of principal of or interest, if any, on the Securities of the
Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined; 
 2.2.16. the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be
determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 
 2.2.17. the provisions, if any, relating to any security provided for the Securities of the Series; 
 2.2.18. any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of
the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; 
 2.2.19. any addition to or change in the covenants set forth in Articles IV or V which applies to Securities of the Series; 
 2.2.20. any other terms of the Securities of the Series (which may supplement, modify or delete any provision of this Indenture insofar
as it applies to such Series); 
 2.2.21. any depositaries, interest rate calculation agents, exchange rate calculation
agents or other agents with respect to Securities of such Series if other than those appointed herein; 
 2.2.22. the
provisions, if any, relating to conversion of any Securities of such Series, including if applicable, the conversion price, the conversion period, provisions as to

  

 8 

 
whether conversion will be mandatory, at the option of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price and provisions affecting
conversion if such Series of Securities are redeemed; 
 2.2.23. whether the Securities of such Series will be senior debt
securities or subordinated debt securities and, if applicable, a description of the subordination terms thereof; and 
 2.2.24. any trustees, authenticating or paying agents, transfer agents, or registrars or any other agents with respect to the Securities of such Series. 
 All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board
Resolution, supplemental indenture hereto or Officers’ Certificate referred to above. 
 Section 2.3. Execution and Authentication. 
 A duly authorized Officer shall sign the Securities for
the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Security no longer holds that office at
the time the Security is authenticated, the Security shall nevertheless be valid. 
 A Security shall not be valid until
authenticated by the manual signature of a Responsible Officer of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
 The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the
Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its authentication. 
 The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal
amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as provided in Section 2.9. 
 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully
protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that
Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4 and also stating: 
  

 9 

 (1) if the form and terms of such Securities have been established by or pursuant to a Board
Resolution, indenture supplemental hereto or Officers’ Certificate, that such form and terms have been established in conformity with the provisions of this Indenture; and 
 (2) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization and other laws of
general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles (or such other similar matters as in the opinion of such counsel shall not materially adversely affect such enforceability).

 The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the
Trustee, being advised by counsel, determines, in its reasonable discretion, that such action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of
directors and/or Responsible Officers shall determine, in its reasonable discretion, that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities. 
 The Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate Securities. 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 an Agent to deal with the Company or an
Affiliate of the Company for service of notices and demands. 
 Section 2.4. Registrar and Paying Agent.

 The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such
Series pursuant to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of
transfer or exchange (“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served (“Service Agent”). The Registrar
shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying
Agent or Service Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee written notice stating the name and address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 The Company may also from time to time designate one or more co-registrars, additional paying agents or additional service agents and may
from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Service Agent

  

 10 

 
in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional service agent. The term “Registrar” includes any co-registrar; the term “Paying
Agent” includes any additional paying agent; and the term “Service Agent” includes any additional service agent. 
 The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed
prior to the time Securities of that Series are first issued. 
 Section 2.5. Paying Agent to Hold Money in
Trust. 
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will
hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by
the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee for payment in respect of the Securities together with a full accounting thereof. The Company
at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the
Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. 
 Section 2.6. 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 of each Series of Securities and shall
otherwise comply with TIA § 312(a). If the Trustee is not the Registrar or to the extent otherwise required by the TIA, the Company shall furnish to the Trustee in writing at least ten 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 of each Series of Securities. 
 Section 2.7. Transfer and Exchange. 
 Where Securities of a Series are presented to the Registrar or a co-registrar with a written request to register a transfer or to exchange them for an equal principal amount of Securities of the same
Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s written
request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such

  

 11 

 
transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6). 
 Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days
immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities of any
Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part. 
 Section 2.8. Persons Deemed Owners. 
 Prior to due presentation of any series of Securities for registration of transfer, the person in whose name a Security of any series shall be registered on books kept for such purpose shall be deemed the
absolute owner thereof for all purposes of this Indenture, whether or not such Security is overdue, and neither the Company, the Trustee nor any Paying Agent or conversion agent nor any series of Securities Registrar shall be affected by notice to
the contrary. Payment of or on account of the principal and interest shall be made only to or upon the order in writing of such registered owner thereof, but such registration may be changed as above provided. All such payments shall be valid and
effectual to satisfy and discharge the liability upon such Security to the extent of the sum or sums so paid. 
 Section 2.9. Mutilated, Destroyed, Lost and Stolen Securities. 
 If any mutilated Security is
surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a replacement Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding. 
 If there shall be delivered to the Company and the Trustee (a) evidence to their satisfaction of the
destruction, loss or theft of any Security and (b) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such
Security has been acquired by a bona fide purchaser, the Company shall execute and upon request of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 In case any
such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
  

 12 

 Every new Security of any Series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 Section 2.10. Outstanding Securities. 
 The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a
Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. 
 If a Security is replaced pursuant to Section 2.9 (other than a mutilated Security surrendered for replacement), it ceases to be outstanding unless the Trustee receives proof satisfactory to it that
the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent (other than the Company, a Subsidiary of the
Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on
them ceases to accrue. 
 A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds
the Security. 
 In determining whether the Holders of the requisite principal amount of outstanding Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and
payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2. 
 Section 2.11. Treasury Securities. 
 In determining whether the Holders of the required principal
amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the
purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so
owned shall be so disregarded. 
  

 13 

 Section 2.12. Temporary Securities. 
 Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a
Company Order. 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 upon written request shall authenticate and make available for delivery definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights
under this Indenture as the definitive Securities. 
 Section 2.13. 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 shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities
(subject to the record retention requirement of the Exchange Act) and deliver a certificate of such destruction to the Company. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for
cancellation. 
 Section 2.14. Defaulted Interest. 
 If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent
permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 10 days before the record
date, the Company shall mail to the Trustee and to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 Section 2.15. Global Securities. 
 2.15.1. Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall
establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities. 
 2.15.2. Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and
in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (a) such
Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company
fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (b) the Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global
Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to

  

 14 

 
the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of
the Global Security with like tenor and terms. 
 Except as provided in this Section 2.15.2, a Global Security may not be
transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee
to a successor Depositary or a nominee of such a successor Depositary. 
 2.15.3. Legend. Any Global Security issued
hereunder shall bear a legend in substantially the following form: 
 “This Security is a Global Security within the
meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee of the Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee
only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by
the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary. 
 Unless this
certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York New York) to the issuer or to 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 requested by an authorized representative of The Depository Trust Company and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.” 
 2.15.4. Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder
is entitled to give or take under the Indenture. 
 2.15.5. Payments; Consents; Declaration and Directions.

 The Company and the Trustee may treat the Depositary (or its nominee) as the sole and exclusive owner of the Securities
registered in its name (or its nominee) for the purposes of payment of the principal of or interest on the Securities, giving any notice permitted or required to be given to Holders under the Indenture, registering the transfer of Securities,
obtaining any consent or other action to be taken by Holders and for all other purposes whatsoever; and neither the Company nor the Trustee shall be affected by any notice to the contrary. Neither the Company nor the Trustee shall have any
responsibility or obligation to any participant in the Depositary, and person claiming a beneficial ownership interest in the Securities under or through the Depositary or any such participant, or any other Person which is

  

 15 

 
not shown on the register as being a registered Holder, with respect to either the Securities, the accuracy of any records maintained by the Depositary or any such participant; the payment by the
Depositary or any such participant of any amount in respect of the principal of or interest on the Securities, any notice which is permitted or required to be given to Holders under the Indenture, any consent given or other action taken by the
Depositary as Holder or any selection by the Depositary of any participant or other Person to receive payment of principal, interest or redemption payment of the Securities. 
 Section 2.16. 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 or other notices
issued under this Indenture as a convenience to Holders; provided 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 as contained in any notice of a
redemption or other such notice and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption or matter related to such other notice 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 such numbers. 
 Section 2.17. Form of Trustee’s Certification of Authentication. 
 The Trustee’s
certificate of authentication on all Securities shall be in substantially the following form: 
 This is one of the Securities of the Series
designated herein and referred to in the within-mentioned Indenture. 
  

			
	U.S. Bank National Association,
		 	As Trustee
		
	By:	 	  

		 	Authorized Officer

 ARTICLE
III. REDEMPTION 
 Section 3.1. Notice to Trustee. 
 The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to
redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to
redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall furnish to Trustee, written direction accompanied by an Opinion of Counsel and an Officers’ Certificate
stating that all conditions precedent provided for relating to the redemption have been complied with and also setting forth

  

 16 

 
the clause of this Indenture pursuant to which the redemption shall occur, the redemption date, and the principal amount of Series of Securities to be redeemed, and the redemption price. The
Company shall give such notice to the Trustee at least 30 days but no more than 60 days before the redemption date (or such shorter notice as may be acceptable to the Trustee). If the principal payable upon redemption is not known at the time such
notice is to be given, the actual principal payable, calculated as described in the terms of the Securities to be redeemed, will be set forth in an Officers’ Certificate delivered to the Trustee no later than two Business Days prior to the
redemption date, if permitted by the Depositary. 
 Section 3.2. Selection of Securities to be Redeemed.

 Unless otherwise indicated for a particular Series by the supplemental indenture hereto or an Officers’ Certificate, if
less than all the Securities of a Series are to be redeemed, and the Securities are Global Securities, the particular Securities to be redeemed shall be selected by the Depositary in accordance with its standard procedures. If the particular
Securities to be redeemed are not Global Securities, the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and appropriate. The Trustee shall make the selection from Securities of the Series
outstanding not previously called for redemption. Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations
pursuant to Section 2.2.10, the minimum principal denomination for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that
Series called for redemption. 
 Section 3.3. Notice of Redemption. 
 Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at
least 15 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed. 
 The notice shall identify the Securities of the Series to be redeemed and shall state: 
 (a) the redemption date; 
 (b) the redemption price; 
 (c) the name and address of
the Paying Agent; 
 (d) that Securities of the Series called for redemption must be surrendered to the
Paying Agent to collect the redemption price; 
 (e) that, unless the Company defaults in making such
redemption payment, interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date; 
 (f) the CUSIP number, if any; 
 (g) the section of this
Indenture or the Securities pursuant to which the Securities called for redemption are being redeemed; and 
  

 17 

 (h) any other information as may be required by the terms of the
particular Series or the Securities of a Series being redeemed. 
 At the Company’s request, the Trustee shall give the
notice of redemption in the Company’s name and at its expense. In such event, the Company shall provide the Trustee with an Officers’ Certificate including the information required by this Section at least 30 days before the redemption
date (or such shorter notice as may be acceptable to the Trustee). 
 Section 3.4. Effect of Notice of
Redemption. 
 Once notice of redemption is mailed or published as provided in Section 3.3, Securities of a Series
called for redemption become irrevocably due and payable on the redemption date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price
plus accrued interest to the redemption date. 
 Section 3.5. Deposit of Redemption Price. 
 On or before 10:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent (or if the Company is
acting as its own paying agent, set aside and hold in trust as provided for in Section 2.4) money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date. 
 Section 3.6. Securities Redeemed in Part. 
 Upon surrender of a Security that is redeemed in part, the Company will issue and, upon receipt of an authentication order, the Trustee shall authenticate for the Holder at the expense of the Company, a
new Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered. 
 ARTICLE IV. COVENANTS 
 Section 4.1. Payment of Principal and Interest. 
 The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the
principal of and interest on the Securities of that Series by depositing money in immediately available funds with the Trustee or other Paying Agent and designated for and sufficient to pay all principal and interest then due, at the place and in
the manner specified in this Indenture and in the terms of such Securities of that Series on or before 10:00 A.M., New York City time on the due date. 
 Section 4.2. SEC Reports. 
 The Company shall deliver to the
Trustee copies of the annual reports and other reports and documents (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to
Section 13 or 15(d) of the Exchange Act within 15 days after the Company files such reports or

  

 18 

 
documents with the SEC, regardless of when such reports or documents are required to be filed with the SEC. The Company also shall comply with the other provisions of TIA § 314(a).

 Section 4.3. Compliance Certificate. 
 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate
(that need not comply with Section 10.5), one signer of which must be the Company’s principal executive officer, principal financial officer, or principal accounting officer, stating that a review of the activities of the Company and its
Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further
stating, as to each such Officer signing such certificate, that to his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance
of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing the nature and status of all such Defaults or Events of Default of which he or she may have knowledge). 
 The Company will, so long as any of the Securities are outstanding, deliver to the Trustee, promptly upon any Officer becoming aware of any
Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 
 Section 4.4. Corporate Existence. 
 Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and rights (charter and statutory);
provided, however, that the Company shall not be required to preserve any such right if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its
Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders. 
 Section 4.5. Calculation of Original Issue Discount. 
 As to any Series of Discount Securities, the
Company shall file with the Trustee within 20 days following the end of each calendar year (i) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on outstanding Securities as of
the end of such year and (ii) such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code. 
 ARTICLE V. SUCCESSORS 
 Section 5.1. When Company May Merge,
Etc. 
 The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all
of its properties and assets to, any person (a “successor person”) unless: 
  

 19 

 (a) the Company is the surviving corporation or the successor person
(if other than the Company) is a corporation, partnership or limited liability company organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes, by a supplemental indenture hereto, executed and delivered
to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and interest on all the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants,
conditions and obligations of this Indenture to be performed or observed by the Company; and 
 (b) immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing. 
 The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed
transaction and any supplemental indenture comply with this Indenture. 
 Notwithstanding the above, any Subsidiary of the
Company may consolidate with, merge into or transfer all or part of its properties to the Company or another Subsidiary. Neither an Officers’ Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 Section 5.2. Successor Corporation Substituted. 
 Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the
Company in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor Company in the
case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities. 
 ARTICLE VI. DEFAULTS AND REMEDIES 
 Section 6.1. Events of
Default. 
 “Event of Default,” wherever used herein with respect to Securities of any Series, means
any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 
 (a) default in the payment of any interest on any Security of that Series when it becomes due and payable, and
continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); or 
  

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 (b) default in the payment of principal of any Security of that Series
at its Maturity; or 
 (c) default is made in the deposit of any sinking fund payment when as due by the
terms of a Security; or 
 (d) default in the performance or breach of any covenant or warranty of the
Company in this Indenture (other than a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other than that Series), which default continues uncured for a period of 60 days after there has
been given, by registered or certified mail or sent by a national courier service that provides next day delivery, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding
Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (e) the Company pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case, 
 (ii) consents to the entry of an order for relief against it in an involuntary case, 
 (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, 
 (iv) makes a general assignment for the benefit of its creditors, or 
 (v) the admission of it in writing that it is generally unable to pay its debts as the same become due; or 
 (f) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (i) is for relief against the Company in an involuntary case, 
 (ii) appoints a Custodian of the
Company or for all or substantially all of its property, or 
 (iii) orders the liquidation of the Company,

 and the order or decree remains unstayed and in effect for 60 consecutive days; or 
 (g) any other Event of Default provided with respect to Securities of that Series, which is specified in a Board
Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2.18. 
  

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 The term “Bankruptcy Law” means title 11, U.S. Code or any similar
Federal or State law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
 Section 6.2. Acceleration of Maturity; Rescission and Annulment. 
 If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of
Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of
that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by
a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of
Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable
without any notice, declaration or other act on the part of the Trustee or any Holder. 
 At any time after such a declaration
of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the
outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of
the principal and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13. 
 No such rescission shall affect any subsequent Default or impair any right consequent thereon. 
 Section 6.3. Collection of Indebtedness and Suits for Enforcement by Trustee. 
 The Company covenants that if 
 (a) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or 
 (b) default is made in the payment of principal of any Security at the Maturity thereof, or 
 (c) default is made in the deposit of any sinking fund payment when and as due by the terms of a Security, 

then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and
payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on

  

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any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, if any, and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents, accountants, experts, and counsel. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys
adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 
 If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of
Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy. 
 Section 6.4. Trustee May File
Proofs of Claim. 
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the
principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall
be entitled and empowered, by intervention in such proceeding or otherwise, 
 (a) to file and prove a claim
for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents, accountants, experts, and counsel) and of the Holders allowed in such judicial proceeding and 
 (b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the
same, 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is
hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent in writing 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, accountants, experts, and counsel, and any other amounts due the Trustee under Section 7.7. To the extent that the

  

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payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents, accountants, experts, and counsel, and any other amounts due the Trustee under Section 7.7
hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the
Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. The Trustee may, on behalf of the Holders, vote for the election of a trustee in
bankruptcy or similar official and be a member of a creditors’ or other similar committee. 
 Section 6.5. Trustee May Enforce Claims Without Possession of Securities. 
 All rights of action and
claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents,
accountants, experts, and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
 Section 6.6. Application of Money Collected. 
 After an Event of
Default, any money, proceeds of property, or other property distributable in respect of the Company’s obligations under this Indenture shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 First: To the payment of all costs and expenses of collections, and compensation to the Trustee, its agents, attorneys, accountants,
experts, and counsel, and all advances made and expenses and liabilities incurred by the Trustee, except as a result of its negligence or bad faith, and all other amounts owing or reasonably anticipated to be owing to the Trustee pursuant to
Section 7.7 hereof; and 
 Second: To the payment of the amounts then due and unpaid for principal of and interest on the
Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and

 Third: The balance, if any, to the Company or to such other person as a court of competent jurisdiction shall direct.

  

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 Section 6.7. Limitation on Suits. 
 No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series; 
 (b) the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (c) such Holder or Holders have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such
request; 
 (d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has
failed to institute any such proceeding; and 
 (e) no direction inconsistent with such written request has
been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series; 
 it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of
such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders. The
Trustee shall mail to all Holders any notice it receives from Holders under this Section 6.7. 
 Section 6.8. Unconditional Right of Holders to Receive Principal and Interest. 
 Notwithstanding any
other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Stated Maturity or Stated Maturities
expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
 Section 6.9. Restoration of Rights and Remedies. 
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all

  

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rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
 Section 6.10. Rights and Remedies Cumulative. 
 Except as
otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.9, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 6.11. Delay or Omission Not Waiver. 
 No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of
any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the
Holders, as the case may be. 
 Section 6.12. Control by Holders. 
 The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct in writing the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that 
 (a) such direction shall not be in conflict with any rule of law or with any provision of this Indenture or the
Securities, 
 (b) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such written direction, and 
 (c) subject to the provisions of Section 7.1, the
Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, or would be
unduly prejudicial to Holders of the Securities of that Series not joining in such direction, or would lead to an expense for which the Trustee has not received a reasonably satisfactory indemnity, it being understood that the Trustee shall have no
duty to ascertain whether such actions or forbearances are unduly prejudicial to such Holders. 
  

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 Section 6.13. Waiver of Past Defaults. 
 The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all
the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that
the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such
Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereon. 
 Section 6.14. Undertaking for Costs. 
 All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders,
holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Stated
Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date). 
 ARTICLE
VII. TRUSTEE 
 Section 7.1. 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 man would exercise or use under the circumstances in the conduct of his own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (i) The Trustee need perform only those duties that are specifically set forth in this Indenture and no others. 

(ii) 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 Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officers’ Certificates
or Opinions of Counsel

  

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which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions of Counsel 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: 
 (i) This paragraph does not limit the effect of paragraph (b) of
this Section. 
 (ii) The Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 
 (iii) The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal
amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with
respect to the Securities of such Series. 
 (d) Every provision of this Indenture that in any way relates
to the Trustee is subject to paragraph (a), (b) and (c) of this Section. 
 (e) The Trustee may
refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss, liability or expense. 
 (f) 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. Money held in trust by the Trustee need not be segregated
from other funds except to the extent required by law. 
 (g) No provision of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers, and the Trustee may refuse to perform any duty or exercise any right
or power, if it shall reasonably believe that repayment of such funds or adequate indemnity against such risk is not reasonably assured to it. 
 (h) The Paying Agent, the Service Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care as are set forth in paragraphs (a),
(b) and (c) of this Section with respect to the Trustee. 
  

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 Section 7.2. Rights of Trustee. 
 Subject to the provisions of Section 7.1: 
 (a) The Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any document (whether in its original or facsimile form) reasonably 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 Officers’ Certificate and/or 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 such Officers’ Certificate and/or Opinion of Counsel. 
 (c) The
Trustee may act through its attorneys, accountants, experts, and agents and shall not be responsible for the misconduct or negligence of any such attorneys, accountants, experts, or agents appointed with due care. No Depositary shall be deemed an
agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary. 
 (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, provided that the Trustee’s conduct does not constitute
negligence or bad faith. 
 (e) The Trustee may consult with counsel of its selection and the advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder and in good faith and in reliance thereon. 
 (f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it 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. 
 (h) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee 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 describes the Default or Event of Default and references the Securities generally or the Securities of a particular Series and this Indenture. 
  

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 (i) The Trustee shall receive and retain the financial reports and
statements of the Company as provided herein, but shall have no duties whatsoever with respect thereto, including no duty to review or analyze such reports or statements to determine compliance with covenants or other obligations of the Company.

 Section 7.3. 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
an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11. 
 Section 7.4. Trustee’s Disclaimer. 
 The Trustee 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 in the Securities other than its authentication. 
 Section 7.5. Notice
of Defaults. 
 If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and
if it is actually known to a Responsible Officer of the Trustee, the Trustee shall, at the Company’s expense, mail by first class mail to each Securityholder of the Securities of that Series at the registered address notice of a Default or
Event of Default within 90 days after it is actually known to a Responsible Officer of the Trustee. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold
the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Securityholders of that Series. 
 Section 7.6. Reports by Trustee to Holders. 
 Within 60 days after May 15 in each year beginning with May 15, 2010, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept by the
Registrar, a brief report dated as of such May 15, in accordance with, and to the extent required under, TIA § 313. 
 A copy of each such report shall, at the time of such transmission to Securityholders of any Series, be filed by the Trustee with the SEC, with each stock exchange upon which any Securities of that Series are listed and with the Company.
The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any stock exchange or of any delisting thereof. 
 Section 7.7. Compensation and Indemnity. 
 The Company shall pay
to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing. The

  

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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 by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents, accountants, experts, and counsel. 
 The Company shall indemnify each of the Trustee and any predecessor Trustee (including the cost of defending itself) against any loss, liability, damages, claims or expense, including taxes (other than
taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent. 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, except to the extent that the Company is prejudiced as a result of such failure. The
Company shall defend the claim and the Trustee shall provide reasonable cooperation at the Company’s expense in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel
provided, however, that the Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld, conditional or delayed. This indemnification shall apply to officers, directors, employees,
shareholders and agents of the Trustee. 
 The Company need not reimburse any expense or indemnify against any loss or liability
incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through negligence or bad faith. 
 To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of
and interest on particular Securities of that Series. 
 When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.1(d) or (e) occurs, the expenses (including reasonable charges and expenses of its accountants, experts and attorneys) and the compensation to the Trustee for the services are intended to constitute expenses
of administration under any Bankruptcy Law. 
 The provisions of this Section shall survive the resignation or removal of the
Trustee, the satisfaction and the discharge of this Indenture, and the termination of this Indenture. 
 Section 7.8. Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment of a
successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 
 The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any
Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series if: 
  

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 (a) the Trustee fails to comply with Section 7.10; 
 (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee
under any Bankruptcy Law; 
 (c) a Custodian, receiver, or public officer takes charge of the Trustee or its
property; or 
 (d) the Trustee becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a
successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to
the Company. No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until both (i) the foregoing acceptance of appointment by the successor Trustee in accordance with
the applicable requirements of Section 7.10, and (ii) any and all amounts due and owing to the Trustee herein have been paid in full. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the
successor Trustee subject to the lien provided for in Section 7.7, 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 with respect to
each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this
Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to amounts payable to it under Section 7.7. 
 Section 7.9. Successor Trustee by Merger, etc. 
 If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee of such successor corporation is eligible and qualified under Section 7.10. 
 Section 7.10. Eligibility; Disqualification. 
 This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of at least

  

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$50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b). To the extent permitted by the TIA, the Trustee shall not
be deemed to have a conflicting interest with respect to any other indenture of the Company or Securities of any Series by virtue of being a trustee under this Indenture with respect to any particular Series of Securities. 
 Section 7.11. Preferential Collection of Claims Against Company. 
 The Trustee is subject to 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. 
 Section 7.12. Calculations in Respect of Securities. 
 The Company will be responsible for making
calculations called for under the Securities. These calculations include, but are not limited to, determination of premiums, if any, Additional Amounts, if any, original issue discount, if any, and conversion rates and adjustments, if any. The
Company will make the calculations in good faith and, absent manifest error, its calculations will be final and binding on the Holders of the Securities. The Company will provide a schedule of its calculations to the Trustee when applicable, and the
Trustee is entitled to rely conclusively on the accuracy of the Company’s calculations without independent verification. 
 Section 7.13. Brokerage Confirmations. 
 The Company acknowledges that regulations of the Comptroller
of the Currency grant the Company the right to receive brokerage confirmations of the security transactions as they occur. To the extent contemplated by law, the Company specifically waives any such notification relating to any securities
transactions contemplated herein; provided, however, that Trustee shall send to the Company periodic cash transaction statements that describe all investment transactions. 
 ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE 
 Section 8.1. Satisfaction and Discharge of Indenture. 
 This Indenture shall upon Company Order cease
to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when 
 (a) either 
 (i) all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for
cancellation; or 
 (ii) all such Securities not theretofore delivered to the Trustee for cancellation

  

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 (1) have become due and payable, or 
 (2) will become due and payable at their Stated Maturity within one year, or 
 (3) have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to
the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or 
 (4) are deemed paid and discharged pursuant to Section 8.3, as applicable; 
 and the Company, in the case of (1), (2) or
(3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount entirely in cash or U.S. Government Obligations, or a combination thereof, which in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification delivered to the Trustee is sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be; 

(b) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 
 (c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 In addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and,
if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.9, 8.2 and 8.5 shall survive. 
 Section 8.2. Application of Trust Funds; Indemnification. 
 (a) Subject to the provisions of Section 8.5, all money deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to
Section 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by it, in
accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons

  

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entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as
contemplated by Sections 8.3 or 8.4. 
 (b) The Company shall pay and shall indemnify the Trustee against
any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect of such obligations
other than any payable by or on behalf of Holders. 
 (c) The Trustee shall deliver or pay to the Company
from time to time upon Company Request any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public
accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign
Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture. 
 Section 8.3. Legal Defeasance of Securities of any Series. 
 Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2.20, to be inapplicable to Securities of any Series, the
Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this
Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments acknowledging the same), except as to:

 (a) the rights of Holders of Securities of such Series to receive, from the trust funds described in
subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or interest and
(ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;

 (b) the provisions of Sections 2.4, 2.7, 2.9, 8.2, 8.3 and 8.5; and 
 (c) the rights, powers, trust and immunities of the Trustee hereunder; 
 provided that, the following conditions shall have been satisfied: 
 (d) the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c))
with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and

  

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dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or
(ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance
with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund
payments in respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due; 
 (e) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company is a party or by which
it is bound; 
 (f) no Default or Event of Default with respect to the Securities of such Series shall have
occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 
 (g) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or there has been published by, the Internal Revenue Service a
ruling, or (ii) since the date of execution 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 Holders of the
Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the
same times as would have been the case if such deposit, defeasance and discharge had not occurred; 
 (h) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors
of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 
 (i) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance
contemplated by this Section have been complied with. 
 Section 8.4. Covenant Defeasance. 
 Unless this Section 8.4 is otherwise specified pursuant to Section 2.2.20 to be inapplicable to Securities of any Series, the
Company may omit to comply with respect to the

  

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Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, and 5.1 as well as any additional covenants specified in a supplemental indenture for such
Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.20 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series
under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.18 and designated as an Event
of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been satisfied: 
 (a) With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as
provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the
case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or
Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later
than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments of interest or principal and such sinking fund
payments are due; 
 (b) Such deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 
 (c) No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit; 
 (d) The Company shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee to the
effect that Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and 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 deposit and covenant defeasance had not occurred; 
 (e) The Company shall have delivered to the Trustee an Officers’ Certificate stating the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of
the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 
  

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 (f) The Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with. 
 Section 8.5. Repayment to Company. 
 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 in trust for the payment of principal and interest that
remains unclaimed for two years after such principal or interest was due and payable. After that, Securityholders entitled to the money must look only to the Company for payment as general creditors unless an applicable abandoned property law
designates another person. 
 Section 8.6. Reinstatement. 
 If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with
Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture
with respect to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to
apply all such money in accordance with Section 8.1; provided, however, that if the Company has made any payment of principal of or interest on or any Additional Amounts with respect to 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 held by the Trustee or Paying Agent. 
 ARTICLE IX. AMENDMENTS AND WAIVERS 
 Section 9.1. Without Consent of Holders. 
 The Company and the Trustee may amend or supplement this
Indenture or the Securities of one or more Series without the consent of any Securityholder: 
 (a) to cure
any ambiguity, defect or inconsistency; 
 (b) to comply with Article V; 
 (c) to provide for uncertificated Securities in addition to or in place of certificated Securities; 
 (d) to make any change that does not adversely affect the rights of any Securityholder; 
 (e) to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as
permitted by this Indenture, and to make any

  

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amendments to the Indenture with respect to any Series necessary or desirable pursuant to Sections 2.2.22 or 2.2.23 of this Indenture; 
 (f) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the
Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or 
 (g) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the
TIA. 
 Subject to Section 9.2, upon the written direction of the Company to the Trustee accompanied by an Opinion of
Counsel and Officers’ Certificate as described in Section 10.4 hereof, the Trustee will join with the Company in the execution of such amended or supplemental indenture; provided, however, notwithstanding the foregoing clause, if
such amended or supplemental indenture adversely affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise, the Trustee may in its reasonable discretion, decline to enter into such amended or
supplemental indenture. 
 Section 9.2. With Consent of Holders. 
 The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in
principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in
Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by written notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the
Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series. 
 It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be
sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby, a notice briefly describing the
supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver. 
 Upon the written direction of the Company to the Trustee accompanied by evidence reasonably satisfactory to the Trustee of the consent of
the Holders of Notes as aforesaid, an Opinion of Counsel and Officers’ Certificate as described in Section 10.4 hereof, the Trustee will join with the Company in the execution of such amended or supplemental indenture; provided,
however, notwithstanding the foregoing clause, if such amended or supplemental indenture adversely affects the Trustee’s own rights, duties, liabilities or

  

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immunities under this Indenture or otherwise, in which case the Trustee may in its reasonable discretion decline to enter into such amended or supplemental indenture. 
 Section 9.3. Limitations. 
 Without the consent of each Securityholder affected, an amendment or waiver may not: 
 (a) reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver; 
 (b) reduce the rate of or extend the time for payment of interest (including default interest) on any Security;

 (c) reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or
postpone the date fixed for, the payment of any sinking fund or analogous obligation; 
 (d) reduce the
principal amount of Discount Securities payable upon acceleration of the maturity thereof; 
 (e) waive a
Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding
Securities of such Series and a waiver of the payment default that resulted from such acceleration); 
 (f) make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security; 
 (g) make any change in Sections 6.8, 6.13 or 9.3 (this sentence); or 
 (h) waive a redemption payment with respect to any Security, provided that such redemption is made at the Company’s option. 
 Section 9.4. Compliance with the Trust Indenture Act. 
 Every
amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect. 
 Section 9.5. Revocation and Effect of Consents. 
 Until an
amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the
same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or

  

 40 

 
portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective. 
 Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of
the type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security
that evidences the same debt as the consenting Holder’s Security. 
 Section 9.6. Notation on or Exchange of
Securities. 
 The Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series
thereafter authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall, upon receipt of an authentication order, authenticate upon request new Securities of that Series that reflect the amendment or waiver.

 Section 9.7. Trustee Protected. 
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that the Trustee determines in its reasonable discretion that amendment or supplement
does adversely affects the rights, duties, liabilities, or immunities of the Trustee. 
 ARTICLE X. MISCELLANEOUS

 Section 10.1. Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this
Indenture by the TIA, such required or deemed provision shall control. 
 Section 10.2. Notices. 
 Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in
writing and delivered in person or mailed by first-class mail or sent by a national courier service that provides next day delivery: 
  

 41 

 if to the Company: 
 Cliffs Natural Resources Inc. 
 Investor Relations 
 200 Public Square, Suite 3300 
 Cleveland, Ohio 44114 
 Attention: General Counsel 
 Telephone: (216) 694-5700

 if to the Trustee: 
 U.S. Bank National Association 
 1350 Euclid Avenue, Suite 1100

 Cleveland, Ohio 44115 
 Attention: Corporate Trust Services 
 Telephone: (216) 623-5992 
 The Company or the Trustee by written notice to the other may designate additional or different addresses for subsequent notices or communications. 
 Any notice or communication to a Securityholder shall be mailed by first-class mail to his or her address shown on the register kept by the
Registrar. Failure to mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series. 
 If a notice or communication is mailed or published in the manner provided above, within the time prescribed, it is duly given, whether or
not the Securityholder receives it. 
 If the Company mails a notice or communication to Securityholders, it shall mail a copy
to the Trustee and each Agent at the same time. 
 Section 10.3. Communication by Holders with Other Holders.

 Securityholders of any Series may communicate pursuant to TIA § 312(b) with other Securityholders of that Series or
any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 10.4. Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (a) an Officers’ Certificate 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 
  

 42 

 (b) an Opinion of Counsel stating that, in the opinion of such counsel,
all such conditions precedent have been complied with. 
 Section 10.5. Statements Required in Certificate or
Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this
Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 
 (a) a statement that each individual signing such certificate or opinion has read such covenant or condition;

 (b) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the
opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether or not, in the opinion of each such individual, such condition or covenant has been
complied with. 
 Section 10.6. Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable
rules and set reasonable requirements for its functions. 
 Section 10.7. Legal Holidays. 
 A “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment,
payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 
 Section 10.8. No Recourse Against Others. 
 A director, officer,
employee or stockholder, as such, of the Company 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. Each
Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 
  

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 Section 10.9. Counterparts. 
 This Indenture 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. 
 Section 10.10. Governing Laws. 
 THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS
OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF. 
 Section 10.11. No Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 10.12. Successors. 
 All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor. 
 Section 10.13. Severability. 
 In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. 
 Section 10.14. Table of Contents, Headings, Etc. 
 The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience
of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
 Section 10.15. Securities in a Foreign Currency or in ECU. 
 Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for
purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are
outstanding Securities of any Series which are denominated in a coin or currency other than Dollars (including ECUs), then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such
action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes

  

 44 

 
of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal
Reserve Bank of New York; provided, however, in the case of ECUs, Market Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor thereto) as published in the Official Journal
of the European Union (such publication or any successor publication, the “Journal”). If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion
and without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of ECUs, the rate of exchange as published in the Journal, as of the most recent available date, or quotations or, in the case of ECUs, rates
of exchange from one or more major banks in The City of New York or in the country of issue of the currency in question or, in the case of ECUs, in Luxembourg or such other quotations or, in the case of ECUs, rates of exchange as the Trustee, upon
consultation with the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any
action taken by Holders of Securities pursuant to the terms of this Indenture. 
 All decisions and determinations of the
Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all
purposes and irrevocably binding upon the Company and all Holders. 
 Section 10.16. Judgment Currency.

 The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the
purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a
judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency
with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee
could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments
in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the
extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional
cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by
judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking
institutions are authorized or required by law, regulation or executive order to close. 
  

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 Section 10.17. Force Majeure. 
 In no event shall the Trustee be responsible or liable, nor shall the Company be responsible or liable to the Trustee, for any failure or
delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee or the Company, as the case may be,
shall use reasonable efforts which are consistent with accepted practices to resume performance as soon as practicable under the circumstances. 
 Section 10.18. USA Patriot Act. 
 The Company acknowledges that,
to help the government fight the funding of terrorism and money laundering activities, Federal law requires that Trustee, like all financial institutions, obtain, verify and record information that identifies each person who establishes a
relationship or opens an account with Trustee. The Company agrees that it will provide the Trustee with such information and documentation it may request to verify the Company’s formation and existence as a legal entity. The Company also agrees
that it will provide the Trustee with such financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the Company as the Trustee may request to satisfy the requirements of Federal law.

 ARTICLE XI. SINKING FUNDS 
 Section 11.1. Applicability of Article. 
 The provisions of this
Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture. 
 The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a
“mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of
Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms
of the Securities of such Series. 
 Section 11.2. Satisfaction of Sinking Fund Payments with Securities.

 The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series
to be made pursuant to the terms of such Securities (a) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption)
and (b) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the

  

 46 

 
election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments
or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officers’ Certificate
specifying the amount of the sinking fund payment to which such Securities shall apply and the redemption price of such Series of Securities, not later than 30 days prior to the date on which the Trustee begins the process of selecting Securities
for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a
result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000,
the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent in trust and applied to the next succeeding
sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying
Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company. 
 Section 11.3. Redemption of Securities for Sinking Fund. 
 Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officers’ Certificate in
respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking
fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that
Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days
(unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date: (a) if the Securities are Global Securities,
the particular Securities to be redeemed shall be selected by the Depositary in accordance with its standard procedures or, if the particular Securities to be redeemed are not Global Securities, the Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 3.2; and (b) the Trustee shall cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in
Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6. 
  

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

			
	CLIFFS NATURAL RESOURCES INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION
 as Trustee

		
	By:	 	  

		 	Name:
		 	Title:

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