Document:

Exhibit 4.1

 Exhibit 4.1 

 
  
 INDENTURE 
 among 

TELEFÓNICA EMISIONES, S.A.U.,  
 as Issuer, 
 TELEFÓNICA, S.A.,  

as Guarantor 
 and 
 The Bank of New York Mellon,  

as Trustee  

May 22, 2012 
  

 

 Reconciliation and tie between certain sections of this 

Indenture and certain provisions of the Trust Indenture Act of 1939 

 

			
	 Trust Indenture Act Section
	  	Indenture Section
	 310(a)(1)
	  	6.9
	 310(a)(2)
	  	6.9
	 310(a)(3)
	  	Not applicable
	 310(a)(4)
	  	Not applicable
	 310(a)(5)
	  	6.9
	 310(b)
	  	6.8, 6.10
	 310(c)
	  	Not applicable
	 311(a)
	  	6.13
	 311(b)
	  	6.13
	 311(c)
	  	Not applicable
	 312(a)
	  	7.1, 7.2(a)
	 312(b)
	  	7.2(b)
	 312(c)
	  	7.2(c)
	 313(a)
	  	7.3
	 313(b)
	  	7.3
	 313(c)
	  	7.3
	 313(d)
	  	7.3
	 314(a)
	  	7.4
	 314(a)(4)
	  	10.5
	 314(b)
	  	Not applicable
	 314(c)(1)
	  	1.2
	 314(c)(2)
	  	1.2
	 314(c)(3)
	  	Not applicable
	 314(d)
	  	Not applicable
	 314(e)
	  	1.2
	 315(a)
	  	6.1(a)
	 315(b)
	  	6.2, 7.3(a)
	 315(c)
	  	6.1(b)
	 315(d)
	  	6.3
	 315(e)
	  	5.14
	 316(a)(1)(A)
	  	5.12
	 316(a)(1)(B)
	  	5.2, 5.13
	 316(a)(2)
	  	Not applicable
	 316(b)
	  	5.8
	 316(c)
	  	1.4
	 317(a)(1)
	  	5.3
	 317(a)(2)
	  	5.4
	 317(b)
	  	6.6
	 318(a)
	  	1.8

  
 i 

 TABLE OF CONTENTS 

 
  

 

					
	 	  	Page	 
	 ARTICLE 1
	  			
	 DEFINITIONS AND OTHER PROVISIONS
OF GENERAL APPLICATION
	  			
		
	 SECTION 1.1. Definitions
	  	 	1	  
	 SECTION 1.2. Compliance Certificates and Opinions
	  	 	8	  
	 SECTION 1.3. Form of Documents Delivered to Trustee
	  	 	9	  
	 SECTION 1.4. Acts of Holders of Securities; Meetings; Record Dates
	  	 	9	  
	 SECTION 1.5. Notices, Etc., to Trustee, Issuer and Guarantor
	  	 	11	  
	 SECTION 1.6. Notice to Holders; Waiver
	  	 	12	  
	 SECTION 1.7. Language of Notices, Etc.
	  	 	12	  
	 SECTION 1.8. Conflict with Trust Indenture Act
	  	 	12	  
	 SECTION 1.9. Effect of Headings and Table of Contents
	  	 	12	  
	 SECTION 1.10. Successors and Assigns
	  	 	13	  
	 SECTION 1.11. Separability Clause
	  	 	13	  
	 SECTION 1.12. Benefits of Indenture
	  	 	13	  
	 SECTION 1.13. Governing Law
	  	 	13	  
	 SECTION 1.14. Saturdays, Sundays and Legal Holidays
	  	 	13	  
	 SECTION 1.15. Submission to Jurisdiction; Appointment of Agent for Service
	  	 	13	  
	 SECTION 1.16. Waiver of Jury Trial
	  	 	14	  
	 SECTION 1.17. Execution in Counterparts
	  	 	14	  
		
	 ARTICLE 2
	  			
	THE SECURITIES	  			
		
	 SECTION 2.1. Forms of Security Certificates; Amount Unlimited; Status of the Securities; Issuable in Series;
Denominations
	  	 	14	  
	 SECTION 2.2. Form of Trustee’s Certificate of Authentication
	  	 	18	  
	 SECTION 2.3. Execution, Authentication, Delivery and Dating
	  	 	18	  
	 SECTION 2.4. Temporary Security Certificates
	  	 	20	  
	 SECTION 2.5. Exchange and Transfer
	  	 	21	  
	 SECTION 2.6. Registration, Registration of Transfer and Exchange
	  	 	24	  
	 SECTION 2.7. Mutilated, Destroyed, Lost and Stolen Security Certificates
	  	 	25	  
	 SECTION 2.8. Payment of Interest: Interest Rights Preserved
	  	 	26	  
	 SECTION 2.9. Persons Deemed Owners
	  	 	27	  
	 SECTION 2.10. Cancellation
	  	 	27	  
	 SECTION 2.11. Purchase of Securities
	  	 	28	  
	 SECTION 2.12. CUSIP and ISIN Numbers
	  	 	28	  
		
	ARTICLE 3	  			
	THE GUARANTEES	  			
		
	 SECTION 3.1. The Guarantees
	  	 	28	  
		
	ARTICLE 4	  			
	SATISFACTION AND DISCHARGE	  			
		
	 SECTION 4.1. Satisfaction and Discharge of Indenture
	  	 	29	  
	 SECTION 4.2. Application of Trust Money
	  	 	30	  
	 SECTION 4.3. Defeasance and Discharge of Securities of any Series
	  	 	30	  
	 SECTION 4.4. Reinstatement
	  	 	32	  

  
 ii 

					
	ARTICLE 5	  			
	REMEDIES	  			
		
	 SECTION 5.1. Events of Default
	  	 	32	  
	 SECTION 5.2. Acceleration of Maturity; Rescission and Annulment
	  	 	33	  
	 SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	33	  
	 SECTION 5.4. Trustee May File Proof of Claim
	  	 	34	  
	 SECTION 5.5. Trustee May Enforce Claims Without Possession of Securities
	  	 	35	  
	 SECTION 5.6. Application of Money Collected
	  	 	35	  
	 SECTION 5.7. Limitation on Suits
	  	 	35	  
	 SECTION 5.8. Unconditional Right of Holders to Receive Principal, Premium, Interest and Additional Amounts
	  	 	36	  
	 SECTION 5.9. Restoration of Rights and Remedies
	  	 	36	  
	 SECTION 5.10. Rights and Remedies Cumulative
	  	 	36	  
	 SECTION 5.11. Delay or Omission Not Waiver
	  	 	36	  
	 SECTION 5.12. Control by Holders
	  	 	36	  
	 SECTION 5.13. Waiver of Past Defaults
	  	 	37	  
	 SECTION 5.14. Undertaking for Costs
	  	 	37	  
	 SECTION 5.15. Waiver of Stay or Extension Laws
	  	 	37	  
		
	ARTICLE 6	  			
	THE TRUSTEE	  			
		
	 SECTION 6.1. Certain Duties and Responsibilities
	  	 	38	  
	 SECTION 6.2. Notice of Defaults
	  	 	39	  
	 SECTION 6.3. Certain Rights of Trustee
	  	 	39	  
	 SECTION 6.4. Not Responsible for Recitals or Issuance of Securities
	  	 	41	  
	 SECTION 6.5. May Hold Securities
	  	 	41	  
	 SECTION 6.6. Money Held in Trust
	  	 	41	  
	 SECTION 6.7. Compensation and Reimbursement
	  	 	41	  
	 SECTION 6.8. Conflicting Interests
	  	 	42	  
	 SECTION 6.9. Corporate Trustee Required; Eligibility
	  	 	42	  
	 SECTION 6.10. Resignation and Removal; Appointment of Successor
	  	 	42	  
	 SECTION 6.11. Acceptance of Appointment by Successor
	  	 	44	  
	 SECTION 6.12. Merger, Conversion, Consolidation or Succession to Business
	  	 	45	  
	 SECTION 6.13. Preferential Collection of Claims Against Issuer or Guarantor
	  	 	45	  
	 SECTION 6.14. Appointment of Authenticating Agent
	  	 	45	  
	 SECTION 6.15. Trustee’s Application for Instructions from the Issuer
	  	 	47	  
	 SECTION 6.16. Appointment of Co-Trustee
	  	 	47	  
		
	ARTICLE 7	  			
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE, ISSUER
AND GUARANTOR	  			
		
	 SECTION 7.1. Issuer and Guarantor to Furnish Trustee Names and Addresses of Holders
	  	 	48	  
	 SECTION 7.2. Preservation of Information; Communications to Holders
	  	 	49	  
	 SECTION 7.3. Reports by Trustee
	  	 	49	  
	 SECTION 7.4. Reports by Issuer and Guarantor
	  	 	49	  
	 SECTION 7.5. Calculation of Original Issue Discount
	  	 	50	  
		
	ARTICLE 8	  			
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE;	  			
	ASSUMPTION	  			
		
	 SECTION 8.1. Merger, Consolidation, Etc., Only on Certain Terms
	  	 	50	  
	 SECTION 8.2. Successor Substituted
	  	 	51	  
	 SECTION 8.3. Assumption by Guarantor or Subsidiary of Issuer’s Obligations
	  	 	51	  

  
 iii

					
	ARTICLE 9	  			
	SUPPLEMENTAL INDENTURES	  			
		
	 SECTION 9.1. Supplemental Indentures Without Consent of Holders
	  	 	52	  
	 SECTION 9.2. Supplemental Indentures with Consent of Holders
	  	 	53	  
	 SECTION 9.3. Execution of Supplemental Indentures
	  	 	54	  
	 SECTION 9.4. Effect of Supplemental Indentures
	  	 	54	  
	 SECTION 9.5. Conformity with Trust Indenture Act
	  	 	54	  
	 SECTION 9.6. Reference in Security Certificates to Supplemental Indentures
	  	 	54	  
		
	ARTICLE 10	  			
	COVENANTS	  			
		
	 SECTION 10.1. Payment of Principal, Premium, Interest and Additional Amounts
	  	 	54	  
	 SECTION 10.2. Maintenance of Office or Agency
	  	 	55	  
	 SECTION 10.3. Money for Securities Payments to Be Held in Trust
	  	 	55	  
	 SECTION 10.4. Additional Amounts
	  	 	56	  
	 SECTION 10.5. Statement by Officers as to Default
	  	 	58	  
	 SECTION 10.6. Existence
	  	 	58	  
	 SECTION 10.7. Limitation on Liens
	  	 	59	  
	 SECTION 10.8. Covenant Defeasance of Securities of Any Series
	  	 	59	  
		
	ARTICLE 11	  			
	REDEMPTION OF SECURITIES	  			
		
	 SECTION 11.1. Applicability of Article
	  	 	61	  
	 SECTION 11.2. Election to Redeem: Notice to Trustee
	  	 	61	  
	 SECTION 11.3. Selection by Trustee of Securities to Be Redeemed
	  	 	61	  
	 SECTION 11.4. Notice of Redemption
	  	 	62	  
	 SECTION 11.5. Deposit of Redemption Price
	  	 	62	  
	 SECTION 11.6. Securities Payable on Redemption Date
	  	 	63	  
	 SECTION 11.7. Securities Redeemed in Part
	  	 	63	  
	 SECTION 11.8. Early Redemption for Taxation Reasons
	  	 	63	  
		
	ARTICLE 12	  			
	SINKING FUNDS	  			
		
	 SECTION 12.1. Sinking Funds
	  	 	64	  
		
	ARTICLE 13	  			
	USA PATRIOT ACT	  			
		
	 SECTION 13.1. USA Patriot Act
	  	 	64	  
		
	 EXHIBIT A Form of Security Certificate
	  	 	A-l	  
	 EXHIBIT B Form of Guarantee
	  	 	B-1	  

  
 iv 

 THIS INDENTURE, dated as of May 22, 2012, among Telefónica Emisiones, S.A.U.,
a sociedad anónima unipersonal incorporated under the laws of the Kingdom of Spain (the “Issuer”), Telefónica, S.A., a sociedad anónima incorporated under the laws of the Kingdom of Spain (the
“Guarantor”), and The Bank of New York Mellon, a New York banking corporation organized and existing under the laws of the State of New York, as trustee (the “Trustee”); 

WITNESSETH: 

WHEREAS, the Issuer desires to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of
indebtedness (herein called the “Securities”), to be issued in one or more series as set forth in this Indenture; 
 WHEREAS, the Guarantor desires to provide for the execution and delivery of the Guarantees (as defined below) by it with respect to the Securities as set forth in this Indenture; and 

WHEREAS, all things necessary to make this Indenture a valid agreement of the Issuer and the Guarantor, in accordance with its terms,
have been done; 
 NOW, THEREFORE, for and in consideration of the premises and the purchases of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities, as follows: 

ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 
 SECTION 1.1. Definitions. For all purposes of this Indenture, except as otherwise expressly
provided or unless the context otherwise requires: 
 (a) the terms defined in this Article have the meanings assigned to them
in this Article and include the plural as well as the singular; 
 (b) all other terms used herein which are defined in the
Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (c) all accounting
terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles”, or
“GAAP”, with respect to any computation required or permitted hereunder shall mean (i) in the case of the Issuer’s and the Guarantor’s unconsolidated financial statements, the accounting principles generally accepted in the
Kingdom of Spain and (ii) in the case of the Guarantor’s consolidated financial statements, International Financial Reporting Standards (“IFRS”) as adopted by the European Union, in each case as in effect at the date of
such computation and as applied by the Issuer or the Guarantor, as the case may be; 
 (d) unless the context otherwise
requires, any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Indenture; and 

  
 1 

 (e) the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “Act”, when used with respect to any Holder, has the meaning specified in Section 1.4. 
 “Additional Amounts” means additional amounts payable pursuant to Section 10.4. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For
the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agent” means any Registrar or Paying Agent. 

“Applicable Procedures” means, with respect to any transfer or exchange of, and any payment to be made, notice to be
provided or action to be taken with respect to, any beneficial interests in any Security represented by a Global Certificate, the rules and procedures of the Depositary and any other applicable clearing agency that apply to such transfer, exchange,
payment, notice or action. 
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to
Section 6.14 to act on behalf of the Trustee to authenticate Securities of one or more series. 
 “Authentication
Order” has the meaning specified in Section 2.3. 
 “Beneficial Owner” means an owner of a
beneficial interest in any Security of any series. 
 “Board of Directors”, when used with reference to the
Issuer or the Guarantor, means any Director of the Issuer (Administrador Solidario) or the Consejo de Administración of the Guarantor, as the case may be, or any committee thereof duly authorized to act for such body hereunder.

 “Board Resolution”, when used with reference to the Issuer, means a copy of a resolution certified by any
Director (Administrador Solidario) or, with reference to the Guarantor, means a copy of a resolution certified by any member of the Board of Directors or the secretary or the assistant secretary of the Guarantor, or, in each case, any person
duly appointed by a Director (Administrador Solidario) or the Board of Directors, as the case may be, to have been duly adopted by a Director (Administrador Solidario) or the Board of Directors, as the case may be, and to be in full
force and effect on the date of such certification, and in each case delivered to the Trustee. 
 “Business
Day”, with respect to the Securities of any series, means, except as otherwise provided for the Securities of such series pursuant to Section 2.1, a day other than a Saturday, a Sunday or any other day on which banking institutions in
New York, New York, London, England or the city of Madrid, Spain are authorized or required by law or executive order to close. 

  
 2 

 “Certificated Security” means any Security that is not represented by a
Global Certificate. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Commission” means the United States Securities and Exchange Commission, as from time to time constituted, created under
the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Consolidated Net Tangible Assets of the Guarantor” means, in accordance with generally accepted accounting principles,
the total amount of assets of the Guarantor and its consolidated Subsidiaries, including investments in unconsolidated Subsidiaries, after deduction of (i) goodwill, (ii) intangible assets, and (iii) amounts due from stockholders for
uncalled capital. Solely for purposes of this definition, “Subsidiary” means any company in respect of which the Guarantor owns, directly or indirectly, more than half of the voting rights of the shares of such company, or when the
Guarantor owns half or less of the voting power but controls such company, i.e. has the power to govern the financial and operating policies of such company so as to obtain benefits from its activities. 

“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business
shall be principally administered, which office at the date hereof is located at 101 Barclay Street, 4E, New York, NY 10286, Attention: International Corporate Trust, or such other address as the Trustee may designate from time to time by notice to
the Holders, the Issuer and the Guarantor, 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, the Issuer and the Guarantor).

 “Covenant Defeasance” has the meaning specified in Section 10.8. 

“Defaulted Interest” has the meaning specified in Section 2.8. 

“Defeasance” has the meaning specified in Section 4.3. 

“Definitive Certificate” means a certificate representing one or more Certificated Securities. 

“Depositary” means, with respect to Securities of any series represented by one or more Global Certificates, a clearing
agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 2.1. 
 “DTC” means The Depository Trust Company or its nominee. 

“Encumbrance” means any mortgage, pledge, security interest or lien. 

“Event of Default” has the meaning specified in Section 5.1. 

“Exchange Act” means the United States Securities Exchange Act of 1934 and any statute successor thereto, in each case
as amended from time to time. 
 “Expiration Date” has the meaning specified in Section 1.4(e).

  
 3 

 “Global Certificate” means, with respect to any series of Securities, a
single certificate deposited with, and registered in the name of, the Depositary, or its agent or nominee, representing the entire issue of Securities of such series, or if the rules of the Depositary or any other clearing agency, or the applicable
securities laws, rules or regulations of any jurisdiction limit the maximum principal amount of the Securities of such series represented by any Global Certificate, each of the minimum number of Global Certificates so deposited and registered that
are required to comply with such laws, rules and regulations while representing, in the aggregate, the entire issue of Securities of such series. 
 “Global Certificate Legend” means the legend set forth in Section 2.5(l), which is required to be placed on all Global Certificates executed, delivered and authenticated under this
Indenture. 
 “Guarantee” means, with respect to any series of Securities, any guarantee of the Guarantor
endorsed on Securities of such series authenticated and delivered pursuant to this Indenture, which shall be substantially in the form set forth on Exhibit B hereto. 
 “Guarantor” means the Person named as the “Guarantor” in the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Guarantor” shall mean such successor Person. 

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

“Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by
one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument, and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to
be a part of and govern this instrument and any such supplemental indenture, respectively. With respect to a particular series of Securities the term “Indenture” shall also include the terms of such series of Securities, established as
contemplated by Section 2.1. 
 “Interest”, when used with respect to an Original Issue Discount Security,
which by its terms pays interest only upon Maturity, means interest payable upon Maturity. All references in this Indenture to “interest” payable or to be paid in respect of any series of Securities, except as otherwise expressly provided
or where the context otherwise requires, shall be deemed to include any accrued and unpaid premium and any Additional Amounts payable in respect of such series of Securities. 
 “Interest Payment Date”, when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security. 

“Investment Company Act” means the United States Investment Company Act of 1940 and any statute successor thereto, in
each case as amended from time to time. 
 “Issuer” means the Person named as “Issuer” in the first
paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person. The term “Issuer” shall also mean any
new issuer of Securities under this Indenture as contemplated by Section 9.1 (a). 

  
 4 

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

“OECD” has the meaning assigned to it in Section 8.1(a). 

“Officer’s Certificate” when used with reference to the Issuer, means a certificate signed by a Director
(Administrador Solidario) of the Issuer or, with reference to the Guarantor, means a certificate signed by any member of the Board of Directors or the secretary or, in each case, any person duly appointed in a Board Resolution of the Issuer
or the Guarantor, as the case may be, and in each case delivered to the Trustee. Any Person signing an Officer’s Certificate given pursuant to Section 10.5 shall be the principal executive officer of the Issuer or the principal executive,
financial or accounting officer of the Guarantor, as the case may be. 
 “Opinion of Counsel” means a written
opinion of counsel reasonably acceptable to the Trustee, who may be counsel for the Issuer or the Guarantor, or other counsel. 

“Order” means (i) with respect to the Issuer, a written request or order signed in the name of the Issuer by a
Director (Administrador Solidario) of the Issuer and (ii) with respect to the Guarantor, a written request or order signed in the name of the Guarantor by any director or the secretary of the Guarantor or, in each case, any person duly
appointed in a Board Resolution of the Issuer or the Guarantor, as the case may be, and in each case delivered to the Trustee. 

“Original Issue Discount Security” means any Security which provides for an amount less than the principal amount
thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2. 

“Outstanding”, when used with respect to the Securities of a series, means, as of the date of determination, all
Securities of such series represented by a Global Certificate or Definitive Certificate theretofore authenticated and delivered under this Indenture, except: 
 (a) Securities of such series theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (b) Securities of such series for whose payment or redemption money in the necessary amount to pay all principal, premium, if any, and interest thereon has been theretofore deposited with the Trustee or
any Paying Agent (other than the Issuer) in trust or set aside and segregated in trust by the Issuer (if the Issuer shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed,
notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 
 (c) Securities of such series as to which Defeasance has been effected pursuant to Section 4.3; and 
 (d) Securities of such series which have been paid pursuant to Section 2.8 or Securities of such series represented by a Global Certificate or Definitive Certificate in exchange for or in lieu of
which one or more other Global Certificates or Definitive Certificates have been authenticated and delivered pursuant to this Indenture, other than 

  
 5 

 
any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser is whose hands such
Securities are valid obligations of the Issuer; 
 provided, however, that in determining whether the Holders of the requisite principal
amount of the Outstanding Securities of a series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of an Original Issue Discount Security that shall be deemed to be
Outstanding shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section 5.2, (ii) the principal amount of a Security
denominated in one or more foreign currencies or currency units shall be the U.S. dollar equivalent, determined in the manner provided as contemplated by Section 2.1 on the date of original issuance of such Security, of the principal amount
(or, in the case of an Original Issue Discount Security, the U.S. dollar equivalent on the date of original issuance of such Security of the amount determined as provided in (i) above) of such Security, (iii) if the principal amount
payable at Stated Maturity of any Security is not determinable upon original issuance, the principal amount of such Security that shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 2.1,
and (iv) Securities owned by the Issuer, the Guarantor or any other obligor upon the Securities or any Affiliate of the Issuer, the Guarantor or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded. Securities so owned which have been pledged in good turn may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the
pledgee is not the Issuer, the Guarantor or any other obligor upon the Securities or any Affiliate of the Issuer, the Guarantor or of such other obligor. 
 “Participant” means a Person who has an account with the Depositary. 
 “Paying Agent” means any Person authorized by the Issuer to pay the principal of or any premium or interest on any Securities on its behalf. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof. 
 “Place of Payment”, with respect
to the Securities of a series, means the place or places where the principal of, any premium and interest on, and any Additional Amounts in respect of, the Securities of such series are payable as contemplated by Section 2.1. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same
debt as that evidenced by such particular Security; and, for the purposes of this definition, any Securities represented by a Security Certificate authenticated and delivered under Section 2.7 in exchange for or in lieu of a mutilated,
destroyed, lost or stolen Security Certificate shall be deemed to evidence the same debt as Securities represented by the mutilated, destroyed, lost or stolen Security Certificate. 

  
 6 

 “Redemption Date”, when used with respect to any Security of a series to be
redeemed, means the date fixed for such redemption pursuant to Section 2.1. 
 “Redemption Price”, when
used with respect to any Security of a series to be redeemed, means the price at which such Security is to be redeemed fixed pursuant to Section 2.1. 
 “Register” and “Registrar” have the respective meanings specified in Section 2.6. 
 “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of a series means the date specified for that purpose as contemplated by Section 2.1.

 “Relevant Indebtedness” means any obligation for the payment of borrowed money which is in the form of, or
represented or evidenced by, a certificate of indebtedness or in the form of, or represented or evidenced by, bonds, notes or other securities which, in any of the above cases, is or are, or is or are capable of being, quoted, listed, dealt in or
traded on a stock exchange or other recognized securities market. For the avoidance of doubt, any “obligation for the payment of borrowed money” as used in this definition of Relevant Indebtedness does not include obligations of the Issuer
or the Guarantor which, pursuant to the requirements of law and accounting principles generally accepted in the Kingdom of Spain need not, and are not, reflected in the balance sheet of the Issuer or the Guarantor, as the case may be. 

“Responsible Officer” shall mean, when used with respect to the Trustee, any officer within the corporate trust
department of the Trustee having direct responsibility for the administration of this Indenture or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject. 

“Securities” has the meaning assigned to it in the preamble to this Indenture. 

“Security Certificate” means each Global Certificate and each Definitive Certificate. 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 2.8. 
 “Stated Maturity”, when used with respect to any Security or any installment of principal
thereof or interest thereon, means the date specified in a Security Certificate representing such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

“Subsidiary” means, in relation to any Person, any other Person (whether or not now existing) which is controlled
directly or indirectly, or more than 50% of whose issued equity share capital (or equivalent) is then held or beneficially owned by, the first Person and/or any one or more of the first Person’s Subsidiaries, and “control” means the
power to appoint the majority of the members of the governing body or management of, or otherwise to control the affairs and policies of, that Person. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Trustee” shall mean or include each 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 a series shall mean the Trustee with respect to Securities of such series. 

  
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 “Trust Indenture Act” means the United States Trust Indenture Act of 1939
as in force at the date as of which this instrument was executed (except as provided in Section 9.5); provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means,
to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 
 “United States”
means the United States of America (including the states and the District of Columbia) and its possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands). 

“U.S. Government Obligations” means securities which are (i) direct obligations of the United States for the
payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States, which, in either case, 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 received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or
principal of the U.S. Government Obligation evidenced by such depository receipt. 
 SECTION 1.2. Compliance Certificates and
Opinions. 
 (a) Upon any application or request by the Issuer or the Guarantor to the Trustee to take any action under any
provision of this Indenture, the Issuer or Guarantor, as the case may be, shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an
Officer’s Certificate, if to be given by the Issuer or the Guarantor, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture.

 (b) Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall
include: 
 (i) a statement that each individual signing such certificate or opinion has read such covenant or condition and
the definitions herein relating thereto; 
 (ii) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement
that, in the opinion of each such individual, they have made such examination or investigation as is necessary to enable them to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

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

  
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 SECTION 1.3. Form of Documents Delivered to Trustee. 

(a) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and
one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 (b) Any certificate or opinion of an officer of the Issuer or the Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of
counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Issuer or the Guarantor stating that the information with respect to such factual matters is in
the possession of the Issuer or the Guarantor, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

(c) Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION
1.4. Acts of Holders of Securities; Meetings; Record Dates. 
 (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Holders of Securities of any series may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by
an agent duly appointed in writing as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer and the
Guarantor. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Issuer and the Guarantor, if made in the manner provided in this
Section. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the
affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved in any other manner, which the Trustee deems sufficient. 

  
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 (c) The Issuer and the Guarantor may set any day as a record date for the purpose of
determining the Holders of Outstanding Securities of a series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by
Holders of Securities of such series; provided that the Issuer and the Guarantor may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or
direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action,
whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date (as defined below) by Holders of the requisite principal
amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Issuer or the Guarantor from setting a new record date for any action for which a record date has previously been set
pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by
Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Issuer and the Guarantor, at their own expense, shall
cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6.

 (d) The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any
series entitled to join in the giving or making of: (i) any declaration of acceleration referred to in Section 5.2; (ii) any request to institute proceedings referred to in Section 5.7(a); or (iii) any direction referred to
in Section 5.12, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled to
join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by
Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has
previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any
action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the expense of the Issuer
and the Guarantor, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Issuer and the Guarantor in writing and to each Holder of Securities of the relevant series in the manner
set forth in Section 1.6. 

  
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 (e) With respect to any record date set pursuant to this Section with respect to the
Securities of a series, the party or parties hereto which set such record date may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no
such change shall be effective unless notice of the proposed new Expiration Date is given to the other party or parties hereto in writing, and to each Holder of Securities of the relevant series in the manner set form in Section 1.6, on or
prior to the first Business Day following the existing Expiration Date. Notwithstanding the foregoing, no Expiration Date shall be designated later than the 180th day after the applicable record date and, if an Expiration Date is not designated,
with respect to any record date set pursuant to this Section, the party or parties hereto which set such record date shall be deemed to have designated the 180th day after such record date as the Expiration Date with respect thereto. 

(f) Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may
do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 

(g) The ownership of Securities of a series shall be proved by the applicable Register. 

(h) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Issuer or
the Guarantor in reliance thereon, whether or not notation of such action is made upon such Security. 
 SECTION 1.5.
Notices, Etc., to Trustee, Issuer and Guarantor. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided for or permitted, by this Indenture to be made upon, given or furnished to,
or filed with, 
 (a) the Trustee by any Holder or by the Issuer or the Guarantor shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing (or sent by facsimile and confirmed in writing) to or with the Trustee at its Corporate Trust Office; or 
 (b) the Issuer or the Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed (or sent by facsimile
and confirmed in writing), in the case of the Issuer, international air mail postage prepaid and addressed to: Telefónica Emisiones, S.A.U., c/o Telefónica, S.A., Distrito Telefónica, Ronda de la Comunicación, s/n, 28050
Madrid, Spain, Attention: Mr. Eduardo José Álvarez Gómez, or at any other address previously furnished in writing to the Trustee by the Issuer and, in the case of the Guarantor, international air mail postage prepaid and
addressed to: Telefónica, S.A., Distrito Telefónica, Ronda de la Comunicación, s/n, 28050 Madrid, Spain, Attention: Mr. Miguel Escrig Meliá, or at any other address previously furnished in writing to the Trustee by
the Guarantor. 

  
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 The Trustee may rely upon and comply with instructions or directions sent by an authorized
representative of the Issuer or the Guarantor via unsecured facsimile or email transmission and the Trustee shall not be liable for any loss, liability or expense of any kind incurred by the Issuer or the Guarantor due to the Trustee’s reliance
upon and compliance with instructions or directions given by unsecured facsimile or email transmission, provided, however, that such losses have not arisen from the negligence or willful misconduct of the Trustee. The Trustee may request that each
of the Company and the Guarantor delivers a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

SECTION 1.6. Notice to Holders; Waiver. 
 (a) Notices to Holders will be deemed to be validly given if mailed to them at their respective addresses as recorded in the Register and will be deemed to have been validly given on the seventh day after
the date of such mailing. 
 (b) In any case where notice to Holders is given by mail, neither the failure to mail such notice,
nor any defect in any notice, so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. 
 (c) In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the
approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
 (d) Where this Indenture
provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be
filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 SECTION 1.7. Language of Notices, Etc. Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except
that any published notice may be in an official language of the country of publication. 
 SECTION 1.8. Conflict with Trust
Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the provision of the Trust Indenture Act shall control.
If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the Trust Indenture Act shall be deemed to apply to this Indenture as so modified or to be
excluded, as the case may be. 
 SECTION 1.9. Effect of Headings and Table of Contents. The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

  
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 SECTION 1.10. Successors and Assigns. All covenants and agreements in this Indenture
by the Issuer or the Guarantor shall bind their respective successors and assigns, whether so expressed or not. 
 SECTION 1.11.
Separability Clause. In case any provision in this Indenture or in the Securities or the Guarantees shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. 
 SECTION 1.12. Benefits of Indenture. Nothing in this Indenture, the Securities or the
Guarantees, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 1.13. Governing Law. Pursuant to Section 5-1401 of the General Obligations Law of the State of New York, this
Indenture, the Securities and the Guarantees shall be governed by, and construed in accordance with, the laws of the State of New York. 
 SECTION 1.14. Saturdays, Sundays and Legal Holidays. Except as otherwise provided pursuant to Section 2.1, in any case where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision shall apply in lieu
of this Section)) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made
on the Interest Payment Date or Redemption Date, or at the Stated Maturity. 
 SECTION 1.15. Submission to Jurisdiction;
Appointment of Agent for Service. 
 (a) The Issuer and the Guarantor irrevocably submit to the exclusive jurisdiction of
any federal or state court in the Borough of Manhattan, the City of New York, and any appellate court from any such court thereof, with respect to any legal suit, action or proceeding based on or arising under the Securities or this Indenture and
agree that all claims in respect of such suit or proceeding shall be determined in any such court. The Issuer and the Guarantor irrevocably waive to the fullest extent permitted by law, any objection to any such suit, including actions, suits or
proceedings relating to the securities laws of the United States of America or any state thereof, in such courts whether on the grounds of venue, residence or domicile or the defense of an inconvenient forum or objections to personal jurisdiction
with respect to the maintenance of such legal suit, action or proceeding. The Issuer and the Guarantor agree that the final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Issuer or the
Guarantor, as applicable, and may be enforced in any court in the jurisdiction of which the Issuer or the Guarantor, as applicable, is subject by a suit upon such judgment. To the extent permitted by law, the Issuer and the Guarantor hereby waive
any objections to the enforcement by any competent court in Spain of any judgment validly obtained in any such court in New York on the basis of any such legal suit, action or proceeding. 

  
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 (b) To the extent either the Issuer or the Guarantor has or hereafter may acquire any
immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution or otherwise) with respect to itself or its property, such party hereby irrevocably
waives such immunity in respect of its respective obligations under the Indenture and the Securities of each series to the fullest extent permitted by law. 
 (c) By the execution and delivery of this Indenture, each of the Issuer and the Guarantor hereby appoints CT Corporation System as its agent upon which process may be served in any legal action or
proceeding which may be instituted in any federal or state court in the Borough of Manhattan, the City of New York arising out of or relating to the Securities, the Guarantees or this Indenture, but for that purpose only. Service of process upon
such agent at the office of CT Corporation System at 111 Eighth Avenue #13, New York, New York 10011, and written notice of said service to the Issuer or the Guarantor by the Person servicing the same addressed as provided by Section 1.5, shall
be deemed in every respect effective service of process upon the Issuer or the Guarantor, respectively, in any such legal action or proceeding. Such appointment shall be irrevocable so long as the Holders of Securities shall have any rights pursuant
to the terms thereof or of this Indenture until the appointment of a successor by the Issuer or the Guarantor with the consent of the Trustee and such successor’s acceptance of such appointment. Each of the Issuer and the Guarantor further
agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of such agent or successor. 

SECTION 1.16. Waiver of Jury Trial. EACH OF THE ISSUER, THE GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE SECURITIES, ANY GUARANTEE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

SECTION 1.17. Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

ARTICLE 2 

THE SECURITIES 
 SECTION 2.1. Forms of Security Certificates; Amount Unlimited; Status of the Securities; Issuable in Series; Denominations. 
 (a) Security Certificates representing the Securities of each series shall be substantially in the form set forth in Exhibit A or in such other form as shall be established by or pursuant to a Board
Resolution of the Issuer or in one or more supplemental indentures hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by applicable law or this Indenture, and may have
such letters, numbers or other marks of identification and such 

  
 14 

 
legends or endorsements placed thereon as may be required to comply with applicable law or the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be
determined by the officers executing such Security Certificates, as evidenced by their execution thereof. If the form of Security Certificates representing the Securities of any series is established by action taken pursuant to a Board Resolution of
the Issuer, a copy of an appropriate record of such action shall be certified by any Director (Administrador Solidario) of the Issuer delivered to the Trustee at or prior to the delivery of the Authentication Order contemplated by
Section 2.3. 
 (b) The aggregate principal amount of Securities represented by Security Certificates which may be
authenticated and delivered under this Indenture is unlimited subject to appropriate authorization of any issuance of Securities pursuant to one or more Board Resolutions. 
 (c) The Securities of a series will constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer and will rank pari passu without any preference among themselves and
(subject to any applicable statutory exceptions) the payment obligations of the Issuer under the Securities of such series will rank at least pari passu with all other unsecured and unsubordinated indebtedness, present and future, of the
Issuer, except as the obligations of the Issuer may be limited by Spanish bankruptcy, insolvency, reorganization or other laws relating to or affecting the enforcement of creditors’ rights generally in the Kingdom of Spain. 

(d) The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution of the Issuer or
pursuant to other appropriate corporate authorization, and, subject to Section 2.3, set forth, or determined in the manner provided, in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the
issuance of Securities of any series: 
 (i) the title of the Securities of the series (which shall distinguish the Securities
of the series from Securities of any other series); 
 (ii) 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 2.4, 2.5, 2.7, 9.6 or 11.7 and except for any Securities which, pursuant to Section 2.3, are deemed never to have been authenticated and delivered hereunder); 

(iii) any stock exchange on which the Securities of the series will be listed; 

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

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

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

  
 15 

 (vii) the place or places where, subject to the provisions of Section 10.2, the
principal of, and any premium and interest on, Securities of the series shall be payable, Security Certificates representing the Securities of the series may be surrendered for exchange or conversion of the Securities represented thereby and notices
and demands to or upon the Issuer or the Guarantor in respect of the Securities of the series and this Indenture may be served; 
 (viii) other than with respect to any redemption of Securities of such series pursuant to Section 11.8, the period or periods within which, the price or prices at which and the terms and conditions
upon which Securities of the series may be redeemed, in whole or in part, at the option of the Issuer or the Guarantor (including the period following the date referred to in Section 11.8) and, if other than by a Board Resolution, the manner in
which any election by the Issuer or the Guarantor to redeem the Securities shall be evidenced; 
 (ix) other than with respect
to any redemption of Securities pursuant to Section 11.8, the obligation, if any, of the Issuer to redeem or purchase any 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; 

(x) the denominations in which any Securities of the series shall be issuable; 

(xi) the currency, currencies, composite currency, composite currencies or currency units in which payment of the principal of, and any
premium and interest on, any Securities of the series shall be payable if other than the currency of the United States of America and the manner of determining the equivalent thereof in the currency of the United States of America for purposes of
the definition of “Outstanding” in Section 1.1; 
 (xii) if the amount of principal of, or any premium or
interest on, any Securities of the series may be determined with reference to an index, the manner in which such amounts shall be determined; 
 (xiii) if the principal of, or any premium or interest on, any Securities of the series is to be payable, at the election of the Issuer, the Guarantor or a Holder thereof, in one or more currencies,
currency units, composite currency or composite currency units other than that or those in which the Securities of such series are stated to be payable, the currency, currencies or currency units in which the principal of, and any premium and
interest on, Securities of such series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or the manner in which such amount
shall be determined); 
 (xiv) if other than the principal amount thereof, the portion of the principal amount of Securities of
the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2; 

  
 16 

 (xv) whether Section 4.3 and Section 10.8 will be applicable to the Securities of
the series; 
 (xvi) whether Additional Amounts will not be payable by the Issuer or the Guarantor in respect of the Securities
of such series; 
 (xvii) if the principal amount payable at the Stated Maturity of any Securities of the series is not
determinable upon original issuance thereof, the amount which shall be deemed to be the principal amount of such Securities for any other purpose hereunder, including the principal amount thereof which shall be due and payable upon any Maturity
other than the Stated Maturity or which shall be deemed to be Outstanding as of any date (or, in any such case, the manner in which such principal amount shall be determined); 

(xviii) if applicable, that any Securities of the series shall be represented by one or more Global Certificates and, in such case, the
respective Depositaries for such Global Certificates, the form of any legend or legends which shall be borne by any such Global Certificate in addition to or in lieu of that set forth in Section 2.5(l) and, if different from those set forth in
Section 2.5(b), any circumstances in which Securities issued upon any exchange may be registered in the name or names of Persons other than the Depositary for such Global Certificate or a nominee thereof; 

(xix) 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 5.2; 
 (xx) any addition to or change in the covenants set forth in Article 10 which applies to Securities of the series; 
 (xxi) if applicable, any procedures for the collection of information, including a duly executed and completed payment statement from the Paying Agent, if applicable, relating to the Securities of such
series that may be required pursuant to Spanish law or regulations in order to avoid the withholding of Spanish withholding taxes from any income (including any interest or premium) payable in respect of such Securities; and 

(xxii) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted
by Section 9.1(e)). 
 (e) All Securities of any one series shall be substantially identical except as otherwise expressly
provided herein, and except as may otherwise be provided in or pursuant to the Board Resolution for such series of Securities and (subject to Section 2.3) set forth, or determined in the manner provided, in the applicable Officer’s
Certificate or in any applicable indenture supplemental hereto. 
 (f) Unless otherwise provided pursuant to Section 2.1
for a series of Securities, the Issuer may from time to time, without the consent of the Holders of Securities of such series, create and issue further securities having the same terms and conditions as the previously issued Securities of such
series in all respects (or in all respects except for the issue date, the first payment of interest thereon and/or issue price), so that such further issue shall be consolidated and form a single series with the outstanding Securities of such
series; provided, however, that any such further issuance will only be made if either 

  
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such additional securities are issued with no more than de minimis original issue discount for U.S. federal income tax purposes or such further issuance is a “qualified
reopening” as such term is defined under Treasury Regulations Section 1.1275-2(k)(3) promulgated under the Code. 

(g) If any of the terms of the Securities of a series or the Guarantees in respect thereof are established by action taken pursuant to a
Board Resolution of the Issuer or the Guarantor, a copy of an appropriate record of such action shall be certified by any director, the secretary or any person appointed by a Director (Administrador Solidario) of the Issuer or the Board of
Directors of the Guarantor, as the case may be, each delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of the series or the guarantees thereof. 

SECTION 2.2. Form of Trustee’s Certificate of Authentication. The Trustee’s certificates of authentication shall be
substantially in the following form: 
 CERTIFICATE OF AUTHENTICATION 

This is one of the Security Certificates representing the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
 Dated: 
  

			
	 The Bank of New York Mellon,
 as Trustee

	
	 manually

	 By: 
	 	 
		 	Authorized Officer

 SECTION 2.3. Execution, Authentication, Delivery and Dating. 

(a) Security Certificates representing the Securities of each series shall be executed manually or by facsimile, imprint or other
reproduction on behalf of the Issuer by an authorized representative of the Issuer who shall be a Director (Administrador Solidario) of the Issuer and shall have endorsed thereon a Guarantee by the Guarantor. Each Guarantee shall be executed
on behalf of the Guarantor by an authorized representative of the Guarantor. The signature of any such authorized representative of the Guarantor may be manual or facsimile. 
 (b) Security Certificates or Guarantees bearing the manual or facsimile signatures of individuals who were at the time the authorized representatives of the Issuer or the Guarantor, as the case may be,
shall bind the Issuer or the Guarantor, as the case may be, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Security Certificates or Guarantees. 

(c) At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver each Security
Certificate representing the Securities of any series executed by the Issuer and if applicable, having endorsed thereon a Guarantee 

  
 18 

 
of the Guarantor to the Trustee for authentication, together with an Order for the authentication and delivery of such Security Certificates (the “Authentication Order”), and the
Trustee in accordance with the Authentication Order shall authenticate and deliver such Security Certificates having such Guarantees endorsed thereon. 
 (d) If the forms or terms of the Securities of a series and the applicable Guarantee have been established in or pursuant to one or more Board Resolutions as permitted by Article 3 and Section 2.1,
in authenticating each Security Certificate representing the Securities of such series, and accepting the additional responsibilities under this Indenture in relation to the Securities of such series and the applicable Guarantee, the Trustee shall
receive, and (subject to Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel and Officer’s Certificate stating: 
 (i) that such forms or terms have been established in conformity with the provisions of this Indenture; and 
 (ii) that such Securities and the applicable Guarantee, when each Security Certificate representing such Securities is authenticated and delivered by the Trustee and such Securities are issued by the
Issuer and the Guarantee is executed and delivered by the Guarantor in the manner and subject to any conditions specified in such Opinion of Counsel, such Securities and the applicable Guarantee will constitute valid and legally binding obligations
of the Issuer or the Guarantor, as applicable, enforceable in accordance with their terms, subject to such exceptions as such counsel shall specify. 
 (e) The Trustee shall have the right to decline to authenticate and deliver any Security Certificate under this Section 2.3 if the Trustee, being advised in writing by counsel, determines that such
action may not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability based upon the advice of counsel. 

(f) The Trustee shall not be required to authenticate any Security Certificate if the issue of the Securities represented by such
Security Certificate pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under such Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 

(g) Notwithstanding the provisions of Section 2.1 and of paragraph (f) above, if all Securities of a series are not to be
originally issued at one time, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 2.1 or the Opinion of Counsel and Officer’s Certificate required pursuant to paragraph (d) above
at or prior to the time of authentication of each Security Certificate representing the Securities of such series so long as such Opinion of Counsel and Officer’s Certificate (with appropriate modifications) are delivered at or prior to the
authentication of each applicable Security Certificate upon original issuance of the first Security of such series to be issued and reasonably contemplate the subsequent issuance of such Securities of such series. 

(h) Each Security Certificate shall be dated the date of its authentication. 

  
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 (i) No Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on the Security Certificate representing such Security a certificate of authentication substantially in the form provided in Section 2.2 executed by the Trustee by manual signature, and such
certificate of authentication upon any Security Certificate shall be conclusive evidence, and the only evidence, that such Security Certificate has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security
Certificate shall have been authenticated and delivered hereunder but the Securities represented by such Security Certificate shall have never been issued and sold by the Issuer, and the Issuer shall deliver such Security Certificate to the Trustee
for cancellation as provided in Section 2.10, for all purposes of this Indenture such Security Certificate shall be deemed never to have been authenticated and delivered hereunder and the Securities represented by such Security Certificate
shall never be entitled to the benefits of this Indenture. 
 (j) The delivery of any Security Certificate by the Trustee, after
the authentication thereof hereunder, shall constitute due delivery of the Guarantee endorsed thereon on behalf of the Guarantor, if applicable. 
 SECTION 2.4. Temporary Security Certificates. 
 (a) Pending the preparation
of definitive Security Certificates representing the Securities of any series, the Issuer may execute, and upon Order the Trustee shall authenticate and deliver, temporary Security Certificates which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities and, if applicable, having endorsed thereon Guarantees or the Guarantor substantially of the tenor of definitive
Guarantees in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. The
temporary Securities may be in global form. 
 (b) If temporary Security Certificates representing Securities of any series are
issued, the Issuer will cause definitive Security Certificates representing Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Security Certificates representing Securities of such series, the
temporary Security Certificates representing Securities of such series shall be exchangeable for definitive Security Certificates representing Securities of such series upon surrender of the temporary Security Certificates representing Securities of
such series at the office or agency of the Issuer in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Security Certificates representing Securities of any series, the
Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Security Certificates representing Securities of the same series, of any authorized denominations and of a like aggregate principal
amount and tenor which have endorsed thereon the Guarantees of the Guarantor. Until so exchanged, the temporary Security Certificates representing Securities of any series shall in all respects be entitled to the same benefits under this Indenture
as definitive Security Certificates representing Securities of such series and tenor. 

  
 20 

 SECTION 2.5. Exchange and Transfer. 

(a) Except as set forth below, Securities of any series represented by a Global Certificate may be transferred, in whole and not in part,
only: (i) by the Depositary to a nominee of the Depositary, (ii) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or (iii) by the Depositary or any such nominee to a successor Depositary or a
nominee of such successor Depositary. 
 (b) Beneficial interests in Securities represented by a Global Certificate will be
exchangeable for Certificated Securities of such series only if: (i) the Depositary notifies the Issuer that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act
and, in either case, a successor Depositary is not appointed by the Issuer within 120 days after the date of such notice from the Depositary, (ii) the Issuer notifies the Trustee in writing that it has reasonably elected to cause the issuance
of Certificated Securities of such series or (iii) there shall have occurred and be continuing an Event of Default with respect to the Securities of such series and the Securities of such series will be accelerated in accordance with their
terms and the terms of the Indenture. 
 (c) Upon the occurrence of any of the events specified in (b)(i), (b)(ii) or (b)(iii)
above, Certificated Securities of such series shall be (i) delivered by the Trustee in exchange for beneficial interest in Securities of such series represented by Global Certificates executed by the Issuer and, if applicable, with a Guarantee
by the Guarantor endorsed on each applicable Definitive Certificate and (ii) registered in such names, and issued in such authorized denominations, as shall be requested by or on behalf of the Depositary in accordance with its customary
procedures. 
 (d) In connection with all transfers and exchanges of beneficial interests in Securities of any series
represented by Global Certificates that are not subject to Section 2.5(h) below, in addition to the requirements of any other applicable paragraphs of this Section 2.5, the transferor of, or the Person exchanging, such beneficial interest
must deliver to the Registrar, the Trustee and the applicable Paying Agent either: (i) in cases of exchanges or transfers of beneficial interests in Securities of any series represented by a Global Certificate for beneficial interests in
Securities of such series represented by any other Global Certificate, (1) a written order from a Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to (x) credit or cause to be
credited a beneficial interest in Securities of such series represented by the Global Certificate into which such beneficial interest is being exchanged or transferred, in an amount equal to the beneficial interest to be transferred or exchanged and
(y) debit or cause to be debited, a beneficial interest in the Securities of such series represented by the Global Certificate from which such beneficial interest is being exchanged or transferred, in an amount equal to the beneficial interest
being transferred; and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase and the Participant account to be debited with such decrease,
as applicable; or (ii) in cases of exchanges or transfers of beneficial interests in Securities of a series represented by a Global Certificate for Certificated Securities of such series, (1) a written order from a Participant given to the
Depositary in accordance with the Applicable Procedures directing the Depositary to 

  
 21 

 
cause to be issued one or more Certificated Securities of such series in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the
Depositary to the Registrar containing information regarding the Person in whose name such Certificated Security or Certificated Securities shall be registered to effect the transfer or exchange referred to in (ii)(1) above. 

(e) Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Securities of a series represented
by one or more Global Certificates contained in this Indenture or under applicable laws, the Registrar shall register, if applicable, the transfer or exchange, the Trustee shall cancel each applicable Certificated Security of such series and adjust,
or shall cause to be adjusted, the principal amount of the Securities of such series represented by each relevant Global Certificate pursuant to Section 2.5(n) hereof and the applicable Paying Agent shall cause each relevant Participant account
to be credited or debited, as the case may be, with the applicable amount. 
 (f) In connection with all transfers or exchanges
of Certificated Securities of any series for beneficial interests in Securities represented by a Global Certificate, in addition to the requirements of any other applicable paragraphs of this Section 2.5, the transferor of, or the Person
exchanging Certificated Securities of such series, must (i) deliver or present to the Registrar the Definitive Certificate representing such Certificated Security for purposes of registration of exchange or transfer and cancellation duly
endorsed or accompanied by a written instruction of transfer in a form satisfactory to the Registrar, and duly executed by the applicable Holder or by his or her attorney, duly authorized in writing; and (ii) deliver to the Registrar, the
Trustee and the applicable Paying Agent (1) a request that such Certificated Securities be exchanged for a beneficial interest in one or more Securities of such series represented by a Global Certificate, and (2) information specifying the
Participant account to be credited with the amount equal to the principal amount of the Certificated Security surrendered for cancellation and registration of transfer or exchange. 

(g) Upon satisfaction of all of the requirements for transfer or exchange of Certificated Securities of a series for beneficial interests
in Securities of such series represented by one or more Global Certificates contained in this Indenture or under applicable laws, the Registrar shall register the exchange and transfer of the applicable Securities, the Trustee shall cancel each
applicable Certificated Security of such series and adjust, or cause to be adjusted, the principal amount of Securities of such series represented by each applicable Global Certificate and the applicable Paying Agent shall cause each applicable
Participant account to be credited with an amount equal to the principal amount of the Certificated Security so exchanged or transferred. 
 (h) The transfer and exchange of beneficial interests in Securities a series represented by a Global Certificate shall be effected through the Depositary, in accordance with the provisions of this
Indenture and the Applicable Procedures. Beneficial interests in any Securities of a series represented by a Global Certificate may be transferred to Persons who take delivery thereof in the form of a beneficial interest in Securities of such series
represented by a Global Certificate. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.5(h). 

  
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 (i) In limited circumstances specified in Section 2.5(b), any holder of a beneficial
interest in any Securities of a series represented by a Global Certificate may exchange such beneficial interest for one or more Certificated Securities of such series or transfer such beneficial interest to a Person who takes delivery thereof in
the form of one or more Certificated Securities of such series, if such exchange or transfer complies with the provisions of Section 2.5(b). 
 (j) A Holder of a Certificated Security of a series may exchange such Certificated Security for a beneficial interest in any Securities of such series represented by a Global Certificate or transfer such
Certificated Security to a Person who takes delivery thereof in the form of a beneficial interest in any Securities of such series represented by a Global Certificate at any time if such exchange or transfer complies with the provisions of
Section 2.5(f). If any such exchange or transfer from a Certificated Security of a series to a beneficial interest in any Securities of such series represented by a Global Certificate is effected at a time when the applicable Global Certificate
has not yet been executed, authenticated and delivered, the Issuer shall execute, if applicable, the Guarantor shall endorse a Guarantee on, and, upon receipt of an Authentication Order in accordance with Section 2.2 hereof, the Trustee shall
authenticate and deliver one or more Global Certificates representing Securities of the applicable Series in an aggregate principal amount equal to the principal amount of Certificated Securities of such series so exchanged or transferred.

 (k) Upon request by a Holder of any Certificated Securities of a series and such Holder’s compliance with the provisions
of this Section 2.5(k), the Registrar shall register the transfer or exchange of such Certificated Securities for other Certificated Securities of such series. Prior to such registration of transfer or exchange, the requesting Holder shall
present or surrender to the Registrar the applicable Certificated Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by his or her attorney, duly
authorized in writing. 
 (l) Unless otherwise specified pursuant to Section 2.1, each Global Certificate representing
Securities of a series shall bear a legend in substantially the following form: 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
IN PART FOR DEFINITIVE CERTIFICATES, THIS GLOBAL CERTIFICATE MAY BE TRANSFERRED, IN WHOLE AND NOT IN PART, ONLY: (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, (II) BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR TO ANOTHER NOMINEE
OF THE DEPOSITARY, OR (III) BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY, AND TRANSFERS OF THE SECURITIES REPRESENTED BY THIS GLOBAL CERTIFICATE AND ANY BENEFICIAL INTERESTS IN ANY
SECURITIES REPRESENTED BY THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO BELOW. 

  
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 (m) Unless otherwise specified pursuant to Section 2.1, each Global Certificate
representing Securities of a series deposited with DTC will bear a legend in substantially the following form: 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 (n) At such
time as all beneficial interests in the Securities of a series represented by a Global Certificate have been exchanged for Certificated Securities of such series or the Securities of a series represented by a particular Global Certificate have been
redeemed or cancelled, in whole and not in part, each such Global Certificate representing Securities of such series shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.10 hereof. At any time prior to the
cancellation referred to above, if any beneficial interest in Securities of a series represented by a Global Certificate is exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another
Security of such series represented by a Global Certificate or for Certificated Securities of such series, the principal amount of Securities of such series represented by such Security represented by a Global Certificate from which such beneficial
interest is being transferred shall be reduced accordingly and an endorsement shall be made on such Global Certificate by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is
being exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in a Security of such series represented by another Global Certificate, the principal amount of Securities of such series represented
by such other Global Certificate shall be increased accordingly and an endorsement shall be made on such Global Certificate by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. At any time prior to the
cancellation referred to above, if any Certificated Security of a series is exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in Securities of such series represented by a Global
Certificate, the principal amount of Securities of such series represented by such Global Certificate shall be increased accordingly and an endorsement shall be made on such Global Certificate by the Trustee or by the Depositary at the direction of
the Trustee to reflect such increase. 
 SECTION 2.6. Registration, Registration of Transfer and Exchange. 

(a) With respect to each series of Securities, the Issuer shall cause to be kept at the Corporate Trust Office of the Trustee a register
(a “Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Securities of such series and of transfers of Securities of such series. The Trustee is hereby
appointed “Registrar” for the purpose of registering Securities of each series and transfers of Securities of each series as herein provided. 

  
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 (b) To permit registrations of transfers and exchanges of Securities of each series, the
Issuer shall execute, if applicable, the Guarantor shall endorse a Guarantee on and the Trustee shall authenticate and deliver Security Certificates representing Securities of such series upon the Issuer’s Order or at the Registrar’s
request. 
 (c) No service charge shall be made to a holder of a beneficial interest in Securities of any series represented by
a Global Certificate or to a Holder of Certificated Securities of any series for any registration of transfer or exchange, but the Issuer or the Trustee may require payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.4, 9.4 and 11.7). 
 (d) The Registrar shall not be required to register the transfer of or exchange any Security selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in
part. 
 (e) Securities represented by any Security Certificate executed, authenticated and delivered upon any registration of
transfer or exchange of any Securities shall be valid and legally binding obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture as the other Securities duly issued hereunder. 

(f) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to Section 2.5 to
effect a registration of transfer or exchange may be submitted by facsimile with the original to follow by first class mail. 

(g) The Issuer shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a period
beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected for redemption under Section 11.3 and ending at the close of business on the day of such mailing or
(ii) to register the transfer of or exchange any Security so selected for redemption, in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

SECTION 2.7. Mutilated, Destroyed, Lost and Stolen Security Certificates. 

(a) If any mutilated Security Certificate is surrendered to the Trustee, the Issuer shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Security Certificate representing Securities of the same series and of like tenor and principal amount having endorsed thereon a Guarantee and bearing a number not contemporaneously outstanding. 

(b) If there shall be delivered to the Issuer, the Guarantor and the Trustee (i) evidence to their satisfaction of the destruction,
loss or theft of any Security Certificate and (ii) 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 Issuer, the

  
 25 

 
Guarantor or the Trustee that Securities of such series represented by such Security Certificate have been acquired by a protected purchaser, the Issuer shall execute, if applicable, the
Guarantor shall endorse a Guarantee on and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security Certificate, a new Security Certificate representing Securities of the same series and of like tenor and
principal amount bearing a number not contemporaneously outstanding. 
 (c) In case any such Securities of a series represented
by a mutilated, destroyed, lost or stolen Security Certificate have become or are about to become due and payable, the Issuer in its discretion may, instead of issuing a new Security Certificate, pay such Securities. 

(d) Upon the issuance of any new Security Certificate under this Section, the Issuer 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. 
 (e) Every new Security Certificate representing Securities of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security Certificate representing Securities shall
constitute an original additional contractual obligation of the Issuer and the Guarantor, whether or not the destroyed, lost or stolen Security Certificate representing Securities 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. 
 (f) 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
Security Certificates. 
 SECTION 2.8. Payment of Interest: Interest Rights Preserved. 

(a) Except as otherwise provided or as contemplated by Section 2.1, with respect to any series of Securities, interest or premium,
if any, on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date (or any Redemption Date) shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest and, in the case of premium, if any, the date on which such premium may become payable. 
 (b) Any interest on any Security of any series which is payable other than at Maturity, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the applicable Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Issuer, at its election in each case in
conformance with the requirements of current Spanish law and regulations, as provided in paragraph (i) or (ii) below: 
 (i) The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective

  
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Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall
notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to
the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for
the benefit of the Persons entitled to such Defaulted Interest as in this Subsection provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10
days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Issuer of such Special Record Date and, in the name and at the
expense of the Issuer, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series the Issuer in the manner set forth in Section 1.6, not
less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the
Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Subsection (ii). 

(ii) The Issuer may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent
with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee of the proposed payment pursuant to this
Subsection, such manner of payment shall be deemed practicable by the Trustee. 
 (c) Subject to the foregoing provisions of
this Section and Section 2.5, each Security of any series delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other Security. 
 SECTION 2.9. Persons Deemed Owners. Prior to due presentment of a Security
Certificate for registration of transfer of a Security represented thereby, the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor or the Trustee may treat the Person in whose name such Security is registered as the owner
of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 2.8) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the
Issuer, the Guarantor, the Trustee nor any agent of the Issuer, the Guarantor or the Trustee shall be affected by notice to the contrary. 
 SECTION 2.10. Cancellation. All Security Certificates surrendered for payment, redemption, registration of transfer of any Securities represented thereby or exchange or for 

  
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credit against any sinking fund payment shall, if the applicable Security Certificate is surrendered to any Person other than the Trustee, be delivered to the Trustee and the Securities
represented thereby shall be promptly cancelled by it. The Issuer or the Guarantor may at any time deliver to the Trustee one or more Security Certificates previously authenticated and delivered hereunder for cancellation of any Securities
represented thereby which the Issuer or the Guarantor may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) one or more Security Certificates previously authenticated and
delivered hereunder for cancellation of any Securities represented thereby which the Issuer has not issued and sold, and all Securities represented by any Security Certificate so delivered shall be promptly cancelled by the Trustee. No Security
Certificate shall be authenticated in lieu of or in exchange for any Security Certificate representing Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All Security Certificates representing
cancelled Securities held by the Trustee shall be disposed of in its customary manner or shall otherwise be returned to the Issuer if directed by an Order. 
 SECTION 2.11. Purchase of Securities. The Issuer, the Guarantor or any of the Guarantor’s other Subsidiaries may at any time purchase Securities of any series in the open market or otherwise
at any price. If purchases are made by tender, tenders must be available to all Holders of Securities of the applicable series alike. 
 SECTION 2.12. CUSIP and ISIN Numbers. The Issuer in issuing the Securities may use “CUSIP” and “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” and “ISIN” numbers in notices, including notices of redemption 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 Security Certificates representing the Securities of the applicable series or as contained in any notice and that reliance may be placed only on the other identification numbers printed on the Security Certificates representing the
Securities of the applicable series, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee in writing of any change in the “CUSIP” and “ISIN”
numbers. 
 ARTICLE 3 
 THE GUARANTEES 
 SECTION 3.1. The
Guarantees. 
 (a) The Guarantor will unconditionally and irrevocably guarantee the due payment of all sums expressed
to be payable by the Issuer under the Securities of each series on an unsubordinated and unconditional basis. 
 (b) A Guarantee
to be endorsed on each Security Certificate representing the Securities of a series shall be substantially in the form of Exhibit B hereto. 
 (c) Amounts to be paid by the Guarantor under the Guarantees shall be paid without deduction or withholding for any present or future taxes or duties imposed by the Kingdom of Spain or any political
subdivision thereof, unless the withholding or deduction of such taxes or duties is required by law or regulation or by the official interpretation thereof. In that event, the Guarantor will pay such Additional Amounts as may be necessary in order
that each net payment on the Securities of the applicable series 

  
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after such deduction or withholding will not be less than the amount provided for in the certificate representing such Securities to be then due and payable, subject to the exceptions described
under Section 10.4. 
 (d) The obligations of the Guarantor under a Guarantee are unaffected by any invalidity,
irregularity or unenforceability of the Securities of the applicable series or this Indenture, any failure to enforce the provisions of such Securities or this Indenture, or any waivers, modification or indulgence granted to the Issuer in respect
thereof by the Holders of such series of Securities or the Trustee, or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or the Guarantor. 

(e) The obligations of the Guarantor under the Guarantee in respect of the Securities of a series will constitute direct, unconditional,
unsubordinated and unsecured obligations of the Guarantor and will rank pari passu without any preference among such obligations of the Guarantor under the Guarantee in respect of the Securities of such series and at least pari passu
with all other unsubordinated and unsecured indebtedness and monetary obligations involving or otherwise related to borrowed money of the Guarantor, present and future; provided that the obligations of the Guarantor under the Guarantee in
respect of the Securities of each series will be effectively subordinated to those obligations that are preferred under Law 22/2003 (Ley Concursal) dated July 9, 2003 regulating insolvency proceedings in Spain. 

ARTICLE 4 

SATISFACTION AND DISCHARGE 

SECTION 4.1. Satisfaction and Discharge of Indenture. 
 (a) This Indenture shall upon Order of the Issuer cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for, and
any right to receive Additional Amounts) with respect to a series of Securities, and the Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect of such series
of Securities, when: 
 (i) either 
 (1) all Securities of such series theretofore authenticated (other than (A) Securities represented by Security Certificates which have been destroyed, lost or stolen and which have been replaced or
paid as provided in Section 2.7, and (B) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer or the Guarantor and thereafter repaid to the Issuer or the Guarantor, as the
case may be, or discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or 
 (2) all such Securities of such series not theretofore delivered to the Trustee for cancellation: 
 (A) have become due and payable; or 
 (B) will become due and payable at their
Stated Maturity within one year; or 

  
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 (C) 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 Issuer; 
 and the Issuer
or the Guarantor, in the case of clause (2) (A), (B) or (C) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for this purpose money in an amount sufficient to pay and discharge the entire
indebtedness on such Securities of such series not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the
Stated Maturity or Redemption Date, as the case may be; 
 (ii) the Issuer or the Guarantor has paid or caused to be paid all
other sums payable hereunder by the Issuer; and 
 (iii) the Issuer has delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to their satisfaction and discharge of this Indenture have been complied with. 

(b) Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Issuer and the Guarantor to the Trustee
under Section 6.7, the obligations of the Issuer to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to Section 4.3 below or Subsection (i)(B) above, the obligations of the
Trustee under Section 4.2 and Section 10.3(e) shall survive such satisfaction and discharge. 
 SECTION 4.2.
Application of Trust Money. Subject to provisions of Section 10.3(e), all money deposited with the Trustee pursuant to Section 4.1, Section 4.3 or Section 10.9 shall be held in trust (without liability for interest or
investment) and applied by it, in accordance with the provisions of the applicable series of Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer or the Guarantor acting as its own Paying
Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with or received by the Trustee. 

SECTION 4.3. Defeasance and Discharge of Securities of any Series. Except as otherwise provided as contemplated by
Section 2.1 with respect to a series of Securities, the Issuer and the Guarantor shall be deemed to have paid and discharged the entire indebtedness on all the Outstanding Securities of any series and the provisions of this Indenture as it
relates to such Outstanding Securities shall no longer be in effect (“Defeasance”), and the Trustee, at the expense of the Issuer, shall, upon the Order of the Issuer or the Guarantor, execute proper instruments acknowledging the
same, when: 
 (a) the Issuer or the Guarantor has deposited or caused to be deposited with the Trustee (or another trustee
satisfying the requirements of Section 6.9), irrevocably (irrespective of whether the conditions in paragraphs (b), (c), (d), (e), (f) and (g) below have been satisfied, but subject to the provisions of Section 4.2 and
Section 10.3(e)), as trust funds in trust, specifically pledged as security for, and dedicated solely to, the 

  
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benefit of the Holders of the Securities of that series with reference to this Section 4.3, in the case of a series of Securities denominated in United States dollars, United States money or
U.S. Government Obligations, and in the case of a series of Securities denominated in a currency other than U.S. dollars, funds in such currency, in each case in an amount which, through the payment of interest and principal in respect thereof in
accordance with their terms, in an amount which will provide not later than the opening of business on the due date of any payment referred to in subparagraph (i), (ii) or (iii) of this paragraph (a), in the case of a series of Securities
denominated in United States dollars, United States money or U.S. Government Obligations, and in the case of a series of Securities demonstrated in a currency other than U.S. dollars, funds in such currency, in an amount sufficient, in the opinion
of an internationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge (i) the principal of (and premium, if any), (ii) interest on and
(iii) Additional Amounts, if any, on such Outstanding Securities on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities; and 

(b) no Event of Default with respect to the Securities of that series has occurred and is continuing on the date of such deposit and no
Event of Default under Section 5.1(e), Section 5.1(f) or Section 5.1(h) is in occurrence and continues on a date which is six months after the date of such deposit; and 

(c) the Issuer or the Guarantor has delivered to the Trustee an Opinion of Counsel of recognized standing with respect to U.S. federal
income tax matters to the effect that Holders of the Securities of that series will not recognize income, gain or loss for United States federal income tax purposes as a result of such deposit, Defeasance and discharge and will be subject to United
States 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; and: 

(d) such Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming
all Securities of that series are in default within the meaning of the Trust Indenture Act); and 
 (e) such Defeasance shall
not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act; and 
 (f) if the Securities of that series are then listed on any securities exchange, the Issuer or the Guarantor has delivered to the Trustee an Opinion of Counsel to the effect that such deposit, Defeasance
and discharge will not cause such Securities of that series to be delisted from such exchange; and 
 (g) the Issuer or the
Guarantor has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the Defeasance and discharge of the entire indebtedness on all Outstanding Securities
of that series as contemplated by this Section have been complied with; 
 provided, however, that a Defeasance described
in this Section 4.3 shall not impair or affect (1) the rights of Holders of Securities of that series to receive, from the trust funds 

  
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described in paragraph (a) above, payment of the principal of (and premium, if any) and any installment of principal of (and premium, if any), interest on or Additional Amounts, if any, on
such Securities on the Stated Maturity of such principal or installment of principal of (and premium, if any) or interest, or any mandatory sinking fund payments or analogous payments applicable to the Securities of that series on the day on which
such payments are due and payable in accordance with the terms of this Indenture and of such Securities, (2) the Issuer’s and the Guarantor’s obligations with respect to such Securities and Guarantees, respectively, under Sections
2.4, 2.5, 2.6, 2.7, 10.2 and 10.3, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (4) the provisions of Section 4.2 and this Section 4.3. 

SECTION 4.4. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article 4 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 Issuer or the
Guarantor, as the case may be, under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 4 until such time as the Trustee or such Paying Agent is permitted to apply all such
money or U.S. Government Obligations in accordance with this Article 4; provided, however, that, if the Issuer or the Guarantor, as the case may be, has made any payment of principal of or interest on any Securities because of the reinstatement of
its obligations, the Issuer or the Guarantor, as the case may be, shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or such Paying Agent.

 ARTICLE 5 
 REMEDIES 
 SECTION 5.1. Events of Default. “Event of
Default”, wherever used herein with respect to Securities of any series of the Issuer, means any one of the following events which occurs and is continuing: 
 (a) the Issuer fails to pay, and the Guarantor fails to honor the Guarantee with respect to payments of, principal of, interest due on or any Additional Amounts in respect of the Securities of that series
for a period of 21 days from the Stated Maturity of such principal or interest payment; 
 (b) the Issuer fails to perform any
other obligation arising from the Securities of that series or the Guarantor fails to perform any other obligation arising under the Guarantee of the Securities of such series and in each case, such failure continues for more than 60 days (90 days
if the failure to perform relates to an obligation of the Issuer or the Guarantor arising under Article 8 hereof) after there has been given, by the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of
such series, a written notice to the Issuer specifying such failure and requiring it to be remedied, and stating that such notice is a “Notice of Default” hereunder; 
 (c) the Issuer or the Guarantor fails (taking into account any applicable grace periods) to fulfill any payment obligation in excess of €100,000,000 or its equivalent in any other

  
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currency under any Relevant Indebtedness or under any guarantees or suretyships provided for under any Relevant Indebtedness of others, and this failure remains uncured for 30 days; 

(d) the holders of any other Relevant Indebtedness of the Issuer or the Guarantor accelerate any payment obligation in excess of
€100,000,000 or its equivalent in any other currency as a result of the Issuer or the Guarantor entering into a transaction described and in accordance with the conditions set forth under Article 8 hereof, which transaction constitutes an event
of default in respect of such other Relevant Indebtedness; 
 (e) the Issuer or the Guarantor announces its inability to meet
its financial obligations; 
 (f) a court, at the request of any creditor, commences insolvency proceedings (concurso)
against the Issuer or the Guarantor and any such proceeding is not discharged or dismissed within 60 days; 
 (g) the Issuer or
the Guarantor goes into liquidation unless it is done as a result of the Issuer or the Guarantor entering into a transaction described and in accordance with the conditions set forth under Article 8 hereof; 

(h) the Issuer or the Guarantor makes a filing seeking relief under any applicable bankruptcy or insolvency (concurso) laws; or

 (i) the Guarantee ceases to be valid or legally binding for any reason. 

SECTION 5.2. Acceleration of Maturity; Rescission and Annulment. 

(a) If any Event of Default shall occur in relation to the Securities of a series (taking into account any applicable grace period), the
Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of such series may, by written notice to the Issuer, at the Corporate Trust Office (and to the Trustee if given by the Holders), declare that the
Securities of such series, including principal, any premium thereon and all interest then accrued and unpaid on the Securities of such series, as the case may be, shall be immediately due and payable, whereupon the same shall, to the extent
permitted by applicable law, become immediately due and payable, at their principal amount together with all interest, if any, accrued and unpaid thereon and premium, if any, payable in respect thereof without presentment, demand, protest or other
notice of any kind, all of which the Issuer or the Guarantor, as the case may be, will expressly waive, unless, prior thereto, all Events of Default in respect of such Securities of such series shall have been cured. 

(b) Such declarations of acceleration may be rescinded and past defaults may be waived, except defaults in payment of principal of,
interest on or premium, if any, by Holders of a majority of the outstanding principal amount on the Securities of such series pursuant to the procedures and under the conditions described in Section 9.2 of this Indenture; provided,
however, that the amounts due to the Trustee under Section 6.7 hereof have been paid. 
 SECTION 5.3. Collection of
Indebtedness and Suits for Enforcement by Trustee. 

  
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 (a) The Issuer covenants that if default is made in the payment of any principal of,
interest or Additional Amounts on, any Security of any series and such default continues for a period of 21 days, the Issuer will upon demand of the Trustee, pay to it, for the benefit of the Holders of the Securities of such series, the whole
amount then due and payable on all Securities of such series for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue
interest, at the rate or rates prescribed therefor in each Security Certificate representing the Securities of such series, 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 counsel, and all amounts due the Trustee under Section 6.7. 
 (b) If an Event of Default with respect to 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 5.4. Trustee May File Proof of
Claim. 
 (a) In case of any judicial proceeding relative to the Issuer, the Guarantor or any other obligor upon the
Securities of a series or the property of the Issuer, the Guarantor or of such other creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust
Indenture Act in order to have claims of the Holders of Securities of such series and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized 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 of the Securities of
such series to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders of Securities of such series, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 6.7. 
 (b) No provision of this Indenture shall be deemed to authorize the Trustee to authorize, consent to or accept or adopt on behalf of any Holder of the Securities of a series, any plan of reorganization,
arrangement, adjustment or composition affecting such Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any such Holder in any such proceeding; provided, however, that, to the extent
permitted under the applicable law, the Trustee may, on behalf of such Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

  
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 SECTION 5.5. 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 Security Certificates representing any of the Securities of a series or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of Securities in respect of which such judgment has been recovered. 

SECTION 5.6. Application of Money Collected. Any money collected by the Trustee pursuant to this Article shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of each Securities Certificate representing the applicable Securities and
the notation thereon of the payment if the Securities represented thereby are only partially paid and upon surrender thereof if fully paid: 
 First: To the payment of all amounts due the Trustee under Section 6.7; 
 Second: To the payment of the amounts then due and unpaid for principal of, and any premium and interest on, and any Additional Amount 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 any premium, interest and Additional Amount, respectively (subject to
Section 2.8); and 
 Third: To the payment of the balance, if any, to the Issuer. 

SECTION 5.7. 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, the applicable Guarantee, the Securities of such series or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(a) the Holder initiating the proceeding shall have given the Trustee written notice that an Event of Default has occurred and remains
uncured with respect to the Securities of such series; 
 (b) the Holders of not less than 25% in principal amount of the
Outstanding Securities of such series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c) such Holder or Holders have offered to the Trustee reasonable indemnity satisfactory to it 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; 
 (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; 

  
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 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 of such Holders. 
 SECTION 5.8. Unconditional Right of Holders to Receive Principal, Premium, Interest and Additional Amounts. Notwithstanding any other provision in this Indenture, the Holder of any Security of any
series shall have the right, which is absolute and unconditional, to receive payment of the principal of, any premium on, interest on and any Additional Amounts on such Security on the respective Stated Maturity or Maturities expressed in each
Security Certificate representing such Securities (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 5.9. 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 Issuer, the Guarantor, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no
such proceeding had been instituted. 
 SECTION 5.10. Rights and Remedies Cumulative. Except as otherwise provided with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Security Certificates in Section 2.7(f), no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities of any series is intended
to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

SECTION 5.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of Securities of any series 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 such Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by such Holders, as the case may be. 
 SECTION 5.12. Control by Holders. The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct 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 this Indenture; 

  
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 (b) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction; and 
 (c) the Trustee need not follow any such direction if doing so would in its reasonable
discretion either involve it in personal liability or be unduly prejudicial to Holders not joining in such direction; 

provided, further, that the Trustee shall have no obligation to make any determination with respect to any such conflict, personal
liability or undue prejudice. 
 SECTION 5.13. Waiver of Past Defaults. 

(a) 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 of Securities of the Issuer and its consequences, except a default: 
 (i) in the payment of the principal of, or any premium or interest on or Additional Amounts on, any Security of such series; or 
 (ii) in respect of a covenant or provision hereof which under Article 9 cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected; 

provided, however, that all amounts due to the Trustee under Section 6.7 hereof have been paid. 

(b) Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 SECTION 5.14. Undertaking for Costs. 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, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess reasonable costs (including legal fees and expenses) against any such party litigant, in the manner and to the
extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the
Issuer or the Guarantor, 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 of the Issuer, or to
any suit instituted by any Holder for the enforcement of the payment of the principal of, or any premium or interest on, or Additional Amounts on any Security of such series on or after the Stated Maturity or Maturities expressed in the Security
Certificate representing such Security (or, in the case of redemption, on or after the Redemption Date). 
 SECTION 5.15.
Waiver of Stay or Extension Laws. Each of the Issuer and the Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any usury, stay or 

  
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extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture and each of the Issuer and the Guarantor (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted. 
 ARTICLE 6 

THE TRUSTEE 
 SECTION 6.1. Certain Duties and Responsibilities. 
 (a) Except during the
continuance of an Event of Default: 
 (i) The Trustee undertakes to perform, such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or obligations shall be read against the Trustee in this Indenture; and 
 (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 certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a
duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(b) In the case of an Event of Default which has occurred and is continuing with respect to Securities of any series, the Trustee shall,
with respect to the Securities of such series, exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in
the conduct of such person’s own affairs. 
 (c) No provision of this Indenture shall be construed to relieve the Trustee
from its liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(i) this paragraph (c) shall not be construed to limit the effect of paragraph (a) 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 shall be proved
that the Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the Trustee shall not be liable with respect to
any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with respect to Securities of such series; and 

  
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 (iv) no provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights and powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. 
 (d) Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 

SECTION 6.2. Notice of Defaults. If a default occurs hereunder with respect to Securities of any series, the Trustee shall give
the Holders of Securities of such series notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in Section 5.1(b) with respect to
such Securities, no such notice to such Holders shall be given until the applicable grace period has expired. For the purpose of this Section, the term “Default” means, with respect to the Securities of any series, any event which
is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series; provided, however, that except in the case of a default in the payment of principal of, premium, if any, interest or
Additional Amounts, if any on any Security of such series, the Trustee shall be protected in withholding such notice if, and so long as, a trust committee of Responsible Officers of the Trustee in good faith determines that the withholding of such
notice is in the interest of the Holders. 
 SECTION 6.3. Certain Rights of Trustee. 

Subject to the provisions of Section 6.1: 
 (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or parties, whether
such paper or document be delivered in original or by facsimile; 
 (b) any request or direction of the Issuer or the Guarantor
mentioned herein shall be sufficiently evidenced by an Order and any resolution of the Board of Directors of the Issuer or the Guarantor may be sufficiently evidenced by a Board Resolution; 

(c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 

(d) the Trustee may consult with counsel of its selection and the advice of counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

  
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 (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested
in it by this Indenture at the request or direction of any of the Holders of Securities of a series pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the
costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
 (f) the Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall
be entitled to examine the books, records and premises of the Issuer or the Guarantor with reasonable prior notice, personally or by agent or attorney at the reasonable expense of the Issuer or the Guarantor and shall incur no liability of any kind
by reason of such inquiry or investigation, provided that the Trustee shall not be entitled to such information which the Issuer or the Guarantor is prevented from disclosing as a matter of law or contract; 

(g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
 (h) the Trustee shall not be liable for any action taken or omitted by it in good faith and believed by it to be within the discretion, rights or powers conferred upon it by this Indenture; 

(i) the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has
received written notice of any event which is in fact such a default at the Corporate Trust Office of the Trustee, and such notice references the applicable series of Securities and this Indenture; 

(j) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder; 

(k) the permissive rights of the Trustee enumerated herein shall not be construed as duties of the Trustee; 

(l) under no circumstances will any party to this Indenture be liable to any other party to this Indenture for any special, indirect,
punitive or consequential loss or damage (including, but not limited to, the loss of business, goodwill, opportunity or profit) whether or not foreseeable and even if advised of the possibility of such loss or damage and regardless of whether the
claim for loss or damage is made in negligence, for breach of contract, breach of trust, breach of fiduciary obligation or otherwise; and 
 (m) the parties hereto shall not be responsible or liable to one another for any failure or delay in the performance of its obligations under this Indenture arising out of or

  
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caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances;
sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; it being understood that
the parties hereto shall use their best efforts to resume performance as soon as practicable under the circumstances. 
 SECTION
6.4. Not Responsible for Recitals or Issuance of Securities. The recitals contained herein and in any Security Certificate, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer or the
Guarantor, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities of any series. Neither
the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Issuer of Securities of any series or the proceeds thereof. 
 SECTION 6.5. May Hold Securities. The Trustee, any Authenticating Agent, any Paying Agent, any Registrar or any other agent of the Issuer or the Guarantor, in its individual or any other capacity,
may become the owner or pledgee of Securities of any series and, subject to Sections 6.8 and 6.13, may otherwise deal with the Issuer and the Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent,
Registrar or such other agent. 
 SECTION 6.6. Money Held in Trust. Money held by the Trustee in trust hereunder need not
be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on or investment of any money received by it hereunder except as otherwise agreed with and for the exclusive benefit of the
Issuer or the Guarantor, as the case may be. 
 SECTION 6.7. Compensation and Reimbursement. 

(a) Each of the Issuer and the Guarantor jointly and severally agrees: 

(i) to pay to the Trustee from time to time such compensation as shall be agreed upon in writing from time to time for all services
rendered by it hereunder; 
 (ii) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for
all expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except to the extent
that any such expense, disbursement or advance shall have been caused by its negligence or willful misconduct; and 
 (iii) to
fully indemnify the Trustee and any predecessor Trustee and their agents for, and to hold it harmless against, any and all loss, liability, damages, claims or expense arising out of or in connection with the acceptance or administration of the trust
or trusts hereunder and the performance of its duties hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to
the extent that any such loss, liability or expense may be attributable to its negligence or willful misconduct. 

  
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 (b) The Trustee shall have a lien prior to the Holders of Securities of any series to
payment of amounts due it under this Section 6.7 from funds held by the Trustee hereunder. “Trustee” for purposes hereof includes any predecessor Trustee, but the negligence or bad faith of any Trustee shall not affect the
rights of any other Trustee hereunder. 
 (c) When the Trustee incurs expenses or renders services in connection with an Event
of Default, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable bankruptcy, insolvency or other similar law.

 (d) The provisions of this Section shall survive the resignation or removal of the Trustee or the termination of this
Indenture. 
 SECTION 6.8. Conflicting Interests. If the Trustee has or shall acquire a conflicting interest within the
meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. For this purpose the Trustee
shall not be deemed to have a conflicting interest by reason of being Trustee for the Securities of any series and Trustee for the Securities of any other series. 
 SECTION 6.9. Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder with respect to the Securities of each series which shall be a Person that is eligible pursuant
to the Trust Indenture Act to act as such and has a combined capital and surplus of at least U.S.$50,000,000 and its Corporate Trust Office in the Borough of Manhattan, The City of New York, New York. If such Person publishes reports of condition at
least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be
deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of
this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 SECTION
6.10. Resignation and Removal; Appointment of Successor. 
 (a) No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 

(b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the
Issuer. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition at the
reasonable expense of the Issuer or the Guarantor any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

  
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 (c) The Trustee may be removed at any time with respect to the Securities of any series by
Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Issuer and the Guarantor. If the instrument of acceptance by a successor Trustee required by Section 6.11
shall not have been delivered to the Trustee within 30 days after its removal, the removed Trustee may petition at the reasonable expense of the Issuer or the Guarantor any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series. 
 (d) If at any time: 

(i) the Trustee shall fail to comply with Section 6.8 with respect to the Securities of any series after written request therefor
by the Issuer or the Guarantor or by any Holder who has been a bona fide Holder of a Security of such series for at least six months; 
 (ii) the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Issuer or the Guarantor or by any Holder of a Security of any series; or

 (iii) the Trustee with respect to the Securities of any series shall become incapable of acting or shall be adjudged
bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

 then, in any such case, (1) the Issuer by a Board Resolution may remove the Trustee with respect to the applicable or
(if required) all, series of Securities, or (2) subject to Section 5.14, any Holder who has been a bona fide Holder of the applicable series of Securities for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee or Trustees with respect to such series of Securities. 

(e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, with respect to the Securities of one or more series, the Issuer, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or more or all of such series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or
the occurrence of such vacancy, a successor Trustee with respect to the Securities of the applicable series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the
Issuer and the Guarantor and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with
respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Issuer. If no successor Trustee with respect to the Securities of the applicable series shall have

  
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been so appointed by the Issuer or the Holders of Securities of such series and accepted appointment in the manner required by Section 6.11, any Holder who has been a bona fide Holder
of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 (f) The Issuer shall give notice of each resignation and each removal of the Trustee with respect to the Securities of the
applicable series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.6. Each notice shall include the name of the successor
Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
 SECTION 6.11.
Acceptance of Appointment by Successor. 
 (a) In case of the appointment hereunder of a successor Trustee with respect
to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to each of the Issuer, the Guarantor and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee, but, upon the request of the Issuer,
the Guarantor or the successor Trustee, such retiring Trustee shall, upon payment of its charges upon the terms of this Indenture, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 
 (b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series of the Issuer, the Issuer, the Guarantor, the retiring Trustee and each
successor Trustee with respect to the Securities of one or more series of the Issuer shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (i) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such
Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of
such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or

  
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conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates; but, on request of the Issuer and the Guarantor or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 

(c) Upon request of any such successor Trustee, the Issuer and the Guarantor shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraphs (a) and (b) of this Section, as the case may be. 

(d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under this Article. 
 SECTION 6.12. Merger, Conversion, Consolidation or Succession to Business. Any Person
into which the Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all
the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder; provided such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act
on the part of any of the parties hereto. In case any Security Certificate representing any Securities of a series shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Security Certificate so authenticated with the same effect as if such successor Trustee had itself authenticated such Security Certificate. 

SECTION 6.13. Preferential Collection of Claims Against Issuer or Guarantor. The Trustee shall comply with the Trust Indenture
Act, Section 311(a), excluding any creditor relationship listed in the Trust Indenture Act, Section 311(b). A Trustee who has resigned or been removed shall be subject to the Trust Indenture Act, Section 311(a) to the extent indicated
therein. 
 SECTION 6.14. Appointment of Authenticating Agent. 

(a) The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized
to act on behalf of the Trustee to authenticate each Security Certificate representing Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 2.7,
and each Securities represented by a Security Certificate so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if such Security Certificate was authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Security Certificates by the Trustee or the Trustee’s certificate of authentication such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating 

  
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Agent shall be acceptable to the Issuer and shall at all times be a Person organized and doing business under the laws of the United States of America, any State thereof or the District of
Columbia, authorized under such laws to act as Authenticating Agents, having a combined capital and surplus of not less than U.S.$50,000,000 and subject to supervision or examination by federal or state authority. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes, of this Section, the combined capital and surplus of such Authenticating Agent shall be
deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating
Agent shall resign immediately in the manner and with the effect specified in this Section. 
 (b) Any Person into which an
Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent; provided such corporation shall be otherwise eligible under this Section, without, the execution or filing of any paper or any
further act on the part of the Trustee or the Authenticating Agent. 
 (c) An Authenticating Agent may resign at any time by
giving written notice thereof to the Trustee and to the Issuer. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Issuer. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be
acceptable to the Issuer and shall give notice of such appointment in the manner provided in Section 1.6 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent
upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section. 
 (d) If an appointment with respect to one or more series of
Securities is made pursuant to this Section, each Security Certificate representing the Securities of each such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of
authentication in the following form: 
 This is one of the Security Certificate representing the Securities of the series
designated therein referred to in the within-mentioned Indenture. 
  

							
	Dated:	 		 	The Bank of New York Mellon, As Trustee manually
				
		 		 	By: 	 	 
		 		 		 	As Authenticating Agent

  
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 If all of the Securities of a series may not be originally issued at one time, and if the
Trustee does not have an office capable of authenticating each applicable Security Certificate upon original issuance located in a Place of Payment where the Issuer wishes to have each Security Certificate representing the Securities of such series
authenticated upon original issuance, the Trustee, if so requested by the Issuer in writing (which writing need not comply with Section 1.2 and need not be accompanied by an Opinion of Counsel), shall appoint in accordance with this Section an
Authenticating Agent having an office in a Place of Payment designated by such Issuer with respect of such series of Securities. The Issuer agrees to pay each Authenticating Agent from time to time reasonable compensation for its services and
reimbursement for its reasonable expenses relating thereto. 
 SECTION 6.15. Trustee’s Application for Instructions from
the Issuer. Any application by the Trustee for written instructions from the Issuer or the Guarantor may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the
date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after
the date specified in such application (which date shall not be less than three Business Days after the date any officer of the Issuer or the Guarantor actually receives such application, unless any such officer shall have consented in writing to
any earlier date) unless prior to taking any such action (or the effective date in the case of an Omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted.

 SECTION 6.16. Appointment of Co-Trustee. 
 (a) For the purpose of meeting any legal requirement of any jurisdiction in which the Issuer may at the time be located in connection with the enforcement of any right or the taking of any action on
behalf of the Holders of any Securities of a series issued hereunder, the Trustee shall have the power and may execute and deliver all instruments necessary to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, hereunder in respect of such series of Securities and to vest in such Person or Persons, in such capacity and for the benefit of the Holders of Securities of such series, such title hereunder, or any part hereof, and subject to
the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable. Each co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 6.9. The Trustee shall promptly notify the Holders of each applicable series of Securities and the Issuer of the appointment of a co-trustee or separate trustee under this Section. 

(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions
and conditions: 

  
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 (i) all rights, powers, duties and obligations conferred or imposed upon the Trustee shall
be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Trustee joining in
such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties
and obligations shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Trustee; 
 (ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and 
 (iii) the Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every
instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article 6. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the
conduct of, affecting the liability of, or affording protection or rights (including the rights to compensation, reimbursement and indemnification hereunder) to, the Trustee. Every such instrument shall be filed with the Trustee. 

(d) Any separate trustee or co-trustee may at any time constitute the Trustee its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name for the purpose of enforcing any rights or taking any other action on behalf of the Holders of any series of
Securities issued hereunder. 
 ARTICLE 7 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE, ISSUER AND GUARANTOR

 SECTION 7.1. Issuer and Guarantor to Furnish Trustee Names and Addresses of Holders. Each of the Issuer and the
Guarantor will furnish or cause to be furnished to the Trustee: 
 (a) semi-annually, not later than 15 days after each Regular
Record Date in each year, a list, in such form as the Trustee may reasonably require, containing all the information in the possession or control of the Issuer or the Guarantor, or any of the Issuer’s Paying Agents other than the Trustee, as to
the names and addresses of the Holders of Securities of each series as of such Regular Record Date; and 

  
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 (b) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Issuer or the Guarantor of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 excluding from any such list names and addresses received by the Trustee in its capacity as Registrar for the Securities of such series. 

SECTION 7.2. Preservation of Information; Communications to Holders.  

(a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of Securities of
each series contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders of Securities of each series received by the Trustee in its capacity as Registrar for the Securities of
such series. The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished. 
 (b) The rights of the Holders of the Securities of such series to communicate with other Holders of the Securities of such series with respect to their rights under this Indenture or under the Securities
of such series, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 

(c) Every Holder of Securities, by receiving and holding the same, agrees with the Issuer, the Guarantor and the Trustee that none of the
Issuer, the Guarantor nor the Trustee nor any agent of any of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 

SECTION 7.3. Reports by Trustee. 
 (a) Within 60 days after May 15 of each year commencing with the first May 15 following the first issuance of Securities pursuant to Section 2.1, the Trustee shall transmit to Holders such
reports, if any, dated as of such May 15, concerning the Trustee and its actions under this Indenture as may be required pursuant to Section 313(a) of the Trust Indenture Act in the manner provided pursuant to Section 313(c) thereof;
the Trustee shall also transmit to Holders such reports, if any, as may be required pursuant to Section 313(b) of the Trust Indenture Act at the times and in the manner provided pursuant thereto and to Section 313(c) thereof. A copy of
each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Issuer. The Issuer will notify the Trustee reasonably
promptly when the Securities of any series are listed on any stock exchange or delisted therefrom. 
 SECTION 7.4. Reports by
Issuer and Guarantor. 
 (a) Each of the Issuer and the Guarantor shall file with the Trustee and the Commission, and
transmit to Holders, such information, documents and other reports, including financial information and statements and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to
such Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is filed with
the Commission. 

  
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 (b) Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 SECTION 7.5.
Calculation of Original Issue Discount. The Issuer shall file with the Trustee promptly at 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 Code and the Treasury regulations promulgated thereunder.

 ARTICLE 8 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE; 

ASSUMPTION 
 SECTION 8.1. Merger, Consolidation, Etc., Only on Certain Terms. Neither the Issuer nor the Guarantor shall consolidate with or merge (which term shall include for the avoidance of doubt a scheme
of arrangement) into any other Person or convey, transfer or lease all or substantially all of its assets to any Person, and neither the Issuer nor the Guarantor shall permit any Person to consolidate with or merge into the Issuer or the Guarantor,
convey, transfer or lease all or substantially all of its assets to the Issuer or the Guarantor, unless: 
 (a) in the case the
Issuer or the Guarantor shall consolidate with or merge into another Person or convey, transfer or lease all or substantially all of its assets to any Person, the Person formed by such consolidation or into which the Issuer or the Guarantor is
merged or the Person which acquires by conveyance or transfer, or which leases, all or substantially all of the assets of the Issuer or the Guarantor shall be a corporation, partnership or trust, shall be organized and validly existing, under the
laws of the Kingdom of Spain or a member of the European Union or an Organization for Economic Cooperation and Development (“OECD”) country and shall expressly assume, by a supplemental indenture that complies with the Trust
Indenture Act executed and delivered to the Trustee in form and substance reasonably satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest (including all Additional Amounts and any additional sums
payable pursuant to (b) below) (i) in the case of the Issuer, on all the Securities of each series and (ii) in the case of the Guarantor, under the Guarantees, and the performance or observance of every covenant of this Indenture
relating thereto on the part of the Issuer to be performed or observed and, in the case of the Guarantor, the due and punctual payment of the principal of and any premium and interest (including all Additional Amounts and any additional sums payable
pursuant to paragraph (b) below) on all the Securities of each series and the performance or observance of every covenant of this Indenture and the Guarantees relating thereto on the part of the Guarantor to be performed or observed;

  
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 (b) if the Person formed by such consolidation or into which the Issuer or the Guarantor is
merged or to whom the Issuer or the Guarantor has conveyed, transferred or leased its properties or assets is a Person organized and validly existing under the laws of a jurisdiction other than the Kingdom of Spain such Person agrees to indemnify
the Holder of each Security of each series against (i) any tax, assessment or governmental charge imposed on any such Holder or required to be withheld or deducted from any payment to such Holder as a consequence of such consolidation, merger,
conveyance, transfer or lease; and (ii) any costs or expenses of the act of such consolidation, merger, conveyance, transfer or lease; 
 (c) immediately prior to the consummation of such transaction, no Event of Default with respect to a series of Securities shall have occurred; 

(d) the consummation of such transaction must not cause an Event of Default under the Securities of any series or the Guarantees which
the Issuer or the Guarantor, as the case may be, does not reasonably believe can be cured within 90 days from the date of such transaction; and 
 (e) the Issuer or the Guarantor has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a
supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

SECTION 8.2. Successor Substituted. Upon any consolidation of the Issuer or the Guarantor with, or merger of the Issuer or the
Guarantor into, any other Person or any conveyance, transfer or lease all or substantially all of the assets of the Issuer or the Guarantor in accordance with Section 8.1, the successor Person formed by such consolidation or into which the
Issuer or the Guarantor is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer or the Guarantor, as the case may be, under this Indenture with
the same effect as if such successor Person had been named as the Issuer or the Guarantor herein, as the case may be, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this
Indenture and the Securities of each series or Guarantees, as the case may be. 
 SECTION 8.3. Assumption by Guarantor or
Subsidiary of Issuer’s Obligations. 
 (a) The Guarantor or any Subsidiary of the Guarantor may assume the obligations
of the Issuer (or any Person which shall have previously assumed the obligations of the Issuer) for the due and punctual payment of the principal of (and premium, if any), interest on and any other payments with respect to the Securities of each
series, and for the performance of every covenant of this Indenture and the Securities of each series on the part of the Issuer to be performed or observed, provided that; 

(i) the Guarantor or such Subsidiary, as the case may be, shall expressly assume such obligations by an indenture supplemental hereto,
in form reasonably satisfactory to the Trustee, executed and delivered to the Trustee and if such Subsidiary assumes such obligations, the Guarantor shall, by such supplemental 

  
 51 

 
indenture, confirm that each of its Guarantees shall apply to such Subsidiary’s obligations under the applicable series of Securities and this Indenture, as modified by such supplemental
indenture; 
 (ii) the Guarantor or such Subsidiary, as the case may be, shall agree in such supplemental indenture that the
provisions in Section 10.4 shall apply mutatis mutandis to any withholding or deduction for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which the Guarantor
or such Subsidiary (or any successor Person to the Guarantor of such Subsidiary) is organized, or any political subdivision or taxing authority thereof or therein; 
 (iii) immediately after giving effect to such transaction, no Event of Default with respect to a series of Securities shall have occurred and be continuing; and 

(iv) the Guarantor or such Subsidiary, as the case may be, shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that such assumption and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

(b) Upon any such assumption, the Guarantor or such Subsidiary shall succeed to, and be substituted for, and may exercise every right and
power of, the Issuer under this Indenture with the same effect as if the Guarantor or such Subsidiary had been named as an “Issuer” herein, and the Person named as an “Issuer” in the first paragraph of this
instrument or any successor Person which shall theretofore have become such in the manner prescribed in this Article shall be released from its liability as obligor upon the Securities of such series. 

ARTICLE 9 

SUPPLEMENTAL INDENTURES 
 SECTION 9.1. Supplemental Indentures Without Consent of Holders. Without the consent of the Holders of a series of Securities, the Issuer, the Guarantor and the Trustee, at any time and from time
to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, to: 
 (a) secure the
Securities of such series; 
 (b) evidence the succession of another person to the Issuer or the Guarantor and the assumption by
any such successor of the covenants and agreements of the Issuer or the Guarantor herein and in the Securities of such series; 

(c) evidence or provide for the acceptance of appointment hereunder by a successor trustee with respect to the Securities of such series;

 (d) change the terms of the Securities of such series to correct a manifest error (for the avoidance of doubt, no other
modification may be made to the terms of the Securities of such series); 

  
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 (e) change this Indenture in any manner which shall not affect the terms of the Securities
of such series or the interests of the Holders of such series of Securities; or 
 (f) to establish the form or terms of
Securities of any series as permitted by Section 2.1. 
 SECTION 9.2. Supplemental Indentures with Consent of
Holders. 
 (a) With the consent of the Holders of not less than a majority in principal amount of the Outstanding
Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Issuer, the Guarantor and the Trustee, the Issuer, when authorized by a Board Resolution or other appropriate corporate authorization, the
Guarantor, when authorized by a Board Resolution or other appropriate corporate authorization, and the Trustee may enter into one or more indentures supplemental hereto for the purpose of adding provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or waiving any past defaults with respect to the Securities of such series or this Indenture, or modifying the rights of the Holders of such series of Securities; provided, however, that no
such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby: 
 (i)
change the Stated Maturity of the principal or of any installment of the principal of or interest, if any, on any Security of such series; 
 (ii) reduce the principal amount of any Security of such series; 
 (iii) reduce
the rate or extend the time of payment of interest on any Security of such series; 
 (iv) reduce the amount payable on
redemption of any Security of such series; 
 (v) change the obligations of the Issuer or the Guarantor to pay Additional
Amounts on any Security of such series; 
 (vi) waive a default in the payment of principal of, or interest on, any Security of
such series; 
 (vii) change the currency in which the principal, premium, or interest on any Security of such series is
payable; 
 (viii) impair the right of any holder to take legal action to enforce the payment on the Securities of such series
or the Guarantees relating to such series when due; or 
 (ix) reduce the quorum requirements or the percentage of Securities
of such series the consent of whose Holders is required for modification of this Indenture. 
 (b) It shall not be necessary
under this Section 9.2 for Holders to approve the particular form of any proposed supplemental indenture. 
 (c) A
supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of 

  
 53 

 
one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to
affect the rights under this Indenture of the Holders of Securities of any other series. 
 SECTION 9.3. Execution of
Supplemental Indentures. 
 (a) The Trustee shall execute any supplemental indenture authorized pursuant to this
Section 9.3; provided that the Trustee may, but shall not be obligated to, execute any supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture. The Trustee shall be entitled to
receive, and shall be fully protected in relying upon, in addition to the documents set forth in Section 1.2, an opinion of counsel stating that the execution of any supplemental indenture authorized pursuant to this Section 9.3 is
authorized or permitted by this Indenture. 
 (b) Upon the execution of a supplemental indenture pursuant to this
Section 9.3, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and each holder of Securities of the series so amended or supplemented theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby. 
 SECTION 9.4. Effect of Supplemental
Indentures. Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of
Securities of each applicable series represented by a Security Certificate theretofore or thereafter authenticated and delivered hereunder shall be bound thereby, except as otherwise expressed therein. 

SECTION 9.5. Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to
the requirements of the Trust Indenture Act as in effect at the time of the execution thereof. 
 SECTION 9.6. Reference in
Security Certificates to Supplemental Indentures. Each Security Certificate representing the Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if
required, by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer and the Guarantor shall so determine, one or more new Security Certificates representing Securities
of any series so modified as to conform, in the opinion of the Trustee and the Issuer and the Guarantor, to any such supplemental indenture may be prepared and executed by the Issuer, the Guarantees of the Guarantor may be endorsed thereon and each
such Security Certificate may be authenticated and delivered by the Trustee in exchange for each Security Certificate then representing the Outstanding Securities of such series. 

ARTICLE 10 

COVENANTS 
 SECTION 10.1. Payment of Principal, Premium, Interest and Additional Amounts. The Issuer covenants and agrees for the benefit of each series of Securities that it will duly and 

  
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punctually pay the principal of, and any premium, interest and Additional Amounts on, the Securities of that series in accordance with the terms of the Securities of that series and this
Indenture. 
 SECTION 10.2. Maintenance of Office or Agency. 

(a) The Issuer or the Guarantor will maintain in each Place of Payment for any series of Securities an office or agency where such
Security Certificate representing the Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the
Issuer in respect of the Securities of that series and this Indenture may be served. 
 (b) Each of the Issuer and the Guarantor
will give prompt written notice to the Trustee of the location, and any change in the location, of any such office or agency. If at any time the Issuer or the Guarantor shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee and the Issuer and the Guarantor hereby appoint the same as its agent to receive all
such presentations, surrenders, notices and demands. 
 (c) The Issuer may also from time to time designate one or more other
offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall
in any manner relieve the Issuer of its obligation to maintain an office or agency in place of payment for Securities of any series for such purposes. The Issuer will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency upon receiving notice of any such change. 
 SECTION 10.3.
Money for Securities Payments to Be Held in Trust. 
 (a) If the Issuer or the Guarantor shall at any time act as its own
Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of, or any premium or interest on, any of the Securities of that series, segregate and hold in trust, in a jurisdiction other than the
Kingdom of Spain, for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its action or failure so to act. 
 (b) The Issuer shall have one or more Paying Agents for any
series of Securities. The Issuer or the Guarantor, as the case may be, will, on or prior to each due date of the principal of, or any premium or interest or Additional Amounts on, any Securities of that series, deposit with a Paying Agent a sum
sufficient to pay such amount for the benefit of the Persons entitled thereto, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Issuer or the Guarantor, as the case may be, will promptly
notify the Trustee of its action or failure so to act. Upon the deposit with the Paying Agent for any series of Securities of a sum sufficient to pay the principal of, or any premium or interest or Additional Amounts on, any Securities of that

  
 55 

 
series, the Issuer or the Guarantor, as the case may be, will have fully complied with its payment obligations under this Section 10.3(b) with respect to any such amount. 

(c) The Issuer will cause each Paying Agent (unless such Paying Agent is the Trustee) for any series of Securities to execute and deliver
to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (i) comply with the provisions of the Trust Indenture Act applicable to it as a Paying
Agent and (ii) during the continuance of any default by the Issuer (or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series, and upon the written request of the Trustee,
forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series. 
 (d) The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Order direct any Paying Agent to pay, to the Trustee all
sums held in trust by the Issuer or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Issuer or such Paying Agent, and, upon such payment by any Paying Agent to the Trustee,
such Paying Agent shall be released from all further liability with respect to such money. 
 (e) Any money deposited, with the
Trustee or any Paying Agent, or then held by the Issuer or the Guarantor, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or
interest has become due and payable shall be paid to the Issuer automatically, or (if then held by the Issuer or the Guarantor) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an general creditor, look only
to the Issuer or the Guarantor for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer or the Guarantor as trustee thereof, shall thereupon cease. Unless otherwise
provided by applicable law, the right to receive payment of principal of any Security (whether at Maturity or otherwise) or interest there will become void at the end of three years after the due date thereof. 

SECTION 10.4. Additional Amounts. 
 (a) All amounts payable (whether in respect of principal, redemption amount, interest or otherwise) in respect of the Securities of a series and the related Guarantee by the Issuer or the Guarantor will
be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the Kingdom of Spain or any
political subdivision thereof or any authority or agency therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law. In the event that such withholding or
deduction is required by law, unless otherwise specified in any Board Resolution or other appropriate corporate authorization of the Issuer or the Guarantor establishing the terms of Securities of a series or the Guarantees relating thereto in
accordance with Section 2.1, the Issuer or the Guarantor shall pay such Additional 

  
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Amounts as will result in receipt by the Holders of such series of Securities of such amounts as would have been received by them had no such withholding or deduction been required; provided,
however, that the Issuer and the Guarantor will not be required to pay any Additional Amounts in respect of any Security of a series: 
 (i) where the Holder (or the Beneficial Owner for whose benefit it holds such Security) is liable for such taxes, duties, assessments or governmental charges in respect of such Security by reason of it
(or the Beneficial Owner for whose benefit it holds such Security) having some connection with the Kingdom of Spain other than the mere holding of such Security (or such beneficial interest); 

(ii) where the Issuer or the Guarantor have not received such information as may be necessary to allow payments on such Security to be
made free and clear of Spanish withholding tax or deduction on account of Spanish taxes, including a duly executed and completed payment statement from the Paying Agent, pursuant to Law 13/1985 of May 25 (as amended), Royal Decree 1065/2007 of
July 27 (as amended by Royal Decree 1145/2011 of July 29), and any implementing legislation or regulation; (iii) presented for payment (where presentation is required) more than 30 days after the Relevant Date (as defined below),
except to the extent that the relevant Holder would have been entitled to such Additional Amounts on presenting the same for payment on the expiry of such period of 30 days; 
 (iv) where the withholding or deduction is imposed on a payment to or for the benefit of an individual and is required to be made pursuant to European Council Directive 2003/48/EC or any other Directive
implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 or any law implementing or complying with, or introduced in order to conform to, such Directives; 

(v) presented for payment (where presentation is required) by or on behalf of a Holder (or Beneficial Owner) who would have been able to
avoid such withholding or deduction by presenting the relevant Security to another paying agent in a Member State of the European Union; or 
 (vi) in the event that such Security is redeemed pursuant to Section 11.8(b) hereof. 
 provided further that Additional Amounts in respect of the Securities of a series will also not be paid with respect to any payment to a Holder of any Securities of such series who is a fiduciary, a
partnership, a limited liability company or other than the sole Beneficial Owner of that payment, to the extent that payment would be required by the laws of the Kingdom of Spain (or any political subdivision thereof or any authority or agency
therein or thereof having power to tax) to be included in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interest holder in that limited liability company or a Beneficial
Owner who would not have been entitled to the Additional Amounts had it been the Holder. 
 For the purposes of
Section 10.4(a)(iii) above, the “Relevant Date” means, in respect of any payment, the date on which such payment first becomes due and payable, but if the full amount 

  
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of the moneys payable has not been received by the Paying Agent on or prior to such due date, it means the first date on which the full amount of such moneys having been so received and being
available for payment to Holders, notice to that effect shall have been duly given to the Holders in accordance with this Indenture. 
 (b) The foregoing provisions shall apply mutatis mutandis to any withholding or deduction for or on account of any present or future taxes, assessments or governmental charges of whatever nature of
any jurisdiction in which any successor Person to the Issuer or the Guarantor, as the case may be, is organized, or any political subdivision or taxing authority thereof or therein, subject to exceptions equivalent to those set forth in
Section 10.4(a) above. 
 (c) Subject to the foregoing provisions, whenever in this Indenture there is mentioned, in any
context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention
of the payment of Additional Amounts provided for in this Section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section and express mention of the payment
of additional amounts (if applicable) in any provisions hereof shall not be construed as excluding additional amounts in those provisions hereof where such express mention is not made. 

SECTION 10.5. Statement by Officers as to Default. 
 (a) For so long as any Securities of any series are Outstanding, each of the Guarantor and the Issuer will deliver to the Trustee, within 120 days after the end of each fiscal year of the Guarantor ending
after the date hereof, an Officer’s Certificate, stating whether or not to the knowledge of the signer or signers thereof the Issuer or the Guarantor, as the case may be, is in compliance with all conditions and covenants under this Indenture
(without regard to any period of grace or requirement of notice provided hereunder) and, if the Issuer or the Guarantor shall not be in compliance specifying all instances of noncompliance and the nature and status thereof of which they may have
knowledge. 
 (b) Each of the Issuer and the Guarantor shall deliver to the Trustee, as soon as possible, and in any event
within ten days after the Issuer or the Guarantor becomes aware of the occurrence of any Event of Default, an Officers’ Certificate setting forth the details of such Event of Default or default and the action which the Issuer proposes to take
with respect thereto. 
 SECTION 10.6. Existence. Subject to Article 8, the Issuer and the Guarantor each will do or
cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises; provided, however, that neither the Issuer nor the Guarantor shall be required to preserve any
such right or franchise if its respective Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuer or the Guarantor, as the case may be, and that the loss thereof is not
disadvantageous in any material respect to the Holders of any series of Securities. 

  
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 SECTION 10.7. Limitation on Liens. So long as any of the Securities of a series
remains Outstanding, neither the Issuer nor the Guarantor will create or will have outstanding any Encumbrance upon the whole or any part of its present or future assets, in order to secure any Relevant Indebtedness issued or guaranteed by the
Issuer, the Guarantor or by any other Person unless such Securities of a series are equally and ratably secured therewith, for as long as such Relevant Indebtedness shall be so secured; provided, however, that the foregoing restriction shall
not apply to any Encumbrance securing Relevant Indebtedness issued or guaranteed by the Guarantor, the Issuer or any other Person if the Relevant Indebtedness so secured (a) was originally offered, distributed or sold primarily to the residents
of the Kingdom of Spain; (b) by its terms matures within one year of its date of issue, or (c) if such Encumbrance affects assets of an entity which, when such Encumbrance was created, was unrelated to the Guarantor or the Issuer and which
was subsequently acquired by the Guarantor or the Issuer; and provided, further, that nothing in this Section shall limit the ability of the Issuer or the Guarantor, as the case may be, to grant or permit to subsist Encumbrances over
any or all of their respective present or future assets to secure Relevant Indebtedness issued or guaranteed by the Issuer, the Guarantor or any other Person, to the extent that the aggregate principal amounts so secured do not exceed 5% of the
Consolidated Net Tangible Assets of the Guarantor, as reflected in the most recent balance sheet of the Guarantor (prepared in accordance with generally accepted accounting principles as in effect at the date of such computation and as applied by
the Guarantor) prior to the time such Relevant Indebtedness was issued or guaranteed. 
 SECTION 10.8. Covenant Defeasance of
Securities of Any Series. 
 (a) Except as otherwise provided as contemplated by Section 2.1 with respect to any series
of Securities, the Issuer and the Guarantor may by Board Resolution elect to be released from their respective obligations under any specified provisions of this Indenture applicable to any series of Securities Outstanding, and the provisions so
specified in such Board Resolution, as they relate to Outstanding Securities of such series, shall no longer be in effect (“Covenant Defeasance”), and the Trustee, at the expense of the Issuer, shall, upon the Order of the Issuer or
the Guarantor, execute proper instruments acknowledging the same, when: 
 (i) the Issuer or the Guarantor has deposited or
caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 6.9), irrevocably (irrespective of whether the conditions in subparagraphs (ii), (iii), (iv), (v), (vi), (vii) and (viii) below have
been satisfied, but subject to the provisions of Section 4.2 and Section 10.3(e)), as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of that series with
reference to this Section 10.8, in the case of a series of Securities denominated in United States dollars, United States money or U.S. Government Obligations, and in the case of a series of Securities denominated in a currency other than U.S.
dollars, funds in such currency, in each case in an amount which, through the payment of interest and principal in respect thereof in accordance with their terms, in an amount which will provide not later than the opening of business on the due date
of any payment referred to in clause (1), (2) or (3) of this subparagraph (i), in the case of a Series of Securities denominated in United States dollars, United States money or U.S. Government Obligations, and in the case of a series of
Securities denominated in a currency other than U.S. dollars, 

  
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funds in such currency, in an amount sufficient, in the opinion of an internationally recognized firm of independent public accountants expressed in a written certification thereof delivered to
the Trustee, to pay and discharge (1) the principal of (and premium, if any), (2) interest on and (3) Additional Amounts, if any, on such Outstanding Securities on the day on which such payments are due and payable in accordance with
the terms of this Indenture and of such Securities; and 
 (ii) such deposit does not result in a breach or violation of, or
constitute a default under, this Indenture or any other agreement or instrument to which the Issuer or the Guarantor is a party or by which either is bound; and 
 (iii) no Event of Default with respect to the Securities of that series has occurred and is continuing on the date of such deposit and no Event of Default under Section 5.1(e), Section 5.1(f) or
Section 5.1(h) is in occurrence and continues on a date which is six months after the date of such deposit; and 
 (iv)
the Issuer or the Guarantor has delivered to the Trustee an Opinion of Counsel of recognized standing with respect to U.S. federal income tax matters to the effect that the Holders of the Securities of that series will not recognize income, gain or
loss for United States federal income tax purposes as a result of such deposit and Covenant Defeasance and will be subject to United States 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 and Covenant Defeasance had not occurred; and 
 (v) such Covenant Defeasance shall not cause the Trustee
to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of the Trust Indenture Act); and 
 (vi) such Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act; and 

(vii) if the Securities of that series are then listed on any securities exchange, the Issuer or the Guarantor has delivered to the
Trustee an Opinion of Counsel of recognized standing to the effect that such deposit and Covenant Defeasance will not cause such Securities to be delisted from such exchange; and 

(viii) the Issuer or the Guarantor has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel of recognized
standing, each stating that all conditions precedent provided for relating to the Covenant Defeasance of the specified provisions of this Indenture as they relate to the Outstanding Securities of such series have been complied with as contemplated
by this Section. 
 (b) From and after the date when the foregoing conditions have been met, the Issuer or the Guarantor, as the
case may be, may omit to comply with, and shall have no liability in respect of, any term, covenant, condition or limitation set forth in any of the specified provisions of this Indenture with respect to which the Covenant Defeasance has taken place
as contemplated herein, but the remainder of this Indenture and the Securities of any other series will be unaffected thereby. 

  
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 ARTICLE 11 
 REDEMPTION OF SECURITIES 
 SECTION
11.1. Applicability of Article. Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 2.1 for
Securities of any series) in accordance with this Article. 
 SECTION 11.2. Election to Redeem: Notice to Trustee. The
election of the Issuer to redeem any Securities of any series shall be evidenced by a Board Resolution. In case of any redemption at the election of the Issuer of all or less than all the Securities of any series (including any such redemption
affecting only a single Security), the Issuer shall, at least 60 days prior to the Redemption Date fixed by the Issuer (unless a shorter notice shall be reasonably satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the
principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the
terms of such Securities or elsewhere in this Indenture, the Issuer shall furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction. 
 SECTION 11.3. Selection by Trustee of Securities to Be Redeemed. 
 (a) If
less than all the Securities of any series are to be redeemed (unless all of the Securities of such series and of a specified tenor are redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed
shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may
provide for the selection for redemption of a portion of the principal amount of Securities of such series, provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination which shall not be
less than the minimum authorized denomination for such Security. If less than all of the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be
redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with the preceding sentence, and the
Trustee shall promptly notify the Issuer in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amounts thereof to be redeemed. 

(b) The provisions of the preceding paragraph shall not apply with respect to any redemption affecting only a single Security of a
series, whether such Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of such Security shall be in an authorized denomination (which shall not be less than the
minimum authorized denomination) for such Security. 

  
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 (c) For all purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Securities of a series shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities of such series which has been or is to be
redeemed. 
 SECTION 11.4. Notice of Redemption. 

(a) Notice of redemption shall be given by first-class mail postage prepaid, mailed not less than 30 nor more than 60 days prior to the
Redemption Date to each Holder of Securities of the applicable series to be redeemed at his or her address appearing in the Register. All notices of redemption shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price; 

(iii) if less than all the Outstanding Securities of a series consisting of more than a single Security are to be redeemed, the
identification (and, in the case of partial redemption of any Securities, the principal amounts) of the particular Securities of that series to be redeemed and if less than all the Outstanding Securities of any series consisting of a single Security
are to be redeemed, the principal amount of the particular Securities of that series to be redeemed; 
 (iv) that on the
Redemption Date the Redemption Price, net of any withholding required by Spanish law and regulations, will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said
date; 
 (v) the place or places where each such Security is to be surrendered for payment of the Redemption Price; 

(vi) that the redemption is for a sinking fund, if such is the case; and 

(vii) the CUSIP and ISIN number or numbers, if any, with respect to such Securities. 

(b) Notice of redemption of a series of Securities to be redeemed at the election of the Issuer shall be given by the Issuer or, at the
Issuer’s request, by the Trustee in the name and at the expense of the Issuer and shall be irrevocable. 
 SECTION 11.5.
Deposit of Redemption Price. On or prior to any Redemption Date, the Issuer or the Guarantor, as the case may be, shall deposit with the Trustee or with a Paying Agent (or, if the Issuer or the Guarantor is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of all the Securities of the series which are to be redeemed on that date. Upon the deposit with the Trustee or with a Paying
Agent of a sum sufficient to pay the Redemption Price of all the Securities of the series which are to be redeemed on that date, the Issuer or the Guarantor, as the case may be, will have fully complied with its payment obligations under this
Section 11.5 with respect to any such amount. 

  
 62 

 SECTION 11.6. Securities Payable on Redemption Date. 

(a) Notice of redemption having been given as aforesaid, the Securities of any series so to be redeemed shall, on the Redemption Date,
become due and payable at the Redemption Price therein specified, and from and after such date (unless the Issuer shall default in the payment of the Redemption Price) such Securities shall cease to bear interest. Upon surrender of any such Security
for redemption in accordance with said notice, such Security shall be paid by the Issuer at the Redemption Price; provided, however, that unless otherwise specified as contemplated by Section 2.1, installments of interest on Securities of a
series whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Security, registered as such at the close of business on the relevant Record Dates according to their
terms and the provisions of Section 2.8. 
 (b) If any Security of any series called for redemption shall not be so paid
upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 SECTION 11.7. Securities Redeemed in Part. Any Security of a series which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Issuer or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Issuer shall execute, and the Trustee
shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal
to and in exchange for the unredeemed portion of principal of the Security so surrendered. 
 SECTION 11.8. Early Redemption
for Taxation Reasons. 
 (a) If, in relation to the Securities of a series, (i) as a result of any change in the laws
or regulations of the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, or in the interpretation or administration of any such laws or regulations which becomes effective on or
after the date of issuance of the Securities of such series, (x) the Issuer or the Guarantor, as the case may be, is or would be required to pay any Additional Amounts (y) the Guarantor is or would be required to deduct or withhold tax on
any payment to the Issuer to enable the Issuer to make any payment of principal, premium, if any, or interest on the Securities of such series, provided that such payment cannot with reasonable effort by the Guarantor be structured to avoid such
deduction or withholding and (ii) such circumstances are evidenced by the delivery by the Issuer or the Guarantor, as the case may be, to the Trustee of a certificate signed by an authorized officer or director of the Issuer or the Guarantor,
as the case may be, stating that such circumstances prevail and describing the facts leading to such circumstances, together with an opinion of independent legal advisers of recognized standing to the effect that such circumstances prevail, the
Issuer or the Guarantor, as the case may be, may, at its option and upon proper notice as provided in this Indenture, redeem all of the Outstanding Securities at the applicable Redemption Price. No such notice of redemption may be given earlier than
150 days prior to the date on which the Issuer or the Guarantor would be obligated to pay such Additional Amounts were a payment in respect of the Securities then due. 

  
 63 

 (b) In addition, if so specified pursuant to Section 2.1 in respect of any series of
Securities, if such series of Securities is not listed on an organized market in an OECD country no later than the 45 days prior to the first Interest Payment Date on such series of Securities, the Issuer or the Guarantor, as the case may be, may,
at its option and having given no less than 15 days’ notice (ending on a day which is no later than the Business Day immediately preceding such Interest Payment Date) to the Holders of such series of Securities and upon proper notice as
provided in this Indenture (which notice shall be irrevocable) redeem all of the outstanding Securities of such series at the applicable Redemption Price; provided that from and including the issue date of the Securities of such series to and
including such Interest Payment Date, the Issuer will use its reasonable best efforts to obtain or maintain such listing, as applicable. 
 (c) In the case of any successor Person to the Issuer or the Guarantor, the foregoing provision shall apply mutatis mutandis with respect to any jurisdiction in which such successor Person to the
Issuer or the Guarantor, as the case may be, is organized, or any political subdivision or taxing authority thereof or therein, except that the change of laws or regulations or interpretations or the administration thereof referred to in
Section 11.8(a) above (other than if the relevant jurisdiction is Spain in which case the relevant date remains the date of issuance) must occur on or after the date the successor Person assumes the obligations of the Issuer or Guarantor, as
the case may be. 
 ARTICLE 12 
 SINKING FUNDS 
 SECTION 12.1. Sinking Funds.
Unless otherwise provided in a supplemental indenture for the applicable series of Securities as contemplated by or pursuant to Section 2.1, no series of Securities will be subject to, or credited to the benefit, of any sinking fund.

 ARTICLE 13 
 USA PATRIOT ACT 
 SECTION 13.1. USA Patriot
Act. The parties hereto acknowledge that, in accordance with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2011)) (as amended, modified or supplemented from time to the, the “USA
Patriot Act”), the Trustee is required to obtain, verify and record information that identifies each person or legal entity that opens an account. The parties to this Indenture agree that they will provide the Trustee with such information
as the Trustee may request in order for the Trustee to satisfy the requirements of the USA Patriot Act. 

  
 64 

 IN WITNESS WHEREOF, each of the parties hereto
has caused this Indenture to be duly executed on its behalf as of the date first above written. 
  

			
	 TELEFÓNICA EMISIONES, S.A.U.,
 as Issuer

		
	By: 	 	/s/ Eduardo José Álvarez Gómez
		 	Name: Eduardo José Álvarez Gómez
		 	Title: Authorized Officer

  

			
	 TELEFÓNICA, S.A.
 as Guarantor

		
	By: 	 	/s/ Miguel Escrig Meliá
		 	Name: Miguel Escrig Meliá
		 	Title: Authorized Officer

  

			
	 The Bank of New York Mellon,
 as Trustee

		
	By: 	 	/s/ Catherine F. Donohue
		 	Name: Catherine F. Donohue
		 	Title: Vice President

 EXHIBIT A 

FORM OF SECURITY CERTIFICATE 

TELEFÓNICA EMISIONES, S.A.U. 
 [ %] [Floating / Fixed Rate] Guaranteed [Notes] due
 Payment of Principal
[Premium, if any,] and 
 Interest Fully and Unconditionally Guaranteed by 

TELEFÓNICA, S.A. 
  

			
	 No.
	  	CUSIP No.
ISIN No.

 [If Global Certificate, insert- UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
DEFINITIVE CERTIFICATES, THIS GLOBAL CERTIFICATE MAY BE TRANSFERRED, IN WHOLE AND NOT IN PART, ONLY: (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, (II) BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR TO ANOTHER NOMINEE OF THE
DEPOSITARY, OR (III) BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY, AND TRANSFERS OF THE SECURITIES REPRESENTED BY THIS GLOBAL CERTIFICATE AND ANY BENEFICIAL INTERESTS IN ANY SECURITIES
REPRESENTED BY THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO BELOW.] 
 [If Global Certificate deposited with DTC, insert-UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 TELEFÓNICA EMISIONES, S.A.U., a sociedad anónima unipersonal incorporated
under the laws of the Kingdom of Spain (herein called the “Issuer”, which term includes any successor Person under the Indenture referred to hereinafter), for value received, hereby promises to
            , or registered assigns, the principal sum of              on
             [If the Security is to bear interest prior to Maturity, insert-             ,] and to pay interest
thereon from             , or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
[             in arrears             on            
,             ,             and             in each year],
commencing             , [If fixed rate securities, insert- at the rate of             % per annum] [If floating rate
securities, insert- formula for determining the interest rate] until the principal hereof is paid or made available for payment [if applicable, insert- provided, that any principal and premium, and any such installment of

  
 A-1

 
interest, which is overdue shall bear interest at the rate of             % per annum (to the extent that the payment of such interest
shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand.] The interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such Interest Payment Date, which shall
be             immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
 [If the Security is not to bear interest prior to Maturity, insert- The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration,
upon redemption or at Stated Maturity, and in such case the overdue principal and any overdue premium shall bear interest at the rate of             % per annum (to the extent that the
payment of such interest shall be legally enforceable), from the date such amounts are due until they are paid or made available for payment. Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal or
premium which is not so paid on demand shall bear interest at the rate of             % per annum (to the extent that the payment of such interest on interest shall be legally enforceable),
from the date of such demand until the amount so demanded is paid or made available for payment. Interest on overdue interest shall be payable on demand.] 
 [If the issuance is denominated in a currency different from Euro, insert- For informational purposes only, without any substantive effect whatsoever and solely in order to comply with Article 413,
letter (d) of the Spanish Law on Corporations (Ley de Sociedades de Capital), approved by Royal Decree (Real Decreto Legislativo) 1/2010, of July 2, it is hereby noted that, as of the issue date of the Securities represented
hereby the principal amount of this series of Securities is equivalent to €             , based on the Noon Buying Rate for         of
$             per €1.00. Amounts due under the Securities shall not under any circumstances whatsoever be payable in any currency other than
            or such coin or currency of             as at the time of payment shall be legal tender for the payment of public and
private debts.] 
 [             shall act as Paying Agent with
respect to the Securities of this series.] 
 Reference is hereby made to the further provisions of the Securities of this
series set forth on the reverse of this Security Certificate, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an Authenticating Agent, by manual signature of an authorized
signatory, the Securities represented by this Security Certificate shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2

 [The public deed of issuance (escritura de emisión) related to the Securities
represented hereby was executed on              before             , Notary Public of Madrid with the number of the files.]

  
 A-3

 IN WITNESS WHEREOF, the Issuer has caused this
instrument to be duly executed manually [or in facsimile]. 
  

							
	Dated:	 		 	TELEFÓNICA EMISIONES, S.A.U.
				
		 		 	By: 	 	 
		 		 		 	Name:
		 		 		 	Title:     Director (Administrador Solidario)

 CERTIFICATE OF AUTHENTICATION 

This is one of the Security Certificates representing the Securities of the series designated thereon referred to in the within-mentioned
Indenture. 
  

			
	 THE BANK OF NEW YORK
MELLON,
 as Trustee

		
	By: 	 	 
		 	Name:
		 	Title:

 This Security Certificate is unconditionally and irrevocably guaranteed by Telefónica, S.A.
on the terms set forth in the within-mentioned Guarantee pursuant to the Indenture. 
  

			
	TELEFÓNICA, S.A.
		
	By: 	 	 
		 	Name:
		 	Title:

  
 A-4

 FORM OF REVERSE OF
SECURITY 
 This Security Certificate is one of the Security Certificates representing a duly authorized issue of
securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of              (herein called the
“Indenture” which term shall have the meaning assigned to it in such instrument), among the Issuer, Telefónica, S.A., a sociedad anónima incorporated under the laws of the Kingdom of Spain (herein called the
“Guarantor”, which term includes any successor Person under the Indenture referred to herein), and The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any other successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Guarantor, the Trustee and the Holders of the Securities
and of the terms upon which each Security Certificate representing the Securities is, and is to be, authenticated and delivered. This Security Certificate represents the Securities of the series designated on the face hereof [, limited in aggregate
principal amount to [insert currency and amount]]. 
 [If further issues are contemplated, insert—The Issuer
may from time to time, without the consent of the Holders of Securities of this series, create and issue further securities having the same terms and conditions as the previously issued Securities of this series in all respects (or in all respects
except for the issue date, the first payment of interest thereon and/or the issue price), so that such further issue shall be consolidated and form a single series with the outstanding Securities of this series; provided, however,
that, for U.S. federal income tax purposes, any such further issuance will only be made if either such additional securities are issued with no more than de minimis original issue discount or any such further issuance is a “qualified
reopening” as such term is defined under U.S. Treasury Regulations Section 1.1275-2(k)(3) promulgated under the U.S. Internal Revenue Code of 1986, as amended.] 
 [If applicable insert—The Securities of this series are subject to redemption upon not less than 30 and not more than 60 days’ notice by mail, at any time, as a whole or in part, at the
election of the Issuer or the Guarantor at a Redemption Price which is equal to [Specify provisions for determining the Redemption Price]. 
 [If applicable, insert—The Securities of this series are subject to redemption upon not less than 30 and not more than 60 days’ notice by mail, [If applicable, insert—(1)
            on in any year commencing with this year             and ending with the year
            through operation of the sinking fund for this series at a Redemption Price equal to [Insert formula for determining amount] (with the amount in excess of 100% of the
principal amount being additional interest), and (2)] at any time [If applicable, insert—on or after             ], as a whole or in part, at the election of the Issuer, at the
following Redemption Prices (expressed as percentages of the principal amount): If redeemed [If applicable, insert—on or before
            ,             %, and if redeemed] during the 12-month period beginning
            of the years indicated, 
  

							
	 Year
	 	 Redemption Price
	 	 Year
	 	 Redemption Price

and thereafter at a Redemption Price equal to             % of the principal
amount, together in the case of any such redemption [If applicable, insert—(whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose

  
 A-5

 
Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant
Record Dates referred to on the face hereof, all as provided in the Indenture.] 
 [If applicable, insert—The
Securities of this series are subject to redemption upon not less than 30 and not more than 60 days’ notice by mail, (1) on             in any year commencing with the year
            and ending with the year             through operation of the sinking fund for this series at the Redemption Prices
for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [If applicable, insert—on or after
            ], as a whole or in part, at the election of the Issuer, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages
of the principal amount, with the amount in excess of 100% of the principal amount being additional interest) set forth in the table below: If redeemed during the 12-month period beginning
            of the years indicated, 
  

					
	 Year
	 	
Redemption Price for
Redemption Through
Operation of the
Sinking Fund
	 	
Redemption Price for Redemption
Otherwise Than Through Operation
of the Sinking
Fund

	  
	 	  
	 	  

 and thereafter at a Redemption Price equal
to             % of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption
Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates
referred to on the face hereof, all as provided in the Indenture.] 
 [If applicable, insert—Notwithstanding the
foregoing, the Issuer may not, prior to             , redeem any Securities of this series as contemplated by [If applicable, insert—Clause (2) of] the preceding paragraph
as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Issuer (calculated in accordance with generally accepted financial practice)
            of less than             % per annum.] 
 [If applicable, insert—The sinking fund for this series of Securities provides for the redemption on             in each year
beginning with the year             and ending with the year of [If applicable, insert—not less than [insert currency and amounts] (“mandatory sinking
fund”) and not more than [Insert currency and amount] aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Issuer otherwise than through [If applicable,
insert—mandatory] sinking fund payments may be credited against subsequent [If applicable, insert—mandatory] sinking fund payments otherwise required to be made [If applicable, insert—in the inverse order in which
they become due].] 
 [If applicable, insert—The Securities may be redeemed upon not less than 30 nor more than 60
days’ notice given as provided in the Indenture, if (i) as a result of any change in the laws or regulations of the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, or
in the interpretation or administration of any such laws or regulations which becomes effective on or after the date of issuance of the 

  
 A-6

 
Securities, (x) the Issuer or the Guarantor, as the case may be, is or would be required to pay any Additional Amounts (y) the Guarantor is or would be required to deduct or withhold
tax on any payment to the Issuer to enable the Issuer to make any payment of principal, premium, if any, or interest on the Securities and such payment cannot with reasonable effort by the Guarantor be structured to avoid such deduction or
withholding and (ii) such circumstances are evidenced by the delivery by the Issuer or the Guarantor, as the case may be, to the Trustee of a certificate signed by an authorized officer or director of the Issuer or the Guarantor, as the case
may be, stating that such circumstances prevail and describing the facts leading to such circumstances, together with an opinion of independent legal advisers of recognized standing to the effect that such circumstances prevail, at a Redemption
Price equal to [their principal amount, together with accrued interest, if any, thereon to but excluding the Redemption Date] [insert other formula for determining Redemption Price].] 

[If applicable, insert—If this series of Securities is not listed on an organized market in an OECD country no later than
             days prior to the first Interest Payment Date on this series of Securities, the Issuer or the Guarantor, as the case may be, may, at its option and having given no less
than 15 days’ notice (ending on a day which is no later than the Business Day immediately preceding such Interest Payment Date) to the Holders of this series of Securities and upon proper notice as provided in the Indenture, (which notice shall
be irrevocable), redeem all of the outstanding Securities of this series at their principal amount, together with accrued interest, if any, thereon to but not including the Redemption Date; provided that from and including the issue date of
the Securities of this series to and including such Interest Payment Date, the Issuer will use its reasonable best efforts to obtain or maintain such listing, as applicable.] 
 [If applicable, insert—The Redemption Price of the Securities shall be equal to the applicable percentage of the principal amount at Stated Maturity set forth below: 

 

			
	
If Redemption During the 12-Month Period Commencing
	 	 Redemption Price

	  
	 	  

 together with, in each case (except if the Redemption Date
shall be a             ), an amount equal to the applicable Redemption Price multiplied by a fraction the numerator of which is the number of days from but not including the preceding
                 to and including the Redemption Date multiplied by the difference between the Redemption Price applicable during the 12 months beginning on the
                 following the Redemption Date (or, in the case of a Redemption Date after
                ,100%) and the Redemption Price applicable on the Redemption Date and the denominator of which is the total number of days from but not including the
preceding the Redemption Date to and including the next succeeding                 . The Issuer will also pay to each eligible Holder, or make available for payment to
each such Holder, on the Redemption Date any additional interest (as set forth [on the face hereof or] in the Guarantee endorsed hereon) resulting from the payment of such Redemption Price.] 

[If applicable, insert—The Redemption Price of the Securities either in the event of certain changes in the tax treatment or
in an event of default would include, in addition to the rate amount of the Security, an amount equal to the Original Issue Discount accrued since the issue date. Original Issue Discount (the difference between the Issue Price and the Principal
Amount at Maturity of the Security), in the period during which a Security remains outstanding, shall accrue at                 % per annum, on a semi-annual bond
equivalent basis using a 360-day year composed of twelve 30-day months, commencing on the issue date of this Security.] 

  
 A-7

 [If applicable, insert—Notice of redemption will be given by mail to Holders of
Securities, not less than 30 nor more than 60 days prior to the date fixed for redemption, all as provided in the Indenture.] 

[If the Security is subject to redemption of any kind, insert—In the event of redemption of this Security in part only, a new
Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 
 [If applicable, insert—The Indenture contains provisions for defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer or the Guarantor with certain conditions
set forth thereon, which provisions apply to this Security.] 
 [If applicable, insert—Subject to and upon
compliance with the provisions of the Indenture, the Holder of this Security is entitled, at his option, at any time after , to convert this Security into [describe Securities and conversion mechanics including, as applicable, the limitations(s), if
any, necessitated by Spanish law and regulations governing the collection of Beneficial Owner Information and related withholding].] 
 [If applicable, insert—In the event of conversion of this Security in part only a new Security or Securities of this series and of like tenor for the unconverted portion hereof will be issued
in the name of the Holder hereof upon the cancellation hereof but subject to the constraints, if any, of Spanish law and regulations governing the collection of Beneficial Owner Information and related withholding.] 

[If the Security is an Original Issue Discount Security, insert—If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 

[If the Security is an Original Issue Discount Security, insert—If an Event of Default with respect to Securities of this
series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to—insert formula for
determining the amount. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case to the extent that the payment of such interest shall be
legally enforceable), all of the Issuer’s obligations in respect of the payment of the principal of and if any, on the Securities of this series shall terminate.] 
 [All amounts payable (whether in respect of principal, redemption amount, interest or otherwise) in respect of the Securities of this series and the related Guarantee by the Issuer or the Guarantor will
be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the Kingdom of Spain or any
political subdivision thereof or any authority or agency therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law. In the

  
 A-8

 
event that such withholding or deduction is required by law, the Issuer or the Guarantor shall pay such Additional Amounts as will result in receipt by the Holders of such series of Securities of
such amounts as would have been received by them had no such withholding or deduction been required; provided, however, that the Issuer and the Guarantor will not be required to pay any Additional Amounts in respect of any Security of
this series: 
  

	 	(1)	where the Holder (or the Beneficial Owner for whose benefit it holds such Security) is liable for such taxes, duties, assessments or governmental charges in respect of
such Security by reason of it (or the Beneficial Owner for whose benefit it holds such Security) having some connection with the Kingdom of Spain other than the mere holding of such Security (or such beneficial interest); 

 

	 	(2)	where the Issuer or the Guarantor have not received such information as may be necessary to allow payments on such Security to be made free and clear of Spanish
withholding tax or deduction on account of Spanish taxes, including a duly executed and completed payment statement from the Paying Agent, pursuant to Law 13/1985 of May 25 (as amended), Royal Decree 1065/2007 of July 27 (as amended by
Royal Decree 1145/2011 of July 29), and any implementing legislation or regulation; 

  

	 	(3)	presented for payment (where presentation is required) more than 30 days after the Relevant Date (as defined below), except to the extent that the relevant Holder would
have been entitled to such Additional Amounts on presenting the same for payment on the expiry of such period of 30 days; 

  

	 	(4)	where the withholding or deduction is imposed on a payment to or for the benefit of an individual and is required to be made pursuant to European Council Directive
2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 or any law implementing or complying with, or introduced in order to conform to, such Directives; 

 

	 	(5)	presented for payment (where presentation is required) by or on behalf of a Holder (or Beneficial Owner) who would have been able to avoid such withholding or deduction
by presenting the relevant Security to another paying agent in a Member State of the European Union; or 

  

	 	(6)	in the event that such Security is redeemed pursuant to Section 11.8(b) of the Indenture. 

 provided further that Additional Amounts in respect of the Securities of this series will also not be paid with respect to any payment to a Holder of any Securities of such series who is a
fiduciary, a partnership, a limited liability company or other than the sole Beneficial Owner of that payment, to the extent that payment would be required by the laws of the Kingdom of Spain (or any political subdivision thereof or any authority or
agency therein or thereof having power to tax) to be included in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interest holder in that limited liability company or a
Beneficial Owner who would not have been entitled to the Additional Amounts had it been the Holder. 
 “Relevant
Date” means, in respect of any payment, the date on which such payment first becomes due and payable, but if the full amount of the moneys payable has not been received by 

  
 A-9

 
the Paying Agent on or prior to such due date, it means the first date on which the full amount of such moneys having been so received and being available for payment to Holders, notice to that
effect shall have been duly given to the Holders in accordance with the Indenture. 
 The foregoing provisions shall apply
mutatis mutandis to any withholding or deduction for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which any successor Person to the Issuer or the Guarantor, as the
case may be, is organized, or any political subdivision or taxing authority thereof or therein.] 
 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any
time by the Issuer, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the
Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Issuer or the Guarantor with certain provisions of
the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange wherefore or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in the Indenture, the Issuer shall cause to be kept at the Corporate Trust Office of the Trustee a Register in which, subject
to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Securities of this series and of transfers of Securities of such series. 
 No service charge shall be made for any such registration of transfer or exchange, but the Issuer or the Trustee may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith other than as set forth in the Indenture. 
 Prior to due presentment of this Security
Certificate for registration of transfer of a Security represented thereby, the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor or the Trustee may treat the Person in whose name such Security is registered as the owner
of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 2.8 of the Indenture) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue,
and neither the Issuer, the Guarantor, the Trustee nor any agent of the Issuer, the Guarantor or the Trustee shall be affected by notice to the contrary. 
 Pursuant to Section 5-1401 of the General Obligations Law of the State of New York, the Indenture, the Securities and the Guarantees shall be governed by, and construed in accordance with, the laws
of the State of New York. 
 [The Securities will be deemed to have been issued in the State of New York.] 

All terms used in this Security Certificate which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

  
 A-10

 EXHIBIT B 

FORM OF GUARANTEE 
 For value received, Telefónica, S.A., a sociedad anónima organized under the laws of the Kingdom of Spain, having its registered office at Distrito Telefónica, Ronda de la
Comunicación, s/n, 28050 Madrid, Spain (herein called the “Guarantor” which term includes any successor Person under the Indenture referred to in the Security Certificate representing the Securities of any series upon which
this Guarantee is endorsed), hereby unconditionally and irrevocably guarantees to the Holders of the Securities of any series represented by each Security Certificate upon which this Guarantee is endorsed and to the Trustee, in its individual and
trust capacities, and on behalf of each such Holder, the due and punctual payment of the principal of, premium, if any, and interest and all other amounts due under the Indenture and the Securities of any such series and [If applicable,
insert—the due and punctual payment of the sinking fund or analogous payments referred to therein, if any,] when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for
redemption or otherwise, on an unsubordinated and unconditional basis according to the terms thereof and of the Indenture referred to therein. In case of the failure of Telefónica Emisiones, S.A.U. (the “Issuer”, which term
includes any successor Person under such Indenture), punctually to make any such payment of principal, premium, if any, and interest and all other amounts due under the Indenture and on such Securities of any such series and [If applicable,
insert—and any sinking fund or analogous payment,] the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether at the Stated Maturity or by declaration of
acceleration, call for redemption or otherwise, and as if such payment were made by the Issuer. 
 [If not applicable
delete—The Guarantor hereby further agrees that any amounts to be payable by the Guarantor under this Guarantee (whether in respect of principal, redemption amount, interest or otherwise) will be made free and clear of and without
withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the Kingdom of Spain or any political subdivision thereof or any authority
or agency therein or thereof having power to tax shall at any time, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law. Subject to the exceptions set forth in Section 10.4 of the
Indenture, in the event that such withholding or deduction is required by law, the Guarantor shall pay such Additional Amounts as will result in receipt by Holders of the Securities of any such series of such amounts as would have been received by
them had no such withholding or deduction been required.] 
 The Guarantor hereby agrees that its obligations hereunder shall be
as if it were principal debtor and not merely surety, and shall be absolute, full and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of such Securities of any such series or the
Indenture, any failure to enforce the provisions of such Securities of any such series or the Indenture, or any waivers, modification or indulgence granted to the Issuer in respect thereof by the Holders of such Securities of any such series or the
Trustee or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor; provided, however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without
the consent of the Guarantor, increase the principal amount of such Securities of any such series, or increase the interest rate thereon, or increase any premium 

  
 B-1

 
payable upon redemption thereof, or change the currency of payment thereon, or change the provisions relating to payments of Additional Amounts thereon, or alter the Stated Maturity thereof or
increase the principal amount of any Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 5.2 of the Indenture. The Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, the benefits of orden, división and excusión under Spanish law, any right to require a proceeding
first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby [If applicable, insert—or with respect to any sinking fund or analogous payment required under such Securities of any such
series] and all demands whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of the principal of, premium, if any, and interest (including Additional Amounts, if any) on such Securities of any such series
and the Guarantor shall have fully performed all its obligations in accordance with the provisions of the Securities of any such series, this Guarantee and the Indenture; after such time, this Guarantee shall not be valid or obligatory for any
purpose. 
 The Guarantor shall be subrogated to all rights of the Holders of such Securities of any such series and the Trustee
against the Issuer in respect of any amounts paid to such Holders by the Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising
out of or based upon such right of subrogation until the principal of, premium, if any, and interest (including Additional Amounts, if any) on all Securities of any such series issued under the Indenture shall have been paid in full. 

No reference herein to the Indenture and no provision of this Guarantee or of the Indenture shall alter or impair the guarantee of the
Guarantor, which is absolute and unconditional, of the due and punctual payment of the principal of, premium on, if any, [If applicable, insert—and interest (including Additional Amounts, if any) on, and any sinking fund or analogous
payments with respect to,] the Securities of any such series represented by each Security Certificate upon which this Guarantee is endorsed. 
 The obligations of the Guarantor under this Guarantee shall, without any further act or thing being required to be done or to occur, extend to the obligations of any successor Person who is not the
Guarantor arising in respect of the Securities of any such series by virtue of a substitution pursuant to the Indenture. 
 The
obligations of the Guarantor in respect of the Securities of any such series will constitute direct, unconditional, unsubordinated and unsecured obligations of the Guarantor and will rank pari passu without any preference among such
obligations of the Guarantor in respect of the Securities of any such series and at least pari passu with all other unsubordinated and unsecured indebtedness and monetary obligations involving or otherwise related to borrowed money of the
Guarantor, present and future; provided that the obligations of the Guarantor in respect of the Securities of any such series will be effectively subordinated to those obligations that are preferred under Law 22/2003 (Ley Concursal)
dated July 9, 2003 regulating insolvency proceedings in the Kingdom of Spain. 
 This Guarantee shall not be valid or
obligatory for any purpose until the certificate of authentication with respect to each Security Certificate representing the Securities of any such series on which this Guarantee has been endorsed shall have been manually executed by or on behalf
of the Trustee under the Indenture. 

  
 B-2

 All terms used in this Guarantee, which are defined in the Indenture, shall have the
meanings assigned to them in the Indenture. 
 The Guarantee shall be governed by and construed in accordance with the laws of
the State of New York. 

  
 B-3

 Executed and dated as of the date hereof: 

 

			
	TELEFÓNICA, S.A.,
		
	By: 	 	 
		 	Name:
		 	Title:

 Date: 

  
 B-4Indenture, dated as of May 22, 2012

 Exhibit 4.1 
 KELLOGG CANADA INC. 
 as Issuer 

AND 

KELLOGG COMPANY 
 as Guarantor 
 AND 

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

BNY TRUST COMPANY OF CANADA 
 as Canadian Trustee 
  

 
 INDENTURE

 Dated as of May 22, 2012 

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page No.	 
	ARTICLE ONE DEFINITIONS	  	 	1	  
			
	 Section 1.1
	 	 Certain Terms Defined
	  	 	1	  
		
	ARTICLE TWO SECURITIES	  	 	7	  
			
	 Section 2.1
	 	 Forms Generally
	  	 	7	  
	 Section 2.2
	 	 Form of Trustee’s Certificate of Authentication
	  	 	8	  
	 Section 2.3
	 	 Amount Unlimited; Issuable in Series
	  	 	8	  
	 Section 2.4
	 	 Authentication and Delivery of Securities
	  	 	11	  
	 Section 2.5
	 	 Execution of Securities
	  	 	13	  
	 Section 2.6
	 	 Certificate of Authentication
	  	 	13	  
	 Section 2.7
	 	 Denomination and Date of Securities; Payments of Interest
	  	 	14	  
	 Section 2.8
	 	 Registration, Transfer and Exchange
	  	 	16	  
	 Section 2.9
	 	 Mutilated, Defaced, Destroyed, Lost and Stolen Securities
	  	 	17	  
	 Section 2.10
	 	 Cancellation of Securities
	  	 	18	  
	 Section 2.11
	 	 Temporary Securities
	  	 	19	  
	 Section 2.12
	 	 Currency and Manner of Payments in Respect of Securities
	  	 	19	  
	 Section 2.13
	 	 Compliance with Certain Laws and Regulations
	  	 	23	  
	 Section 2.14
	 	 CUSIP Numbers
	  	 	23	  
	 Section 2.15
	 	 Securities in Global Form
	  	 	23	  
		
	ARTICLE THREE COVENANTS OF THE ISSUER AND GUARANTOR	  	 	24	  
			
	 Section 3.1
	 	 Payment of Principal and Interest
	  	 	24	  
	 Section 3.2
	 	 Offices for Payment, etc
	  	 	24	  
	 Section 3.3
	 	 Appointment to Fill a Vacancy in Office of Trustee
	  	 	25	  
	 Section 3.4
	 	 Paying Agents
	  	 	25	  
	 Section 3.5
	 	 Written Statement to Trustees
	  	 	26	  
	 Section 3.6
	 	 Limitation on Liens
	  	 	26	  
	 Section 3.7
	 	 Limitation on Sale and Lease-Back
	  	 	29	  
	 Section 3.8
	 	 Additional Amounts
	  	 	30	  
	 Section 3.9
	 	 Calculation of Original Issue Discount
	  	 	30	  
		
	ARTICLE FOUR SECURITYHOLDERS’ LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE	  	 	31	  
			
	 Section 4.1
	 	 Company to Furnish Trustees Information as to Names and Addresses of Securityholders
	  	 	31	  
	 Section 4.2
	 	 Preservation and Disclosure of Securityholders’ Lists
	  	 	31	  
	 Section 4.3
	 	 Reports by the Company
	  	 	32	  
	 Section 4.4
	 	 Statement by Officers as to Default
	  	 	33	  

  
 (i)

							
	ARTICLE FIVE REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	  	 	33	  
			
	 Section 5.1
	 	 Event of Default Defined; Acceleration of Maturity; Waiver of Default
	  	 	33	  
	 Section 5.2
	 	 Collection of Indebtedness by Trustees; Trustees May Prove Debt
	  	 	35	  
	 Section 5.3
	 	 Application of Proceeds
	  	 	37	  
	 Section 5.4
	 	 Suits for Enforcement
	  	 	38	  
	 Section 5.5
	 	 Restoration of Rights on Abandonment of Proceedings
	  	 	38	  
	 Section 5.6
	 	 Limitations on Suits by Securityholders
	  	 	38	  
	 Section 5.7
	 	 Unconditional Right of Securityholders to Institute Certain Suits
	  	 	39	  
	 Section 5.8
	 	 Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default
	  	 	39	  
	 Section 5.9
	 	 Control by Securityholders
	  	 	40	  
	 Section 5.10
	 	 Waiver of Past Defaults
	  	 	40	  
	 Section 5.11
	 	 Trustees to Give Notice of Default, But May Withhold in Certain Circumstances
	  	 	41	  
	 Section 5.12
	 	 Right of Court to Require Filing of Undertaking to Pay Costs
	  	 	41	  
		
	ARTICLE SIX CONCERNING THE TRUSTEE	  	 	41	  
			
	 Section 6.1
	 	 Duties and Responsibilities of the Trustees; During Default; Prior to Default
	  	 	41	  
	 Section 6.2
	 	 Certain Rights of the Trustees
	  	 	43	  
	 Section 6.3
	 	 Trustees Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof
	  	 	44	  
	 Section 6.4
	 	 Trustees and Agents May Hold Securities; Collections, etc,
	  	 	44	  
	 Section 6.5
	 	 Moneys Held by Trustees
	  	 	45	  
	 Section 6.6
	 	 Compensation and Indemnification of Trustees
	  	 	45	  
	 Section 6.7
	 	 Right of Trustees to Rely on Officers’ Certificate, etc.
	  	 	46	  
	 Section 6.8
	 	 Disqualification of Trustees; Conflicting Interests
	  	 	46	  
	 Section 6.9
	 	 Persons Eligible for Appointment as Trustee
	  	 	46	  
	 Section 6.10
	 	 Resignation and Removal; Appointment of Successor Trustee
	  	 	46	  
	 Section 6.11
	 	 Acceptance of Appointment by Successor Trustee
	  	 	48	  
	 Section 6.12
	 	 Merger, Conversion, Consolidation or Succession to Business of Trustee
	  	 	49	  
	 Section 6.13
	 	 Preferential Collection of Claims Against the Company
	  	 	49	  
	 Section 6.14
	 	 Securityholder List
	  	 	49	  
	 Section 6.15
	 	 Initial Appointment of Trustee
	  	 	50	  
		
	ARTICLE SEVEN CONCERNING THE SECURITYHOLDERS	  	 	50	  
			
	 Section 7.1
	 	 Evidence of Action Taken by Securityholders
	  	 	50	  
	 Section 7.2
	 	 Proof of Execution of Instruments
	  	 	51	  
	 Section 7.3
	 	 Holders to Be Treated as Owners
	  	 	51	  
	 Section 7.4
	 	 Securities Owned by Company Deemed Not Outstanding
	  	 	51	  
	 Section 7.5
	 	 Right of Revocation of Action Taken
	  	 	52	  
	 Section 7.6
	 	 Record Date for Determination of Holders Entitled to Vote
	  	 	52	  

  
 (ii)

							
	ARTICLE EIGHT SUPPLEMENTAL INDENTURES	  	 	52	  
			
	 Section 8.1
	 	 Supplemental Indentures Without Consent of Securityholders
	  	 	52	  
	 Section 8.2
	 	 Supplemental Indentures With Consent of Securityholders
	  	 	54	  
	 Section 8.3
	 	 Effect of Supplemental Indenture
	  	 	55	  
	 Section 8.4
	 	 Documents to Be Given to Trustees
	  	 	55	  
	 Section 8.5
	 	 Notation on Securities in Respect of Supplemental Indentures
	  	 	55	  
		
	ARTICLE NINE CONSOLIDATION, MERGER, SALE OR CONVEYANCE	  	 	56	  
			
	 Section 9.1
	 	 Company or the Guarantor May Consolidate, etc., on Certain Terms
	  	 	56	  
	 Section 9.2
	 	 Securities to be Secured in Certain Events
	  	 	56	  
	 Section 9.3
	 	 Successor Person Substituted
	  	 	57	  
	 Section 9.4
	 	 Opinion of Counsel to Trustees
	  	 	57	  
		
	ARTICLE TEN SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS	  	 	57	  
			
	 Section 10.1
	 	 Satisfaction and Discharge of Indenture
	  	 	57	  
	 Section 10.2
	 	 Application by Trustees of Funds Deposited for Payment of Securities
	  	 	60	  
	 Section 10.3
	 	 Repayment of Moneys Held by Paying Agent
	  	 	60	  
	 Section 10.4
	 	 Return of Unclaimed Moneys Held by Trustees and Paying Agent
	  	 	60	  
	 Section 10.5
	 	 Reinstatement of Company’s Obligations
	  	 	60	  
		
	ARTICLE ELEVEN GUARANTIES	  	 	61	  
			
	 Section 11.1
	 	 Guaranties
	  	 	61	  
	 Section 11.2
	 	 Successors and Assigns
	  	 	63	  
	 Section 11.3
	 	 No Waiver
	  	 	63	  
	 Section 11.4
	 	 Modification
	  	 	63	  
		
	ARTICLE TWELVE MISCELLANEOUS PROVISIONS	  	 	63	  
			
	 Section 12.1
	 	 Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability
	  	 	63	  
	 Section 12.2
	 	 Provisions of Indenture for the Sole Benefit of Parties and Securityholders
	  	 	64	  
	 Section 12.3
	 	 Successors and Assigns Bound by Indenture
	  	 	64	  
	 Section 12.4
	 	 Notices and Demands on Company, Trustees and Securityholders
	  	 	64	  
	 Section 12.5
	 	 Officers’ Certificates and Opinions of Counsel; Statements to Be Contained Therein
	  	 	65	  
	 Section 12.6
	 	 Payments Due on Saturdays, Sundays and Holidays
	  	 	66	  
	 Section 12.7
	 	 [Reserved]
	  	 	66	  
	 Section 12.8
	 	 New York Law to Govern
	  	 	66	  
	 Section 12.9
	 	 Counterparts
	  	 	66	  
	 Section 12.10
	 	 Effect of Headings
	  	 	66	  
	 Section 12.11
	 	 Determination of Principal Amount
	  	 	67	  
	 Section 12.12
	 	 Waiver of Jury Trial
	  	 	67	  

  
 (iii)

							
	 Section 12.13
	 	 Force Majeure
	  	 	67	  
	 Section 12.14
	 	 Service; Submission to Jurisdiction
	  	 	67	  
	 Section 12.15
	 	 Conversion of Currency
	  	 	67	  
	 Section 12.16
	 	 Currency Equivalent
	  	 	68	  
	 Section 12.17
	 	 Documents in English; Language of Notices
	  	 	69	  
		
	ARTICLE THIRTEEN REDEMPTION OF SECURITIES AND SINKING FUNDS	  	 	69	  
			
	 Section 13.1
	 	 Applicability of Article
	  	 	69	  
	 Section 13.2
	 	 Notice of Redemption; Partial Redemptions
	  	 	69	  
	 Section 13.3
	 	 Payment of Securities Called for Redemption
	  	 	70	  
	 Section 13.4
	 	 Exclusion of Certain Securities from Eligibility for Selection for Redemption
	  	 	71	  
	 Section 13.5
	 	 Mandatory and Optional Sinking Funds
	  	 	72	  
	 Section 13.6
	 	 Repayment at the Option of the Holders
	  	 	74	  
		
	ARTICLE FOURTEEN HOLDERS’ MEETINGS	  	 	74	  
			
	 Section 14.1
	 	 Purposes of Meetings
	  	 	74	  
	 Section 14.2
	 	 Call of Meetings by Trustees
	  	 	75	  
	 Section 14.3
	 	 Call of Meetings by Company or Holders
	  	 	75	  
	 Section 14.4
	 	 Qualifications for Voting
	  	 	75	  
	 Section 14.5
	 	 Regulations
	  	 	75	  
	 Section 14.6
	 	 Voting
	  	 	76	  
	 Section 14.7
	 	 No Delay of Rights by Meeting
	  	 	77	  

  
 (iv)

 THIS INDENTURE, dated as of May 22, 2012, between KELLOGG CANADA INC., a corporation
incorporated under the Canada Business Corporations Act (the “Company” or the “Issuer”) and an indirect wholly owned subsidiary of Kellogg Company, KELLOGG COMPANY, a Delaware Corporation (the
“Parent”), as Guarantor, THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association organized and existing under the laws of the United States, as U.S. Trustee (the “U.S. Trustee”) and BNY TRUST
COMPANY OF CANADA, a trust company duly existing under the laws of Canada, as Canadian Trustee (the “Canadian Trustee” and, together with the U.S. Trustee, the “Trustees”). 

W I T N E S S E T H: 
 WHEREAS, the Company has duly authorized the issue from time to time of its unsecured debentures, notes or other evidences of indebtedness to be issued in one or more Series (the
“Securities”) up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture and to provide, among other things, for the authentication, delivery and administration
thereof, the Company has duly authorized the execution and delivery of this Indenture; and 
 WHEREAS, all things necessary to
make this Indenture a valid and legally binding indenture and agreement according to its terms have been done; 
 NOW,
THEREFORE: 
 In consideration of the premises and the purchases of the Securities by the holders thereof, the Company, the
Guarantor and the Trustees mutually covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Securities as follows: 
 ARTICLE ONE 
 DEFINITIONS 

Section 1.1 Certain Terms Defined 
 The following terms (except as otherwise expressly provided or unless the context otherwise clearly requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the
respective meanings specified in this Section. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939 or the definitions of which in the Securities Act of 1933 are referred to in the Trust
Indenture Act of 1939, including terms defined therein by reference to the Securities Act of 1933 (except as herein otherwise expressly provided or unless the context otherwise clearly requires), shall have the meanings assigned to such
terms in said Trust Indenture Act and in said Securities Act as in effect at the date of this Indenture. All accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally accepted
accounting principles, and the term “generally accepted accounting principles” means such accounting principles as are generally accepted in the United States at the time of any computation. The words “herein”,
“hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole, as supplemented and amended from time to time, and not to any particular Article, Section or other subdivision. The terms defined in
this Article have the meanings assigned to them in this Article and include the plural as well as the singular. 

 “Additional Amounts” has the meaning specified in Section 3.8.

 “Attributable Debt” has the meaning specified in Section 3.7. 

“Board of Directors” means either the Board of Directors of the Company or any committee of such Board duly authorized
to act hereunder. 
 “Business Day” means, except as may otherwise be provided in the form of Securities of any
particular Series, with respect to any Place of Payment, any day, other than a Saturday or Sunday, that is not a legal holiday, or a day on which banking institutions are authorized or required by law or regulation to close in that Place of Payment,
or, with respect to Securities denominated in a Foreign Currency, the capital city of the country of such Foreign Currency, or, with respect to Securities denominated in the Euro, Brussels, Belgium, or with respect to Securities denominated in
Canadian dollars, Toronto, Canada. 
 “Canadian Dollar” and “Cdn.$” each mean the lawful currency of
Canada. 
 “Canadian Trustee” means BNY Trust Company of Canada. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the
Securities Exchange Act of 1934, or if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such
duties on such date, and any other securities regulatory authority having jurisdiction in respect of the Securities issued under this Indenture, if applicable. 
 “Company” means Kellogg Canada Inc., a corporation incorporated under the Canada Business Corporations Act, until a successor replaces it in accordance with the applicable provisions of
this Indenture and, thereafter, means the successor. 
 “Company Notice” means the confirmation of the Company
signed by an officer, transmitted by facsimile and confirmed in writing to the Trustees of the terms of the issuance of any Securities issuable in Tranches. 
 “Component Currency” has the meaning specified in Section 2.12. 
 “Consolidated Total Assets” means, as of any particular time, the total amount of assets (less applicable reserves) as shown in the latest quarterly consolidated balance sheet of the
Guarantor contained in the Guarantor’s then most recent annual report to stockholders or quarterly report, as the case may be, filed with the Commission (or provided to the Trustees, as applicable) pursuant to Section 4.3 except that
assets shall include an amount equal to the Attributable Debt in respect of any Sale and Lease-Back Transaction not capitalized on such balance sheet. 
 “Conversion Date” has the meaning specified in Section 2.12. 

  
 - 2 -

 “Conversion Event” means the cessation of use of (i) a Foreign
Currency both by the government of the country that issued such Currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community, (ii) the Euro both within the
European Monetary System and for the settlement of transactions by public institutions of or within the European Communities, or (iii) any currency unit (or composite currency) other than the Euro for the purposes for which it was established.

 “Corporate Trust Office” means any office of either of the Trustees at which at any time
its corporate trust business shall, at any particular time, be administered, which office for the U.S. Trustee is, at the date as of which this Indenture is dated, located at 2 North LaSalle Street, Suite 1020, Chicago, Illinois 60602,
Attention: Corporate Trust Administration, and which office for the Canadian Trustee is, at the date as of this Indenture is dated, 320 Bay Street, 11th Floor, Toronto, Ontario, Canada M5H 4A6, Attention: Corporate Trust Dept. or such other address as the Trustees may
designate from time to time by notice to the Holders and the Company, or the office of any successor Trustees (or such other address as such successor Trustees may designate from time to time by notice to the Holders and the Company). 

“Coupon” means any interest coupon appertaining to any Security. 

“Coupon Security” means any Security authenticated and delivered with one or more Coupons appertaining thereto.

 “Currency” means any currency or currencies, composite currency, currency unit or currency units including,
without limitation, the Euro, issued by the government of one or more countries or by any reorganized confederation or association of such governments. 
 “Currency Determination Agent” means the New York Clearing House Bank, if any, from time to time selected by the Company for purposes of Section 2.12. 

“Dollar” means the coin or currency of the United States of America which as of the time of payment is legal tender for
the payment of public and private debts. 
 “Dollar Equivalent of the Currency Unit” has the meaning specified
in Section 2.12. 
 “Dollar Equivalent of the Foreign Currency” has the meaning specified in
Section 2.12. 
 “Euro” means the single currency of the participating member states of the European Union
as defined under EC Regulation 1103/97 adopted under Article 235 of the Treaty on European Union and under EC Regulation 974/98 adopted under Article 1091(4) of the Treaty on European Union or any successor European legislation from time to time.

 “European Communities” means the European Union, the European Coal and Steel Community and the European
Atomic Energy Community. 
 “European Monetary System” means the European Monetary System established by
Resolution of December 5, 1978 of the Council of the European Communities. 

  
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 “Event of Default” means, in respect of any Series, any one of the events
or conditions specified in clauses (a) to (e) of Section 5.1 (unless it is either expressly indicated as inapplicable to that particular Series or it is specifically deleted from or modified in the instrument establishing such Series
and the form of Security for such Series) and any additional events or conditions identified as being an Event of Default in the instrument establishing such Series. 
 “Exchange Rate Officer’s Certificate” means a certificate setting forth (i) the applicable Market Exchange Rate or the applicable quotation and (ii) the Dollar or Foreign
Currency amounts payable on the basis of such Market Exchange Rate or quotation in respect of the principal of and interest on the applicable series of Registered Securities, signed by the treasurer or any assistant treasurer of the Company, and
delivered to the Trustees. 
 “Foreign Currency” means any Currency, including, without limitation, the Euro,
issued by the government of one or more countries (other than the United States of America or Canada) or by any recognized confederation or association of such governments. 
 “Government Obligations” means securities which are (i) direct obligations of the government which issued the currency in which the Securities of a particular Series are denominated
or (ii) obligations of a Person controlled or supervised by, or acting as an agency or instrumentality of, the government which issued the currency in which the Securities of such Series are denominated, the payment of which obligations is
unconditionally guaranteed by such government, and which, in either case, are full faith and credit obligations of such government, are denominated in the currency in which the Securities of such Series are denominated and which are not callable or
redeemable at the option of the issuer thereof. 
 “Guarantor” and “Parent” each mean Kellogg
Company until a successor replaces it in accordance with the applicable provisions of this Indenture and, thereafter, means the successor. 
 “Guarantor Board” means either the Board of Directors of the Guarantor or any committee of such Board duly authorized to act hereunder. 

“Guaranty” means a guaranty by the Guarantor of the Company’s obligations that may be provided with respect to any
Series of Securities issued under this Indenture. 
 “Holder”, “Holder of Securities”,
“Securityholder” or other similar terms mean the bearer of an Unregistered Security or a Registered Holder of a Registered Security and, when used with respect to any Coupon, means the bearer thereof. 

“Indenture” means this instrument as originally executed and delivered or, if amended or supplemented as herein
provided, as so amended or supplemented or both, and shall include the forms and terms of particular Series of Securities established as contemplated hereunder. 
 “interest,” when used with respect to non-interest bearing Securities, means interest payable at maturity and, when used with respect to a Security which provides for the payment of
Additional Amounts pursuant to Section 3.8 or otherwise, includes such Additional Amounts. 
 “Market Exchange
Rate” has the meaning specified in Section 2.12. 
 “Officers’ Certificate” means a
certificate signed by the chairman of the Board of Directors or the president or any vice president and by the treasurer or the secretary or any assistant secretary of the Company and delivered to the Trustees. Each such certificate shall include
the statements provided for in Section 12.5. 

  
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 “Opinion of Counsel” means an opinion in writing signed by legal counsel
who may be an employee of or counsel to the Company or the Parent. Each such opinion shall include the statements provided for in Section 12.5, if and to the extent required hereby. 

“Original Issue Date” of any Security (or portion thereof) means the earlier of (a) the date of such Security or
(b) the date of any Security (or portion thereof) for which such Security was issued (directly or indirectly) on registration of transfer, exchange or substitution. 
 “Original Issue Discount Security” means any Security which 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 5.1. 
 “Outstanding” when used with reference to Securities,
shall, subject to the provisions of Section 7.4, mean, as of any particular time, all Securities authenticated and delivered by the Trustees under this Indenture, except 
 (a) Securities theretofore cancelled by the Trustees or delivered to the Trustees for cancellation; 
 (b) Securities, or portions thereof, for the payment or redemption of which moneys in the necessary amount and in the specified currency or currency unit shall have been deposited in trust with the
Trustees or with any paying agent (other than the Company) or shall have been set aside, segregated and held in trust by the Company for the holders of such Securities (if the Company shall act as its own paying agent), provided that if such
Securities, or portions thereof, are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as herein provided, or provision satisfactory to the Trustees shall have been made for giving such notice; and

 (c) Securities in substitution for which other Securities shall have been authenticated and delivered, or which shall have
been paid, pursuant to the terms of Section 2.9 (except with respect to any such Security as to which proof satisfactory to the Trustees and the Company is presented that such Security is held by a person in whose hands such Security is a
legal, valid and binding obligation of the Company). 
 “Paying Agent” means any Person (which may include the
Company) authorized by the Company to pay the principal of or interest, if any, on any Security on behalf of the Company. 

“Person” means any individual, corporation, partnership, joint venture, association, joint stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of
Payment”, when used with respect to the Securities of any Series, means the place or places where the principal of and interest, if any, on the Securities of that Series are payable as specified in the supplemental indenture or resolution
of the Board of Directors under which such Series of Securities is issued or in the form of Security for such Series. 

  
 - 5 -

 “principal” whenever used with reference to the Securities or any Security
or any portion thereof, shall be deemed to include “and premium, if any”. 
 “Principal Property”
means any manufacturing plant or facility which is located within the continental United States of America and is owned by the Guarantor or any Restricted Subsidiary, except any such plant or facility which the Guarantor Board by resolution declares
is not of material importance to the total business conducted by the Guarantor and its Restricted Subsidiaries as an entirety and which, when taken together with all other plants and facilities as to which such a declaration has been made, are so
declared by the Guarantor Board to be not of material importance to the total business conducted by the Guarantor and its Restricted Subsidiaries as an entirety. 
 “Registered Holder” when used with respect to a Registered Security means the person in whose name such Security is registered in the Security register. 

“Registered Security” means any Security registered in the Security register. 

“Responsible Officer” when used with respect to any Trustee shall mean any officer within the corporate trust department
of the Trustee including any vice president, assistant vice president, or any other officer or assistant officer of the Trustee customarily performing functions similar to those performed by the persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred at the Corporate Trust Office because of his or her knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of the
Indenture. 
 “Restricted Subsidiary” means any Subsidiary (i) substantially all the property of which is
located within the continental United States of America, (ii) which owns a Principal Property, and (iii) in which the Guarantor’s investment, direct or indirect and whether in the form of equity, debt or advances, as shown on the
consolidating balance sheet used in the preparation of the latest quarterly consolidated financial statements of the Guarantor preceding the date of determination, is in excess of 1% of the total consolidated assets of the Guarantor as shown on such
quarterly consolidated financial statements; provided, however, that the term “Restricted Subsidiary” shall not include any Subsidiary which is principally engaged in leasing or in financing installment receivables or which is principally
engaged in financing the Guarantor’s operations outside the continental United States of America. 
 “Sale and
Lease-Back Transaction” has the meaning specified in Section 3.7. 
 “Security” or
“Securities” has the meaning stated in the first recital of this Indenture, or, as the case may be, Securities that have been authenticated and delivered under this Indenture. 

“Series” or “Series of Securities” means a series of Securities. Except in Sections 1.1 –
“Outstanding,” 2.3 and 7.4 and Articles Five, Six and Eleven, the terms “Series” or “Series of Securities” shall also mean a Tranche in the event that the applicable Series may be issued in separate Tranches.

 “Specified Amount” has the meaning specified in Section 2.12. 

  
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 “Subsidiary” means any corporation which is consolidated in the
Guarantor’s accounts and any corporation of which at least a majority of the outstanding stock having by the terms thereof ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether or not
at the time stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by the Guarantor, or by one or more
Subsidiaries, or by the Guarantor and one or more Subsidiaries. 
 “Tranche” means all Securities of the same
Series which have the same issue date, maturity date, interest rate or method of determining interest, and, in the case of Original Issue Discount Securities, which have the same issue price. 

“Trustee” or “Trustees” means the party or parties named as the U.S. Trustee and the Canadian Trustee
in this Indenture until a successor to either or both of such Trustees shall have become such pursuant to the applicable provisions of this Indenture, and, thereafter, means each party who is then a Trustee hereunder and a reference to “a
Trustee” or “the Trustee” means either of the Trustees. 
 “Trust Indenture Act of 1939”
or “Trust Indenture Act” or “TIA” (except as otherwise provided in Section 8.1 and Section 8.2) means the Trust Indenture Act of 1939, as amended, as in effect at the date as of which this Indenture
was originally executed. 
 “United States of America” means the fifty states constituting the United States of
America as of the date of this Indenture. 
 “Unregistered Security” means any Security not registered in the
Security register as to principal. 
 “Unrestricted Subsidiary” means any Subsidiary other than a Restricted
Subsidiary. 
 “U.S. Trustee” means The Bank of New York Mellon Trust Company, N.A. 

“Valuation Date” has the meaning specified in Section 2.12. 

“vice president” when used with respect to the Company or the Trustees, means any vice president, whether or not
designated by a number or a word or words added before or after the title of “vice president”. 
 ARTICLE TWO

 SECURITIES 
 Section 2.1 Forms Generally 
 The Securities of each Series and the
Coupons, if any, shall be substantially in such form (not inconsistent with this Indenture) as shall be established by or pursuant to a resolution of the Board of Directors or in one or more indentures supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture (the provisions of which shall be appropriate to reflect the terms of each Series

  
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of Securities, including the currency or denomination, which may be Dollars, Canadian Dollars or any Foreign Currency) and may have imprinted or otherwise reproduced thereon such legend or
legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or to conform to general usage, all as may be
determined by the officers executing such Securities and Coupons, if any, as evidenced by their execution of the Securities and Coupons, if any. 
 The definitive Securities and Coupons, if any, 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 and Coupons, if any, as evidenced by their execution of such Securities and Coupons, if any. 
 Section 2.2 Form
of Trustee’s Certificate of Authentication. 
 The Trustee’s certificate of authentication on all Securities,
which may be executed by any Trustee, shall be in substantially the following form: 
 This is one of the Securities of the
Series designated and referred to in the within-mentioned Indenture. 
  

			
	The Bank of New York Mellon Trust Company, N.A., as U.S. Trustee, or BNY Trust Company of Canada, as Canadian Trustee
		
	By	 	
	Authorized Signatory
		
	Dated:	 	  

  

			
	or,
	
	as Authentication Agent
		
	 By
	 	
	Authorized Officer

 Section 2.3 Amount Unlimited; Issuable in Series 

The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 

  
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 The Securities may be issued in one or more Series. There shall be established in or
pursuant to a resolution of the Board of Directors and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any Series, 

(1) the title of the Securities of the Series (which title shall distinguish the Securities of the Series from all other
Securities issued by the Company); 
 (2) any limit upon the aggregate principal amount of the Securities of the
Series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Sections 2.8,
2.9, 2.11 or 13.3); 
 (3) if other than 100% of their principal amount, the percentage of their principal amount
at which the Securities of the Series will be offered; 
 (4) the date or dates on which the principal of the
Securities of the Series is payable; 
 (5) the rate or rates, which may be fixed or variable, at which the
Securities of the Series shall bear interest, if any, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and, in the case of Registered Securities, the record dates for the
determination of Holders to whom interest is payable; 
 (6) the place or places where the principal and interest
on Securities of the Series shall be payable (if other than as provided in Section 3.2); 
 (7) the price or
prices at which, the period or periods within which and the terms and conditions upon which Securities of the Series may be redeemed, in whole or in part, at the option of the Company, pursuant to any sinking fund or otherwise; 

(8) if other than the principal amount thereof, the portion of the principal amount of Securities of the Series which
shall be payable upon declaration of acceleration of the maturity pursuant to Section 5.1 or provable in bankruptcy pursuant to Section 5.2; 
 (9) the obligation, if any, of the Company to redeem, purchase or repay Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the price or
prices in the currency or currency unit in which the Securities of such Series are payable, at which and the period or periods within which and the terms and conditions upon which Securities of the Series shall be redeemed, purchased or repaid, in
whole or in part, pursuant to such obligation; 
 (10) the issuance as Registered Securities or Unregistered
Securities or both, and the rights of the Holders to exchange Unregistered Securities for Registered Securities of the Series or to exchange Registered Securities of the Series for Unregistered Securities of the Series and the circumstances under
which any such exchanges, if permitted, may be made; 

  
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 (11) if other than denominations of $1,000 and any integral multiple
thereof, the denominations, which may be in Dollars, Canadian Dollars or any Foreign Currency, in which Securities of the Series shall be issuable; 
 (12) the form of the Securities (or forms thereof if Unregistered and Registered Securities shall be issuable in such Series), including such legends as required by law or as the Company deems necessary
or appropriate, the form of any coupons or temporary global security which may be issued and the forms of any certificates which may be required hereunder or which the Company may require in connection with the offering, sale, delivery or exchange
of Unregistered Securities; 
 (13) the Currency or Currencies in which payments of interest or principal and
other amounts are payable with respect to the Securities of the Series are to be denominated, payable, redeemable or repurchasable, as the case may be; 
 (14) whether Securities of the Series are issuable in Tranches; 

(15) whether, and under what circumstances, the Securities of any Series shall be convertible into Securities of any other
Series; 
 (16) if other than the Trustees, any trustees, authenticating or paying agents, transfer agents or
registrars or any other agents with respect to the Securities of such Series; 
 (17) if the Securities of such
Series do not bear interest, the applicable dates for purposes of Section 4.1 hereof; 
 (18) any deletions
from, modifications of or additions to the Events of Default or covenants of the Company (or the Guarantor, as applicable) with respect to Securities of the Series, whether or not such Events of Default or covenants are consistent with the Events of
Default or covenants set forth herein; 
 (19) whether a Guaranty will be provided by the Guarantor in respect of
the Securities of the Series; 
 (20) whether, under what circumstances and the Currency in which, the Company
will pay Additional Amounts as contemplated by Section 3.8 on the Securities of the Series to any Holder in respect of any tax, assessment or governmental charge and, if so, whether the Company will have the option to redeem such Securities
rather than pay such Additional Amounts (and the terms of any such option); and 
 (21) any other terms or
conditions upon which the Securities of the Series are to be issued (which terms shall not be inconsistent with the provisions of this Indenture). 

  
 - 10 -

 All Securities of any one Series shall be substantially identical except as to denomination,
except as provided in the immediately succeeding paragraph, and except as may otherwise be provided in or pursuant to such resolution of the Board of Directors or in any such indenture supplemental hereto. All Securities of any one Series need not
be issued at the same time, and unless otherwise provided, a Series may be reopened, without the consent of the Holders, for issuances of additional Securities of such Series or to establish additional terms of such Series of Securities (which
additional terms shall only be applicable to unissued or additional Securities of such Series). 
 Each Series may be issued in
one or more Tranches. Except as provided in the foregoing paragraph, all Securities of a Tranche shall have the same issue date, maturity date, interest rate or method of determining interest, and, in the case of Original Issue Discount Securities,
the same issue price. 
 Section 2.4 Authentication and Delivery of Securities 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any Series
having attached thereto appropriate Coupons, if any, executed by the Company to any Trustee for authentication, and such Trustee shall thereupon authenticate and deliver such Securities to or upon the written order of the Company, signed by both
(a) the chairman of its Board of Directors, or any vice chairman of its Board of Directors, or its president or any vice president or any treasurer or assistant treasurer and (b) by any other treasurer or any other assistant treasurer,
secretary or any assistant secretary without any further action by the Company. In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be provided with
and (subject to Section 6.1) shall be fully protected in relying upon: 
 (1) a certified copy of any
resolution or resolutions of the Board of Directors authorizing the action taken pursuant to the resolution or resolutions delivered under clause (2) below; 

(2) a copy of any resolution or resolutions of the Board of Directors relating to such Series, in each case certified by
the secretary or an assistant secretary of the Company; 
 (3) an executed supplemental indenture, if any;

 (4) an Officers’ Certificate setting forth the form and terms of the Securities of such Series as
required pursuant to Section 2.1 and Section 2.3, respectively, and prepared in accordance with Section 12.5, if any; 
 (5) an Opinion of Counsel, prepared in accordance with Section 12.5, which shall state the following or which shall otherwise be satisfactory to the Trustees: 

(a) that the form or forms and terms of such Securities and Coupons, if any have been established by or pursuant to a
resolution of the Board of Directors or by a supplemental indenture as permitted by Section 2.1 and Section 2.3 in conformity with the provisions of this Indenture; 

  
 - 11 -

 (b) that such Securities and Coupons, if any have been duly authorized, and,
when authenticated and delivered by the applicable 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, and the Guarantor if
a Guaranty is provided by the Guarantor in respect of such Securities, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization or other laws relating to or affecting the enforcement of creditors’
rights and by general equitable principles, regardless of whether such enforceability is considered in a proceeding in equity or at law; 
 (c) that all laws and requirements in respect of the execution and delivery by the Company of the Securities and Coupons, if any, and the related supplemental indenture, if any, have been complied with;

 (d) the registration statement, if any, relating to the Securities of such series and any amendments thereto
has become effective under the Securities Act of 1933 and to the best knowledge of such counsel, no stop order suspending the effectiveness of such registration statement, as amended, has been issued and no proceedings for that purpose have
been instituted or threatened; 
 (e) no consent, approval, authorization or order of any court or governmental
agency or body in the United States or Canada, as the case may be, is required for the issuance of the Securities of such Series, except such as have been obtained and such as may be required under the blue sky laws of any jurisdiction in the United
States in connection with the purchase and distribution of the Securities of such Series; 
 (f) neither the
issue nor sale of the Securities of such Series will contravene the charter or by-laws of the Company or will conflict with, result in a breach of or constitute a default under the terms of any indenture or other agreement or instrument known to
such counsel and to which the Company or any of its Subsidiaries is a party or is bound, or any order or regulation known to such counsel to be applicable to the Company or any of its Subsidiaries of any court, regulatory body, administrative agency
or governmental body having jurisdiction over the Company or any of its Subsidiaries; and 
 (g) the
authentication and delivery of the Securities of such series by the Trustee(s) in accordance with the directions of the Company so to do, and the Company’s execution and delivery of the Securities of such series, will not violate the terms of
this Indenture; 
 provided, however, that in the case of any Series issuable in Tranches, if any Trustee has previously received
the documents referred to in Sections 2.4(1)-(5) with respect to such Series, such Trustee shall authenticate and deliver Securities of such Series executed and delivered by the Company for original issuance upon receipt by such Trustee of the
applicable Company Notice. 

  
 - 12 -

 A Trustee shall have the right to decline to authenticate and deliver any Securities and
Coupons, if any, under this Section if such Trustee, being advised by counsel, determine that such action may not lawfully be taken by the Company or if the issue of such Securities pursuant to this Indenture will affect such Trustee’s own
rights, duties or immunities under this Indenture in a manner not reasonably acceptable to such Trustee. 
 Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to any Trustee for cancellation as provided in Section 2.10, together with a
written statement (which need not comply with Section 12.5 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be
deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 

Section 2.5 Execution of Securities 
 The Securities shall be signed on behalf of the Company by both its (a) chairman or its president or any vice president and (b) its treasurer or any assistant treasurer or its corporate
secretary or any assistant secretary or another vice president, which may, but need not, be attested. Such signatures may be the manual or facsimile signatures of the present or any future such officers. Typographical and other minor errors or
defects in any such reproduction of the seal or any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by a Trustee. Any Coupons attached to any Unregistered Security shall
be executed on behalf of the Company by the manual or facsimile signature of any such officer of the Company. 
 In case any
officer of the Company who shall have signed any of the Securities or Coupons shall cease to be such officer before the Security or Coupon so signed shall be authenticated (in the case of the Securities) and delivered by any Trustee or disposed of
by the Company, such Security or Coupon nevertheless may be authenticated and delivered or disposed of as though the person who signed such Security or Coupon had not ceased to be such officer of the Company; and any Security or Coupon may be signed
on behalf of the Company by such persons as, at the actual date of the execution of such Security or Coupon, shall be the proper officers of the Company, although at the date of the execution and delivery of this Indenture any such person was not
such an officer. 
 Section 2.6 Certificate of Authentication 

Only such Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, executed by a
Trustee by the manual signature of one of its authorized signatories, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by a Trustee upon any Security executed by the Company shall be
conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture. 

  
 - 13 -

 The Trustees shall not authenticate or deliver any Unregistered Security until any matured
Coupons appertaining thereto have been detached and cancelled, except as otherwise provided or permitted by this Indenture. 

Section 2.7 Denomination and Date of Securities; Payments of Interest 

The Securities shall be issuable in denominations as shall be specified as contemplated by Section 2.3. In the absence of any such
specification with respect to the Securities of any Series, the Securities of such Series shall be issuable in denominations of $1,000 and any multiple thereof, which may be in Dollars, Canadian Dollars or any Foreign Currency, and interest shall be
computed on the basis of a 365-day year (or a 366-day year in the case of a leap year). For the purposes of disclosure under the Interest Act (Canada), the yearly rate of interest which is equivalent to any rate of interest payable under a
Security, which is to be calculated on any basis other than a full calendar year, may be determined by multiplying the rate by a fraction, the numerator of which is the number of days in the calendar year in which the period for which interest at
such rate is payable and the denominator of which is the number of days comprising such other basis. The Securities shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plan as the officers of the Company
executing the same may determine with the approval of any Trustee as evidenced by the execution and authentication thereof. 

Each Security shall be dated the date of its authentication, shall bear interest from the date and shall be payable on the dates, in each
case, which shall be specified as contemplated by Section 2.3. 
 Interest on any Security which is payable, and is
punctually paid or duly provided for, on any interest payment date shall be paid, in the case of Registered Securities, to the person in whose name that Security (or one or more predecessor Securities) is registered at the close of business on the
regular record date for the payment of such interest and, in the case of Unregistered Securities, upon surrender of the Coupon appertaining thereto in respect of the interest due on such interest payment date. 

The term “record date” as used with respect to any interest payment date (except for a date for payment of defaulted
interest) shall mean the date specified as such in the terms of the Securities of any particular Series, or, if no such date is so specified, if such interest payment date is the first day of a calendar month, the close of business on the fifteenth
day of the next preceding calendar month or, if such interest payment date is the fifteenth day of a calendar month, the close of business on the first day of such calendar month, whether or not such record date is a Business Day. 

Any interest on any Security of any Series which is payable, but is not punctually paid or duly provided for, on any interest payment
date (called “defaulted interest” for the purpose of this Section) shall forthwith cease to be payable to the Registered Holder on the relevant record date by virtue of his having been such Holder; and such defaulted interest may be
paid by the Company, at its election in each case, as provided in clause (1) or clause (2) below: 

  
 - 14 -

 (1) The Company may elect to make payment of any defaulted interest to the
persons in whose names any such Registered Securities (or their respective predecessor Securities) are registered at the close of business on a special record date for the payment of such defaulted interest, which shall be fixed in the following
manner. The Company shall notify the Trustees in writing of the amount of defaulted interest proposed to be paid on each Security of such Series and the date of the proposed payment, and at the same time the Company shall deposit with any Trustee an
amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to
be held in trust for the benefit of the persons entitled to such defaulted interest as in this clause provided. Thereupon the Trustees shall fix a special record date for the payment of such defaulted interest in respect of Registered Securities of
such Series which shall be not more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustees of the notice of the proposed payment. The Trustees shall promptly notify
the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such defaulted interest and the special record date thereof to be mailed, first class postage prepaid, to each
Registered Holder at his address as it appears in the Security register, not less than 10 days prior to such special record date. Notice of the proposed payment of such defaulted interest and the special record date therefor having been mailed
as aforesaid, such defaulted interest in respect of Registered Securities of such Series shall be paid to the person in whose names such Securities (or their respective predecessor Securities) are registered on such special record date and such
defaulted interest shall no longer be payable pursuant to the following clause (2). 
 (2) The Company may
make payment of any defaulted interest on the Registered Securities of any Series in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of that Series may be listed, and upon such notice
as may be required by such exchange, if, after notice given by the Company to the Trustees of the proposed payment pursuant to this clause, such payment shall be deemed practicable by the Trustees. 

Any defaulted interest payable in respect of any Security of any Series which is not a Registered Security shall be payable pursuant to
such procedures as may be satisfactory to the Trustees in such manner that there is no discrimination as between the Holders of Registered Securities and other Securities of the same Series, and notice of the payment date therefor shall be given by
the Trustees, in the name and at the expense of the Company, by publication at least once in a newspaper of general circulation in New York, New York and London, England or, in the case of Securities denominated in Canadian Dollars, by publication
at least once in a newspaper of general circulation in Toronto, Canada. 
 Subject to the foregoing provisions of this Section,
each Security delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

  
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 Section 2.8 Registration, Transfer and Exchange 

The Company will keep at the office or agency of the Trustees to be maintained for the purpose as provided in Section 3.2 a register
or registers in which, subject to such reasonable regulations as it may prescribe, it will register, and will register the transfer of, Registered Securities as in this Article Two provided. Such register shall be in written form in the English
language or in any other form capable of being converted into such form within a reasonable time. At all reasonable times such register or registers shall be open for inspection by the Trustees. 

Upon due presentation for registration of transfer of any Registered Security of any Series at any such office or agency to be maintained
for the purpose as provided in Section 3.2, the Company shall execute and any Trustee shall authenticate and deliver in the name of the transferee or transferees a new Registered Security or Registered Securities of the same Series in
authorized denominations for a like aggregate principal amount. 
 At the option of the Holder thereof, Unregistered Securities
of a Series, which by their terms are registerable as to principal and interest, may, to the extent and under the circumstances specified pursuant to Section 2.3, be exchanged for Registered Securities of such Series, as may be issued by the
terms thereof. At the option of the Holder thereof, Registered Securities of a Series, which by their terms provide for the issuance of Unregistered Securities, may, to the extent and under the circumstances specified pursuant to Section 2.3,
be exchanged for Unregistered Securities of such Series. Securities so issued in exchange for other Securities shall be of any authorized denomination and of like principal amount and maturity date, interest rate or method of determining interest,
and shall be issued upon surrender of the Securities for which they are to be exchanged and, in the case of Coupon Securities, together with all unmatured Coupons and matured Coupons in default appertaining thereto, at the office of the Company
provided for in Section 3.2 and upon payment, if the Company shall require, of charges provided therein. Unregistered Securities of any Series issued in exchange for Registered Securities of such Series between the regular record date for such
Registered Security and the next interest payment date will be issued without the Coupon relating to such interest payment date, and Unregistered Securities surrendered in exchange for Registered Securities between such dates shall be surrendered
without the Coupon relating to such interest payment date. Whenever any Securities are so surrendered for exchange, the Company shall execute, and any Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is
entitled to receive. Notwithstanding the foregoing, an Unregistered Security will not be delivered in exchange for a Registered Security or Securities unless the Trustees receive a certificate signed by the person entitled to delivery of such
Security or other items or documents fulfilling such conditions as shall be required by regulations of the United States Department of the Treasury, or shall be notified by the Company that such a certificate shall not be required by such
regulations; provided, however, that no such Unregistered Security shall be delivered by the Trustees if the Trustees or such agent shall have, or shall have been notified in writing by the Company that the Company has, actual
knowledge that such certificate is false. 

  
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 Upon presentation for registration of any Unregistered Securities of any Series which by its
terms is registerable as to principal, at the office or agency of the Company to be maintained as provided in Section 3.2, such Security shall be registered as to principal in the name of the Holder thereof and such registration shall be noted
on such Security. Any Security so registered shall be transferable on the registry books of the Company upon presentation of such Security at such office or agency for similar notation thereon, but such Security may be discharged from registration
by being in a like manner transferred to bearer, whereupon transferability by delivery shall be restored. Except as otherwise provided pursuant to Section 2.3 hereof, Unregistered Securities shall continue to be subject to successive
registrations and discharges from registration at the option of the Holders thereof. 
 Unregistered Securities shall be
transferable by delivery, except while registered as to principal. Registration of any Coupon Security shall not effect the transferability by delivery of the Coupons appertaining thereto which shall continue to be payable to bearer and transferable
by delivery. 
 All Securities and Coupons issued upon any transfer or exchange of Securities shall be the valid obligations of
the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities and Coupons surrendered upon such transfer or exchange. 
 Every Security presented or surrendered for registration of transfer or exchange shall (if so required by the Company or the Trustees) be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Company and the Trustees duly executed, by the Holder thereof or his attorney duly authorized in writing. 
 No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may
be imposed in connection with any transfer or exchange of Securities, other than exchanges pursuant to Sections 2.11, 8.5 or 12.3 not involving any transfer. 
 The Company shall not be required (i) to issue, register the transfer of or exchange any Security during a period beginning at the opening of business 15 days before the day of mailing of a notice of
redemption of Securities for redemption under Article Twelve or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except, in the case of any Security to be redeemed in part, the
portion thereof not redeemed. 
 Section 2.9 Mutilated, Defaced, Destroyed, Lost and Stolen Securities 

In case any temporary or definitive Security or Coupon shall become mutilated, defaced or be destroyed, lost or stolen, the Company in
its discretion may execute, and upon the written request of any officer of the Company, any Trustee shall authenticate and deliver, a new Security of the same Series or Coupon, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated or defaced Security or Coupon, or in lieu of and substitution for the Security or Coupon so destroyed, lost or stolen. In every case the applicant for a substitute Security or Coupon shall furnish to the Company and to
the Trustees and to any agent of the Company or the Trustees such security or indemnity as may be required by them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their
satisfaction of the destruction, loss or theft of such Security or Coupon and of the ownership thereof. 

  
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 Upon the issuance of any substitute Security or Coupon, 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 Trustees) connected therewith. In case any Security or Coupon which has matured
or is about to mature or has been called for redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security or Coupon, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated or defaced Security or Coupon); provided, however, that interest represented by Coupons shall be payable only upon presentation and surrender of such Coupons at an office or agency of the Company
located outside of the United States or Canada, unless otherwise provided pursuant to 2.3, if the applicant for such payment shall furnish to the Company and to the Trustees and any agent of the Company or the Trustees such security or indemnity as
any of them may require to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustees and any agent of the Company or the Trustees evidence to their satisfaction of
the destruction, loss or theft of such Security or Coupon and of the ownership thereof. 
 Every substitute Security of any
Series or Coupon issued pursuant to the provisions of this Section by virtue of the fact that any such Security or Coupon is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the
destroyed, lost or stolen Security or Coupon shall be at any time enforceable by anyone and shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Indenture equally and proportionately with
any and all other Securities of such Series or Coupons duly authenticated and delivered hereunder. All Securities or Coupons shall be held and owned upon the express condition that, to the extent permitted by the law, the foregoing provisions are
exclusive with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Securities or Coupons and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to
the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 

Section 2.10 Cancellation of Securities 
 All Securities surrendered for payment, redemption, registration of transfer or exchange, or for credit against any payment in respect of a sinking or analogous fund and all Coupons surrendered for
payment or exchange, shall, if surrendered to the Company or any agent of the Company or either of the Trustees, be delivered to either of the Trustees for cancellation or, if surrendered to either of the Trustees, shall be cancelled by such
Trustee; and no Securities or Coupons shall be issued in lieu thereof, except as expressly permitted by any of the provisions of this Indenture. A Trustee shall dispose cancelled Securities in accordance with its customary procedures. If the Company
shall acquire any of the Securities and Coupons, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities and Coupons unless and until the same are delivered to a Trustee for cancellation.

  
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 Section 2.11 Temporary Securities 

Pending the preparation of definitive Securities for any Series, the Company may execute and any Trustee shall authenticate and deliver
temporary Securities for such Series (printed, lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to the Trustees). Temporary Securities of any Series may be issued as Registered Securities or Unregistered
Securities with or without Coupons attached thereto, of any authorized denomination, and substantially in the form of the definitive Securities of such Series but with such omissions, insertions and variations as may be appropriate for temporary
Securities, all as may be determined by the Company with the concurrence of the Trustees. Temporary Securities may contain such reference to any provisions of this Indenture as may be appropriate. Every temporary Security shall be executed by the
Company and be authenticated by the Trustees upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities. Without unreasonable delay the Company shall execute and shall furnish definitive
Securities of such Series and thereupon temporary Securities of such Series may be surrendered in exchange therefor without charge at each office or agency to be maintained by the Company for that purpose pursuant to Section 3.2, and any
Trustee shall authenticate and deliver in exchange for such temporary Securities of such Series a like aggregate principal amount of definitive Securities of the same Series of authorized denominations and, in the case of Unregistered Securities,
having attached thereto any appropriate Coupons. Until so exchanged, the temporary Securities of any Series shall be entitled to the same benefits under this Indenture as definitive Securities of such Series. 

Section 2.12 Currency and Manner of Payments in Respect of Securities 

(a) With respect to Registered Securities of any Series with respect to which the Holders of such Securities have not made the election
provided for in paragraph (b) below, the following payment provisions shall apply: 
 (1) Except as provided
in subparagraph (a)(2) or in paragraph (e) below, payment of the principal of any Registered Security will be made at the Place of Payment by delivery of a check, or by wire or other electronic means, in the Currency in which the Security
is denominated on the payment date against surrender of such Registered Security, and any interest on any Registered Security will be paid at the Place of Payment by mailing a check, or by wire or other electronic means, in the Currency in which the
Securities were issued to the Person entitled thereto at the address of such Person appearing on the Security register. 
 (2) Payment of the principal of and interest on such Security may also, subject to applicable laws and regulations, be made at such other place or places as may be designated by the Company by any
appropriate method. 
 (b) With respect to Registered Securities of any Series, the following payment provisions shall apply,
except as otherwise provided in paragraphs Section 2.12(e) and (f) below: 

  
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 (1) The Board of Directors may provide with respect to any Series of such
Securities that Holders shall have the option to receive payments of principal of and interest on such Security in any of the Currencies which may be designated for such election in such Security by delivering to the Trustees a written election, to
be in form and substance satisfactory to the Trustees, not later than the close of business on the record date immediately preceding the applicable payment date. Such election will remain in effect for such Holder until changed by the Holder by
written notice to the Trustees (but any such change must be made not later than the close of business on the record date immediately preceding the next payment date to be effective for the payment to be made on such payment date and no such change
may be made with respect to payments to be made on any Security with respect to which notice of redemption has been given by the Company pursuant to Article Twelve). Any Holder of any such Security who shall not have delivered any such election
to the Trustees not later than the close of business on the applicable record date will be paid the amount due on the applicable payment date in the relevant Currency as provided in paragraph Section 2.12(a) of this Section 2.12.
Payment of principal shall be made on the payment date against surrender of such Securities. Payment of principal and interest shall be made at the Place of Payment by mailing a check, or by wire or other electronic means, in the applicable currency
to the Person entitled thereto at the address of such Person appearing on the Security register. 
 (2) Payment
of the principal of and interest on such Security may also, subject to applicable laws and regulations, be made at such other place or places as may be designated by the Company by any appropriate method. 

(c) Payment of the principal of any Unregistered Security and of interest on any Coupon Security will be made at such place or places
outside the United States or Canada as may be designated by the Company by any appropriate method only in the Currency in which the Security is payable (except as provided in paragraph (e) below) on the payment date against surrender of the
Unregistered Security, in the case of payment of principal, or the relevant Coupon, in the case of payment of interest. Except as provided in paragraph (e) below, payment with respect to Unregistered Securities and Coupons will be made by
check, or by wire or other electronic means, subject to any limitations on the methods of effecting such payment as shall be specified in the terms of the Security established as provided in Section 2.3 and as shall be required under applicable
laws and regulations. Payment of the principal of and interest on Unregistered Securities may also, subject to applicable laws and regulations, be made at such other place or places as may be designated by the Company by any appropriate method.

 (d) Not later than the fourth Business Day after the record date for each payment date, the Trustees will deliver to the
Company a written notice specifying, in the Currency in which each Series of the Securities are denominated, the respective aggregate amounts of principal of and interest on the Securities to be made on such payment date, specifying the amounts so
payable in respect of the Registered and the Unregistered Securities and in respect of the Registered Securities as to which the Holders shall have elected to be paid in another Currency as provided in paragraph (b) above. If the Board of
Directors has provided for the election referred to in paragraph (b) above and if at least one Holder has made such election, then not later than the second Business Day preceding such record date the Company will deliver to the Trustees an
Exchange Rate Officer’s Certificate in respect of the Dollar or Foreign Currency payments to be made on such payment date. The Dollar or Foreign Currency amount receivable by Holders of Registered Securities who have elected payment in another
Currency as provided in paragraph (b) above shall be determined by the Company on the basis of the applicable Market Exchange Rate in effect on the second Business Day (the “Valuation Date”) prior to such payment date and set
forth in the applicable Exchange Rate Officer’s Certificate. 

  
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 (e) If a Conversion Event occurs with respect to a Foreign Currency in which any of the
Securities are denominated or payable, then with respect to each date for the payment of principal of, premium, if any, and interest on the applicable Foreign Currency denominated Securities occurring after the last date on which the Foreign
Currency was so used (the “Conversion Date”), the Dollar shall be the currency of payment for use on each such payment date. The Dollar amount to be paid by the Company to the Trustees and by the Trustees or any Paying Agent to the
Holders of such Securities with respect to such payment date shall be, in the case of a Foreign Currency other than a currency unit, the Dollar Equivalent of the Foreign Currency or, in the case of a currency unit, the Dollar Equivalent of the
Currency Unit, in each case as determined by the Currency Determination Agent in the manner provided in paragraphs (g) or (h) below. 
 (f) If the Holder of a Registered Security elects payment in a specified Currency as provided for by paragraph (b) and a Conversion Event occurs with respect to such elected Currency, such Holder
shall receive payment in the Currency in which payment would have been made in the absence of such election; and if a Conversion Event occurs with respect to the Currency in which payment would have been made in the absence of such election, such
Holder shall receive payment in Dollars. 
 (g) The “Dollar Equivalent of the Foreign Currency” shall be
determined by the Currency Determination Agent as of each Valuation Date and shall be obtained by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on the Conversion Date. 

(h) The “Dollar Equivalent of the Currency Unit” shall be determined by the Currency Determination Agent as of each
Valuation Date and shall be the sum obtained by adding together the results obtained by converting the Specified Amount of each Component Currency into Dollars at the Market Exchange Rate on the Valuation Date for such Component Currency.

 (i) For purposes of this Section 2.12 the following terms shall have the following meanings: 

A “Component Currency” shall mean any currency which, on the Conversion Date, was a component currency of the relevant
currency unit, including but not limited to the Euro. 
 A “Specified Amount” of a Component Currency shall
mean the number of units or fractions thereof which such Component Currency represented in the relevant currency unit, including but not limited to the Euro, on the Conversion Date. If after the Conversion Date the official unit of any Component
Currency is altered by way of combination or subdivision, the Specified Amount of such Component Currency shall be divided or multiplied in the same proportion. If after the Conversion Date two or more Component Currencies are consolidated into a
single currency, the respective Specified Amounts of such Component Currencies shall be 

  
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replaced by an amount in such single currency equal to the sum of the respective Specified Amounts of such consolidated Component Currencies expressed in such single currency, and such amount
shall thereafter be a Specified Amount and such single currency shall thereafter be a Component Currency. If after the Conversion Date any Component Currency shall be divided into two or more currencies, the Specified Amount of such Component
Currency shall be replaced by specified amounts of such two or more currencies, the sum of which, at the Market Exchange Rate of such two or more currencies on the date of such replacement, shall be equal to the Specified Amount of such former
Component Currency and such amounts shall thereafter be Specified Amounts and such currencies shall thereafter be Component Currencies. If, after the Conversion Date of the relevant currency unit, including, but not limited to, the Euro, a
Conversion Event (other than any event referred to above in this definition of “Specified Amount”) occurs with respect to any Component Currency of such currency unit and is continuing on the applicable Valuation Date, the Specified
Amount of such Component Currency shall, for purposes of calculating the Dollar Equivalent of the Currency Unit, be converted into Dollars at the Market Exchange Rate in effect on the Conversion Date of such Component Currency. 

“Market Exchange Rate” shall mean for any currency the noon Dollar buying rate for that currency for cable transfers
quoted in New York City on the Valuation Date as certified for customs purposes by the Federal Reserve Bank of New York. If such rates are not available for any reason with respect to one or more Currencies for which an exchange rate is required,
the Currency Determination Agent shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in New York
City or in the country of issue of the currency in question, or such other quotations as the Currency Determination Agent shall deem appropriate. Unless otherwise specified by the Currency Determination Agent, if there is more than one market for
dealing in any currency by reason of foreign exchange regulations or otherwise, the market to be used in respect of such currency shall be that upon which a nonresident issuer of securities designated in such currency would purchase such currency in
order to make payments in respect of such securities. 
 All decisions and determinations of the Currency Determination Agent
regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit, the Market Exchange Rate and changes in Specified Amounts as specified above shall be in its sole discretion and shall, in the absence of manifest
error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustees for the relevant series of Securities and all Holders of such Securities. 
 In the event that a Conversion Event has occurred with respect to a Foreign Currency, the Company, after learning thereof, will immediately give notice thereof to the Trustees (and the Trustees will
promptly thereafter give notice in the manner provided in Section 12.4 to the affected Holders) specifying the Conversion Date. In the event that a Conversion Event has occurred with respect to the Euro or any other currency unit in which
Securities are denominated or payable, the Company, after learning thereof, will immediately give notice thereof to the Trustees (and the Trustees will promptly thereafter give notice in the manner provided in Section 12.4 to the affected
Holders) specifying the Conversion Date and the Specified Amount of each Component Currency on the Conversion Date. In the event of any subsequent change in any Component Currency as set forth in the definition of Specified Amount above, the
Company, after learning thereof, will similarly give notice to the Trustees. 

  
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 The Trustees shall be fully justified and protected in relying on and acting upon the
information so received by it from the Company and the Currency Determination Agent and shall not otherwise have any duty or obligation to determine or otherwise confirm such information independently. 

Section 2.13 Compliance with Certain Laws and Regulations 

If any Unregistered Securities or Coupon Securities are to be issued in any Series of Securities, the Company will use reasonable efforts
to provide for arrangements and procedures designed pursuant to then applicable laws and regulations, if any, to ensure that Unregistered Securities or Coupon Securities are sold or resold, exchanged, transferred and paid only in compliance with
such laws and regulations and without adverse consequences to the Company. 
 Section 2.14 CUSIP Numbers 

The Company in issuing the Securities may use “CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the
Trustees shall indicate the “CUSIP” or “ISIN” numbers of the Securities in notices of redemption 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 redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect
in or omission of such numbers. The Company will promptly notify the Trustees of any change in the “CUSIP” or “ISIN” numbers. 
 Section 2.15 Securities in Global Form 
 If Securities of or within a
Series are issuable in whole or in part in global form, any such Security may provide that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and may also provide that the aggregate amount of
Outstanding Securities represented thereby may from time to time be reduced or increased to reflect exchanges. Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount, or changes in the rights of
Holders, of Outstanding Securities represented thereby, shall be made in such manner and by such Person or Persons as shall be specified therein or in the Company order to be delivered to any Trustee pursuant to Section 2.4 or
Section 2.11. Subject to the provisions of Section 2.4 and, if applicable, Section 2.11, the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons
specified therein or in the applicable Company order. Any instructions by the Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not comply with Section 2.5 or
Section 12.5 and need not be accompanied by an Opinion of Counsel. 
 The provisions of the last paragraph of
Section 2.4 shall apply to any Security in global form if such Security was never issued and sold by the Company and the Company delivers to the Trustees the Security in global form together with written instructions (which need not comply with
Section 12.5 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last paragraph of
Section 2.4. 

  
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 Notwithstanding the provisions of Section 3.1, unless otherwise specified as
contemplated by Section 2.4, payment of principal of and interest on any Security in permanent global form shall be made to the Person or Persons specified in such Security. 

ARTICLE THREE 
 COVENANTS OF THE ISSUER AND GUARANTOR 
 Section 3.1 Payment of
Principal and Interest 
 The Company covenants and agrees for the benefit of each Series of Securities that it will duly
and punctually pay or cause to be paid (in the Currency or currency unit in which the Securities of such Series and Coupons, if any, are payable, except as otherwise provided pursuant to Section 2.3 for the Securities of such Series and except
as provided in, Section 2.12(b), Section 2.12(e) and Section 2.12(f) hereof) the principal of, and interest on, each of the Securities of such Series in accordance with the terms of the Securities of such Series, any Coupons
appertaining thereto and this Indenture. 
 The interest on Unregistered Securities shall be payable only upon presentation and
surrender of the several Coupons for such interest installments as are evidenced thereby as they severally mature at the office of a Paying Agent outside the United States or Canada. The interest on any temporary Unregistered Security shall
be paid, as to any installment of interest evidenced by a Coupon attached thereto, if any, only upon presentation and surrender of such Coupon, and, as to the other installments of interest, if any, only upon presentation of such Securities for
notation thereon of the payment of such interest. 
 Section 3.2 Offices for Payment, etc 

So long as any of the Securities remain outstanding, the Company will maintain the following for each Series: at least one office or
agency (a) at the Place of Payment for such Securities where the Securities may be presented for payment and where the Securities may be presented for registration of transfer and for exchange as in this Indenture provided and
(b) where notices and demands to or upon the Company in respect of the Securities or of this Indenture may be served. The Company will give to the Trustees written notice of the location of any such office or agency and of any change of
location thereof. In case the Company shall fail to so designate or maintain any such office or agency or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made and notices may
be served at the Corporate Trust Office of either of the Trustees. Unless otherwise specified in respect of a Series of Securities pursuant to Section 2.3, the Canadian Trustee is appointed Paying Agent and Registrar in respect of all Series of
Securities. 
 So long as any Coupon Securities or Unregistered Securities of any Series remain outstanding, the Company will
(except as specified pursuant to Section 2.3) maintain one or more offices or agencies outside the United States in such city or cities as may be specified elsewhere in this Indenture or as contemplated by Section 2.3, and shall maintain
such office or offices for a period of two years (or any period thereafter for which it is necessary in order to 

  
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conform to United States tax laws or regulations) after the principal on such Coupon Securities or Unregistered Securities has become due and payable, with respect to such Series where Coupons
appertaining to Securities of such Series or Unregistered Securities of such Series may be surrendered or presented for payment, or surrendered for exchange pursuant to Section 2.8 and where notices and demands to or upon the Company in respect
of Coupons appertaining to Securities of such Series or the Unregistered Securities of such Series or of this Indenture may be served. The Company will give prompt written notice to the Trustees of the location and any change in the location, of any
such office or agency. If at any time the Company shall fail to maintain such required office or agency or shall fail to furnish the Trustees with the address thereof, presentations, surrenders, notices and demands in respect of Unregistered
Securities may be made or served at the Corporate Trust Office of the Trustees and the corporate trust office of any authenticating agent appointed hereunder, and presentations, surrenders, notices and demands in respect of Coupons appertaining to
Securities of any Series and Unregistered Securities may be made or served at the corporate trust office of the Trustees in the other city or cities referred to above; and the Company hereby appoints the Trustees and any authenticating agent
appointed hereunder its agents to receive all such presentations, surrenders, notices and demands. 
 Section 3.3
Appointment to Fill a Vacancy in Office of Trustee 
 The Company, whenever necessary to avoid or fill a vacancy in the
office of Trustee, will appoint, in the manner provided in Section 6.10, a Trustee, so that there shall at all times be a Trustee with respect to each Series of Securities hereunder and so that at all times at least one Trustee is a corporation
organized under the laws of Canada or any Province thereof and authorized under such laws to carry on trust business therein. 

Section 3.4 Paying Agents 
 Whenever the Company shall appoint a Paying Agent other than the Trustees with respect to the Securities of any Series, it will cause such Paying Agent to execute and deliver to the Trustees an instrument
in which such Agent shall agree with the Trustees, subject to the provisions of this Section, 
 (a) that it will hold all sums
received by it as such Agent for the payment of the principal of or interest on the Securities of such Series or Coupons (whether such sums have been paid to it by the Company or by any other obligor on the Securities of such Series or Coupons) in
trust for the benefit of the Holders of the Securities of such Series or Coupons or of the Trustees, and upon the occurrence of an Event of Default and upon the written request of the Trustees, pay over all such sums received by it to the Trustees,

 (b) that it will give the Trustees notice of any failure by the Company (or by any other obligor on the Securities of such
Series) to make any payment of the principal of or interest on the Securities of such Series or Coupons when the same shall be due and payable, and 
 (c) that it will give the Trustees notice of any change of address of any Holder of which it is aware. 

  
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 The Company will, on (if prior to 10 a.m. New York City time) or prior to each due date of
the principal of or interest on the Securities of such Series or Coupons, deposit with the Paying Agent a sum sufficient to pay such principal or interest so becoming due, and (unless such Paying Agent is the Trustees) the Company will promptly
notify the Trustees of any failure to take such action. 
 If the Company shall act as its own Paying Agent with respect to the
Securities of any Series or Coupons, it will, on or before each due date of the principal of or interest on the Securities of such Series or Coupons, set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such
Series or Holders of such Coupons a sum sufficient to pay such principal or interest so becoming due. The Company will promptly notify the Trustees of any failure to take such action. 

Anything in this Section to the contrary notwithstanding, the Company may at any time, for the purpose of obtaining a satisfaction and
discharge with respect to one or more or all Series of Securities or Coupons hereunder, or for any other reason, pay or cause to be paid to the Trustees all sums held in trust for any such Series by the Company or any Paying Agent hereunder, as
required by this Section, such sums to be held by the Trustees upon the trusts herein contained. 
 Anything in this Section to
the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section is subject to the provisions of Sections 10.3 and 10.4. 
 Section 3.5 Written Statement to Trustees 
 Each of the Company and
the Guarantor will deliver to the Trustees for each Series of Securities at least once in every twelve month period beginning on the date hereof, on or before a date not more than four months after the end of each of its fiscal years ending after
the date hereof during which any Securities are outstanding, and, in addition, at any other time on the demand of a Trustee, a written statement, signed by two of its officers (which need not comply with Section 12.5), stating that in the
course of the performance of their duties as officers of the Company or the Guarantor, as applicable, they would normally have knowledge of any default by the Company or the Guarantor, as applicable, in the performance or fulfillment of, or
compliance with, any covenant, agreement, condition or other requirement contained in this Indenture, which default would, with the giving of notice, lapse of time or otherwise, constitute an Event of Default with respect to such Series, stating
whether or not they have knowledge of any such default and, if so, specifying each such default of which the signers have knowledge and the nature thereof. 
 Section 3.6 Limitation on Liens 
 (a) The Guarantor will not, nor will
it permit any Restricted Subsidiary to, issue, assume or guarantee any indebtedness for money borrowed (hereinafter in this Article Three called “Debt”), secured by a mortgage, security interest, pledge, lien or other
encumbrance (mortgages, security interests, pledges, liens and other encumbrances being hereinafter in this Article Three called “mortgage” or “mortgages”) upon any Principal Property of the Guarantor or any Restricted
Subsidiary or upon any shares of stock or indebtedness of any Restricted 

  
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Subsidiary (whether such Principal Property, shares of stock or indebtedness are now owned or hereafter acquired), without in any such case effectively providing concurrently with the issuance,
assumption or guaranty of any such Debt that the Guaranty (together with, if the Guarantor shall so determine, any other indebtedness of or guaranteed by the Guarantor or such Restricted Subsidiary ranking equally with the Guaranty and then existing
or thereafter created) shall be secured equally and ratably with (or, at the option of the Guarantor, prior to) such Debt so long as such Debt shall be so secured; provided, however, that the foregoing restrictions shall not apply to Debt secured
by: 
 (i) mortgages on property, shares of stock or indebtedness (hereinafter in this Article Three called
“property”) of any corporation existing at the time such corporation becomes a Restricted Subsidiary; 
 (ii) mortgages on property existing at the time of acquisition of the affected property by the Guarantor or a Restricted Subsidiary, or mortgages to secure the payment of all or any part of the purchase
price of such property upon the acquisition of such property by the Guarantor or a Restricted Subsidiary or to secure any Debt incurred by the Guarantor or a Restricted Subsidiary prior to, at the time of, or within 360 days after the later of
the acquisition, the completion of construction (including any improvements on an existing property) or the commencement of commercial operation of such property, which Debt is incurred for the purpose of financing all or any part of the purchase
price thereof or construction or improvements thereon; provided, however, that in the case of any such acquisition, construction or improvement the mortgage shall not apply to any property theretofore owned by the Guarantor or a Restricted
Subsidiary, other than, in the case of any such construction or improvement, any real property on which the property so constructed, or the improvement, is located which in the opinion of the Guarantor Board was, prior to such construction or
improvement, substantially unimproved for the use intended by the Guarantor or such Restricted Subsidiary; 

(iii) mortgages on property of a Restricted Subsidiary securing Debt owing to the Guarantor or to another Restricted
Subsidiary; 
 (iv) mortgages on property of a corporation existing at the time such corporation is merged into
or consolidated with the Guarantor or a Restricted Subsidiary or at the time of a sale, lease or other disposition of the properties of a corporation or firm as an entirety or substantially as an entirety to the Guarantor or a Restricted Subsidiary
provided, however, that any such mortgages do not attach to or affect property theretofore owned by the Guarantor or such Restricted Subsidiary; 
 (v) mortgages on property owned or leased by the Guarantor or a Restricted Subsidiary in favor of the United States of America or any State thereof, or any department, agency or instrumentality or
political subdivision of the United States of America or any State thereof, or in favor of any other country or any political subdivision thereof, or in favor of holders of securities issued by any such entity, pursuant to any contract or statute
(including, without limitation, mortgages to secure Debt of the pollution control or industrial revenue bond type) or to secure any indebtedness incurred for the purpose of financing all or any part of the purchase price or the cost of construction
of the property subject to such mortgages; 

  
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 (vi) mortgages existing at the date of this Indenture; 

(vii) landlords’ liens on fixtures located on premises leased by the Guarantor or a Restricted Subsidiary in the
ordinary course of business; 
 (viii) mortgages on property of the Guarantor or a Restricted Subsidiary to
secure partial, progress, advance or other payments or any Debt incurred for the purpose of financing all or any part of the purchase price or the cost of construction, development, or substantial repair, alteration or improvement of the property
subject to such mortgages if the commitment for the financing is obtained not later than one year after the later of the completion of or the placing into operation (exclusive of test and start-up periods) of such constructed, developed, repaired,
altered or improved property; 
 (ix) mortgages arising in connection with contracts and subcontracts with or
made at the request of the United States of America, or any state thereof, or any department, agency or instrumentality of the United States or any state thereof; 

(x) mechanics’, materialmen’s, carriers’ or other like liens arising in the ordinary course of business
(including construction of facilities) in respect of obligations which are not due or which are being contested in good faith; 
 (xi) any mortgage arising by reason of deposits with, or the giving of any form of security to, any governmental agency or any body created or approved by law or governmental regulations, which is
required by law or governmental regulation as a condition to the transaction of any business, or the exercise of any privilege, franchise or license; 
 (xii) mortgages for taxes, assessments or governmental charges or levies not yet delinquent, or mortgages for taxes, assessments or governmental charges or levies already delinquent but the validity of
which is being contested in good faith; 
 (xiii) mortgages (including judgment liens) arising in connection with
legal proceedings so long as such proceedings are being contested in good faith and, in the case of judgment liens, execution thereon is stayed; or 
 (xiv) any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of any mortgage referred to in the foregoing clauses (i) to (xiii), inclusive,
provided, however, that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement mortgage, and that such extension, renewal or replacement mortgage
shall be limited to all or a part of the property which secured the mortgage so extended, renewed or replaced (plus improvements on such property). 

  
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 (b) Notwithstanding the foregoing provisions of this Section, the Guarantor and any one or
more Restricted Subsidiaries may issue, assume or guarantee Debt secured by mortgages which would otherwise be subject to the foregoing restrictions in an aggregate amount which, together with all other Debt of the Guarantor and its Restricted
Subsidiaries which (if originally issued, assumed or guaranteed at such time) would otherwise be subject to the foregoing restrictions (not including Debt permitted to be secured under clauses (i) through (xiv) above) including any
Attributable Debt that is deemed to be “Debt” pursuant to Section 3.7 for purposes of this Section 3.6, does not at the time exceed 10% of Consolidated Total Assets, as shown on the latest quarterly consolidated financial
statements of the Guarantor preceding the date of determination. 
 Section 3.7 Limitation on Sale and Lease-Back

 The Guarantor will not, nor will the Guarantor permit any Restricted Subsidiary to, enter into any arrangement with any
person providing for the leasing by the Guarantor or any Restricted Subsidiary of any Principal Property of the Guarantor or any Restricted Subsidiary (whether such Principal Property is now owned or hereafter acquired) (except for temporary leases
for a term of not more than three years and except for leases between the Guarantor and a Restricted Subsidiary or between Restricted Subsidiaries), which Principal Property has been or is to be sold or transferred by the Guarantor or such
Restricted Subsidiary to such person (herein referred to as a “Sale and Lease-Back Transaction”), unless (a) the Guarantor or such Restricted Subsidiary would be entitled, pursuant to the provisions of Section 3.6, to
issue, assume or guarantee Debt secured by a mortgage upon such Principal Property at least equal in amount to the Attributable Debt in respect of such arrangement without equally and ratably securing the Securities, provided, however,
that from and after the date on which such arrangement becomes effective the Attributable Debt in respect of such arrangement shall be deemed for all purposes under Section 3.6 and this Section 3.7 to be Debt subject to the provisions of
Section 3.6; or (b) the Guarantor shall apply an amount in cash equal to the Attributable Debt in respect of such arrangement to the retirement (other than any mandatory retirement or by way of payment at maturity), within 120 days of
the effective date of any such arrangement, of Debt of the Guarantor or any Restricted Subsidiary (other than Debt owned by the Guarantor or any Restricted Subsidiary and other than Debt of the Guarantor which is subordinated to the Guaranty) which
by its terms matures at or is extendible or renewable at the option of the obligor to a date more than twelve months after the date of the creation of such Attributable Debt. 
 The term “Attributable Debt” shall mean the present value (discounted at the actual percentage rate inherent in such arrangement as determined in good faith by the Guarantor, compounded
semi-annually) of the obligation of a lessee for rental payments during the remaining term of any lease applicable to such arrangement (including any period for which such lease has been extended). Such rental payments shall not include amounts
payable by the lessee for maintenance and repairs, insurance, taxes, assessments and similar charges and for contingent rents (such as those based on sales). In case of any lease which is terminable by the lessee upon the payment of a penalty, such
rental payments shall also include such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated. Any determination of any actual percentage rate inherent in any
such arrangement made in good faith by the Guarantor shall be binding and conclusive, and the Trustees shall have no duty with respect to any determination made under this Section 3.7. 

  
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 Section 3.8 Additional Amounts 

If Securities of a Series provide for the payment of additional amounts to any Holder in respect of any tax, duty, levy, assessment or
other governmental charge (“Additional Amounts”), the Company will pay to the Holder of any Security of such Series or any Coupon appertaining thereto such Additional Amounts as may be so provided by Section 2.3. Whenever in
this Indenture there is mentioned, in any context, the payment of the principal of or interest on, or in respect of, any Security of a Series or payment of any related Coupon or the net proceeds received on the sale or exchange of a Security of a
Series, such mention shall be deemed to include mention of the payment of Additional Amounts provided for by the terms of such Series established pursuant to Section 2.3 to the extent that, in such context, Additional Amounts are, were or would
be payable in respect thereof pursuant to such terms and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such
express mention is not made. 
 Except as otherwise specified as contemplated by Section 2.3, if the Securities of a Series
provide for the payment of Additional Amounts, at least 10 days prior to each date of payment of principal or interest on which any Additional Amount shall be payable, the Company will furnish the Trustees and the Company’s principal Paying
Agent or Paying Agents, if other than the Trustees, with a compliance certificate instructing the Trustees and such Paying Agent or Paying Agents whether such payment of principal of or interest on the Securities of that Series shall be made to
Holders of Securities of that Series or any related Coupons without withholding for or on account of any tax, assessment or other governmental charge described in the Securities of that Series. If any such withholding shall be required, then such
compliance certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities of that Series or related Coupons and the Company will pay to the Trustees or such Paying Agent the Additional
Amounts required by the terms of such Securities. The Company covenants to indemnify the Trustees and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on
their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officer’s Certificate furnished pursuant to this Section or in the event the Trustees shall not withhold or deduct any sums as a result
of the non-receipt of a compliance certificate pursuant to this Section. 
 Section 3.9 Calculation of Original Issue
Discount 
 The Company shall file with the Trustees promptly at 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 of 1986 or Income Tax Act (Canada) as applicable, as amended from time to time. 

  
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 ARTICLE FOUR 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE 

Section 4.1 Company to Furnish Trustees Information as to Names and Addresses of Securityholders 

The Company covenants and agrees that it will furnish or cause to be furnished to the Trustees for the Securities of each Series a list
in such form as the Trustees may reasonably require of the names and addresses of the Holders of the Registered Securities of each Series: 
 (a) semiannually and not more than 15 days after each record date for the payment of interest on such Securities, as hereinabove specified, as of such record date and on dates to be determined pursuant to
Section 2.3 for non-interest bearing securities in each year, and 
 (b) at such other times as the Trustees may request in
writing, within 30 days after receipt by the Company of any such request such list to be as of a date not more than 15 days prior to the time such information is furnished, provided that if and so long as any Trustee shall be the Security
registrar for such Series, such list shall not be required to be furnished but in any event the Company shall be required to furnish such information concerning the Holders of Coupon Securities and Unregistered Securities which is known to it;
provided, further, that the Company shall have no obligation to investigate any matter relating to any Holder of an Unregistered Security or any Holder of a Coupon. 
 Section 4.2 Preservation and Disclosure of Securityholders’ Lists 

(a) The Trustee for the Securities of each Series shall preserve, in as current a form as is reasonably practicable, all information as
to the names and addresses of the Holders of each Series of Securities contained in the most recent list furnished to it as provided in Section 4.1 or maintained by any Trustee in its capacity as Security registrar for such Series, if so
acting. The Trustees may destroy any list furnished to it as provided in Section 4.1 upon receipt of a new list so furnished. 
 (b) In case three or more Holders of Registered Securities of any Series (hereinafter referred to as “applicants”) apply in writing to a Trustee and furnish to such Trustee reasonable
proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application, and such application states that the applicants desire to communicate with other Holders of Securities of a particular
Series (in which case the applicants must all hold Securities of such Series) or with Holders of all Securities with respect to their rights under this Indenture or under such Securities and such application is accompanied by a copy of the form of
proxy or other communication which such applicants propose to transmit, then such Trustee shall, within five business days after the receipt of such application, at its election, either 

(i) afford to such applicants access to the information preserved at the time by the Trustees in accordance with the
provisions of subsection (a) of this Section 4.2, or 

  
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 (ii) inform such applicants as to the approximate number of Holders of
Securities of such Series or all Securities, as the case may be, whose names and addresses appear in the information preserved at the time by the Trustees, in accordance with the provisions of subsection (a) of this Section, as to the
approximate cost of mailing to such Securityholders the form of proxy or other communication, if any, specified in such application. 
 If the Trustees shall elect not to afford to such applicants access to such information, the Trustees shall, upon the written request of such applicants, mail to each Securityholder of such Series or all
Securities, as the case may be, whose name and address appear in the information preserved at the time by the Trustees in accordance with the provisions of subsection (a) of this Section, a copy of the form of proxy or other communication which
is specified in such request, with reasonable promptness after a tender to the Trustees of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days after such tender, the
Trustees shall mail to such applicants, a written statement to the effect that, in the opinion of the Trustees, such mailing would be contrary to the best interests of the Holders of Securities of such Series or all Securities, as the case may be,
or could be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order
refusing to sustain any of such objections or if, after the entry of such order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met, and
shall enter an order so declaring, the Trustees shall mail copies of such material to all such Securityholders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustees shall be relieved of any
obligation or duty to such applicants respecting their application. 
 (c) Each and every Holder of Securities, by receiving and
holding the same, agrees with the Company and the Trustees that neither the Company nor the Trustees nor any agent of the Company or the Trustees shall be held accountable by reason of the disclosure of any such information as to the names and
addresses of the Holders of Securities in accordance with the provisions of subsection (b) of this Section, regardless of the source from which such information was derived, and that the Trustees shall not be held accountable by reason of
mailing any material pursuant to a request made under such subsection (b). 
 Section 4.3 Reports by the
Company 
 The Company covenants: 
 (a) So long as any of the Securities of each Series remain Outstanding, the Company shall file with the Trustees, within 15 days after the Guarantor files the same with the Commission, copies of the
annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the Commissioner may from time to time by rules and regulations prescribe) which the Guarantor is required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. The filing of such reports, information and documents with the Guarantor on EDGAR (or any successor system thereto) shall be deemed to constitute filing of such
reports, information and documents with the Trustees; provided, however that the Company shall provide a physical or electronic copy thereof to the Trustees. In the event that the Guarantor is at any time no longer subject to the
reporting requirements of Section 13 or Section 15(d) of the Exchange Act, the Company shall continue to provide the Trustees with reports containing substantially the same information as would have been required to be filed with the
Commission had the Guarantor continued to have been subject to such reporting requirements. 

  
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 Delivery of such reports, information and documents to the Trustees is for informational
purposes only and the Trustees’ receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s or the Guarantor’s compliance
with any of its covenants hereunder (as to which the Trustees are entitled to rely exclusively on Officers’ Certificates). 

Section 4.4 Statement by Officers as to Default 
 The Company shall deliver to the Trustees, as soon as possible and in any event within five days after the Company becomes aware of the occurrence of any Event of Default an Officers’ Certificate
setting forth the details of such Event of Default or default and the action which the Company proposes to take with respect thereto. 
 ARTICLE FIVE 
 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT
OF DEFAULT 
 Section 5.1 Event of Default Defined; Acceleration of Maturity; Waiver of Default 

In case one or more of the following Events of Default (unless it is either expressly indicated as inapplicable to a particular Series in
the instrument establishing such Series or it is specifically deleted from or modified in the instrument establishing such Series and the form of Security for such Series) shall have occurred and be continuing with respect to any Series of
Securities, that is to say: 
 (a) default in the payment of any installment of interest upon any Security of such Series as and
when the same shall become due and payable, and continuance of such default for a period of 30 days; or 
 (b) default in the
payment of the principal of any Security of such Series as and when the same shall become due and payable either at maturity, upon redemption (for any sinking fund payment or otherwise), by declaration or otherwise; or 

(c) failure on the part of the Company or the Guarantor to duly to observe or perform any other of the covenants or agreements on the
part of the Company or the Guarantor, respectively, in the Securities of such Series, or in this Indenture contained and relating to such Series, for a period of 90 days after the date on which written notice specifying such failure and requiring
the Company or the Guarantor to remedy the same and stating that such notice is a “Notice of Default” hereunder shall have been given by registered or certified mail to the Company by a Trustee for the Securities of such Series, or
to the Company and a Trustee by the Holders of at least twenty-five percent in aggregate principal amount at maturity of the Securities of such Series at the time outstanding; or 

  
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 (d) the Company or the Guarantor shall make an assignment for the benefit of creditors, or
shall file a petition in bankruptcy; or the Company or the Guarantor shall be adjudicated insolvent or bankrupt, or shall petition or shall apply to any court having jurisdiction in the premises for the appointment of a receiver, trustee,
liquidator, sequestrator or similar official of, or for, the Company or the Guarantor or any substantial portion of the property of the Company or the Guarantor, respectively ; or the Company or the Guarantor shall commence any proceeding relating
to the Company or the Guarantor, respectively, or any substantial portion of the property of the Company or the Guarantor, respectively, under any insolvency, reorganization, arrangement, or readjustment of debt, dissolution, winding-up, adjustment,
composition or liquidation law or statute of any jurisdiction, whether now or hereafter in effect (hereinafter in this subsection (d) called “Proceeding”); or if there shall be commenced against the Company or the Guarantor any
Proceeding and an order approving the petition shall be entered, or such Proceeding shall remain undischarged for a period of 60 days; or a receiver, trustee, liquidator or sequestrator of, or for, the Company or the Guarantor, respectively, or any
substantial portion of the property of the Company or the Guarantor shall be appointed and shall not be discharged within a period of 60 days; or the Company or the Guarantor by any act shall indicate consent to or approval of or acquiescence in any
Proceeding or the appointment of a receiver, trustee, liquidator, sequestrator or similar official of, or for, the Company or the Guarantor, respectively, or any substantial portion of the property of the Company or the Guarantor, respectively;
provided that a resolution or order for winding-up the Company or the Guarantor with a view to its consolidation or merger with another company or the transfer of its assets as a whole, or substantially as a whole, to such other company as provided
in Section 9.1 shall not make the rights and remedies herein enforceable under this subsection (d) of Section 5.1 if such last-mentioned company shall, as a part of such consolidation, amalgamation, merger or transfer, and within 60
days from the passing of the resolution or the date of the order, comply with the conditions to that end stated in Section 9.1; or 
 (e) any other Event of Default provided in the supplemental indenture or resolution of the Board of Directors under which such Series of Securities is issued or in the form of Security for such Series;

 then and in each and every such case, so long as such Event of Default with respect to such Series shall not have been remedied or waived,
unless the principal of all Securities of such Series shall have already become due and payable, either one of the Trustees for such Series or the Holders of not less than twenty-five percent in aggregate principal amount at maturity of the
Securities of such Series then Outstanding hereunder, by notice in writing to the Company (and to the Trustees if given by such Holders), may declare the principal (or, in the case of Original Issue Discount Securities, such principal amount as may
be determined in accordance with the terms thereof) of all the Securities of such Series to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture or
in the Securities of such Series contained to the contrary notwithstanding. This provision, however, is subject to the condition that if at any time after the principal of the Securities of such Series (or, in the case of Original Issue Discount
Securities, such principal amount as may be determined in accordance with the terms thereof) shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as
hereinafter provided, the Company shall pay or shall deposit with the Trustees a sum sufficient to pay in the Currency in which the Securities of such Series 

  
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are payable (except as otherwise provided pursuant to Section 2.3 for the Securities of such Series and except as provided in Section 2.12(b), (e) and (f) hereof) all matured
installments of interest, if any, upon all the Securities of such Series and the principal of any and all Securities of such Series which shall have become due otherwise than by such acceleration (with interest upon such principal and, to the extent
that payment of such interest is enforceable under applicable law, upon overdue installments of interest, at the rate borne by the Securities of such Series (or, in the case of Original Issue Discount Securities, at the yield to maturity) to the
date of such payment or deposit) and in Dollars or Canadian Dollars, as applicable, such amount as shall be sufficient to cover reasonable compensation to the Trustees, its agents, attorneys and counsel and all other expenses and liabilities
incurred, and all advances made, by the Trustees, its agents, attorneys and counsel and any and all defaults under this Indenture, other than the nonpayment of the principal of Securities of such Series which shall have become due by such
acceleration, shall have been remedied then and in every such case the Holders of a majority in aggregate principal amount at maturity of the Securities of such Series then Outstanding, by written notice to the Company and to the Trustees for the
Securities of such Series, may waive all defaults in respect of such Series and rescind and annul such declaration and its consequences in respect of such Series; but no such waiver or rescission and annulment shall extend to or shall affect any
subsequent default in respect of such Series or shall impair any right consequent thereon. 
 Section 5.2 Collection of
Indebtedness by Trustees; Trustees May Prove Debt 
 The Company covenants that (a) in case default shall be made in
the payment of any installment of interest on any of the Securities of any Series when such interest shall have become due and payable, and such default shall have continued for a period of 30 days or (b) in case default shall be made in the
payment of all or any part of the principal of any of the Securities of any Series when the same shall have become due and payable, whether upon maturity of the Securities of such Series or upon any redemption or by declaration or otherwise, then
upon demand of the Trustees for the Securities of such Series, the Company will pay to the Trustees for the Securities of such Series for the benefit of the Holders of the Securities of such Series and the Holders of any Coupons appertaining thereto
the whole amount that then shall have become due and payable on all Securities of such Series or such Coupons for principal of or interest, as the case may be (with interest to the date of such payment upon the overdue principal and, to the extent
that payment of such interest is enforceable under applicable law, on overdue installments of interest at the same rate as the rate of interest specified in the Securities of such Series); and in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustees and each predecessor Trustee, their respective agents, attorneys and counsel, and any expenses and liabilities incurred, and all advances
made, by the Trustees and each predecessor Trustee. 
 Until such demand is made by the Trustees, the Company may pay the
principal of and interest on the Securities of any Series to the persons entitled thereto, whether or not the principal of and interest on the Securities of such Series are overdue. 

In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustees for the Securities of such Series, in their
own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or
final decree, and may enforce any such judgment or final decree against the Company or other obligor upon such Securities and collect in the manner provided by law out of the property of the Company or other obligor upon such Securities and Coupons,
wherever situated, the moneys adjudged or decreed to be payable. 

  
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 In case there shall be pending proceedings relative to the Company or any other obligor upon
the Securities and Coupons (including the Guarantor, if applicable) under Title 11 of the United States Code or any other applicable Federal or state bankruptcy, insolvency or other similar law, or under the Bankruptcy and Insolvency Act
(Canada) or the Companies’ Creditors Arrangement Act (Canada), or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of
the Company or its property or such other obligor, or in case of any other comparable judicial proceedings relative to the Company or other obligor under the Securities of any Series and Coupons, if any, or to the creditors or property of the
Company or such other obligor, the Trustees, irrespective of whether the principal of any Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustees shall have made any
demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise: 
 (a) to file and prove a claim or claims for the whole amount of principal (or, if the Securities of such Series are Original Issue Discount Securities, such portion of the principal amount as may be due
and payable with respect to the Securities of such Series pursuant to a declaration in accordance with Section 5.1 hereof) and interest owing and unpaid in respect of the Securities of any Series, and to file such other papers or documents as
may be necessary or advisable in order to have the claims of the Trustees (including any claim for reasonable compensation to the Trustees and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all
expenses and liabilities incurred, and all advances made, by the Trustees and each predecessor Trustee,) and of the Securityholders and the Holders of any Coupons appertaining thereto allowed in any judicial proceedings relative to the Company or
other obligor upon all Securities of any Series, or to the creditors or property of the Company or such other obligor, 
 (b)
unless prohibited by applicable law and regulations, to vote on behalf of the holders of the Securities of any Series in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency
proceedings or person performing similar functions in comparable proceedings, and 
 (c) to collect and receive any moneys or
other property payable or deliverable on any such claims, and to distribute all amounts received with respect to the claims of the Securityholders and of the Trustees on their behalf; and any trustee, receiver, or liquidator, custodian or other
similar official is hereby authorized by each of the Holders to make payments to the Trustees for the Securities of such Series, and, in the event that such Trustees shall consent to the making of payments directly to the Securityholders, to pay to
such Trustees such amounts as shall be sufficient to cover reasonable compensation to such Trustees, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made,
by such Trustees and each predecessor Trustee and all other amounts due to such Trustees or any predecessor Trustee pursuant to Section 6.6. 

  
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 Nothing herein contained shall be deemed to authorize the Trustees to authorize or consent
to or vote for or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of any Series or the rights of any Holder thereof, or to authorize the Trustees to vote in
respect of the claim of any Securityholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 
 All rights of action and of asserting claims under this Indenture, or under any of the Securities or any Coupon appertaining thereto, may be enforced by the Trustees for the Securities of such Series
without the possession of any of the Securities of such Series or any Coupon appertaining thereto or the production thereof at any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustees shall be
brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustees, each predecessor Trustee and their respective agents and attorneys, shall
be for the ratable benefit of the Holders of the Securities and Holders of any Coupons in respect of which such action was taken. 
 In any proceedings brought by the Trustees for the Securities of such Series (and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustees shall be a
party), the Trustees shall be held to represent all the Holders of the Securities and Coupons appertaining thereto in respect to which such action was taken, and it shall not be necessary to make any Holders of such Securities and Coupons
appertaining thereto parties to any such proceedings. 
 Section 5.3 Application of Proceeds 

Any moneys collected by the Trustees for the Securities of such Series pursuant to this Article in respect of the Securities of any
Series shall be applied in the following order at the date or dates fixed by such Trustees and, in case of the distribution of such moneys on account of principal or interest, upon presentation of the several Securities and any Coupons appertaining
thereto in respect of which moneys have been collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of such Series in reduced principal amounts in exchange for the presented Securities of like Series if only
partially paid, or upon surrender thereof if fully paid: 
 FIRST: To the payment of costs and expenses
applicable to such Series in respect of which moneys have been collected, including reasonable compensation to the Trustees and each predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, and all
advances made, by the Trustees and each predecessor Trustee and all other amounts due to the Trustees or any predecessor Trustee pursuant to Section 6.6; 
 SECOND: In case the principal of the Securities of such Series in respect of which moneys have been collected shall not have become and be then due and payable, to the payment of interest on the
Securities of such Series in default in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustees) upon the overdue installments of interest at the same rate as
the rate of interest specified in such Securities, such payments to be made ratably to the persons entitled thereto, without discrimination or preference; 

  
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 THIRD: In case the principal of the Securities of such Series in respect of
which moneys have been collected shall have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such Series for principal and interest, with interest upon the overdue
principal, and (to the extent that payment of such interest is permissible by law and that such interest has been collected by the Trustees) upon overdue installments of interest at the same rate as the rate of interest specified in the Securities
of such Series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities of such Series, then to the payment of such principal and interest without preference or priority of principal over
interest or of interest over principal, or of any installment of interest over any other installment of interest, or of any Security of such Series over any other Security of such Series, ratably to the aggregate of such principal and accrued and
unpaid interest; and 
 FOURTH: To the payment of the remainder, if any, to the Company or as a court of
competent jurisdiction shall direct in writing. 
 Section 5.4 Suits for Enforcement 

In case an Event of Default has occurred, has not been waived and is continuing, the Trustees may in their discretion proceed to protect
and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustees shall deem necessary to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the
specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture or to enforce any other legal or equitable right vested in the Trustees by this Indenture or by law.

 Section 5.5 Restoration of Rights on Abandonment of Proceedings 

In case the Trustees for the Securities of any Series shall have proceeded to enforce any right under this Indenture and such proceedings
shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustees, then and in every such case the Company and the Trustees shall be restored respectively to their former positions and rights
hereunder, and all rights, remedies and powers of the Company, the Trustees and the Securityholders shall continue as though no such proceedings had been taken. 
 Section 5.6 Limitations on Suits by Securityholders 
 No Holder of any
Security of any Series or Holder of any Coupon shall have any right by virtue or by availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to
this Indenture, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder, unless such Holder previously shall have given to the Trustees written notice of default and of the
continuance thereof, as hereinbefore provided, and unless also the Holders of not less than 25% in aggregate principal amount of the Securities of such Series then 

  
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Outstanding shall have made written request upon one or both of the Trustees to institute such action or proceedings in their own name as trustee hereunder and shall have offered to such Trustees
such reasonable indemnity, as it may require against the costs, expenses and liabilities to be incurred therein or thereby and one or both of Trustees for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to
institute any such action or proceeding and no direction inconsistent with such written request shall have been given to such Trustees pursuant to Section 5.9; it being understood and intended, and being expressly covenanted by the taker and
Holder of every Security and by a Holder of each Coupon appertaining thereto with every other taker and Holder of a Security or Holder of any Coupon appertaining thereto and the Trustees, that no one or more Holders of Securities of any Series or
one or more Holders of any Coupons appertaining thereto shall have any right in any manner whatever, by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holder of Securities or any
other Holders of such Coupons, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of
all Holders of Securities of the applicable Series and all the Holders of Coupons appertaining thereto. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustees shall be entitled to such
relief as can be given either at law or in equity. 
 Section 5.7 Unconditional Right of Securityholders to Institute
Certain Suits 
 Notwithstanding any provision in this Indenture and any provision of any Security or Coupon, the right of
any Holder of any Security and the right of any Holder of any Coupon appertaining thereto to receive payment of the principal of and interest on such Security at the respective rates, in the respective amount and in the Currency therein prescribed
on or after the respective due dates expressed in such Security, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

Section 5.8 Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default 

Except as provided in Section 5.6, no right or remedy herein conferred upon or reserved to the Trustees or to the Securityholders is
intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

No delay or omission of the Trustees or of any Securityholder to exercise any right or power accruing upon any Event of Default occurring
and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to Section 5.6, every power and remedy given by this Indenture or by law
to the Trustees, to the Securityholders or to the Holder of any Coupon appertaining thereto may be exercised from time to time, and as often as shall be deemed expedient, by the Trustees, the Securityholders or Holders of any Coupon. 

  
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 Section 5.9 Control by Securityholders 

The Holders of a majority in aggregate principal amount of the Securities of each Series affected (with each Series treated as a separate
class) at the time Outstanding shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustees, or exercising any trust or power conferred on the Trustees with respect to the
Securities of such Series by this Indenture; provided that such direction shall not be otherwise than in accordance with law and the provisions of this Indenture and provided further that (subject to the provisions of Section 6.1) the Trustees
shall have the right to decline to follow any such direction if the Trustees, being advised by counsel, shall determine that the action or proceeding so directed may not lawfully be taken or if the Trustees in good faith by its board of directors,
the executive committee, or a trust committee of directors or Responsible Officers of the Trustees shall determine that the action or proceedings so directed would involve the Trustees in personal liability or if the Trustees in good faith shall so
determine that the actions or forbearances specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all Series or of the Holders of any Coupons appertaining thereto so affected not
joining in the giving of said direction, it being understood that (subject to Section 6.1) the Trustees shall have no duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders. 

Nothing in this Indenture shall impair the right of the Trustees in its discretion to take any action deemed proper by the Trustees and
which is not inconsistent with such direction or directions by Securityholders. 
 Section 5.10 Waiver of Past
Defaults 
 Prior to the declaration of the acceleration of the maturity of the Securities of any Series as provided in
Section 5.1, the Holders of a majority in aggregate principal amount of the Securities of such Series at the time Outstanding may on behalf of the Holders of all the Securities of such Series and Holders of all Coupons, if any, appertaining
thereto waive any past default hereunder or its consequences, except a default in the payment of the principal of or interest on any of the Securities of such Series. In the case of any such waiver, the Company, the Trustees, the Holders of the
Securities of such Series and the Holder of any Coupon appertaining thereto shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right
consequent thereon. 
 Upon any such waiver, such default shall cease to exist and be deemed to have been cured and not to have
occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair
any right consequent thereon. 

  
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 Section 5.11 Trustees to Give Notice of Default, But May Withhold in Certain
Circumstances 
 The Trustees shall transmit to the Securityholders of any Series notice in the manner and to the extent
provided in Section 12.4, of all defaults which have occurred with respect to such Series, such notice to be transmitted within the earlier of (i) 90 days after the occurrence thereof; or (ii) 30 days after the Trustees become
aware of such occurrence thereof, unless such defaults shall have been cured before the giving of such notice (the term “default” or “defaults” for the purposes of this Section being hereby defined to mean
any event or condition which is, or with notice or lapse of time or both would become, an Event of Default); provided that, except in the case of default in the payment of the principal of or interest on any of the Securities of such Series or any
default in the payment of any sinking fund installment or analogous obligation in respect of any of the Securities of such Series, the Trustees shall be protected in withholding such notice if and so long as the board of directors, the executive
committee, or a trust committee of directors or trustees or Responsible Officers of the Trustees in good faith determines that the withholding of such notice is in the best interests of the Securityholders of such Series and so advises the Company
and the Guarantor in writing. 
 Section 5.12 Right of Court to Require Filing of Undertaking to Pay Costs

 All parties to this Indenture agree, and each Holder of any Security and each Holder of any Coupon, 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 Trustees for any action taken, suffered or omitted by it as
Trustees, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustees, to any suit instituted by any
Securityholder or group of Securityholders of any Series holding in the aggregate more than 10% in aggregate principal amount of the Securities of such Series, or, in the case of any suit relating to or arising under clause (d) of
Section 5.1 (if the suit relates to Securities of more than one but less than all Series), 10% in aggregate principal amount of Securities Outstanding affected thereby, or in the case of any suit relating to or arising under clause (d) (if
the suit under clause (d) relates to all the Securities then Outstanding), or (e) of Section 5.1, 10% in aggregate principal amount of all Securities Outstanding, or to any suit instituted by any Securityholder for the enforcement of
the payment of the principal of or interest on any Security on or after the due date expressed in such Security. 

ARTICLE SIX 
 CONCERNING THE TRUSTEE 
 Section 6.1 Duties and Responsibilities of
the Trustees; During Default; Prior to Default 
 With respect to the Holders of any Series of Securities issued hereunder,
the Trustees, prior to the occurrence of an Event of Default with respect to the Securities of a particular Series and after the curing or waiving of all Events of Default which may have occurred with respect to such Series, undertakes to perform
such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities of a Series has occurred (which has not been cured or waived) of which a Responsible Officer has actual
knowledge, the Trustees shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs. 

  
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 No provision of this Indenture shall be construed to relieve the Trustees from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (a) prior to the
occurrence of an Event of Default with respect to the Securities of any Series and after the curing or waiving of all such Events of Default with respect to such Series which may have occurred: 

(i) the duties and obligations of the Trustees with respect to the Securities of any Series shall be determined solely by
the express provisions of this Indenture, and the Trustees shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustees; and 
 (ii) in the absence of bad faith on the part of the Trustees, the Trustees
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustees and conforming to the requirements of this Indenture; but in the
case of any such statements, certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustees, the Trustees shall be under a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein); 
 (b) each Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of such Trustee, unless it shall be proved that the Trustee was negligent
in ascertaining the pertinent facts; and 
 (c) each Trustee shall not be liable with respect to any action taken or omitted to
be taken by it in good faith in accordance with the direction of the Holders pursuant to Section 5.9 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. 
 None of the provisions contained in this Indenture shall require any
Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment
of such funds or adequate indemnity against such liability is not reasonably assured to it. 
 Whether or not therein expressly
so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustees shall be subject to the conditions of this Section 6.1 and where applicable by law to such Trustee, to
the provisions of the Trust Indenture Act to the extent that it is applicable and the applicable law. 

  
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 (d) In the exercise of the rights, powers and duties prescribed or conferred by the terms of
this Indenture, each Trustee shall act honestly, in good faith and with a view to the best interest of Securityholders and exercise that degree of care, diligence and skill of a reasonably prudent trustee and shall duly observe and comply with the
provisions of any legislation and regulations which relate to the functions or role of the Canadian Trustee as a fiduciary hereunder. 
 Section 6.2 Certain Rights of the Trustees 
 Subject to
Section 6.1: 
 (a) each Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any
resolution, Officers’ Certificate or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note, coupon, security or other paper or document believed by it to be genuine and to have
been signed or presented by the proper party or parties; 
 (b) any request, direction, order or demand of the Company mentioned
herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustees by a copy thereof
certified by the secretary or any assistant secretary of the Company; 
 (c) each Trustee may consult with counsel of its
selection and any advice or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or Opinion of
Counsel; 
 (d) the Trustees shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture
at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustees security or indemnity satisfactory to it against the costs, expenses and
liabilities which might be incurred therein or thereby; 
 (e) each Trustee shall not be liable for any action taken or omitted
by it in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture; 
 (f) the Trustees shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
approval, appraisal, bond, debenture, note, coupon, security, or other paper or document but the Trustees, in their discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustees shall
determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional
liability of any kind by reason of such inquiry or investigation; 

  
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 (g) each Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys not regularly in its employ and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder;

 (h) the Trustees shall not be deemed to have notice of any default or Event of Default (other than any Event of Default under
Section 5.1(a) or (b)) unless a Responsible Officer of the Trustees has actual knowledge thereof or unless written notice of such default or Event of Default is received by any Trustee at the Corporate Trust Office of such Trustee and such
notice references the Securities and this Indenture; 
 (i) the rights, privileges, protections, immunities and benefits given
to the Trustees, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustees in each of their capacities hereunder, and each agent, custodian and other Person employed to act hereunder;

 (j) each Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by and person authorized to sign an Officers’ Certificate, including any person specified as
so authorized in any such certificate previously delivered and not superseded; 
 (k) each Trustee shall not be liable for any
action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; and 

(l) in no event shall the Trustees be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Trustees have been advised of the likelihood of such loss or damage and regardless of the form of action. 

Section 6.3 Trustees Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof 

The recitals contained herein and in the Securities, except the Trustees’ certificate of authentication, shall be taken as the
statements of the Company, and the Trustees assume no responsibility for the correctness of the same. The Trustees make no representation as to the validity or sufficiency of this Indenture or of the Securities or the Coupons. The Trustees represent
that they are duly authorized to execute and deliver this Indenture and perform its obligations hereunder. The Trustees shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds thereof.

 Section 6.4 Trustees and Agents May Hold Securities; Collections, etc, 

The Trustees, any Paying Agent, Security registrar, or any agent of the Company or the Trustees, in its individual or any other capacity,
may become the owner or pledgee of Securities or Coupons with the same rights it would have if it were not the Trustees or such agent and, subject to Section 6.8 and 6.13, if operative, may otherwise deal with the Company and receive, collect,
hold and retain collections from the Company with the same rights it would have if it were not the Trustees or such agent. 

  
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 Section 6.5 Moneys Held by Trustees 

Subject to the provisions of Section 10.4 hereof, all moneys received by the Trustees shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by mandatory provisions of law. Neither the Trustees nor any agent of the Company or the Trustees
shall be under any liability for interest on any moneys received by it hereunder. 
 Section 6.6 Compensation and
Indemnification of Trustees 
 Each of the Company and the Guarantor, jointly and severally covenants and agrees to pay to
the Trustees from time to time, and the Trustees shall be entitled to, such compensation as shall be agreed in writing between the Company and the Trustees in Dollars (which shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust) and the Company covenants and agrees to pay or reimburse the Trustees and each predecessor Trustee upon its request in Dollars for all reasonable expenses, disbursements and advances incurred or made by or on behalf
of it in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other persons not regularly in its employ) except any such expense,
disbursement or advance as may arise from its own negligence or willful misconduct. The Company also covenants to indemnify the Trustees and each predecessor Trustee for, and to hold it harmless against, any and all loss, liability, damage, claim or
expense, including taxes (other than taxes based on the income of the Trustees), incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Indenture or the trusts
hereunder and its duties hereunder, including the costs and expenses of defending itself against or investigating any claim (whether asserted by the Company, a Holder or any other Person) of liability in the premises. The obligations of the Company
under this Section to compensate and indemnify the Trustees and each predecessor Trustee and to pay or reimburse the Trustees and each predecessor Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder
and shall survive the satisfaction and discharge of this Indenture. Such additional indebtedness shall be a senior claim to that of the Securities upon all property and funds held or collected by the Trustees as such, except funds held in trust for
the benefit of the Holders of particular Securities or the Holders of particular Coupons, and the Securities are hereby subordinated to such senior claim. 
 When the Trustees incur expenses or renders services in connection with an Event of Default specified in Section 5.1(d), the expenses (including the reasonable charges and expenses of its counsel)
and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy, insolvency or other similar law. 
 The provision of this Section 6.6 shall survive the termination of this Indenture. 

  
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 Section 6.7 Right of Trustees to Rely on Officers’ Certificate, etc.

 Subject to Sections 6.1 and 6.2, whenever in the administration of the trusts of this Indenture the Trustees shall deem
it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of
negligence or willful misconduct on the part of the Trustees, be deemed to be conclusively proved and established by an Officers’ Certificate complying with Section 12.5 delivered to the Trustees, and such certificate, in the absence of
negligence or willful misconduct on the part of the Trustees, shall be full warrant to the Trustees for any action taken, suffered or omitted by it or under the provisions of this Indenture upon the faith thereof. 

Section 6.8 Disqualification of Trustees; Conflicting Interests 

If the Trustees for the Securities of any Series has or shall acquire any conflicting interest, as defined in the Trust Indenture Act, it
shall, within 90 days after ascertaining that it has such conflicting interest, and if the default (as defined in the Trust Indenture Act) to which such conflicting interest relates has not been cured or waived or otherwise eliminated before the end
of such 90-day period, the Trustees shall, either eliminate such conflicting interest or resign in the manner and with the effect specified in the Trust Indenture Act and this Indenture. 

Section 6.9 Persons Eligible for Appointment as Trustee 

At least one Trustee for each Series of Securities hereunder shall at all times be a corporation organized and doing business under the
laws of the United States of America or of any State or the District of Columbia having a combined capital and surplus of at least $50,000,000, and which is authorized under such laws to exercise corporate trust powers and is subject to supervision
or examination by Federal, State or District of Columbia authority; and at least one Trustee for each Series of Securities hereunder shall at all times be a trust company organized under the laws of Canada or a province thereof and be authorized
under such laws and the laws of each province of Canada to carry on trust business therein. Any Trustee which is a successor to or is appointed as a replacement of the Trustees shall meet the qualifications set out in this Section 6.9. If the
U.S. Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall
resign immediately in the manner and with the effect specified in Section 6.10. 
 The Canadian Trustee represents and
warrants to the Company and the Parent that it is a trust company organized under the laws of Canada or a province thereof and is authorized under such laws and the laws of each province of Canada to carry on trust business therein. 

Section 6.10 Resignation and Removal; Appointment of Successor Trustee 

(a) Any Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all Series of
Securities by giving written notice of resignation to the Company and by mailing notice thereof to the Holders in the manner and to the extent provided in Section 12.4. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor trustee or trustees with respect to the applicable Series by written instrument in duplicate, executed by authority of the Board of Directors, one copy of which 

  
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instrument shall be delivered to the resigning Trustee and one copy to the successor trustee or trustees. If no successor trustee shall have been so appointed with respect to any Series and have
accepted appointment within 30 days after the mailing of such notice of resignation, the resigning trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor trustee, or any
Securityholder who has been a bona fide Holder of a Security or Securities of the applicable Series for at least six months may, subject to the provisions of Section 5.12, on behalf of himself and all others similarly situated, petition any
such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 
 (b) In case at any time any of the following shall occur: 
 (i) any
Trustee shall fail to comply with the provisions of Section 6.8 with respect to any Series of Securities after written request therefor by the Company or by any Securityholder who has been a bona fide Holder of a Security or Securities of such
Series for at least six months unless the Trustee’s duty to resign is stayed in accordance with the provisions of Section 310(b) of the Trust Indenture Act; or 

(ii) any Trustee shall cease to be eligible in accordance with the provisions of Section 6.9 and shall fail to resign
after written request therefor by the Company or by any Securityholder; or 
 (iii) any Trustee shall become
incapable of acting with respect to any Series of the Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of
the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
 then, in any such case, the Company
may remove the Trustee with respect to the applicable Series of Securities and appoint a successor trustee for such Series by written instrument, in duplicate, executed by order of the Board of Directors of the Company, one copy of which instrument
shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 5.12, any Securityholder who has been a bona fide Holder of a Security or Securities of such Series for at least six
months may on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with respect to such Series. Such court may thereupon, after
such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
 (c) The Holders
of a majority in aggregate principal amount of the Securities of each Series at the time Outstanding may at any time remove any Trustee with respect to Securities of such Series and appoint a successor trustee with respect to the Securities of such
Series by delivering to the Trustee so removed, to the successor trustee so appointed and to the Company the evidence provided for in Section 7.1 of the action in that regard taken by the Securityholders. 

If no successor Trustee shall have been appointed with respect to such series within 30 days after the mailing of such notice of
removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

  
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 (d) Any resignation or removal of a Trustee with respect to any Series and any appointment
of a successor trustee with respect to such Series pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 6.11. 

Section 6.11 Acceptance of Appointment by Successor Trustee 

Any successor trustee appointed as provided in Section 6.10 shall execute and deliver to the Company and to its predecessor Trustee
an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee with respect to all or any applicable Series shall become effective and such successor trustee, without any further act, deed or
conveyance, shall become vested with all rights, powers, duties and obligations with respect to such Series of its predecessor hereunder, with like effect as if originally named as trustee for such Series hereunder; but, nevertheless, on the written
request of the Company or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to Section 10.4, pay over to the successor trustee all moneys at the time held by it hereunder and shall
execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and
certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a prior claim upon all property or funds held or collected by such trustee to secure any amounts then
due it pursuant to the provisions of Section 6.6. 
 If a successor trustee is appointed with respect to the Securities of
one or more (but not all) Series, the Company, the predecessor Trustee and each successor trustee with respect to the Securities of any applicable Series shall execute and deliver an indenture supplemental hereto which shall contain such provisions
as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of any Series as to which the predecessor Trustee is not retiring shall continue to be
vested in the predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust or trusts under separate indentures. 

No successor trustee with respect to any Series of Securities shall accept appointment as provided in this Section 6.11 unless at
the time of such acceptance such successor trustee shall be qualified under the provisions of Section 6.8 and eligible under the provisions of Section 6.9. 
 Upon acceptance of appointment by any successor trustee as provided in this Section 6.11, the Company shall give notice in the manner and to the extent provided in Section 12.4 to the Holders of
Securities of any Series for which such successor trustee is acting as trustee at their last addresses as they shall appear in the Security register. If the acceptance of appointment is substantially contemporaneous with the resignation, then the
notice called for by the preceding sentence may be combined with the notice called for by Section 6.10. If the Company fails to mail such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee
shall cause such notice to be mailed at the expense of the Company. 

  
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 Section 6.12 Merger, Conversion, Consolidation or Succession to Business of
Trustee 
 Any corporation into which any Trustee may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which such Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of such Trustee, shall be the successor of such Trustee
hereunder, provided that such corporation shall be qualified under the provisions of Section 6.8 applicable to such Trustee and eligible under the provisions of Section 6.9 applicable to such Trustee, without the execution or filing of any
paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 
 In case
at the time such successor to such Trustee shall succeed to the trusts created by this Indenture any of the Securities of any Series shall have been authenticated but not delivered, any such successor to such Trustee may adopt the certificate of
authentication of any predecessor Trustee and deliver such Securities so authenticated; and, in case at that time any of the Securities of any Series shall not have been authenticated, any successor to such Trustee may authenticate such Securities
either in the name of any predecessor Trustee hereunder or in the name of the successor Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities of such Series or in this Indenture provided
that the certificate of the Trustee shall have; provided, that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities of any Series in the name of any predecessor Trustee shall apply only to its
successor or successors by merger, conversion or consolidation. 
 Section 6.13 Preferential Collection of Claims
Against the Company 
 If and when any Trustee shall be or become a creditor of the Company (or any other obligor upon the
Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 
 Section 6.14 Securityholder List 
 A Securityholder may, upon payment
to a Trustee of a reasonable fee, require such Trustee to furnish within 10 days after delivering the affidavit or statutory declaration referred to below, a list setting out (i) the name and address of every registered Securityholder,
(ii) the aggregate principal amount of Securities owned by each registered Securityholder and (iii) the aggregate principal amount of outstanding Securities, each as shown on the records of such Trustee on the day that the affidavit or
statutory declaration is delivered to such Trustee. The affidavit or statutory declaration, as the case may be, shall contain (1) the name, address and occupation of the requesting Securityholder, (2) where the requesting Securityholder is
a corporation, its name and address for service and (3) a statement that the list will not be used except in connection with an effort to influence the voting of the Securityholders, an offer to acquire Securities or any other matter relating
to the Securities or the affairs of the Company or the Guarantor. Where the requesting Securityholder is a corporation, the affidavit or statutory declaration shall be made by a director or officer of the Securityholder. 

  
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 Section 6.15 Initial Appointment of Trustee 

The Company hereby appoints (i) The Bank of New York Mellon Trust Company, N.A. as the initial U.S. Trustee and (ii) BNY Trust Company of Canada
as the initial Canadian Trustee, and The Bank of New York Mellon Trust Company, N.A., and BNY Trust Company of Canada hereby accept such respective appointments. Notwithstanding any other provision of this Indenture, unless otherwise specified in
respect of a Series of Securities pursuant to Section 2.3, if any duty or obligation of a Trustee relates to Securities denominated in Canadian Dollars and Holders thereof, the Canadian Trustee shall have such duty or obligation, and such other
provision, including any reference to the U.S. Trustee therein, shall be interpreted to give effect to this paramount provision. Unless the context otherwise requires, any action to be performed by the Trustees under this Indenture (including
without limitation the authentication of Notes in accordance with Article Two) may be performed by any one of the Canadian Trustee or the U.S. Trustee or both of them, and any such act shall bind both such Trustees. 

ARTICLE SEVEN 
 CONCERNING THE SECURITYHOLDERS 
 Section 7.1 Evidence of Action
Taken by Securityholders 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all Series may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustees. Proof
of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Sections 6.1 and 6.2) conclusive in favor of the Trustees and the Company, if made in the manner
provided in this Article. 
 (b) The ownership of Registered Securities shall be proved by the Security register. 

(c) The amount of Unregistered Securities held by any Person executing any instrument or writing as a Securityholder, the numbers of such
Unregistered Securities, and the date of his holding the same may be proved by the production of such Securities or by a certificate executed by any trust company, bank, broker or member of a national securities exchange (wherever situated), as
depositary, if such certificate is in form satisfactory to the Trustees, showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Unregistered Securities therein described; or such facts may
be proved by the certificate or affidavit of the Person executing such instrument or writing as a Securityholder, if such certificate or affidavit is in form satisfactory to the Trustees. The Trustees and the Company may assume that such ownership
of any Unregistered Security continues until (i) another certificate or affidavit bearing a later date issued in respect of the same Unregistered Security is produced, or (ii) such Unregistered Security is produced by some other person, or
(iii) such Unregistered Security is surrendered in exchange for a Registered Security, or (iv) such Unregistered Security has been cancelled in accordance with Section 2.10. 

  
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 Section 7.2 Proof of Execution of Instruments 

Subject to Sections 6.1 and 6.2, the execution of any instrument by a Securityholder or his agent or proxy may be proved in
accordance with such reasonable rules and regulations as may be prescribed by the Trustees or in such manner as shall be satisfactory to the Trustees. 
 Section 7.3 Holders to Be Treated as Owners 
 The Company, the
Trustees and any agent of the Company or the Trustees may deem and treat the person in whose name any Security shall be registered upon the Security register for such Series as the absolute owner of such Security (whether or not such Security shall
be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and interest on such Security and for all other purposes; and neither the Company nor the
Trustees nor any agent of the Company or the Trustees shall be affected by any notice to the contrary. All such payments so made to any such person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to
satisfy and discharge the liability for moneys payable upon any such Security. 
 Section 7.4 Securities Owned by
Company Deemed Not Outstanding 
 In determining whether the Holders of the requisite aggregate principal amount of
Outstanding Securities of any or all Series have concurred in any direction, consent or waiver under this Indenture or whether a quorum is present at a meeting of Holders of Securities, Securities which are owned by the Company or the Guarantor or
any other obligor on the Securities with respect to which such determination is being made or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or the Guarantor or any other
obligor on the Securities with respect to which such determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustees shall
be protected in relying on any such direction, consent or waiver, and for purposes of determining the presence of a quorum, only Securities which a Responsible Officer of the Trustees actually knows are so owned shall be so disregarded. Securities
so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustees the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company
or the Guarantor or any other obligor upon the Securities or any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or the Guarantor or any other obligor on the Securities. In case
of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustees in accordance with such advice. Upon request of the Trustees, the Company shall furnish to the Trustees promptly an
Officers’ Certificate listing and identifying all Securities, if any, known by the Company or the Guarantor to be owned or held by or for the account of any of the above-described persons; and, subject to Sections 6.1 and 6.2, the Trustees
shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any such determination. 

  
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 Section 7.5 Right of Revocation of Action Taken 

At any time prior to (but not after) the evidencing to the Trustees, as provided in Section 7.1, of the taking of any action by the
Holders of the percentage in aggregate principal amount of the Securities of any or all Series, as the case may be, specified in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the
evidence to be included among the serial numbers of the Securities the Holders of which have consented to such action may, by filing written notice at the corporate trust office and upon proof of holding as provided in this Article, revoke such
action so far as concerns such Security. Except as aforesaid any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in
exchange or substitution therefor, irrespective of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all Series,
as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustees and the Holders of all the Securities affected by such action. 

Section 7.6 Record Date for Determination of Holders Entitled to Vote 

The Company may, in the circumstances permitted by the Trust Indenture Act, set a record date for the purpose of determining the
Securityholders entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or other action, or to vote on any action, authorized or permitted to be given or taken by Securityholders. If not set by the Company
prior to the first solicitation of a Securityholder made by any Person in respect of any such action, or, in the case of any such vote, prior to such vote, the record date for any such action or vote shall be the 30th day (or, if later, the date of
the most recent list of Holders required to be provided pursuant to Section 4.1) prior to such first solicitation or vote, as the case may be. With regard to any record date, only the Holders on such date (or their duly appointed proxies) shall
be entitled to give or take, or vote on, the relevant action. 
 ARTICLE EIGHT 

SUPPLEMENTAL INDENTURES 
 Section 8.1 Supplemental Indentures Without Consent of Securityholders 

The Company, when authorized by a resolution of its Board of Directors, the Guarantor, if applicable and when authorized by a resolution
of the Guarantor Board, and the Trustees for the Securities of any and all Series may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act of
1939 as in effect at the date of the execution thereof to the extent required by law), in form satisfactory to such Trustees, for one or more of the following purposes: 
 (a) to convey, transfer, assign, mortgage or pledge to the Trustees as security for the Securities of one or more Series any property or assets; 

  
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 (b) to evidence the succession of another Person to the Company or the Guarantor, as
applicable, or successive successions, and the assumption by the successor Person of the covenants, agreements and obligations of the Company or the Guarantor, as applicable, pursuant to Article Nine; 

(c) to add to the covenants of the Company or the Guarantor, as applicable, such further covenants, restrictions, conditions or
provisions as its Board of Directors and the Trustees shall consider to be for the protection of the Holders of Securities of any or all Series and, if such additional covenants are to be for the benefit of less than all the Series of Securities
stating that such covenants are being added solely for the benefit of such Series, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of
Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth (and if such additional Events of Default are to be for the benefit of less than all Series of the Securities stating that such
Events of Default are being added solely for the benefit of such Series); provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the Trustees upon such an Event of
Default or may limit the right of the Holders of a majority in aggregate principal amount of the Securities of such Series to waive such an Event of Default; 
 (d) to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or inconsistent with any other provision contained herein or in
any supplemental indenture; or to make such other provisions in regard to matters or questions arising under this Indenture or under any supplemental indenture as the Board of Directors and the Guarantor Board may deem necessary or desirable and
which shall not materially and adversely affect the interests of the Holders of the Securities or the Holders of any Coupons; 

(e) to establish the form or terms of Securities of any Series as permitted by Section 2.1 and Section 2.3; or 

(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 the one Trustee, pursuant to the requirements of
Section 6.11. 
 The Trustees are hereby authorized to join with the Company and the Guarantor, if applicable, in the
execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the
Trustees shall not be obligated to enter into any such supplemental indenture which affects the Trustees’ own rights, duties or immunities under this Indenture or otherwise. 

  
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 Any supplemental indenture authorized by the provisions of this Section 8.1 may be
executed without the consent of the Holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 8.2. 
 Section 8.2 Supplemental Indentures With Consent of Securityholders 

With the consent (evidenced as provided in Article Seven) of the Holders of not less than a majority in aggregate principal amount
of the Securities at the time Outstanding of each Series affected by such supplemental indenture, the Company, when authorized by a resolution of its Board of Directors, and the Trustees for such Series of Securities may, from time to time and at
any time, enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act of 1939 as in force at the date of execution thereof if required by law) 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 Holders of the Securities of each such Series; provided, that no such
supplemental indenture shall (a) extend the stated maturity of any Security, or reduce the principal amount thereof or any premium thereon, or reduce the rate or extend the time of payment of interest thereon, or reduce any amount payable on
redemption thereof, or impair or affect the right of any Securityholder to institute suit for payment thereof or, if the Securities provide therefor, any right of repayment at the option of the Securityholder , or change the Currency in which the
principal of any Security or any premium or the interest thereon is payable, in each case without the consent of the Holder of each Security so affected, (b) reduce the percentage in principal amount of Securities of any Series, the consent of
the Holders of which is required for any such supplemental indenture or for any waiver of any past default and its consequences, without the consent of the Holders of each Security so affected, or (c) modify any of the provisions of this
Section 8.2 or Section 5.10, without the consent of the Holders of each Security, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the
Holder or each Securities of such Series affected thereby. 
 Upon the request of the Company, accompanied by a copy of a
resolution of the Board of Directors certified by the secretary or an assistant secretary of the Company authorizing the execution of any such supplemental indenture, and upon the filing with the Trustees for such Series of Securities of evidence of
the consent of Securityholders as aforesaid and other documents, if any, required by Section 7.1, the Trustees for such Series of Securities shall join with the Company and the Guarantor (if applicable) in the execution of such supplemental
indenture unless such supplemental indenture affects such Trustees’ own rights, duties or immunities under this Indenture or otherwise, in which case such Trustees may in their discretion, but shall not be obligated to, enter into such
supplemental indenture. 
 It shall not be necessary for the consent of the Securityholders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

  
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 Promptly after the execution by the Company, the Guarantor (if applicable) and the Trustees
of any supplemental indenture pursuant to the provisions of this Section, the Company shall give notice in the manner and to the extent provided in Section 12.4 to the Holders of Securities of each Series affected thereby at their addresses as
they shall appear on the Securities register of the Company, setting forth in general terms the substance of such supplemental indenture. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental indenture. 
 For the purposes of this Section 8.2 only, if the Securities of
any Series are issuable upon the exercise of warrants, each holder of an unexercised and unexpired warrant with respect to such series shall be deemed to be a Holder of Outstanding Securities of such Series in the amount issuable upon the exercise
of such warrant. For such purposes, the ownership of any such warrant shall be determined by the Company in a manner consistent with customary commercial practices. The Trustees for such series shall be entitled to rely on an Officers’
Certificate as to the principal amount of Securities of such Series in respect of which consents shall have been executed by holders of such warrants. 
 Section 8.3 Effect of Supplemental Indenture 
 Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this
Indenture of the Trustees, the Company, the Guarantor (if applicable) and the Holders of Securities of each Series and Holders of Coupons affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to
such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 8.4 Documents to Be Given to Trustees 
 The Trustees, subject to the provisions of Sections 6.1 and 6.2, shall receive, and shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel, stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture, as conclusive evidence that any supplemental indenture executed pursuant to this Article Eight complies with the applicable provisions of this Indenture, or
such opinion that is otherwise satisfactory to the Trustees. 
 Section 8.5 Notation on Securities in Respect of
Supplemental Indentures 
 Securities of any Series (including any Coupons appertaining thereto) authenticated and delivered
after the execution of any supplemental indenture pursuant to the provisions of this Article may bear, upon the direction of the Company, a notation in form satisfactory to the Trustees for the Securities of such Series as to any matter provided for
by such supplemental indenture or as to any action taken at any such meeting. If the Company or the Trustees shall so determine, new Securities of any Series and any Coupons appertaining thereto so modified as to conform, in the opinion of the
Trustees and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustees and delivered in exchange for the Securities of such Series then
Outstanding and any Coupons appertaining thereto then Outstanding. 

  
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 ARTICLE NINE 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE 
 Section 9.1 Company or the Guarantor May Consolidate, etc., on Certain Terms 
 Subject to the provisions of Section 9.2, nothing contained in this Indenture or in any of the Securities shall prevent any consolidation, amalgamation or merger of the Company or the Guarantor with
or into any other Person or Persons (whether or not affiliated with the Company), or successive consolidations, amalgamation or mergers in which the Company or the Guarantor or its successor or successors shall be a party or parties, or shall
prevent any sale, conveyance or lease of all or substantially all the property of the Company or the Guarantor or any other Person (whether or not affiliated with the Company) authorized to acquire and operate the same; provided, however, and the
Company and the Guarantor hereby covenant and agree, that upon any such consolidation, amalgamation, merger, sale, conveyance or lease, other than a merger in which the Company or the Guarantor, as applicable, is the continuing corporation, the due
and punctual payment of the principal of and interest on all of the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed by the Company or
the Guarantor, as applicable, shall be expressly assumed, by supplemental indenture satisfactory in form to the Trustees, executed and delivered to the Trustees, by the Person (if other than the Company or the Guarantor, as applicable,) formed by
such consolidation or amalgamation, or with or into which the Company or the Guarantor, as applicable, shall have been merged, or by the Person which shall have acquired or leased such property. 

Section 9.2 Securities to be Secured in Certain Events 

If, upon any consolidation, merger, sale, conveyance or lease in relation to the Guarantor referred to in Section 9.1, or upon any
consolidation, amalgamation or merger of any Restricted Subsidiary, or upon any sale, conveyance or lease of all or substantially all the property of any Restricted Subsidiary to any other corporation, any Principal Property of the Guarantor or of
any Restricted Subsidiary or any shares of capital stock or indebtedness of any Restricted Subsidiary which is owned immediately after such consolidation, amalgamation, merger, sale, conveyance or lease by the Guarantor or a Restricted Subsidiary or
a successor to the Guarantor pursuant to Section 9.1 and Section 9.3 would thereupon become subject to any mortgage, security interest, pledge, lien or encumbrance (other than a mortgage, security interest, pledge, lien or encumbrance in
favor of the Guarantor, a Restricted Subsidiary or any such successor), the Guarantor, prior to or concurrently with such consolidation, amalgamation, merger, sale, conveyance or lease, will effectively provide that the Guaranty shall be secured
(equally and ratably with, if the Guarantor shall determine, any other indebtedness of or guaranteed by the Guarantor or a Restricted Subsidiary ranking equally with the Guaranty) by a direct lien on such Principal Property, shares of stock or
indebtedness, prior to all liens other than any theretofore existing thereon, so long as such Principal Property, shares of stock or indebtedness shall be subject to such mortgage, security interest, pledge, lien or encumbrance. 

  
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 Section 9.3 Successor Person Substituted 

In case of any such consolidation, amalgamation, merger, sale or conveyance, and following such an assumption by the successor Person,
such successor Person shall succeed to and be substituted for the Company or the Guarantor, as applicable, with the same effect as if it had been named herein. Such successor corporation may cause to be signed, and may issue either in its own name
or in the name of the Company or the Guarantor, as applicable, prior to such succession any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company or the Guarantor, as applicable, and delivered to the
Trustees; and, upon the order of such successor Person instead of the Company or the Guarantor, as applicable, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustees shall authenticate and shall deliver
any Securities and Coupons, if any, appertaining thereto, which previously shall have been signed and delivered by the officers of the Company to the Trustees for authentication, and any Securities which such successor Person thereafter shall cause
to be signed and delivered to the Trustees for that purpose. All of the Securities and Coupons, if any, appertaining thereto, so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities and Coupons, if
any, appertaining thereto, theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities and Coupons, if any, appertaining thereto, had been issued at the date of the execution hereof. 

In case of any such consolidation, merger, sale, lease or conveyance such changes in phraseology and form (but not in substance) may be
made in the Securities and Coupons, if any, appertaining thereto, thereafter to be issued as may be appropriate. 
 In the event
of any such sale or conveyance (other than a conveyance by way of lease) the Company or the Guarantor, as applicable shall be discharged from all obligations and covenants under this Indenture and the Securities and may be liquidated and dissolved.

 Section 9.4 Opinion of Counsel to Trustees 

The Trustees, subject to the provisions of Sections 6.1 and 6.2, shall receive an Opinion of Counsel, prepared in accordance with
Section 12.5, as conclusive evidence that any such consolidation, merger, sale, lease or conveyance, and any such assumption, and any such liquidation or dissolution, complies with the applicable provisions of this Indenture. 

ARTICLE TEN 
 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS 

Section 10.1 Satisfaction and Discharge of Indenture 

(A) If at any time (a) the Company shall have paid or caused to be paid the principal of and interest on all the Securities of any
Series and Coupons, if any, appertaining thereto Outstanding hereunder (other than Securities and Coupons which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.9) as and when the same shall have
become due and payable, or (b) the Company shall have delivered to the Trustees for cancellation all Securities of any Series and Coupons theretofore authenticated (other than any Securities of such Series and Coupons which have been destroyed,
lost or stolen and which shall 

  
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have been replaced or paid as provided in Section 2.9) or (c)(i) all the Securities of such Series and Coupons not theretofore delivered to the Trustees for cancellation shall have become
due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustees for the giving of notice of redemption, and (ii) the Company
shall have irrevocably deposited or caused to be deposited with the Trustees as trust funds the entire amount in the currency or currency unit required (other than moneys repaid by the Trustees or any Paying Agent to the Company in accordance with
Section 10.4) or Government Obligations maturing as to principal and interest in such amounts and at such times as will ensure the availability of cash sufficient, in the opinion of a firm of independent certified public accountants, to pay at
maturity or upon redemption all Securities of such Series and Coupons (other than any Securities of such Series and Coupons which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.9)
not theretofore delivered to the Trustees for cancellation, including principal and interest due or to become due to such date of maturity as the case may be, and if, in any such case, the Company shall also pay or cause to be paid all other sums
payable hereunder by the Company with respect to Securities of such Series and Coupons, then this Indenture shall cease to be of further effect with respect to Securities of such Series and Coupons (except as to (i) rights of registration of
transfer and exchange, and the Company’s right of optional redemption, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities and Coupons, (iii) rights of Holders to receive payments of principal thereof and
interest thereon upon the original stated due dates therefor (but not upon acceleration) and remaining rights of the Holders to receive mandatory sinking fund payments, if any, (iv) the rights, obligations and immunities of the Trustees
hereunder and (v) the rights of the Securityholders of such Series as beneficiaries hereof with respect to the property so deposited with the Trustees payable to all or any of them), and, subject to Section 10.5, the Trustees, on demand of
the Company accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Company, shall execute proper instruments acknowledging such satisfaction of and discharging this Indenture with respect to such
Series; provided, that the rights of Holders of the Securities and Holders of Coupons to receive amounts in respect of principal of and interest on the Securities and Coupons held by them shall not be delayed longer than required by then-applicable
mandatory rules or policies of any securities exchange upon which the Securities are listed. The Company agrees to reimburse the Trustees for any costs or expenses thereafter reasonably and properly incurred and to compensate the Trustees for any
services thereafter reasonably and properly rendered by the Trustees in connection with this Indenture, the Securities of such Series and Coupons. 
 (B) In addition to the provisions of Section 10.1(A), the Company may terminate its obligations under the Securities of any Series and this Indenture with respect to such Series, except those
obligations referred to in the penultimate paragraph of this Section 10.1, if the Company has irrevocably deposited or caused to be deposited with the Trustees at their Corporate Trust Office or such other office as the Trustees may designate,
under the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustees, as trust funds in trust solely for the benefit of the Securityholders of such Series for that purpose, (i) cash in the currency or currency
unit required or, (ii) Government Obligations maturing as to principal and interest in such amounts and at such times as are sufficient, in the opinion of a firm of independent certified public accountants, without consideration of any
reinvestment of such principal or interest, to pay the principal of and interest on the outstanding Securities of such Series and Coupons to maturity or redemption, as the case may be, provided that the Trustees shall have been irrevocably
instructed to apply such money or the proceeds of such Government Obligations to the payment of said principal of and interest on the Outstanding Securities and Coupons of such Series. 

  
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 Such irrevocable trust agreement shall include, among other things, provision for
(1) payment of the principal of and interest on the Securities of such Series and Coupons when due (by redemption, sinking fund payments or otherwise), (2) the payment of the expenses of the Trustees incurred or to be incurred in
connection with carrying out such trust provisions, (3) rights of registration, transfer, substitution and exchange of Securities of such Series and Coupons in accordance with the terms stated in this Indenture and (4) continuation of the
rights and obligations and immunities of the Trustees as against the Securityholders of such Series as stated in this Indenture. 
 Notwithstanding the first paragraph of this Section 10.1(B), the Company’s obligations in Sections 2.8, 2.9, 3.1, 3.2, 3.8, 5.1, 6.5, 6.6, 6.8, 10.4 and 10.5 shall survive until the
Securities of such Series and Coupons, if any, are no longer Outstanding; provided, however, that the Company’s obligations in Section 5.1 shall survive only with respect to Events of Default as defined in Sections 5.1(a), 5.1(b) and
5.1(c). Thereafter, the Company’s obligations in Sections 6.5, 6.6, 10.4 and 10.5 shall survive such satisfaction and discharge. 
 After any such irrevocable deposit, accompanied by an Officers’ Certificate which shall state that the provisions of the first two paragraphs of this Section 10.1(B) have been complied with, and
upon delivery by the Company to the Trustees of (i) an Opinion of Counsel to the effect that either (a) as a result of such deposit and the related exercise of the Company’s option under this Section 10.1(B) registration will not
be required under the Investment Company Act of 1940, as amended, by the Company, the trust funds representing such deposit or the Trustees or (b) all necessary registrations under such Act have been effected, (ii) an Opinion of
Counsel to the effect that Securityholders of such Series will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such deposit and discharge and will be subject to U.S. Federal income tax on the same amount and in
the same manner and at the same time as would have been the case if such deposit and discharge had not occurred, (iii) an Opinion of Counsel to the effect that based on applicable Canadian federal income tax law or a ruling granted by the
Canada Revenue Agency, that such deposit and the exercise of the Company’s option under this Section 10.1(B) will not result in, or be deemed to result in, a taxable event or any withholding tax with respect to the Securityholders of such
Series, then the Company shall be discharged of its obligations under the Securities of such Series and this Indenture with respect to such Series except for those surviving obligations specified above, and the Trustees upon request shall
acknowledge in writing such discharge. Prior to the delivery of such acknowledgment, the Trustees may require the Company to deliver to it an Officer’s Certificate and Opinion of Counsel, each stating that all conditions precedent provided for
herein relating to the deposit and discharge contemplated by this provision have been complied with, and the Trustees may also require that the Opinion of Counsel referred to in clause (i) of this paragraph shall also state that such deposit
does not violate applicable law. 

  
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 Section 10.2 Application by Trustees of Funds Deposited for Payment of
Securities 
 Subject to Section 10.4, all moneys deposited with the Trustees pursuant to Section 10.1 shall be
held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to the Holders of the particular Securities of such Series and any Coupons appertaining thereto for
the payment or redemption of which such moneys have been deposited with the Trustees, of all sums due and to become due thereon for principal and interest; but such money need not be segregated from other funds except to the extent required by law.

 Section 10.3 Repayment of Moneys Held by Paying Agent 

In connection with the satisfaction and discharge of this Indenture with respect to Securities of any Series or Coupons, all moneys then
held by any Paying Agent under the provisions of this Indenture with respect to such Series of Securities or Coupons shall, upon demand of the Company, be repaid to it or paid to the Trustees and thereupon such Paying Agent shall be released from
all further liability with respect to such moneys. 
 Section 10.4 Return of Unclaimed Moneys Held by Trustees and
Paying Agent 
 Any moneys deposited with or paid to the Trustees or any Paying Agent for the payment of the principal of or
interest on any Security of any Series or Coupons and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable, shall, upon the written request of the Company and unless
otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the Company by the Trustees for such Series or such Paying Agent, and the Holder of the Security of such Series or Holders of
Coupons appertaining thereto shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only to the Company for any payment which such Holder may be entitled to collect,
and all liability of the Trustees or any Paying Agent with respect to such moneys shall thereupon cease. 
 Section 10.5
Reinstatement of Company’s Obligations 
 If the Trustees are unable to apply any funds or Government Obligations in
accordance with Section 10.1 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 or by reason of the Trustees’
inability to convert any such funds or Government Obligations into the currency or currency unit required to be paid with respect to the Securities of such Series, the Company’s obligations under this Indenture and the Securities of any Series
for which such application is prohibited shall be revived and reinstated as if no deposit had occurred pursuant to Section 10.1 until such time as the Trustees are permitted to apply all such funds or Government Obligations in accordance with
Section 10.1 or is able to convert all such funds or Government Obligations; provided, however, that if the Company has made any payment of interest on or principal of any of such Securities or Coupons because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Securityholders of such Securities to receive such payment from the funds or Government Obligations held by the Trustees. 

  
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 ARTICLE ELEVEN 

GUARANTIES 

Section 11.1 Guaranties 
 If a Guaranty has been provided for any particular Series of Securities pursuant to Section 2.3, the Guarantor hereby unconditionally and irrevocably guarantees, to each Holder of Securities of such
Series, to each applicable Trustee and its successors and assigns (a) the full and punctual payment of all of the principal of, and any premium and interest on, the Securities of such Series when due, whether at maturity, by acceleration, by
redemption or otherwise, and all other monetary obligations of the Company under this Indenture and the Securities of such Series and (b) the full and punctual performance within applicable grace periods of all other obligations of the Company
under this Indenture with respect to the Securities of such Series and under the Securities of such Series (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each of Guaranty shall be an
unsecured, unsubordinated obligation of the Guarantor ranking pari passu with other present and future unsecured, unsubordinated obligations of the Guarantor. The Guarantor further agrees that the Guaranteed Obligations may be extended or
renewed, in whole or in part, without notice or further assent from the Guarantor and that such Guarantor will remain bound under this Article Eleven notwithstanding any extension or renewal of any Guaranteed Obligation. 

In addition, if a Guaranty has been provided pursuant to Section 2.3 for a particular Series of Securities, the Guarantor waives
(1) presentation to, demand of, payment from and protest to the Company of any of the Guaranteed Obligations and also waives notice of protest for nonpayment and (2) notice of any default under the Securities of such Series or the
Guaranteed Obligations, and agrees that the Holders of such Securities may exercise their rights of enforcement under its Guaranty without first exercising their rights of enforcement directly against the Company. The obligations of each Guarantor
hereunder shall not be affected by (a) the failure of any Holder or any Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Securities or any other agreement
or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities or any other agreement; (d) the release of any
security held by any Holder or any Trustee for the Guaranteed Obligations or any of them; (e) the failure of any Holder or any Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (f) any
change in the name, objects, businesses, assets, capital structure, constitution or ownership of the Guarantor or the Company, or by any merger or amalgamation of the Company or the Guarantor with any Person or Persons, except as otherwise provided
in the applicable provisions of this Indenture. In the case of the Company being amalgamated with another Person, the Guaranty shall apply to the liabilities of the successor Person, and the term “Company” shall include such successor
Person. 

  
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 If a Guaranty has been provided for a particular Series of Securities pursuant to
Section 2.3, the Guarantor further agrees that each of the Guaranties constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any
Holder or any Trustee to any security held for payment of the Guaranteed Obligations. The obligations of the Guarantor hereunder are and shall be absolute and unconditional and any moneys or amounts expressed to be owing or payable by the Guarantor
hereunder which may not be recoverable from the Guarantor on the basis of a guarantee or as surety shall be recoverable from the Guarantor as a primary obligor and principal debtor in respect thereof. The Trustee shall not be bound to exhaust its
recourse against the Company or other parties before being entitled to demand payment from or performance by the Guarantor and enforce its rights under this Article Eleven in respect of any Guaranty. 

If a Guaranty has been provided for a particular Series of Securities pursuant to Section 2.3, the obligations of the Guarantor
hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim,
recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of the Guarantor herein shall not be
discharged or impaired or otherwise affected by the failure of any Holder or any Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver or modification of any
thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of
the Guarantor or would otherwise operate as a discharge of the Guarantor as a matter of law or equity. 
 If a Guaranty has been
provided for a particular Series of Securities pursuant to Section 2.3, the Guarantor further agrees that its Guaranteed Obligations herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part
thereof, of principal of, or premium or interest on, any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or any Trustee upon the bankruptcy or reorganization of the Company or otherwise. 

In furtherance of the foregoing and not in limitation of any other right which any Holder or any Trustee has at law or in equity against
the Guarantor by virtue hereof, upon the failure of the Company to pay the principal of, or premium or interest on, any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or
to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by any Trustee, forthwith pay, or cause to be paid, in cash in the applicable Currency, to the Holders or the
Trustees an amount equal to the sum of (1) the unpaid amount of such Guaranteed Obligations, (2) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and (3) all other monetary
Guaranteed Obligations of the Company to the Holders and the Trustees. 
 The Guarantor agrees that, as between it, on the one
hand, and the Holders and the Trustees, on the other hand, (x) the maturity of the Guaranteed Obligations may be accelerated as provided in Article Five for the purposes of any of the Guarantor’s Guaranties herein, notwithstanding any
stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations, and (y) in the event of any declaration of acceleration of such Obligations as provided in Article Five, such Guaranteed
Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purposes of this Section. 

  
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 If a Guaranty has been provided for a particular Series of Securities pursuant to
Section 2.3, the Guarantor also agrees to pay any and all costs and expenses (including reasonable fees and expenses of attorneys and other agents) incurred by any Trustee or any Holder in enforcing any rights under this Section. 

Section 11.2 Successors and Assigns 
 If a Guaranty has been provided for a particular Series of Securities pursuant to Section 2.3, this Article Eleven shall be binding upon the Guarantor so providing a Guaranty with respect to
such Series and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustees and the Holders and, in the event of any transfer or assignment of rights by any Holder or any Trustee, the rights and privileges
conferred upon that party in this Indenture and in such Series of Securities shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 

Section 11.3 No Waiver 
 Neither a failure nor a delay on the part of any Trustee or the Holders in exercising any right, power or privilege under this Article Eleven shall operate as a waiver thereof, nor shall a single or
partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of each Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights,
remedies or benefits which they may have under this Article Eleven or this Indenture at law, in equity, by statute or otherwise. 
 Section 11.4 Modification 
 No modification, amendment or waiver of
any provision of this Article Eleven, nor the consent to any departure by the Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustees, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. No notice to or demand on the Guarantor in any case shall entitle the Guarantor to any other or further notice or demand in the same, similar or other circumstances.

 ARTICLE TWELVE 
 MISCELLANEOUS PROVISIONS 
 Section 12.1 Incorporators,
Stockholders, Officers and Directors of Company Exempt from Individual Liability 
 No recourse under or upon any
obligation, covenant or agreement contained in this Indenture, in any Security or Coupon appertaining thereto, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such or against any past, present or future
stockholder, officer or director, as such, of the Company or of any successor, either 

  
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directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the acceptance of the Securities and Coupons, if any, by the Holders thereof and as part of the consideration for the issue of the Securities. 

Section 12.2 Provisions of Indenture for the Sole Benefit of Parties and Securityholders 

Nothing in this Indenture or in the Securities or Coupons, expressed or implied, shall give or be construed to give to any Person, firm
or corporation, other than the parties hereto, any Paying Agent and their successors hereunder and the Holders of the Securities and Coupons, if any, any legal or equitable right, remedy or claim under this Indenture or under any covenant or
provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Securities and Coupons. 

Section 12.3 Successors and Assigns Bound by Indenture 

All the covenants, stipulations, promises and agreements in this Indenture contained by or on behalf of the Company, the Guarantor or a
Trustee shall bind their respective successors and permitted assigns (if any), whether so expressed or not. 
 Section 12.4
Notices and Demands on Company, Trustees and Securityholders 
 Any notice or demand which by any
provision of this Indenture is required or permitted to be given or served by the Trustees, by the Holders of Securities, or by the Holders of Coupons to or on the Company may be given or served by being deposited postage prepaid, first-class mail
(except as otherwise specifically provided herein) addressed (until another address of the Company is filed by the Company with the Trustees) to Kellogg Canada Inc., 5350 Creekbank Road, Mississauga, Ontario, L4W 5S1, Attention: President, and to
Kellogg Company, One Kellogg Square, Battle Creek, Michigan 49016 Attention: Secretary. Any notice, direction, request or demand by the Company or any Securityholder to or upon the Trustees shall be deemed to have been sufficiently given or made,
for all purposes, if given or made at the Corporate Trust Office of one of the Trustees, at The Bank of New York Mellon Trust Company, N.A., 2 North LaSalle Street, Suite 1020, Chicago, Illinois 60602, U.S.A., Attn: Corporate Trust, in the case of
the U.S. Trustee, and at BNY Trust Company of Canada, 320 Bay Street, 11th Floor, Toronto, Ontario, Canada M5H 4A6, Canada, Attention: Corporate Trust Dept, in the case of the Canadian Trustee. 
 Where this Indenture provides for notice to Holders of any event, (1) if any of the Securities affected by such event are Registered Securities, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed by first-class mail, postage prepaid to such Registered Holders as their names and addresses appear in the Security register within the time prescribed and (2) if any of the
Securities affected by such event are Unregistered Securities or Coupon Securities, such notice shall be sufficiently given (unless otherwise herein expressly provided) if published once in a newspaper of general circulation in New York, New York
and London, England within the time prescribed, or in the case of notice to Holders of Securities denominated in Canadian dollars, if published once in a newspaper of general 

  
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circulation in Toronto, Canada within the time prescribed. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustees, but such filing shall not be a condition precedent to the validity of any action taken
in reliance upon such waiver. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed to any particular Holder shall affect the sufficiency of such notice with respect to
other Holders, and any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given. 
 In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Company and Securityholders when such notice is required to be given
pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Trustees shall be deemed to be a sufficient giving of such notice. 

Section 12.5 Officers’ Certificates and Opinions of Counsel; Statements to Be Contained Therein 

Upon any application or demand by the Company to the Trustees to take any action under any of the provisions of this Indenture, other than
in connection with the original issuance of Securities under the First Supplemental Indenture hereto dated May 22, 2012, the Company shall furnish to the Trustees an Officers’ Certificate stating that all conditions precedent provided for
in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or
demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

Each certificate or opinion provided for in this Indenture and delivered to the Trustees with respect to compliance with a condition or
covenant provided for in this Indenture shall include (a) a statement that the person making 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 such person, he has made such examination or investigation as is necessary to enable him to express
an informed statement or 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 such person, such condition or covenant has been complied with. 

Any certificate, statement or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a
certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are
erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters, information with respect to which is in the possession
of the Company, upon the certificate, statement or opinion of or representations by an officer or officers of the Company, unless such counsel knows that the certificate, statement or opinion or representations with respect to the matters upon which
his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

  
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 Any certificate, statement or opinion of an officer of the Company or of counsel may be
based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Company, unless such officer or counsel, as the case may be, knows that the
certificate or opinion or representations with respect to the accounting matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous.

 Any certificate or opinion of any independent firm of public accountants filed with the Trustees shall contain a statement
that such firm is independent. 
 Section 12.6 Payments Due on Saturdays, Sundays and Holidays 

If the date of maturity of interest on or principal of the Securities of any Series or Coupons appertaining thereto or the date fixed for
redemption or repayment of any such Security or Coupon shall not be a Business Day, then payment of interest, premium, if any, or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and
effect as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue for the period after such date. 
 Section 12.7 [Reserved] 
 Section 12.8 New York Law to
Govern 
 This Indenture and each Security shall be deemed to be a contract under the laws of the State of New York, and for
all purposes shall be construed in accordance with the laws of such State, but without giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby.

 Section 12.9 Counterparts 
 This Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

Section 12.10 Effect of Headings 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

  
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 Section 12.11 Determination of Principal Amount 

In determining whether the Holders of the requisite principal amount of outstanding Securities of any Series have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, whether a quorum is present at a meeting of Holders of Securities or whether sufficient funds are available for redemption or for any other purpose, the principal amount of an
Original Issue 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 5.1 and the principal amount of any Securities denominated in a Foreign Currency or Euro that shall be deemed to be outstanding for such purposes shall be determined by converting the Foreign Currency or the
Specified Amount of each Component Currency into Dollars at the Market Exchange Rate as of the date of such determination. 

Section 12.12 Waiver of Jury Trial 
 EACH OF THE COMPANY AND THE TRUSTEES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF THIS INDENTURE
OR THE NOTES. 
 Section 12.13 Force Majeure 

In no event shall the Trustees be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustees shall use reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances. 
 Section 12.14 Service; Submission to
Jurisdiction 
 Each of the Company and the Guarantor (i) submits for itself and its property in any legal action or
proceeding relating to this Indenture, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States for the Southern District
of New York, and appellate courts from any thereof; (ii) consents that any such action or proceeding may be brought in such courts, waives any objection that it may now or hereafter have to the venue of any such action or proceeding in
any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; (iii) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to its address in Section 12.4; and (iv) agrees that nothing herein shall affect the right to effect service of process in any other manner
permitted by law or shall limit the right to sue in any other jurisdiction. 
 Section 12.15 Conversion of Currency

 Each of the Company and the Guarantor covenants and agrees that the following provisions shall apply to conversion of
currency in the case of any Series of Securities and this Indenture: 

  
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 (a) (i) If, for the purpose of obtaining judgment in, or enforcing the judgment of, any
court in any country, it becomes necessary to convert into any other currency (the “judgment currency”) an amount in the currency due hereunder or under such Series (the “Base Currency”), then the conversion shall
be made at the rate of exchange prevailing on the Business Day before the day on which a final judgment which is not appealable is given or the order of enforcement is made, as the case may be (unless a court shall otherwise determine) (such day
being the “Determination Date”). 
 (ii) If there is a change in the rate of exchange prevailing
between the Determination Date for a judgment and the date of receipt of the amount due in respect of such judgment, the Company or the Guarantor, as applicable, will pay such additional (or, as the case may be, such lesser) amount, if any, as may
be necessary so that the amount paid in the judgment currency when converted at the rate of exchange prevailing on the date of receipt will produce the amount in the Base Currency originally due. 

(b) The obligations contained in Subsection (a)(ii) of this Section 12.15 shall constitute obligations of the Company and the
Guarantor separate and independent from its other respective obligations under the Securities, the Guaranty and this Indenture, shall give rise to separate and independent causes of action against the Company and the Guarantor, shall apply
irrespective of any waiver or extension granted by any Holder or the Trustees or any of them from time to time and shall continue in full force and effect notwithstanding any judgment or order, as applicable, for a liquidated sum in respect of
amounts due hereunder or under any such judgment or order. Any such deficiency as aforesaid shall be deemed to constitute a loss suffered by the Holders or the Trustees, as the case may be, and no proof or evidence of any actual loss shall be
required by the Company, the Guarantor or the liquidator or otherwise or any of them. 
 (c) The term “rate(s) of
exchange” shall in respect of each Series mean (unless otherwise expressly provided in the respect of a Series) the rate of exchange quoted by The Toronto Dominion Bank at its central foreign exchange desk in its head office in Toronto at
12:00 noon (Toronto, Ontario time) for purchases of the Base Currency with the judgment currency or liquidation currency, as applicable, and includes any premiums and costs of exchange payable. 

(d) Neither the Trustees nor any Paying Agent shall have any duty or liability with respect to monitoring or enforcing this
Section 12.15. 
 Section 12.16 Currency Equivalent 

Except as provided in Section 12.15 for purposes of the construction of the terms of this Indenture or of the Securities, in the
event that any amount is stated herein in the currency of one nation (the “First Currency”), as of any date such amount shall also be deemed to represent the amount in the currency of any other relevant nation (the “Other
Currency”) which is required to purchase such amount in the First Currency at the rate of exchange quoted by The Toronto Dominion Bank at its central foreign exchange desk in its head office in Toronto at 12:00 noon (Toronto, Ontario time)
on the date of determination. 

  
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 Section 12.17 Documents in English; Language of Notices 

The Company, the Guarantor, the Trustees and, by their acceptance of Securities and the benefits of this Indenture, the Holders
acknowledge that this Indenture, each Security and each document related hereto and thereto (whether or not any of such documents is also drawn up in French) has been drawn up in English at the express will of such Persons. Les parties à ces
présentes conviennent que ces présentes ainsi que tout document qui s'y rattache (incluant tout document rédigé en francais et en anglais) soient rédigés en langue anglais à la volunté express
des parties. 
 Any request, demand, authorization, direction, notice, consent, election or waiver required or permitted under
this Indenture shall be in the English language (or in the French language in the Province of Québec, but only to the extent required by law), except that, if the Company so elects, any published notice may be in an official language of the
country of publication to the extent permitted by law. 
 ARTICLE THIRTEEN 

REDEMPTION OF SECURITIES AND SINKING FUNDS 
 Section 13.1 Applicability of Article 
 The provisions of this Article
shall be applicable to the Securities of any Series which are redeemable before their maturity or to any sinking fund for the retirement of Securities of a Series except as otherwise specified as contemplated by Section 2.3 for Securities of
such Series. 
 Section 13.2 Notice of Redemption; Partial Redemptions 

Notice of redemption to the Holders of Securities of any Series to be redeemed as a whole or in part at the option of the Company shall
be given by giving notice of such redemption as provided in Section 12.4, at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of Securities of such Series. Failure to give notice by mail, or any
defect in the notice to the Holder of any Security of a Series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security of such Series. 

The notice of redemption to each such Holder shall identify the Securities to be redeemed (including “CUSIP” or
“ISIN” numbers), specify the date fixed for redemption, the redemption price, the Place or Places of Payment, that payment will be made upon presentation and surrender of such Securities, and that, unless otherwise specified in such
notice, Coupon Securities, if any, surrendered for payment must be accompanied by all Coupons maturing subsequent to the redemption date, failing which the amount of any such missing Coupon or Coupons will be deducted from the sum due for payment,
that such redemption is pursuant to the mandatory or optional sinking fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest
thereon or on the portions thereof to be redeemed will cease to accrue and that, if less than all of the Outstanding Securities of a Series are to be redeemed, the identification and principal amount of the Securities to be redeemed. If less than
all of the Securities of any Series and to be redeemed, the notice of redemption shall specify the numbers of the Securities of such 

  
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Series to be redeemed, and, if only Unregistered Securities of any Series are to be redeemed, and if such Unregistered Securities may be exchanged for Registered Securities, the last date on
which exchanges of Unregistered Securities for Registered Securities not subject to redemption may be made. In case any Security of a Series is to be redeemed in part, the notice of redemption shall state the portion of the principal amount thereof
to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security and any Coupons appertaining thereto, a new Security or Securities of such Series in principal amount equal to the unredeemed portion
thereof with appropriate Coupons will be issued. 
 The notice of redemption of Securities of any Series to be redeemed at the
option of the Company shall be given by the Company or, at the Company’s request and provision of the terms of the notice, by the Trustees in the name and at the expense of the Company. The Company shall give the Trustees at least 45 days prior
written notice of any redemption and redemption information hereunder. 
 Not later than 9:00 a.m., Chicago time, on the
redemption date specified in the notice of redemption given as provided in this Section, the Company will have on deposit with the Trustees or with one or more paying agents (or, if the Company is acting as its own paying agent, set aside, segregate
and hold in trust as provided in Section 3.4) an amount of money in the currency or currency unit in which the Securities of such Series and any Coupons appertaining thereto are payable (except as otherwise specified pursuant to
Section 2.3 and except as provided in Section 2.12(b), (e) and (f) of this Indenture) sufficient to redeem on the redemption date all the Securities of such Series so called for redemption at the appropriate redemption price,
together with accrued interest to the date fixed for redemption. If less than all the Outstanding Securities of a Series are to be redeemed, the Company will deliver to the Trustees at least 60 days prior to the date fixed for redemption an
Officers’ Certificate stating the aggregate principal amount of Securities to be redeemed. 
 If less than all the
Securities of a Series are to be redeemed, the Trustees shall select, in such manner as it shall deem appropriate, Securities of such Series to be redeemed in whole or in part. Securities may be redeemed in part in multiples equal to the minimum
authorized denomination for Securities of such Series or any multiple thereof. The Trustees shall promptly notify the Company in writing of the Securities of such Series selected for redemption and, in the case of any Securities of such Series
selected for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities of any Series shall relate, in the case
of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. 
 Section 13.3 Payment of Securities Called for Redemption 
 If notice
of redemption has been given as above provided, the Securities or portions of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with
interest accrued to the date fixed for redemption, and on and after said date (unless the Company shall default in the payment of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities or
portions of Securities so called for redemption shall cease to accrue 

  
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and, except as provided in Sections 6.4 and 10.4, such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this Indenture, and the
Holders thereof shall have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment
specified in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption; provided that any
semiannual payment of interest on Registered Securities becoming due on the date fixed for redemption shall be payable to the Holders of such Securities registered as such on the relevant record date subject to the terms and provisions of
Section 2.4 hereof. 
 If any Coupon Security surrendered for redemption shall not be accompanied by all appurtenant
Coupons maturing on or after the date fixed for redemption, such Security may be paid after deducting from the redemption price an amount equal to the face amount of all such missing Coupons or the surrender of such missing Coupon or Coupons may be
waived by the Company and the Trustees, if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to any Paying Agent
any missing Coupon in respect of which a deduction shall have been made from the redemption price, such Holder shall be entitled to receive the amount so deducted; provided, however, that, unless otherwise provided pursuant to Section 2.3,
interest represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency located outside of the United States. 
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed for redemption at
the rate of interest borne by the Security. 
 Upon presentation of any Security redeemed in part only and the Coupons
appertaining thereto, the Company shall execute and the Trustees shall authenticate and deliver to or on the order of the Holder thereof, at the expense of the Company, a new Security or Securities and the Coupons appertaining thereto, of authorized
denominations, in principal amount equal to the unredeemed portion of the Security so presented. 
 Section 13.4
Exclusion of Certain Securities from Eligibility for Selection for Redemption 
 Securities shall be excluded from
eligibility for selection for redemption if they are identified by registration and certificate number in a written statement signed by an authorized officer of the Company and delivered to the Trustees at least 40 days prior to the last date on
which notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by, either (a) the Company or (b) an entity specifically identified in such written statement directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company. 

  
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 Section 13.5 Mandatory and Optional Sinking Funds 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any Series is herein referred to as a
“mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of Securities of any Series is herein referred to as an “optional sinking fund payment”. The date on which
a sinking fund payment is to be made is herein referred to as the “sinking fund payment date”. 
 In lieu of
making all or any part of any mandatory sinking fund payment with respect to any Series of Securities in cash, the Company may at its option (a) deliver to the Trustees Securities of such Series (together with the unmatured Coupons, if any,
appertaining thereto) theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by the Company or receive credit for Securities of such Series (not previously so credited) theretofore purchased or
otherwise acquired (except as aforesaid) by the Company and delivered to the Trustees for cancellation pursuant to Section 2.10, (b) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this
Section, or (c) receive credit for Securities of such Series (not previously so credited) redeemed by the Company through any optional redemption provision contained in the terms of such Series. Securities so delivered or credited shall be
received or credited by the Trustees at the sinking fund redemption price specified in such Securities. 
 On or before the
sixtieth day next preceding each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustees a written statement (which need not contain the statements required by Section 12.5) signed by an authorized
officer of the Company (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash in the currency or currency unit in which the Securities of such Series and Coupons, if any, appertaining thereto are
payable (except as otherwise specified pursuant to Section 2.3 for the Securities of such Series and except as provided in Section 2.12(b), (e) and (f) hereof), and the portion to be satisfied by credit of Securities of such
Series, (b) stating that none of the Securities of such Series has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such Series have occurred (which have not been
waived or cured) and are continuing, (d) stating whether or not the Company intends to exercise its right to make an optional sinking fund payment with respect to such Series and, if so, specifying the amount of such optional sinking fund
payment which the Company intends to pay on or before the next succeeding sinking fund payment date and (e) specifying such sinking fund payment date. Any Securities of such Series to be credited and required to be delivered to the Trustees in
order for the Company to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustees shall be delivered for cancellation pursuant to Section 2.10 to the Trustees with such written statement (or
reasonably promptly thereafter if acceptable to the Trustees). Such written statement shall be irrevocable and upon its receipt by the Trustees the Company shall become unconditionally obligated to make all the cash payments or payments therein
referred to, if any, on or before the next succeeding sinking fund payment date. Failure of the Company, on or before any such sixtieth day, to deliver such written statement and Securities specified in this paragraph, if any, shall not constitute a
default but shall constitute, on and as of such date, the irrevocable election of the Company (i) that the mandatory sinking fund payment for such Series due on the next succeeding sinking fund payment date shall be paid entirely in cash (in
the currency or currency unit described above) without the option to deliver or credit Securities of such Series in respect thereof and (ii) that the Company will make no optional sinking fund payment with respect to such Series as provided in
this Section. 

  
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 If the sinking fund payment or payments (mandatory or optional or both) to be made in cash
(in the currency or currency unit described above) on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $100,000, or the equivalent in the currency or currency unit
in which the Securities of such Series are payable (or a lesser sum if the Company shall so request) with respect to the Securities of any particular Series, such cash shall be applied on the next succeeding sinking fund payment date to the
redemption of Securities of such Series at the sinking fund redemption price together with accrued interest to the date fixed for redemption. If such amount shall be $100,000, or the equivalent in the currency or currency unit in which the
Securities of such Series are payable, or less and the Company makes no such request then it shall be carried over until a sum in excess of $100,000, or the equivalent in the currency or currency unit in which the Securities of such Series are
payable, is available. The Trustees shall select, in the manner provided in Section 13.2, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such Series to absorb said cash, as nearly as may be
possible, and shall (if requested in writing by the Company) inform the Company of the serial numbers of the Securities of such Series (or portions thereof) so selected. Securities of any Series which are identified by registration and certificate
number in an Officers’ Certificate at least 60 days prior to the sinking fund payment date as being beneficially owned by, and not pledged or hypothecated by, the Company or an entity directly or indirectly controlling or controlled by or under
direct or indirect common control with the Company shall be excluded from Securities of such Series eligible for selection for redemption. The Trustees, in the name and at the expense of the Company after the Company provides the Trustees of the
redemption information (or the Company, if it shall so notify the Trustees in writing) shall cause notice of redemption of the Securities of such Series to be given in substantially the manner provided in Section 13.2 (and with the effect
provided in Section 13.3) for the redemption of Securities of such Series in part at the option of the Company. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such Series shall be added to
the next cash sinking fund payment for such Series and, together with such payment, shall be applied in accordance with the provisions of this Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any
particular Series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such Series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the
payment of the principal of, and interest on, the Securities of such Series at maturity. 
 The Trustees shall not convert any
currency or currency unit in which the Securities of such Series are payable for the purposes of such sinking fund application unless specifically requested to do so by the Company, and any such conversion agreed to by the Trustees in response to
such request shall be for the account and at the expense of the Company and shall not affect the Company’s obligation to pay the Holders in the currency or currency unit to which such Holder may be entitled. 

  
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 Not later than 9:00 a.m., Chicago time, on the sinking fund payment date, the Company shall
have paid to the Trustees in cash (in the currency or currency unit described in the third paragraph of this Section 13.5) or shall otherwise provide for the payment of all interest accrued to the date fixed for redemption on Securities to be
redeemed on the next following sinking fund payment date. 
 The Trustees shall not redeem or cause to be redeemed any
Securities of a Series with sinking fund moneys or mail or publish any notice of redemption of Securities for such Series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event
of Default except that, where the mailing or publication of notice of redemption of any Securities shall theretofore have been made, the Trustees shall redeem or cause to be redeemed such Securities, provided that it shall have received from the
Company a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such Series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during
the continuance of such default or Event of Default, be deemed to have been collected under Article Five and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 5.10 or
the default cured on or before the sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section to the redemption of such
Securities. 
 Section 13.6 Repayment at the Option of the Holders 

Securities of any Series which are repayable at the option of the Holders thereof before their stated maturity shall be repaid in
accordance with the terms of the Securities of such Series. 
 The repayment of any principal amount of Securities pursuant to
such option of the Holder to require repayment of Securities before their stated maturity, for purposes of Section 10.1, shall not operate as a payment, redemption or satisfaction of the indebtedness represented by such Securities unless and
until the Company, at its option, shall deliver or surrender the same to the Trustees with a directive that such Securities be cancelled. 
 ARTICLE FOURTEEN 
 HOLDERS’ MEETINGS 

Section 14.1 Purposes of Meetings 
 A meeting of Holders of Securities of any or all Series may be called at any time and from time to time pursuant to the provisions of this Article Thirteen for any of the following purposes:

 (a) to give any notice to the Company or to the Trustees for the Securities of such Series, or to give any directions to the
Trustees for such Series, or to consent to the waiving of any default hereunder and its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article Five; 

(b) to remove any Trustee for such Series and nominate a successor Trustee pursuant to the provisions of Article Six; 

  
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 (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant
to the provisions of Section 8.2; and 
 (d) to take any other action authorized to be taken by or on behalf of the Holders
of any specified aggregate principal amount of the Securities of any one or more or all Series, as the case may be, under any provision of this Indenture or under applicable law. 

Section 14.2 Call of Meetings by Trustees 
 The Trustees for the Securities of any Series may at any time call a meeting of Holders of Securities of such Series to take any action specified in Section 14.1, to be held at such time and at such
place in the City of Toronto, or such other Place of Payment as the Trustees for such Series shall determine. Notice of every meeting of the Holders of Securities of any Series, setting forth the time and the place of such meeting and in general
terms the action proposed to be taken at such meeting, shall be given to Holders of Securities of such Series in the manner and to the extent provided in Section 12.4. Such notice shall be given not less than 20 nor more than 90 days prior
to the date fixed for the meeting. 
 Section 14.3 Call of Meetings by Company or Holders 

In case at any time the Company, pursuant to a resolution of its Board of Directors, or the Holders of at least 10% in aggregate
principal amount of the Outstanding Securities of any or all Series, as the case may be, shall have requested the Trustees for such Series to call a meeting of Holders of Securities of any or all Series, as the case may be, by written request
setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustees for such Series shall not have given the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders, as
applicable, may determine the time and the place in the City of Toronto or such other Place of Payment for such meeting and may call such meeting to take any action authorized in Section 14.1, by giving notice thereof as provided in
Section 14.2. 
 Section 14.4 Qualifications for Voting 

To be entitled to vote at any meeting of Holders, a person shall be (a) a Holder of one or more Securities with respect to which
such meeting is being held or (b) a person appointed by an instrument in writing as proxy by such Holder. The only persons who shall be entitled to be present or to speak at any meeting of Holders shall be the persons entitled to vote at such
meeting and their counsel and any representatives of the Trustees for the Securities of the Series with respect to which such meeting is being held and its counsel and any representatives of the Company and its counsel. 

Section 14.5 Regulations 
 Notwithstanding any other provisions of this Indenture, a Trustee for the Securities of any Series may make such reasonable regulations as it may deem advisable for any meeting of Holders of the
Securities of such Series, in regard to proof of the holding of Securities of such Series and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 

  
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 A Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting,
unless the meeting shall have been called by the Company or by Holders of the Securities of such Series as provided in Section 14.3, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint
a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by majority vote of the meeting. 
 Subject to Section 7.4, at any meeting each Holder of Securities with respect to which such meeting is being held or proxy therefor shall be entitled to one vote for each $1,000 (or the equivalent in
the Currency in which such Securities are denominated, as determined pursuant to Section 12.11) principal amount (in the case of the Original Issue Discount Securities, such principal amount to be determined as provided in Section 12.11)
of Securities held or represented by him. However, no vote shall be cast or counted at any meeting in respect of any such Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the
meeting shall have no right to vote other than by virtue of the Securities of such Series held by him or instruments in writing aforesaid duly designating him as the person to vote on behalf of other Holders of such Series. At any meeting of
Holders, the presence of persons holding or representing Securities with respect to which such meeting is being held in an aggregate principal amount sufficient to take action on the business for the transaction of which such meeting was called
shall constitute a quorum, but, if less than a quorum is present, the persons holding or representing a majority in aggregate principal amount of such Securities represented at the meeting may adjourn such meeting with the same effect, for all
intents and purposes, as though a quorum had been present. Any meeting of Holders of Securities with respect to which a meeting was duly called pursuant to the provisions of Section 14.2 or Section 14.3 may be adjourned from time to time
by a majority of such Holders present, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 
 Section 14.6 Voting 
 The vote upon any resolution submitted to any
meeting of Holders of Securities with respect to which such meeting is being held shall be by written ballots on which shall be subscribed the signatures of such Holders or of their representatives by proxy and the serial number or numbers of the
Securities held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the
meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to such record
the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that such notice was given in the
manner and to the extent provided in Section 12.4. The record shall show the serial numbers of the Securities voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and
secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the applicable Trustee to be preserved by such Trustee. 

  
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 Any record so signed and verified shall be conclusive evidence of the matters therein
stated. 
 Section 14.7 No Delay of Rights by Meeting 

Nothing in this Article Fourteen shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders
or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustees or to the Holders under any of the provisions of this Indenture or
of the Securities of any Series. 
 [signature page follows] 

  
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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. 
  

			
	KELLOGG CANADA INC., as Issuer
		
	By:	 	/s/ Joel A. Vander Kooi
	Name:	 	Joel A. Vander Kooi
	Title:	 	Assistant Treasurer

  

			
	KELLOGG COMPANY, as Guarantor
		
	By:	 	/s/ Gary H. Pilnick
	Name:	 	Gary H. Pilnick
	Title:	 	 Senior Vice President—General
 Counsel, Corporate Development &
 Secretary

  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as U.S. Trustee
		
	By:	 	/s/ Richard Tarnas
	Name:	 	Richard Tarnas
	Title:	 	Vice President

  

			
	BNY TRUST COMPANY OF CANADA., as Canadian Trustee
		
	By:	 	/s/ Farhan Mir
	Name:	 	Farhan Mir
	Title:	 	Authorized Signatory

  
 - S1 -

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