Document:

EX-10.5

 Exhibit 10.5 
 LANDSTAR SYSTEM, INC. 
 2011 EQUITY INCENTIVE PLAN 

As amended through November 29, 2011 
 SECTION 1. 
 PURPOSE 

The purpose of the Plan is to foster and promote the long-term financial success of the Company and materially increase shareholder value
by (a) motivating superior performance by means of performance-related incentives, (b) encouraging and providing for the acquisition of an ownership interest in the Company by Employees, and (c) enabling the
Company to attract and retain the services of an outstanding management team upon whose judgment, interest, and special effort the successful conduct of its operations is largely dependent. 

SECTION 2. 

DEFINITIONS 
 2.1
Definitions. Whenever used herein, the following terms shall have the respective meanings set forth below: 
 (a)
“Act” means the Securities Exchange Act of 1934, as amended. 
 (b) “Award” means any grant or
award pursuant to Sections 6 through 10 of the Plan. 
 (c) “Award Agreement” means an agreement between the
Company and a Participant, setting forth the terms and conditions relating to an Award granted under the Plan. 
 (d)
“Board” means the Board of Directors of the Company. 
 (e) “Cause” means (i) the willful
failure by the Participant to perform substantially his duties as an Employee of the Company (other than due to physical or mental illness) after reasonable notice to the Participant of such failure, (ii) the Participant’s engaging in
serious misconduct that is injurious to the Company or any Subsidiary, (iii) the Participant’s having been convicted of, or entered a plea of nolo contendere to, a crime that constitutes a felony or (iv) the breach by the Participant
of any material written policy of the Company or any Subsidiary, or any written covenant or agreement with the Company or any Subsidiary not to disclose any information pertaining to the Company or any Subsidiary or not to compete or interfere with
the Company or any Subsidiary. 
 (f) “Change in Control” means the occurrence of any of the following events:

 any “person” including a “group” (as such terms are used in Sections 13(d) and 14(d)(2) of the Act, but
excluding the Company, any of its Subsidiaries, any employee benefit plan of the Company or any of its Subsidiaries) is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Act), directly or indirectly, of securities of
the Company representing 35% or more of the combined voting power of the Company’s then outstanding securities; or the consummation of a (a) merger or other business combination of the Company with or into another corporation, a majority
of the directors of which were not directors of the Company immediately prior to the merger and in which the stockholders of the Company immediately prior to the effective date of such merger directly or indirectly own less than 50% of the voting
power in such corporation or (b) sale or other disposition in a transaction or a series of related transactions of all or substantially all of the assets of the Company; provided that if a Participant’s employment with the Company is
terminated between the date the stockholders of the Company approve a transaction described in the preceding clauses (a) or (b) and the date of the consummation of such transaction, such Participant shall be entitled to the provisions of
Section 11 as if such Participant had remained continuously employed through the date of such consummation; or the purchase of Stock pursuant to any tender or exchange offer made by any “person,” including a “group” (as such
terms are used in Sections 13(d) and 14(d)(2) of the Act), other than the Company, any of its Subsidiaries, an employee benefit plan of the Company or any of its Subsidiaries, for 35% or more of the Stock of the Company. 

 (g) “Change in Control Price” means the price per share of Stock paid in
conjunction with any transaction resulting in a Change in Control (as determined in good faith by the Committee if any part of the offered price is payable other than in cash) provided, however that to the extent necessary to comply with
Section 409A of the Code, the Change in Control Price should not exceed the fair market value of the Stock. 
 (h)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (i) “Committee” means the
Compensation Committee of the Board, which is expected to consist of two or more “outside directors” within the meaning of Section 1-162-27(e) of the Treasury Regulations issued pursuant to Section 162(m) of the Code, each of
whom is “independent” under the NASDAQ/NMS requirements. 
 (j) “Company” means Landstar System,
Inc., a Delaware corporation, and any successor thereto. 
 (k) “Disability” means total disability as
determined in accordance with the terms of the long-term disability plan of the Company or any of its Subsidiaries in which the Participant is eligible to participate, provided, that in the case of any Award subject to Section 409A of the Code,
Disability shall have the meaning set forth in Section 409A of the Code. 
 (l) “Effective Date” means the
date, following adoption of this Plan by the Board, on which this Plan is approved by a majority of the votes cast at a duly constituted meeting of the shareholders of the Company. 

(m) “Employee” means any officer or other key executive and management employee of the Company or any of its
Subsidiaries. 
 (n) “Fair Market Value” means, on any date, the average of the bid and asked for price of a
share of Stock as reported on the National Association of Securities Dealers Automated Quotation/National Market System (or on such other recognized market or quotation system on which the trading prices of the Stock are traded or quoted at the
relevant time) on such date. In the event that there are no Stock transactions reported on NASDAQ/NMS (or such other system) on such date, Fair Market Value shall mean the closing price on the immediately preceding date on which Stock transactions
were so reported. 
 (o) “Net Exercise” means the exercise of an Option or any portion thereof by the delivery
of the greatest number of whole shares of Stock having a Fair Market Value on the date of exercise not in excess of the difference between the aggregate Fair Market Value of the shares of Stock subject to the Option (or the portion of such Option
then being exercised) and the aggregate exercise price for all such shares of Stock under the Option (or the portion thereof then being exercised), with any fractional share that would result from such equation to be payable in cash. 

(p) “Option” means the right to purchase Stock at a stated price for a specified period of time. For purposes of the
Plan, an Option may be either (i) an “Incentive Stock Option” within the meaning of Section 422 of the Code or (ii) a “Nonstatutory Stock Option.” 

(q) “Participant” means any Employee designated by the Committee to receive an Award under the Plan. 

(r) “Performance Criteria” means the objectives established by the Committee pursuant to Section 9 of the Plan for
the purpose of determining the extent to which a Performance Related Award has been earned or vested. 
 (s)
“Performance Related Award” means Performance Related Cash Awards or Performance Related Stock Awards that vest (in whole or in part) upon the achievement of specified Performance Criteria. 

(t) “Plan” means the Landstar System, Inc. 2011 Equity Incentive Plan, as in effect from time to time. 

(u) “Restricted Stock” means shares of Stock contingently granted to a Participant under Section 8 of the Plan.

 (v) “Restriction Period” means the period of time selected by the Committee during which a grant of
Restricted Stock is subject to forfeiture and/or restrictions on transfer pursuant to the terms of the Plan. 
 (w)
“Retirement” means termination of a Participant’s employment on or after the date the Participant attains age 62. 
 (x) “Stock” means the common stock of the Company, par value $0.01 per share. 
 (y) “Stock Appreciation Right” or “SAR” means the right to receive a payment from the Company in cash and/or shares of Stock equal to the product of (i) the excess,
if any, of the Fair Market Value of one share of Stock on the exercise date over a specified price fixed by the Committee on the grant date, multiplied by (ii) a stated number of shares of Stock. The number of shares to be

 
issued shall be calculated on the basis of the Fair Market Value of the shares at the time of exercise. Notwithstanding the foregoing, the Committee may elect, at any time and from time to time,
in lieu of issuing all or any portion of the shares of Stock otherwise issuable upon any exercise of any such SAR, to pay the grantee an amount in cash or other marketable property of a value equivalent to the aggregate Fair Market Value at the time
of exercise to the number of shares of Stock that the Committee is electing to settle in cash or other marketable property. 

(z) “Stock Based Award” means an Award described in Section 10 of the Plan. 

(aa) “Subsidiary” means any corporation or partnership in which the Company owns, directly or indirectly, 50% or more of
the total combined voting power of all classes of stock of such corporation or of the capital interest or profits interest of such partnership. 
 (bb) “Unit Award” means a Restricted Stock Unit Award granted pursuant to Section 8 of the Plan or a Performance Related Stock Award granted pursuant to Section 9 of the Plan,
in each case, representing a contractual right to receive a share of Stock (or the cash equivalent thereof) upon the satisfaction, in whole or in part, of the terms and conditions applicable to such Award. Unless otherwise determined by the
Committee and set forth in the applicable Award Agreement, Unit Awards shall be settled upon the satisfaction or waiver of such Unit Award’s terms and conditions. Unless otherwise determined by the Committee and set forth in the applicable
Award Agreement, the holder of a Unit Award shall not be entitled to receive dividends with respect to any shares of Stock underlying such Unit Awards. 
 2.2 Gender and Number. Except when otherwise indicated by the context, words in the masculine gender used in the Plan shall include the feminine gender, the singular shall include the plural, and the
plural shall include the singular. 
 SECTION 3. 
 ELIGIBILITY AND PARTICIPATION 
 Participants in the Plan shall be those
Employees selected by the Committee to participate in the Plan. The selection of an Employee as a Participant shall neither entitle such Employee to, nor disqualify such Employee from, participation in any other award or incentive plan. 

SECTION 4. 

POWERS OF THE COMMITTEE 
 4.1 Power to Grant. The Committee shall determine the Participants to whom Awards shall be granted and the terms and conditions of any and all such Awards. The Chairman of the Board may suggest to
the Committee the Participants who should receive Awards under the Plan. The terms and conditions of each Award shall be determined by the Committee at the time of grant, and such terms and conditions shall not be subsequently changed in a manner
which would be adverse to participants without the consent of the Participant to whom such Award has been granted. The Committee may establish different terms and conditions for different Participants receiving Awards and for the same Participant
for each Award such Participant may receive, whether or not granted at different times. 
 4.2 Administration. The
Committee shall be responsible for the administration of the Plan. The Committee, by majority action thereof, is authorized to prescribe, amend and rescind rules and regulations relating to the Plan and any Award thereunder, to establish the
person(s) to whom Awards shall be payable or exercisable upon the death of a Participant, to provide for conditions deemed necessary or advisable to protect the interests of the Company, and to make all other determinations necessary or advisable
for the administration and interpretation of the Plan in order to carry out its provisions and purposes. Determinations, interpretations, or other actions made or taken by the Committee pursuant to the provisions of the Plan shall be final, binding,
and conclusive for all purposes and upon all persons. 
 SECTION 5. 

STOCK SUBJECT TO PLAN 
 5.1 Number. Subject to the provisions of Section 5.3, the number of shares of Stock subject to Awards under the Plan may not exceed 6,000,000 shares of Stock. The shares to be delivered under
the Plan may consist, in whole or in part, of treasury Stock or authorized but unissued Stock, not reserved for any other purpose. Any shares of Stock issued in connection with an Option or SAR

 
shall be counted against the limit as one (1) share of Stock issued; for Awards other than Options and SARs, any shares of Stock issued shall be counted against this limit as two shares of
Stock for every one (1) share issued. The maximum number of shares of Stock that may be granted in the form of Incentive Stock Options shall be 6,000,000. The maximum number of shares of Stock available for issuance under the Plan shall not be
reduced to reflect any dividends or dividend equivalents that are reinvested into additional shares of Stock or credited as additional Restricted Stock or Stock Based Awards. 
 5.2 Cancelled, Terminated, Settled or Forfeited Awards. Any shares of Stock subject to any portion of any Award granted under the Plan or any Award granted under the Landstar System, Inc. 2002
Amended and Restated Stock Option and Stock Incentive Plan (the “Prior Plan”) which is cancelled, forfeited or otherwise expires without having been exercised, in the case of an Option or SAR, or having become vested, in the case of
any other Award shall again be available for grant under the Plan. For purposes of applying the share limit set forth in Section 5.1, upon the Net Exercise of any Options or the exercise of any SAR (whether granted under the Plan or granted
under the Prior Plan), the gross number of shares of Stock as to which such Option or SAR is being exercised, and not just the net number of shares of Stock delivered upon such exercise, shall be treated as having been issued pursuant to the Plan or
the Prior Plan, as applicable. 
 5.3 Adjustment in Capitalization. In the event of any Stock dividend or Stock split,
recapitalization (including, without limitation, the payment of an extraordinary dividend), merger, consolidation, combination, spin-off, distribution of assets to stockholders, exchange of shares, or other similar corporate change, the aggregate
number of shares of Stock reserved for issuance under the Plan, the number and Option price of shares subject to outstanding Options or SARs granted under the Plan, and the number of shares subject to other outstanding Awards granted under the Plans
may be appropriately adjusted by the Committee, in its sole discretion, and whose determination shall be conclusive. 

SECTION 6. 

STOCK OPTIONS 
 6.1 Grant of Options. Options may be granted to Participants alone, in addition to, or in tandem with other Awards granted under the Plan, at such time or times as shall be determined by the
Committee. Options granted under the Plan may be of two types: (i) Incentive Stock Options and (ii) Nonstatutory Stock Options. The Committee shall have complete discretion in determining the number of Options, if any, to be
granted to a Participant, provided that no Participant shall receive more than 400,000 shares of Stock subject to Options and/or SARs during any fiscal year of the Company. Each Option shall be evidenced by an Award Agreement that shall specify the
type of Option granted, the exercise price, the duration of the Option, the number of shares of Stock to which the Option pertains, and such other terms and conditions not inconsistent with the Plan as the Committee shall determine. Notwithstanding
any other Plan provision, no Incentive Stock Option may be granted on or after the tenth anniversary of the date the Plan was first adopted by the Board. 
 6.2 Option Price. Nonstatutory Stock Options and Incentive Stock Options granted pursuant to the Plan shall have an exercise price which is not less than the Fair Market Value on the date the
Option is granted. Without the express approval of the Company’s stockholders, except as otherwise provided in Section 5.3, the Committee shall not be entitled to amend or otherwise modify any Option to lower the option price per share
below the Fair Market Value on the date of grant, or to issue any replacement Option or similar Award in exchange for an Option with a higher exercise price. 
 6.3 Exercise of Options. Options awarded to a Participant under the Plan shall be exercisable at such times and shall be subject to such restrictions and conditions including the performance of a
minimum period of service or the satisfaction of performance goals, as the Committee may impose either at or after the time of grant of such Options, subject to the Committee’s right to accelerate the exercisability of such Option in its
discretion. Notwithstanding the foregoing, no Option shall be exercisable more than 10 years after the date on which it is granted. 
 6.4 Payment. The Committee shall establish procedures governing the exercise of Options, which shall require that written notice of exercise be given and that the Option price be paid in full in
cash or cash equivalents, including by personal check, at the time of exercise. The Committee may, in its discretion, permit a Participant to make payment in Stock already owned by him or her, valued at its Fair Market Value on the date of exercise,
as partial or full payment of the exercise price. Alternatively, the Committee may permit a Participant to Net Exercise any Nonstatutory Stock Option. As soon as practicable after receipt of a written exercise notice and full payment of the exercise
price (if applicable), the Company shall deliver to the Participant a certificate or certificates representing the acquired shares of Stock. 
 6.5 Incentive Stock Options. Notwithstanding anything in the Plan to the contrary, no term of the Plan relating to Incentive Stock Options shall be interpreted, amended or altered, nor shall any
discretion or authority granted under the Plan be so exercised, so as to disqualify the Plan under Section 422 of the Code, or, without the consent of any Participant affected thereby, to cause any Incentive Stock Option previously granted to
fail to qualify for the Federal income tax treatment afforded under Section 421 of the Code. 

 6.6 Termination of Employment Due to Retirement. Unless otherwise determined by the
Committee at or after the time of grant, in the event a Participant’s employment terminates by reason of Retirement, any Options granted to such Participant which are then outstanding (whether or not exercisable prior to the date of such
termination) may be exercised at any time prior to the expiration of the term of the Options or within one (1) year (or such other period as the Committee shall determine at or after the time of grant) following the Participant’s
termination of employment, whichever period is shorter. 
 6.7 Termination of Employment Due to Death or Disability.
Unless otherwise determined by the Committee at or after the time of grant, in the event a Participant’s employment terminates by reason of death or Disability, any Options granted to such Participant which are then outstanding (whether or not
exercisable prior to the date of such termination) may be exercised by the Participant or the Participant’s designated beneficiary (in accordance with procedures as may be determined by the Committee at or after the time of grant) and if none
is named, at any time prior to the expiration date of the term of the options or within one (1) year (or such other period as the Committee shall determine at or after the time of grant) following the Participant’s termination of
employment, whichever period is shorter. 
 6.8 Termination of Employment for Cause. Unless otherwise determined by the
Committee at or after the time of grant, in the event a Participant’s employment is terminated for Cause, any Options granted to such Participant which are then outstanding (whether or not exercisable prior to the date of such termination)
shall be forfeited. 
 6.9 Termination of Employment for Any Other Reason. Unless otherwise determined by the Committee
at or after the time of grant, in the event the employment of the Participant shall terminate for any reason other than one described in Section 6.6, 6.7, or 6.8, any Options granted to such Participant which are exercisable at the date of the
Participant’s termination of employment shall be exercisable at any time prior to the expiration of the term of such Options or the thirtieth day following the Participant’s termination of employment, whichever period is shorter.

 SECTION 7. 
 STOCK APPRECIATION RIGHTS 
 7.1 Grant. Stock
Appreciation Rights may be granted alone, in addition to, or in tandem with, other Awards granted under the Plan. Any Stock Appreciation Right granted under the Plan shall be in such form as the Committee may from time to time approve. Stock
Appreciation Rights may be granted in conjunction with all or part of any Option granted under the Plan. In the case of a Nonstatutory Stock Option, such rights may be granted either at or after the time of the grant of such Option. In the case of
an Incentive Stock Option, unless the Participant otherwise consents, such rights may be granted only at the time of grant of such Option. Stock Appreciation Rights shall be subject to such terms and conditions, not inconsistent with the provisions
of the Plan, as shall be determined from time to time by the Committee. 
 7.2 Exercisability. Stock Appreciation Rights
shall be exercisable at such time and subject to such conditions as the Committee shall specify, except that any Stock Appreciation Right granted in tandem with an Option (or portion thereof) shall be exercisable only at such time or times and to
the extent that the Options to which they relate shall be exercisable, including in the event of the termination of the Participant’s employment, in accordance with the provisions of Section 6 of the Plan. Any Stock Appreciation Right
granted on a stand-alone basis shall be subject to the same rules regarding exercisability (including those pertaining to periods following termination of employment) that apply to Options under Section 6. 

7.3 Shares Delivered on Exercise. Upon the exercise of a Stock Appreciation Right, a grantee shall be entitled to receive an
amount in shares of Stock (or, solely to the extent determined by the Committee, cash) equal in value to the excess of the Fair Market Value (at the time of exercise) of one share of Stock over the base price per share specified with respect to the
Stock Appreciation Right, multiplied by the number of shares in respect of which the Stock Appreciation Right shall have been exercised. When payment is to be made in shares, the number of shares to be paid shall be calculated on the basis of the
Fair Market Value of the shares at the time of exercise. Notwithstanding anything in this Section 7.3 to the contrary, the base price in respect of any Stock Appreciation Right shall not be less than the Fair Market Value of the Stock at the
time the Stock Appreciation Right is granted, or in the case of a Stock Appreciation Right granted in tandem with an Option, the Fair Market Value of the Stock at the time the related Option was granted. Without the express approval of the
Company’s stockholders, except as otherwise provided in Section 5.3, the Committee shall not be entitled to amend or otherwise modify any Stock Appreciation Right to lower the exercise price below the applicable Fair Market Value
established under the preceding sentence, or to issue any replacement Stock Appreciation Right or similar Award in exchange for a Stock Appreciation Right with a higher base price. 

7.4 Exercise of SARs. A Stock Appreciation Right may be exercised by a grantee, subject to Section 7.3, in accordance with
the procedures established by the Committee from time to time for such purposes. Upon such exercise, the grantee shall be entitled to receive an amount determined in the manner prescribed in Section 7.3. 

 

 7.5 Exercise of Tandem Option. A Stock Appreciation Right or applicable portion
thereof granted with respect to a given Option shall terminate and no longer be exercisable upon the termination or upon the exercise of the related Option (and similarly the related Option shall no longer be exercisable upon the exercise or
termination of the related Stock Appreciation Right), subject to such provisions as the Committee may specify at grant where a Stock Appreciation Right is granted with respect to less than the full number of shares covered by a related Option.

 SECTION 8. 
 RESTRICTED STOCK 
 8.1 Administration. Restricted Stock and
Restricted Stock Unit Awards may be issued either alone, in addition to, or in tandem with, other Awards granted under the Plan and/or awards made outside of the Plan. The Committee shall determine the eligible persons to whom, and the time or times
at which, grants of Restricted Stock and/or Restricted Stock Unit Awards will be made, the number of shares to be awarded, the price (if any) to be paid by the recipient of Restricted Stock and/or Restricted Stock Unit Awards, the time or times
within which such Awards may be subject to forfeiture, and all other terms and conditions of the Awards. The Committee may condition the grant of Restricted Stock and/or Restricted Stock Unit Awards upon the attainment of specified Performance
Criteria or such other factors as the Committee may determine, in its sole discretion. The provisions of Restricted Stock and Restricted Stock Unit Awards need not be the same with respect to each recipient. The shares of Restricted Stock and the
Restricted Stock Unit Awards awarded pursuant to this Section 8 shall be subject to the terms and conditions set forth herein. 
 8.2 Restriction Period. Subject to the provisions of this Plan and the Award Agreement, during the Restriction Period for any Restricted Stock or Restricted Stock Unit Award, the Participant shall
not be permitted to sell, transfer, pledge or assign shares or units awarded under such Award. Where the Restriction Period will lapse or expire based on service, the Restriction Period shall be at least three (3) years, provided that such
Restriction Period may lapse ratably over such minimum three-year period and may be waived in the event of death, Disability, Retirement or a Change in Control. Where the Restriction Period will lapse or expire based on performance objectives, the
Restriction Period shall be at least one (1) year, but may be waived in the event of death, Disability, Retirement or a Change of Control. Subject to the two immediately preceding sentences, the Committee, in its sole discretion, may provide
for the lapse of any restrictions imposed on any Restricted Stock and/or Restricted Stock Unit Award in installments and may accelerate or waive such restrictions in whole or in part, based on service, Performance Criteria and/or such other factors
as the Committee may determine, in its sole discretion. 
 8.3 Stock Certificates and Delivery. If and when the
Restriction Period expires without a prior forfeiture of the Restricted Stock and/or Restricted Stock Unit Award subject to such Restriction Period (except to the extent the Committee decides to settle the Award in cash), the Committee may
(i) cause the Company to record on its books and records, in a manner generally consistent with its then current procedures for recording stock ownership, the Participant’s ownership of an appropriate number of unrestricted shares
of Stock, or (ii) deliver certificates for an appropriate number of unrestricted shares of Stock to the Participant promptly after the lapse of the Restriction Period. 

SECTION 9. 

PERFORMANCE RELATED AWARDS 
 9.1 Performance Objectives. Notwithstanding anything else contained in the Plan to the contrary, unless the Committee otherwise determines at the time of grant, any Award of Restricted Stock and/or
Restricted Stock Unit Award to an officer who is subject to the reporting requirements of Section 16(a) of the Act, other than an Award which will vest solely on the basis of the passage of time, shall become vested, if at all, upon the
determination by the Committee that performance objectives established by the Committee have been attained, in whole or in part (a “Performance Related Stock Award”). In addition, the Committee may grant dollar denominated awards to any
Participant the vesting of which shall be subject to the determination by the Committee that performance objectives established by the Committee shall have been satisfied, in whole or in part (a “Performance Related Cash Award”). The
performance objectives upon which any Performance Related Award shall be based shall be determined over a measurement period or periods established by the Committee (which period or periods shall not be less than one (1) year) and related
to at least one of the following criteria, which may be determined solely by reference to the performance of: (i) the Company; (ii) a Subsidiary or (iii) a division or unit of any of the foregoing or based on comparative performance
of any of the foregoing relative to past performance or to other companies: (A) actual and/or diluted earnings per share; (B) budgeted earnings per share; (C) return on equity; (D) total shareholder return; (E) revenues;
(F) cash flows, revenues and/or earnings relative to other parameters (e.g., net or gross assets); (G) operating income; (H) return on investment; (I) changes in the value of the Stock; (J) return on assets; (K) return
on invested capital; (L) net revenue (defined as revenue less purchased transportation); (M) net revenue percentage (defined as net revenue divided by revenue); (N) gross profit (defined as revenue less purchased transportation and
agent commissions); (O) gross profit margin (defined as gross profit divided by revenue); (P) operating margin (defined as operating income divided by gross profit); 

 
and (Q) certain costs (which may include other operating costs, insurance and claim costs, selling, general and administrative costs and/or depreciation and amortization costs) in gross
dollars, and/or as a percentage of revenue, net revenue, gross profit, or operating income (the “Performance Criteria”). In addition to the performance conditions established pursuant to the immediately preceding sentence, the Committee
may further condition the vesting of any Performance Related Award on achieving such additional performance conditions of whatever nature that the Committee deems appropriate. Excluding Options and/or Stock Appreciation Rights granted hereunder, the
maximum number of shares of Stock that may be subject to any such Performance Related Stock Award granted to any key employee in any calendar year shall not exceed 750,000 shares, as such number may be adjusted pursuant to Section 5; provided
that, based on the level of achievement of the performance objectives, the number of shares of Stock issuable in respect of any Performance Related Stock Award upon achievement of the applicable performance conditions may be up to twice the number
of shares initially granted. The maximum initial dollar value of any Performance Related Cash Award granted may not exceed $3,000,000; provided that, based on the level of achievement of the performance objectives, the actual amount payable in
respect of any such Performance Related Cash Award upon achievement of the applicable performance conditions may be twice the initial dollar value. 
 9.2 Interpretation. Notwithstanding anything else contained in the Plan to the contrary, to the extent required to so qualify any Performance Related Award as other performance based compensation
within the meaning of Section 162(m)(4)(C) of the Code, the Committee shall not be entitled to exercise any discretion otherwise authorized under the Plan (such as the right to accelerate vesting without regard to the achievement of the
relevant performance objectives) with respect to such Performance Related Award if the ability to exercise such discretion (as opposed to the exercise of such discretion) would cause such Award to fail to qualify as such other performance based
compensation. 
 SECTION 10. 
 STOCK BASED AWARDS 
 10.1 Stock Based Awards. The Committee may
grant other types of equity-based or equity-related awards (“Stock Based Awards”) not otherwise described by the terms of this Plan (including the grant or offer for sale of unrestricted shares of Stock) in such amounts and subject
to such terms and conditions as the Committee shall determine. Such Stock Based Awards may be granted as an inducement to enter the employ of the Company or any Subsidiary or in satisfaction of any obligation of the Company or any Subsidiary to an
officer or other key employee, whether pursuant to this Plan or otherwise, that would otherwise have been payable in cash. Additionally, Stock Based Awards in respect of not more than five percent of the shares of Stock available for issuance under
Section 5.1 may be granted for such other purposes as the Committee shall determine. Such Stock Based Awards may entail the transfer of actual shares of Stock, or payment in cash or otherwise of amounts based on the value of shares of Stock and
may include, without limitation, Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States. 
 10.2 Termination of Service. The Committee shall specify the extent to which the Participant shall have the right to receive Stock Based Awards following termination of the Participant’s
employment with the Company and its Subsidiaries. Such provisions need not be uniform among all Stock Based Awards, and may reflect distinctions based on the reasons for such termination. 

10.3 Transferability. Except as the Committee shall otherwise specify at or after grant, Stock Based Awards may not be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, and during the Participant’s lifetime only by the Participant. 

SECTION 11. 
 CHANGE IN CONTROL 
 11.1 Accelerated Vesting and Payment. Subject to
the provisions of Section 11.2 below, in the event of a Change in Control, (a) each Option and SAR shall, at the discretion of the Committee, either be cancelled in exchange for a payment in cash of an amount equal to the excess of
the Change in Control Price over the exercise price for such Option or the base price for such SAR, whichever is applicable, or, in the case of Options, be fully exercisable regardless of the exercise schedule otherwise applicable to such Option and
(b) the Restriction Period applicable to all shares of Restricted Stock and Restricted Stock Unit Awards shall expire and all such shares shall become nonforfeitable and immediately exercisable. 

11.2 Alternative Awards. Notwithstanding Section 11.1, no cancellation, acceleration of exercisability or vesting or cash
settlement or other payment shall occur with respect to any Award if the Committee reasonably determines in good faith prior to the occurrence of a Change in Control that such Award shall be honored or assumed, or new rights substituted therefore
(such honored, assumed or substituted award hereinafter called an “Alternative Award”), by a Participant’s employer (or the parent or a subsidiary of 

 
such employer) immediately following the Change in Control, provided that any such Alternative Award must: be based on stock which is traded on an established securities market, or which will be
so traded within 60 days of the Change in Control; provide such Participant (or each Participant in a class of Participants) with rights and entitlements substantially equivalent to or better than the rights, terms and conditions applicable under
such Award, including, but not limited to, an identical or better exercise or vesting schedule and identical or better timing and methods of payment; have substantially equivalent economic value to such Award (determined at the time of the Change in
Control); have terms and conditions which provide that in the event that the Participant’s employment is involuntarily terminated or constructively terminated, any conditions on a Participant’s rights under, or any restrictions on transfer
or exercisability applicable to, each such Alternative Award shall be waived or shall lapse, as the case may be. 
 11.3
Performance Related Awards. In the event of a Change in Control, each Participant shall be deemed to have earned Performance Related Stock Awards with respect to each of his Performance Related Stock Awards outstanding at the date of such
Change in Control. The number of shares so earned for each Award shall be computed by determining the number of Performance Related Stock Awards that would have been paid if the subject measurement period had ended on the Company’s fiscal year
ended immediately preceding the Change in Control (based on the conditions set by the Committee for payment of Performance Related Awards for the subject measurement period), provided that in no event shall the number of shares earned be less than
the aggregate number of Performance Related Stock Awards at the target level (as identified in the applicable Award Agreement) with respect to such Award. Performance Related Stock Awards granted in the year of the Change in Control shall be earned
at the same percentage as Awards granted in the year preceding the year of the Change in Control. Each Performance Related Stock Award so earned shall either (a) be paid in shares of Stock or (b) be cancelled in exchange for an immediate
payment in cash of an amount based upon the Change in Control Price, in the discretion of the Committee. 
 11.4 Compliance
with Section 409A. Notwithstanding the foregoing, to the extent that the provisions of this Section 11 would result in a distribution of any amount that would be treated as deferred compensation under Section 409A of the Code
(after taking into account any and all applicable exemptions from such status), no such distribution shall be made upon the occurrence of the event constituting the Change in Control unless it also constitutes a change in control within the meaning
of such Section 409A. The immediately preceding sentence shall not be construed to deny any Participant the right to vest in any such Award on account of a Change in Control. If any amount is not payable at the time of a change in control by
reason of this Section 11.4, such amount shall be paid at the time it would otherwise be payable in accordance with its terms. 
 SECTION 12. 
 AMENDMENT, MODIFICATION AND TERMINATION OF PLAN

 The Board may at any time terminate or suspend the Plan, and from time to time may amend or modify the Plan, provided
that without the approval by a majority of the votes cast at a meeting of shareholders at which a quorum representing a majority of the shares of Stock is present in person or by proxy, no amendment or modification to the Plan may
(i) materially increase the benefits accruing to participants under the Plan, (ii) except as otherwise expressly provided in Section 5.3, materially increase the number of shares of Stock subject to Awards under the Plan
or the number of Awards that may be granted to a participant in a single calendar year under the Plan, (iii) materially modify the requirements for participation in the Plan or (iv) permit the repricing of any Option or Stock
Appreciation Right. No amendment, modification, or termination of the Plan shall in any manner adversely affect any Award theretofore granted under the Plan, without the consent of the Participant. 

SECTION 13. 
 STOCK BASED AWARDS 
 13.1 Nontransferability of Awards. No Awards
granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. All rights with respect to Awards granted to a Participant under the Plan
shall be exercisable during his lifetime only by such Participant. 
 13.2 No Guarantee of Employment or Participation.
Nothing in the Plan shall interfere with or limit in any way the right of the Company or any Subsidiary to terminate any Participant’s employment at any time, nor confer upon any Participant any right to continue in the employ of the Company or
any Subsidiary or affiliate. No Employee shall have a right to be selected as a Participant, or, having been so selected, to receive any future Awards. 
 13.3 Tax Withholding. The Company shall have the power to withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state and local withholding tax
requirements on any Award under the Plan, and the Company may defer payment of cash or issuance of Stock until such requirements are satisfied. 

 13.4 Clawback. Any payment paid or Award made to a Participant is subject to recovery
or “clawback” by the Company if the payment or Award is based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria, or as otherwise required by applicable law. 

13.5 Indemnification. Each person who is or shall have been a member of the Committee or of the Board shall be indemnified and
held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him in connection with or resulting from any claim, action, suit, or proceeding to which he may be made a party or
in which he may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him in settlement thereof, with the Company’s approval, or paid by him in satisfaction of any judgment
in any such action, suit, or proceeding against him, provided he shall give the Company an opportunity, at its own expense, to handle and defend the same before he undertakes to handle and defend it on his own behalf. The foregoing right of
indemnification shall not be exclusive and shall be independent of any other rights of indemnification to which such persons may be entitled under the Company’s Articles of Incorporation or Bylaws, by contract, as a matter of law, or otherwise.

 13.6 No Limitation on Compensation. Nothing in the Plan shall be construed to limit the right of the Company to
establish other plans or to pay compensation to its employees in cash or property, in a manner which is not expressly authorized under the Plan. 
 13.7 Requirements of Law. The granting of Awards and the issuance of shares of Stock shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental
agencies or national securities exchanges as may be required. 
 13.8 Term of Plan. The Plan shall be effective upon its
adoption by the Board and approval by a majority of the shareholders of the Company. The Plan shall continue in effect, unless sooner terminated pursuant to Section 12, until the tenth anniversary of the date on which it is adopted by the
Board. 
 13.9 Governing Law. The Plan, and all Awards hereunder, shall be construed in accordance with and governed by
the laws of the State of Delaware. 
 13.10 No Impact on Benefits. Awards granted under the Plan are not compensation for
purposes of calculating an Employee’s rights under any employee benefit plan. 
 13.11 Freedom of Action. Subject to
Section 12, nothing in the Plan or any Award Agreement shall be construed as limiting or preventing the Company or any subsidiary thereof from taking any action with respect to the operation or conduct of its business that it deems appropriate
or in its best interest. 
 13.12 Headings and Captions. The headings and captions herein are provided for reference and
convenience only, shall not be considered part of the Plan and shall not be employed in the construction of the Plan. 
 13.13
No Rights as Stockholder. No Participant shall have any voting or other rights as a stockholder of the Company with respect to any Stock covered by any Option until the Participant becomes the holder or record owner of such Stock. No
adjustment shall be made for dividends or other rights for which the record date is prior to the date the Participant becomes the holder or record owner of such Stock. 
 13.14 Delay of Distributions. Any Plan provision to the contrary notwithstanding and subject to Section 409A of the Code, to the extent required by Section 409A of the Code, payment made
to a Specified Employee upon a “separation from service” as defined in Section 409A of the Code may not be made before the date that is six months after the date of such separation from service (or, if earlier, the date of death of
the Specified Employee). A Specified Employee is any Employee with respect to April 1 of each calendar year, who meets the definition of “key employee” of an Employer under Code Section 416(i) (without regard to Code
Section 416(i)(5)) at any time during the preceding calendar year, all as provided in Code Section 409A.Indenture, dated as of February 17, 2012, by and among the Company

 Exhibit 4.1 

 
  

 
 MPT OPERATING PARTNERSHIP, L.P.

 and 

MPT FINANCE CORPORATION, 
 as Issuers, 
 MEDICAL PROPERTIES TRUST, INC., 

as Parent and a Guarantor, 
 the other GUARANTORS named herein, 
 as Guarantors, 

and 
 WILMINGTON
TRUST, NATIONAL ASSOCIATION, 
 as Trustee 
 INDENTURE 
 Dated as of February 17, 2012 

6.375% Senior Notes due 2022 
  

 
  

 CROSS-REFERENCE TABLE 

 

			
	 Trust Indenture Act Section
	  	Indenture Section
	 310(a)(1)
	  	7.10
	 (a)(2)
	  	7.10
	 (a)(3)
	  	N.A.
	 (a)(4)
	  	N.A.
	 (a)(5)
	  	7.08; 7.10
	 (b)
	  	7.08; 7.10; 11.02
	 (c)
	  	N.A.
	 311(a)
	  	7.11
	 (b)
	  	7.11
	 (c)
	  	N.A.
	 312(a)
	  	2.05
	 (b)
	  	11.03
	 (c)
	  	11.03
	 313(a)
	  	7.06
	 (b)(1)
	  	7.06
	 (b)(2)
	  	7.06
	 (c)
	  	7.06; 11.02
	 (d)
	  	7.06
	 314(a)
	  	4.05; 4.15; 11.02
	 (b)
	  	N.A.
	 (c)(1)
	  	7.02; 11.04; 11.05
	 (c)(2)
	  	7.02; 11.04; 11.05
	 (c)(3)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	11.05
	 (f)
	  	N.A.
	 315(a)
	  	7.01(b); 7.02(a)
	 (b)
	  	7.05;11.02
	 (c)
	  	7.01
	 (d)
	  	6.05; 7.01(c)
	 (e)
	  	6.11
	 316(a)(last sentence)
	  	2.09
	 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (a)(2)
	  	9.02
	 (b)
	  	6.07
	 (c)
	  	9.04
	 317(a)(1)
	  	6.08
	 (a)(2)
	  	6.09
	 (b)
	  	2.04
	 318(a)
	  	11.01
	 (c)
	  	11.01

 N.A. means not applicable. 
 Note: This Cross-Reference Table shall not, for any purpose, be deemed to be a part of this Indenture. 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	
	ARTICLE ONE	  
	
	Definitions and Incorporation by Reference	  
		
	 SECTION 1.01. Definitions
	  	 	1	  
	 SECTION 1.02. Other Definitions
	  	 	23	  
	 SECTION 1.03. Incorporation by Reference of Trust Indenture Act
	  	 	24	  
	 SECTION 1.04. Rules of Construction
	  	 	24	  
	
	ARTICLE TWO	  
	
	The Notes	  
		
	 SECTION 2.01. Form and Dating
	  	 	25	  
	 SECTION 2.02. Execution, Authentication and Denomination; Additional Notes
	  	 	26	  
	 SECTION 2.03. Registrar and Paying Agent
	  	 	27	  
	 SECTION 2.04. Paying Agent To Hold Assets in Trust
	  	 	27	  
	 SECTION 2.05. Holder Lists
	  	 	27	  
	 SECTION 2.06. Transfer and Exchange
	  	 	27	  
	 SECTION 2.07. Replacement Notes
	  	 	28	  
	 SECTION 2.08. Outstanding Notes
	  	 	28	  
	 SECTION 2.09. Treasury Notes
	  	 	28	  
	 SECTION 2.10. Temporary Notes
	  	 	29	  
	 SECTION 2.11. Cancellation
	  	 	29	  
	 SECTION 2.12. Defaulted Interest
	  	 	29	  
	 SECTION 2.13. CUSIP and ISIN Numbers
	  	 	29	  
	 SECTION 2.14. [Reserved]
	  	 	29	  
	 SECTION 2.15. Book-Entry Provisions for Global Notes
	  	 	30	  
	
	ARTICLE THREE	  
	
	Redemption	  
	 SECTION 3.01. Notices to Trustee
	  	 	31	  
	 SECTION 3.02. Selection of Notes To Be Redeemed
	  	 	31	  
	 SECTION 3.03. Notice of Redemption
	  	 	32	  
	 SECTION 3.04. Effect of Notice of Redemption
	  	 	33	  
	 SECTION 3.05. Deposit of Redemption Price
	  	 	33	  
	 SECTION 3.06. Notes Redeemed in Part
	  	 	33	  
	 SECTION 3.07. Mandatory Redemption
	  	 	33	  
	 SECTION 3.08. Special Mandatory Redemption
	  	 	33	  

  
 -i-

					
	ARTICLE FOUR	 
	
	Covenants	  
		
	 SECTION 4.01. Payment of Notes
	  	 	34	  
	 SECTION 4.02. Maintenance of Office or Agency
	  	 	34	  
	 SECTION 4.03. Corporate Existence
	  	 	34	  
	 SECTION 4.04. [Reserved]
	  	 	35	  
	 SECTION 4.05. Compliance Certificate; Notice of Default
	  	 	35	  
	 SECTION 4.06. Waiver of Stay, Extension or Usury Laws
	  	 	35	  
	 SECTION 4.07. Change of Control
	  	 	36	  
	 SECTION 4.08. Limitation on Indebtedness
	  	 	36	  
	 SECTION 4.09. Limitation on Restricted Payments
	  	 	40	  
	 SECTION 4.10. Maintenance of Total Unencumbered Assets
	  	 	44	  
	 SECTION 4.11. Limitation on Asset Sales
	  	 	44	  
	 SECTION 4.12. Limitation on Transactions with Affiliates
	  	 	46	  
	 SECTION 4.13. Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	48	  
	 SECTION 4.14. Future Guarantees by Restricted Subsidiaries
	  	 	50	  
	 SECTION 4.15. Reports to Holders
	  	 	50	  
	 SECTION 4.16. Suspension of Covenants
	  	 	51	  
	 SECTION 4.17. Limitation on Activities of Finco
	  	 	52	  
	 SECTION 4.18. Escrow of Net Proceeds
	  	 	52	  
	
	ARTICLE FIVE	  
	
	Successor Corporation	  
		
	 SECTION 5.01. Consolidation Merger and Sale of Assets
	  	 	53	  
	
	ARTICLE SIX	  
	
	Default and Remedies	  
	 SECTION 6.01. Events of Default
	  	 	55	  
	 SECTION 6.02. Acceleration
	  	 	56	  
	 SECTION 6.03. Other Remedies
	  	 	57	  
	 SECTION 6.04. Waiver of Past Defaults
	  	 	57	  
	 SECTION 6.05. Control by Majority
	  	 	57	  
	 SECTION 6.06. Limitation on Suits
	  	 	58	  
	 SECTION 6.07. Rights of Holders To Receive Payment
	  	 	58	  
	 SECTION 6.08. Collection Suit by Trustee
	  	 	58	  
	 SECTION 6.09. Trustee May File Proofs of Claim
	  	 	58	  
	 SECTION 6.10. Priorities
	  	 	59	  
	 SECTION 6.11. Undertaking for Costs
	  	 	59	  
	 SECTION 6.12. Restoration of Rights and Remedies
	  	 	59	  

  
 ii 

					
	ARTICLE SEVEN	 
	
	Trustee	  
		
	 SECTION 7.01. Duties of Trustee
	  	 	59	  
	 SECTION 7.02. Rights of Trustee
	  	 	60	  
	 SECTION 7.03. Individual Rights of Trustee
	  	 	62	  
	 SECTION 7.04. Trustee’s Disclaimer
	  	 	62	  
	 SECTION 7.05. Notice of Default
	  	 	62	  
	 SECTION 7.06. Reports by Trustee to Holders
	  	 	62	  
	 SECTION 7.07. Compensation and Indemnity
	  	 	62	  
	 SECTION 7.08. Replacement of Trustee
	  	 	63	  
	 SECTION 7.09. Successor Trustee by Merger, Etc.
	  	 	64	  
	 SECTION 7.10. Eligibility, Disqualification
	  	 	64	  
	 SECTION 7.11. Preferential Collection of Claims Against the Issuers
	  	 	64	  
	 SECTION 7.12. Escrow Authorization
	  	 	64	  
	
	ARTICLE EIGHT	  
	
	Discharge of Indenture, Defeasance	  
		
	 SECTION 8.01. Termination of the Issuers’ Obligations
	  	 	65	  
	 SECTION 8.02. Legal Defeasance and Covenant Defeasance
	  	 	65	  
	 SECTION 8.03. Conditions to Legal Defeasance or Covenant Defeasance
	  	 	67	  
	 SECTION 8.04. Application of Trust Money
	  	 	68	  
	 SECTION 8.05. Repayment to the Issuers
	  	 	68	  
	 SECTION 8.06. Reinstatement
	  	 	68	  
	
	ARTICLE NINE	  
	
	Amendments, Supplements and Waivers	  
		
	 SECTION 9.01. Without Consent of Holders
	  	 	68	  
	 SECTION 9.02. With Consent of Holders
	  	 	69	  
	 SECTION 9.03. Compliance with the Trust Indenture Act
	  	 	70	  
	 SECTION 9.04. Revocation and Effect of Consents
	  	 	70	  
	 SECTION 9.05. Notation on or Exchange of Notes
	  	 	71	  
	 SECTION 9.06. Trustee To Sign Amendments, Etc.
	  	 	71	  
	
	ARTICLE TEN	  
	
	Guarantee	  
	 SECTION 10.01. Guarantee
	  	 	71	  
	 SECTION 10.02. Limitation on Guarantor Liability
	  	 	72	  
	 SECTION 10.03. Execution and Delivery of Guarantee
	  	 	72	  
	 SECTION 10.04. Release of a Guarantor
	  	 	73	  

  
 iii

					
	ARTICLE ELEVEN	 
	
	Miscellaneous	  
		
	 SECTION 11.01. Trust Indenture Act Controls
	  	 	74	  
	 SECTION 11.02. Notices
	  	 	74	  
	 SECTION 11.03. Communications by Holders with Other Holders
	  	 	75	  
	 SECTION 11.04. Certificate and Opinion as to Conditions Precedent
	  	 	75	  
	 SECTION 11.05. Statements Required in Certificate or Opinion
	  	 	76	  
	 SECTION 11.06. Rules by Paying Agent or Registrar
	  	 	76	  
	 SECTION 11.07. Legal Holidays
	  	 	76	  
	 SECTION 11.08. Governing Law; Waiver of Jury Trial
	  	 	76	  
	 SECTION 11.09. No Adverse Interpretation of Other Agreements
	  	 	76	  
	 SECTION 11.10. No Recourse Against Others
	  	 	76	  
	 SECTION 11.11. Successors
	  	 	77	  
	 SECTION 11.12. Duplicate Originals
	  	 	77	  
	 SECTION 11.13. Severability
	  	 	77	  
	 SECTION 11.14. U.S.A. Patriot Act
	  	 	77	  
	 SECTION 11.15. Force Majeure
	  	 	77	  

 SIGNATURES 
  

					
	Exhibit A	  	—	    	Form of Note     A-1
	Exhibit B	  	—	    	Form of Legends            B-1
	Exhibit C	  	—	    	Form of Notation of Guarantee   C-1

 Note: This Table of Contents shall not, for any purpose, be deemed to be part of this Indenture. 

  
 iv 

 INDENTURE dated as of February 17, 2012, among MPT Operating Partnership, L.P., a
Delaware limited partnership (“Opco”), MPT Finance Corporation, a Delaware corporation (“Finco” and, together with Opco, the “Issuers”, each, an “Issuer”), Medical Properties Trust,
Inc., a Maryland corporation (the “Parent”), as Guarantor, each of the other Guarantors named herein, as Guarantors, and Wilmington Trust, National Association, existing under the laws of the United States of America, as Trustee
(the “Trustee”). 
 The Issuers have duly authorized the creation of an issue of 6.375% Senior Notes due 2022
and, to provide therefor, the Issuers, the Parent and the other Guarantors have duly authorized the execution and delivery of this Indenture. All things necessary to make the Notes, when duly issued and executed by the Issuers and authenticated and
delivered hereunder, the valid and binding obligations of the Issuers and to make this Indenture a valid and binding agreement of the Issuers and the Guarantors have been done. 
 THIS INDENTURE WITNESSETH 
 For and in consideration of the premises and the
purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the equal and proportionate benefit of all Holders, as follows: 
 ARTICLE ONE  
 Definitions and Incorporation by Reference 

SECTION 1.01. Definitions. Set forth below are certain defined terms used in this Indenture. 

“Acquired Indebtedness” means Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary
or that is assumed in connection with an Asset Acquisition from such Person by a Restricted Subsidiary; provided, however, that Indebtedness of such Person that is redeemed, defeased, retired or otherwise repaid at the time of or
immediately upon consummation of the transactions by which such Person becomes a Restricted Subsidiary or such Asset Acquisition shall not be Acquired Indebtedness. 
 “Acquisition” means the acquisition by certain wholly owned subsidiaries as contemplated under the Transaction Agreement. 

“Adjusted Total Assets” means, for any Person, the sum of: 

(1) Total Assets for such Person as of the end of the fiscal quarter preceding the Transaction Date; and 

(2) any increase in Total Assets following the end of such quarter determined on a pro forma basis, including any
pro forma increase in Total Assets resulting from the application of the proceeds of any additional Indebtedness. 

“Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or
under direct or indirect common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and
“under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of
voting securities, by contract or otherwise. 

  
 1 

 “Agent” means any Registrar or Paying Agent. 

“Applicable Premium” means with respect to a Note at any redemption date, the greater of (1) 1.00% of the principal
amount of such Note and (2) the excess of (a) the present value at such redemption date of (i) the redemption price of the Notes at February 15, 2017 (such redemption price being set forth in the table appearing in Section 5
of the Notes) plus (ii) all required interest payments due on the Note through February 15, 2017 (excluding interest paid prior to the redemption date and accrued but unpaid interest to the redemption date), computed using a discount rate
equal to the Treasury Rate as of such redemption date plus 50 basis points, over (b) the principal amount of the Notes on such redemption date. 
 The Trustee shall not be responsible for the calculation of, or otherwise required to verify, the Applicable Premium. 
 “April Issue Date” means April 26, 2011, the date of issuance of the Issuers’ 6.875% Senior Notes due 2021. 

“Asset Acquisition” means: 
 (1) an investment by an Issuer or any of its Restricted Subsidiaries in any other Person pursuant to which such Person shall become a Restricted Subsidiary or shall be merged, amalgamated or consolidated
with and into an Issuer or any of its Restricted Subsidiaries; provided, however, that such Person’s primary business is related, ancillary, incidental or complementary to the businesses of the Issuers or any of their Restricted
Subsidiaries on the date of such investment; or 
 (2) an acquisition by an Issuer or any of its Restricted
Subsidiaries from any other Person of assets or one or more properties of such Person; provided, however, that the assets and properties acquired are related, ancillary, incidental or complementary to the businesses of the Issuers or
any of their Restricted Subsidiaries on the date of such acquisition. 
 “Asset Disposition” means the sale or
other disposition by an Issuer or any of the Restricted Subsidiaries, other than to an Issuer or another Restricted Subsidiary, of: 
 (1) all or substantially all of the Capital Stock of any Restricted Subsidiary, whether in a single transaction or a series of transactions; or 

(2) all or substantially all of the assets that constitute a division or line of business, or one or more properties, of
an Issuer or any of the Restricted Subsidiaries, whether in a single transaction or a series of transactions. 
 “Asset
Sale” means any sale, transfer or other disposition, including by way of merger, consolidation or Sale and Leaseback Transaction, in one transaction or a series of related transactions by an Issuer or any of the Restricted Subsidiaries to
any Person other than an Issuer or any of the Restricted Subsidiaries of: 
 (1) all or any of the Capital Stock
of any Restricted Subsidiary; 

  
 2 

 (2) all or substantially all of the assets that constitute a division or
line of business of an Issuer or any of its Restricted Subsidiaries; or 
 (3) any property and assets of an
Issuer or any of its Restricted Subsidiaries outside the ordinary course of business of such Issuer or such Restricted Subsidiary and, in each case, that is not governed by the provisions of Section 5.01; 

provided, however, that “Asset Sale” shall not include: 

(1) the lease or sublease of any Real Estate Asset; 

(2) sales, leases, assignments, licenses, sublicenses, subleases or other dispositions of inventory, receivables and other
current assets; 
 (3) the sale, conveyance, transfer, lease, disposition or other transfer of all or
substantially all of the assets of the Issuers as permitted under Section 5.01; 
 (4) the license or
sublicense of intellectual property or other general intangibles; 
 (5) the issuance of Capital Stock by a
Restricted Subsidiary in which the percentage interest (direct and indirect) in the Capital Stock of such Restricted Subsidiary owned by the Issuers after giving effect to such issuance, is at least equal to the percentage interest prior to such
issuance; 
 (6) the surrender or waiver of contract rights or settlement, release or surrender of a contract,
tort or other litigation claim in the ordinary course of business; 
 (7) any Restricted Payment permitted by
Section 4.09 or that constitutes a Permitted Investment; 
 (8) sales, transfers or other dispositions of
assets or the issuance of Capital Stock of a Restricted Subsidiary with a fair market value not in excess of $10,000,000 in any transaction or series of related transactions; 

(9) sales or other dispositions of assets for consideration at least equal to the fair market value of the assets sold or
disposed of, to the extent that the consideration received would satisfy Section 4.11(c)(2); 
 (10) sales
or other dispositions of cash or Temporary Cash Investments; 
 (11) the creation, granting, perfection or
realization of any Lien permitted under this Indenture; 
 (12) the lease, assignment or sublease of property in
the ordinary course of business so long as the same does not materially interfere with the business of the Issuers and their Restricted Subsidiaries, taken as a whole; 

(13) sales, exchanges, transfers or other dispositions of damaged, worn-out or obsolete or otherwise unsuitable or
unnecessary equipment or assets that, in the Parent’s reasonable judgment, are no longer used or useful in the business of the Issuers or their Restricted Subsidiaries and any sale or disposition of property in connection with scheduled
turnarounds, maintenance and equipment and facility updates; 

  
 3 

 (14) to the extent allowable under Section 1031 of the Code, any
exchange of like property (excluding any boot thereon) for use in a Permitted Business between an Issuer or any Restricted Subsidiary and another Person; 
 (15) the voluntary unwinding of any hedging agreements or other derivative instruments (including any Interest Rate Agreements and Currency Agreements) other than those entered into for speculative
purposes; and 
 (16) solely for purposes of clauses (1) and (2) of Section 4.12(b), any foreclosures,
expropriations, condemnations or similar actions with respect to assets. 
 “Attributable Debt” in respect of a
Sale and Leaseback Transaction means, at the time of determination, the present value of the total obligations of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction. For purposes
hereof such present value shall be calculated using a discount rate equal to the rate of interest implicit in such Sale and Leaseback Transaction, determined by lessee in good faith on a basis consistent with comparable determinations of Capitalized
Lease Obligations under GAAP; provided, however, that if such sale and leaseback transaction results in a Capitalized Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition
of “Capitalized Lease Obligations.” 
 “Average Life” means at any date of determination with respect
to any debt security, the quotient obtained by dividing: 
 (1) the sum of the products of: 

(x) the number of years from such date of determination to the dates of each successive scheduled principal payment of
such debt security, and 
 (y) the amount of such principal payment; by 

(2) the sum of all such principal payments. 
 “Bankruptcy Law” means Title 11 of the United States Code, as amended, or any insolvency or other similar Federal or state law for the relief of debtors. 

“Board of Directors” means, as to any Person, the board of directors (or similar governing body) of such Person or any
duly authorized committee thereof. 
 “Board Resolution” means, with respect to any Person, a copy of a
resolution certified by the Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 “Business Day” means a day other than a Saturday, Sunday or any other day on which banking institutions in
New York City or the location of the Corporate Trust Office of the Trustee are authorized or required by law, regulation or executive order to close. 

  
 4 

 “Capital Stock” means, with respect to any Person, any and all shares,
interests, participations or other equivalents (however designated, whether voting or non-voting), including partnership or limited liability company interests, whether general or limited, in the equity of such Person, whether outstanding on the
Issue Date or issued thereafter, including all Common Stock and Preferred Stock. 
 “Capitalized Lease” means,
as applied to any Person, any lease of any property, whether real, personal or mixed, of which the discounted present value of the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized on the balance
sheet of such Person. 
 “Capitalized Lease Obligations” means, at the time any determination is to be made,
the amount of the liability in respect of a Capitalized Lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 
 “Change of Control” means the occurrence of one or more of the following events: 
 (1) any sale, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of Opco and its Subsidiaries taken as a whole to any
“person” or “group” (as such terms are defined in Sections 13(d) and l4(d)(2) of the Exchange Act), together with any Affiliates thereof (whether or not otherwise in compliance with the provisions of this Indenture);
provided, however, that for the avoidance of doubt, the lease of all or substantially all of the assets of Opco and its Subsidiaries taken as a whole shall not constitute a Change of Control; 

(2) a “person” or “group” (as such terms are defined in Sections 13(d) and l4(d)(2) of the
Exchange Act), becomes the ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the total voting power of the Voting Stock of Opco or any of its direct or indirect parent companies on a
fully diluted basis; 
 (3) the approval by the holders of Capital Stock of an Issuer of any plan or proposal for
the liquidation or dissolution of an Issuer (whether or not otherwise in compliance with the provisions of this Indenture); or 
 (4) individuals who on the Issue Date constitute the Board of Directors of the Parent (together with any new or replacement directors whose election by the Board of Directors of the Parent or whose
nomination by the Board of Directors of the Parent for election by the Parent’s shareholders was approved by a vote of at least a majority of the members of the Board of Directors of the Parent then still in office who either were members of
the Board of Directors of the Parent on the Issue Date or whose election or nomination for election was so approved) cease for any reason to constitute a majority of the members of the Board of Directors of the Parent then in office. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Common Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated, whether voting or non-voting) that have no preference on liquidation or with respect to distributions over any other class of Capital Stock, including partnership interests, whether general or limited, of such Person’s
equity, whether outstanding on the Issue Date or issued thereafter, including all series and classes of common stock. 

“Common Units” means the common units of Opco, as defined in Opco’s limited partnership agreement. 

  
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 “Consolidated EBITDA” means, for any period, the aggregate net income (or
loss) (before giving effect to cash dividends on preferred units of Opco (or distributions to Parent to pay dividends on preferred stock of Parent) or charges resulting from the redemption of preferred units of Opco (or preferred stock of Parent)
attributable to Opco and its Restricted Subsidiaries for such period determined on a consolidated basis in conformity with GAAP 

I. excluding (without duplication): 
 (1) the net income of any Person, other than an Issuer or a Restricted Subsidiary, except to the extent of the amount of dividends or other distributions actually paid in cash (or to the extent converted
into cash) or Temporary Cash Investments to an Issuer or any of its Restricted Subsidiaries by such Person during such period and the net losses for any such Person shall only be included to the extent funded with cash from an Issuer or a Restricted
Subsidiary; 
 (2) the cumulative effect of a change in accounting principles; 

(3) all extraordinary gains and extraordinary losses together with any related provision for taxes on such gains and
losses; 
 (4) any fees and expenses (including any transaction or retention bonus) incurred during such period,
or any amortization thereof for such period, in connection with any acquisition, Investment, asset disposition, issuance or repayment of debt, issuance of equity securities, refinancing transaction or amendment or other modification of any debt
instrument (in each case, including any such transaction consummated prior to the Issue Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such
transaction; 
 (5) any income (loss) for such period attributable to the early extinguishment of Indebtedness,
hedging agreements or other derivative instruments; 
 (6) any after-tax gains or losses attributable to asset
dispositions (including any Asset Sales) or abandonments (including any disposal of abandoned or discontinued operations) or the sale or other disposition of any Capital Stock of any Person other than in the ordinary course of business as determined
in good faith by the Issuers; and 
 (7) all non-cash items increasing net income; 

II. increased by, to the extent such amount was deducted in calculating such net income (without duplication): 

(a) Consolidated Interest Expense; 

(b) provision for taxes based on income or profits or capital gains, including federal, state, provincial, franchise,
excise and similar taxes and foreign withholding taxes; 
 (c) depreciation and amortization (including without
limitation amortization of deferred financing fees or costs, amortization or impairment write-offs of goodwill and other intangibles, long-lived assets and Investments in debt and equity securities, but excluding amortization of prepaid cash
expenses that were paid in a prior period); 

  
 6 

 (d) non-recurring charges (including any unusual or non-recurring operating
expenses directly attributable to the implementation of cost savings initiatives), severance, relocation costs, integration and facilities’ opening costs, signing costs, retention or completion bonuses, transition costs, rent expense on
operating leases to the extent that a liability for such rent has been established in purchase accounting or through a restructuring provision (and accretion of the discount on any such liability), costs related to closure/consolidation of
facilities and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities) excluding, in all cases under this clause (d), cash restructuring charges, accruals and reserves;
and 
 (e) all Non-Cash Charges, and 
 III. increased (by losses) or decreased (by gains) by (without duplication) any net non-cash gain or loss resulting in such period from hedging or other derivative instruments (including any Interest Rate
Agreements or Currency Agreements) and the application of Accounting Standards Codification 815. 
 Notwithstanding the preceding, the income
taxes of, and the depreciation and amortization and other non-cash items of, a Subsidiary shall be added (or subtracted) to net income to compute Consolidated EBITDA only to the extent (and in the same proportion) that net income of such Subsidiary
was included after giving effect to the impact of clause (1) above. 
 “Consolidated Interest Expense”
means, for any period, the aggregate amount of interest expense, less the aggregate amount of interest income for such period, in respect of Indebtedness of the Issuers and the Restricted Subsidiaries during such period, all as determined on a
consolidated basis in conformity with GAAP including (without duplication): 
 (1) the interest portion of any
deferred payment obligations; 
 (2) all commissions, discounts and other fees and expenses owed with respect to
letters of credit and bankers’ acceptance financing; 
 (3) the net cash costs associated with Interest Rate
Agreements and Indebtedness that is Guaranteed or secured by assets of an Issuer or any Restricted Subsidiary; and 
 (4) all but the principal component of rentals in respect of Capitalized Lease Obligations paid, accrued or scheduled to be paid or to be accrued by an Issuer and the Restricted Subsidiaries; 

excluding, to the extent included in interest expense above, (i) accretion of accrual of discounted liabilities not constituting
Indebtedness, (ii) any expense resulting from the discounting of any Indebtedness in connection with the application of purchase accounting in connection with any acquisition, (iii) amortization of deferred financing fees, debt issuance
costs, commissions, fees and expenses, (iv) any expensing of bridge, commitment or other financing fees and (v) non-cash costs associated with Interest Rate Agreements and Currency Agreements or attributable to mark-to-market valuation of
derivative instruments pursuant to GAAP. 
 “Corporate Trust Office” for administration of this Indenture means
the corporate trust office of the Trustee located at Rodney Square North, 1100 N. Market Street, Wilmington, DE 19890-0001, Attention: Corporate Trust Administration, or such other office, designated by the Trustee by written notice to the Issuers,
at which at any particular time its corporate trust business shall be administered. 

  
 7 

 “Credit Agreement” means the Amended and Restated Revolving Credit
Agreement, dated as of April 26, 2011, by and among Opco and the Restricted Subsidiaries now or hereafter party thereto as borrowers or guarantors, the Parent as guarantor, the lenders party thereto in their capacities as lenders thereunder and
JPMorgan Chase Bank, N.A., as administrative agent, together with the related documents thereto (including any guarantee agreements and security documents). 
 “Credit Facility” means one or more credit or debt facilities (including any credit or debt facilities provided under the Credit Agreement), financings, commercial paper facilities, note
purchase agreements or other debt instruments, indentures or agreements, providing for revolving credit loans, term loans, swing line loans, notes, securities, letters of credit or other debt obligations, in each case, as amended, restated,
modified, renewed, refunded, restructured, supplemented, replaced or refinanced in whole or in part from time to time, including any amendment increasing the amount of Indebtedness incurred or available to be borrowed thereunder, extending the
maturity of any Indebtedness incurred thereunder or contemplated thereby or deleting, adding or substituting one or more parties thereto (whether or not such added or substituted parties are banks or other lenders or investors). 

“Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or
arrangement. 
 “Default” means any event that is, or after notice or passage of time or both would be, an
Event of Default. 
 “Depository” means The Depository Trust Company, New York, New York, or a successor
thereto registered under the Exchange Act or other applicable statute or regulation. 
 “Designated Non-Cash
Consideration” means the fair market value of non-cash consideration received by an Issuer or any of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an
Officer’s Certificate, setting forth the basis of such valuation, executed by the principal financial officer of the Issuers, less the amount of cash or Temporary Cash Investments received in connection with a subsequent sale of or collection
on such Designated Non-Cash Consideration. 
 “Disqualified Stock” means any class or series of Capital Stock
of any Person that by its terms or otherwise is: 
 (1) required to be redeemed on or prior to the date that is
91 days after the Stated Maturity of the Notes; 
 (2) redeemable at the option of the holder of such class or
series of Capital Stock, at any time on or prior to the date that is 91 days after the Stated Maturity of the Notes (other than into shares of Capital Stock that is not Disqualified Stock); or 

(3) convertible into or exchangeable for Capital Stock referred to in clause (1) or (2) above or Indebtedness
having a scheduled maturity on or prior to the date that is 91 days after the Stated Maturity of the Notes; 
 provided, however,
that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock upon the occurrence of an “asset sale” or
“change of control” occurring prior to the Stated Maturity of the Notes shall not constitute Disqualified Stock if the “asset sale” or “change of control” provisions applicable to such Capital Stock are no more
favorable to the holders of such Capital Stock than the provisions 

  
 8 

 
contained in Sections 4.07 and 4.11 and such Capital Stock specifically provides that such Person shall not repurchase or redeem any such stock pursuant to such provisions unless such
repurchase or redemption complies with Section 4.09. Disqualified Stock shall not include (i) Capital Stock which is issued to any plan for the benefit of employees of the Parent or its Subsidiaries or by any such plan to such employees
solely because it may be required to be repurchased by the Parent or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations and (ii) Capital Stock issued to any future, present or former employee, director, officer
or consultant of the Parent, an Issuer (or any of their respective direct or indirect parents or Subsidiaries) which is redeemable or subject to repurchase pursuant to any management equity subscription agreement, stock option agreement, stock
ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from time to time. Disqualified Stock shall not include Common Units. 
 “Equity Offering” means a public or private offering of Capital Stock (other than Disqualified Stock) of Opco or the Parent to the extent the net proceeds thereof are contributed to Opco
as Capital Stock (other than Disqualified Stock). 
 “Escrow Agent” means Wilmington Trust, National
Association, as escrow agent under the Escrow Agreement or any successor escrow agent as set forth in the Escrow Agreement. 

“Escrow Agreement” means the Escrow Agreement to be dated as of the Issue Date, among the Issuers, the Trustee and the
Escrow Agent, as amended, supplemented, modified, extended, renewed, restated or replaced in whole or in part from time to time. 
 “Escrow End Date” means May 17, 2012. 
 “Escrow
Proceeds” means an amount sufficient to redeem, for cash, the Notes at a redemption price equal to the offering price to the public of the Notes offered on the Issue Date, together with accrued and unpaid interest on the Notes, in each
case, from the Issue Date up to but not including the date of the Special Mandatory Redemption. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto. 

“fair market value” means the price that would be paid in an arm’s-length transaction between an informed and
willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy. For purposes of determining compliance with Article Four of this Indenture, any determination that the fair market value of assets other than
cash or Temporary Cash Investments is equal to or greater than $20,000,000 shall be as determined in good faith by the Board of Directors of the Parent, whose determination shall be conclusive if evidenced by a Board Resolution, and otherwise by the
principal financial officer of the Parent acting in good faith, each of whose determination shall be conclusive. 

“Four-Quarter Period” means, for purposes of calculating the Interest Coverage Ratio with respect to any Transaction
Date, the then most recent four fiscal quarters prior to such Transaction Date for which reports have been filed with the SEC or provided to the Trustee pursuant to Section 4.15. 

“Funds From Operations” for any period means the consolidated net income attributable to the Issuers and the Restricted
Subsidiaries for such period determined in conformity with GAAP after adjustments for unconsolidated partnerships and joint ventures, plus depreciation and amortization of real property (including furniture and equipment) and other real estate
assets and excluding (to the extent such amount was deducted in calculating such consolidated net income): 
 (1)
gains or losses from (a) the restructuring or refinancing of Indebtedness or (b) sales of properties; 

  
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 (2) non-cash asset impairment charges (including write-offs of former tenant
receivables); 
 (3) non-cash, non-recurring charges (provided, in each case, that if any non-cash charges
represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Funds From Operations to such extent, and excluding amortization of a prepaid cash item
that was paid in a prior period); 
 (4) write-offs or reserves of straight-line rent; 

(5) fees and expenses incurred in connection with any acquisition or debt refinancing; 

(6) executive severance in an amount not to exceed $10,000,000 in the aggregate; 

(7) amortization of debt costs; and 

(8) any non-cash expenses and costs of the Issuers and their Restricted Subsidiaries that result from the issuance of
stock-based awards, partnership interest-based awards and similar incentive-based compensation awards or arrangements. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect as of the Issue Date
(without giving effect to SFAS No. 159 “The Fair Value Option for Financial Assets and Financial Liabilities”), including those set forth in the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the accounting profession. Except as
otherwise specifically provided in this Indenture, all ratios and computations contained or referred to in this Indenture shall be computed in conformity with GAAP applied on a consistent basis. 

“Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course
of business, direct or indirect, in any manner, including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness or other obligations.

 “Guarantor” means the Parent and each Subsidiary Guarantor. 

“Holder” means any registered holder on the books of the Registrar, from time to time, of the Notes. 

“Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable
for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness, including an “Incurrence” of Acquired Indebtedness; provided, however, that neither the accrual of interest, the
payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, nor the accretion of original issue discount shall be considered an Incurrence of Indebtedness. 

  
 10 

 “Indebtedness” means, with respect to any Person at any date of
determination (without duplication): 
 (1) all indebtedness of such Person for borrowed money; 

(2) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 

(3) the face amount of letters of credit or other similar instruments (excluding obligations with respect to letters of
credit (including trade letters of credit) securing obligations (other than obligations described in (1) or (2) above or (5), (6) or (7) below) entered into in the ordinary course of business of such Person to the extent
such letters of credit are not drawn upon or, if drawn upon, to the extent such drawing is reimbursed no later than the fifth Business Day following receipt by such Person of a demand for reimbursement); 

(4) all unconditional obligations of such Person to pay the deferred and unpaid purchase price of property or services,
which purchase price is due more than six months after the date of placing such property in service or taking delivery and title thereto or the completion of such services, except Trade Payables; 

(5) all Capitalized Lease Obligations and Attributable Debt; 

(6) all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is
assumed by such Person; provided, however, that the amount of such Indebtedness shall be the lesser of (A) the fair market value of such asset at that date of determination and (B) the amount of such Indebtedness; 

(7) all Indebtedness of other Persons Guaranteed by such Person to the extent such Indebtedness is Guaranteed by such
Person; and 
 (8) to the extent not otherwise included in this definition or the definition of Consolidated
Interest Expense, obligations under Currency Agreements and Interest Rate Agreements, 
 in each case if and to the extent that any of the
foregoing (other than letters of credit) in clauses (1) through (7) would appear as a liability on a balance sheet (excluding the footnotes) of such Person in accordance with GAAP. 

The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations of
the type described above and, with respect to obligations under any Guarantee, the maximum liability upon the occurrence of the contingency giving rise to the obligation; provided, however, that: 

(1) the amount outstanding at any time of any Indebtedness issued with original issue discount shall be deemed to be the
face amount with respect to such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at the date of determination in conformity with GAAP; 

(2) Indebtedness shall not include any liability for foreign, Federal, state, local or other taxes; 

  
 11 

 (3) Indebtedness shall not include any obligations in respect of
indemnification, adjustment of purchase price or similar obligations, or from Guarantees or letters of credit, surety bonds or performance bonds, in each case securing any such obligations of the Issuers or any of the Restricted Subsidiaries, in any
case Incurred in connection with the disposition of any business, assets or Restricted Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the
purpose of financing such acquisition) in a principal amount not in excess of the gross proceeds including non-cash proceeds (the fair market value of such non-cash proceeds being measured at the time received and without giving effect to any
subsequent changes in value) actually received by the Issuer and the Restricted Subsidiaries on a consolidated basis in connection with such disposition; and 
 (4) Indebtedness shall not include contingent obligations under performance bonds, performance guarantees, surety bonds, appeal bonds or similar obligations incurred in the ordinary course of business and
consistent with past practices. 
 “Indenture” means this Indenture, as amended or supplemented from time to
time in accordance with the terms hereof. 
 “interest” means, unless the context otherwise requires, with
respect to the Notes, interest on the Notes. 
 “Interest Coverage Ratio” means, on any Transaction Date, the
ratio of: 
 (x) the aggregate amount of Consolidated EBITDA for the then-applicable Four-Quarter Period to

 (y) the aggregate Consolidated Interest Expense during such Four-Quarter Period. 

In making the foregoing calculation (and without duplication), 

(1) pro forma effect shall be given to any Indebtedness Incurred or repaid during the period (“Reference
Period”) commencing on the first day of the Four-Quarter Period and ending on the Transaction Date (other than Indebtedness Incurred or repaid under a revolving credit or similar arrangement), in each case as if such Indebtedness had been
Incurred or repaid on the first day of such Reference Period; 
 (2) Consolidated Interest Expense attributable
to interest on any Indebtedness (whether existing or being Incurred) computed on a pro forma basis and bearing a floating interest rate shall be computed as if the rate in effect on the Transaction Date (taking into account any Interest Rate
Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of 12 months or, if shorter, at least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire period;

 (3) pro forma effect shall be given to Asset Dispositions, Asset Acquisitions and Permitted Mortgage
Investments (including giving pro forma effect to the application of proceeds of any Asset Disposition and any Indebtedness Incurred or repaid in connection with any such Asset Acquisitions or Asset Dispositions) that occur during such
Reference Period or subsequent to the end of the related Four-Quarter Period as if they had occurred and such proceeds had been applied on the first day of such Reference Period and after giving effect to Pro Forma Cost Savings; 

  
 12 

 (4) pro forma effect shall be given to asset dispositions and asset
acquisitions (including giving pro forma effect to (i) the application of proceeds of any asset disposition and any Indebtedness Incurred or repaid in connection with any such asset acquisitions or asset dispositions, (ii) expense
and cost reductions calculated on a basis consistent with Regulation S-X under the Exchange Act and (iii) Pro Forma Cost Savings) that have been made by any Person that is or has become a Restricted Subsidiary or has been merged with or into an
Issuer or any of its Restricted Subsidiaries during such Reference Period or subsequent to the end of the related Four-Quarter Period and that would have constituted asset dispositions or asset acquisitions during such Reference Period or subsequent
to the end of the related Four-Quarter Period had such transactions occurred when such Person was a Restricted Subsidiary as if such asset dispositions or asset acquisitions were Asset Dispositions or Asset Acquisitions and had occurred on the first
day of such Reference Period; 
 (5) the Consolidated Interest Expense attributable to discontinued operations,
as determined in accordance with GAAP, shall be excluded, but only to the extent that the obligations giving rise to such Consolidated Interest Expense shall not be obligations of the specified Person or any of its Restricted Subsidiaries following
the Transaction Date; and 
 (6) consolidated interest expense attributable to interest on any Indebtedness
(whether existing or being incurred) computed on a pro forma basis and bearing a floating interest rate shall be computed as if the rate in effect on the Transaction Date (taking into account any interest rate option, swap, cap or similar
agreement applicable to such Indebtedness if such agreement has a remaining term in excess of 12 months or, if shorter, at least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire period. Interest on
Indebtedness that may optionally be determined at an interest rate based on a factor of a prime or similar rate, a Eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if not, then
based upon such operational rate chosen as the Issuers may designate. Interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based on the average daily balance of such Indebtedness
during the applicable period except as set forth in clause (1) of this definition. Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer
of the Issuers to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP; 
 provided,
however, that to the extent that clause (3) or (4) of this paragraph requires that pro forma effect be given to an Asset Acquisition, Asset Disposition, Permitted Mortgage Investment, asset acquisition or asset disposition,
as the case may be, such pro forma calculation shall be based upon the four full fiscal quarters immediately preceding the Transaction Date of the Person, or division or line of business, or one or more properties, of the Person that is
acquired or disposed of to the extent that such financial information is available or otherwise a reasonable estimate thereof is available. 
 “Interest Payment Date” means the Stated Maturity of an installment of interest on the Notes. 
 “Interest Rate Agreement” means any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract or other similar agreement or arrangement with respect to interest rates. 
 “Investment” in any Person means any direct or indirect advance, loan or other extension of credit (including by way of Guarantee or similar arrangement, but excluding advances to
customers 

  
 13 

 
and distributors and trade credit made in the ordinary course of business that are, in conformity with GAAP, recorded as accounts receivable on the consolidated balance sheet of an Issuer and its
Restricted Subsidiaries and commission, travel and similar advances to employees, directors, officers, managers and consultants in each case made in the ordinary course of business) or capital contribution to (by means of any transfer of cash or
other property (tangible or intangible) to others or any payment for property or services solely for the account or use of others, or otherwise), or any purchase or acquisition of Capital Stock, bonds, notes, debentures or other similar instruments
issued by, such Person and shall include: 
 (1) the designation of a Restricted Subsidiary as an Unrestricted
Subsidiary; and 
 (2) the fair market value of the Capital Stock (or any other Investment), held by an Issuer or
any of its Restricted Subsidiaries of (or in) any Person that has ceased to be a Restricted Subsidiary; 
 provided, however, that
the fair market value of the Investment remaining in any Person shall be deemed not to exceed the aggregate amount of Investments previously made in such Person valued at the time such Investments were made, less the net reduction of such
Investments. For purposes of the definition of “Unrestricted Subsidiary” and Section 4.09: 
 (i)
“Investment” shall include the fair market value of the assets (net of liabilities (other than liabilities to an Issuer or any of its Restricted Subsidiaries)) of any Restricted Subsidiary at the time such Restricted Subsidiary is
designated an Unrestricted Subsidiary; 
 (ii) the fair market value of the assets (net of liabilities (other
than liabilities to an Issuer or any of its Restricted Subsidiaries)) of any Unrestricted Subsidiary at the time that such Unrestricted Subsidiary is designated a Restricted Subsidiary shall be considered a reduction in outstanding Investments; and

 (iii) any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value
at the time of such transfer. 
 “Investment Grade Status” means, with respect to the Issuers, when the Notes
have (1) a rating of “Baa3” or higher from Moody’s and (2) a rating of “BBB-” or higher from S&P, in each case published by the applicable agency. 

“Issue Date” means February 17, 2012. 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature
thereof or any agreement to give any security interest). 
 “Moody’s” means Moody’s Investors
Service, Inc. and its successors. 
 “Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds of
such Asset Sale in the form of cash or Temporary Cash Investments, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or
Temporary Cash Investments (except to the extent such obligations are financed or sold with recourse to an Issuer or any of its Restricted Subsidiaries) and proceeds from the conversion or sale of other property received when converted to or sold
for cash or cash equivalents, net of brokerage and sales commissions and other fees and expenses (including fees and expenses of counsel, accountants and investment bankers) related to such Asset Sale. 

  
 14 

 “Non-Cash Charges” means (a) all losses from Investments recorded
using the equity method, (b) any non-cash expenses and costs of the Issuers and their Restricted Subsidiaries that result from the issuance of stock-based awards, partnership interest-based awards and similar incentive-based compensation awards
or arrangements, (c) the non-cash impact of acquisition method accounting, and (d) other non-cash charges (provided, in each case, that if any non-cash charges represent an accrual or reserve for potential cash items in any future
period, the cash payment in respect thereof in such future period shall be subtracted from Funds From Operations to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period). 

“Notes” means, collectively, the Issuers’ 6.375% Senior Notes due 2022 issued in accordance with Section 2.02
(whether issued on the Issue Date, issued as Additional Notes, or otherwise issued after the Issue Date) treated as a single class of securities under this Indenture. 
 “Officer” means any of the following with respect to any Person: the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, Chief Accounting
Officer, Chief Operating Officer, the President, any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”), the Treasurer, any Assistant Treasurer, the
Controller, the General Counsel or the Secretary or any Assistant Secretary of such Person. 
 “Officer’s
Certificate” means a certificate signed by an Officer of the Parent, each of the Issuers or a Subsidiary Guarantor, as applicable. 
 “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of, or counsel to the Issuers, a Guarantor or
the Trustee. 
 “Pari Passu Indebtedness” means any Indebtedness of an Issuer or any Subsidiary Guarantor that
ranks pari passu in right of payment with the Notes or the Subsidiary Guarantee thereof by such Subsidiary Guarantor, as applicable. 
 “Permitted Business” means any business activity (including Permitted Mortgage Investments) in which the Parent, the Issuers and Restricted Subsidiaries are engaged or propose to be
engaged in (as described in the Prospectus) on the Issue Date, any business activity related to properties customarily constituting assets of a healthcare REIT, or any business reasonably related, ancillary, incidental or complementary thereto, or
reasonable expansions or extensions thereof. 
 “Permitted Investment” means: 

(1) (a) an Investment in an Issuer or any of the Restricted Subsidiaries or (b) a Person that will, upon
the making of such Investment, become a Restricted Subsidiary or be merged or consolidated with or into or transfer or convey all or substantially all its assets to, an Issuer or any of its Restricted Subsidiaries and, in each case, any Investment
held by such Person; provided that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation or transfer; 

(2) investments in cash and Temporary Cash Investments; 

(3) Investments made by an Issuer or the Restricted Subsidiaries as a result of consideration received in connection with
an Asset Sale made in compliance with Section 4.11 or from any other disposition or transfer of assets not constituting an Asset Sale; 

  
 15 

 (4) Investments represented by Guarantees that are otherwise permitted under
this Indenture; 
 (5) payroll, travel and similar advances to cover matters that are expected at the time of
such advances ultimately to be treated as expenses in accordance with GAAP; 
 (6) Investments received in
satisfaction of judgments or in settlements of debt or compromises of obligations incurred in the ordinary course of business; 
 (7) any Investment acquired solely in exchange for Capital Stock (other than Disqualified Stock) of the Parent or Opco, which the Parent or Opco did not receive in exchange for a cash payment,
Indebtedness or Disqualified Stock, but excluding any new cash Investments made thereafter; 
 (8) Investments in
tenants in an aggregate amount not to exceed the greater of (x) $210,000,000 and (y) 10% of Adjusted Total Assets at any one time outstanding; 
 (9) obligations under Currency Agreements and Interest Rate Agreements otherwise permitted under this Indenture; 
 (10) Permitted Mortgage Investments; 
 (11) any transaction which
constitutes an Investment to the extent permitted and made in accordance with Section 4.12(b) (except transactions pursuant to Sections 4.12(b)(1), (5), (8) and (9)); 

(12) any Investment consisting of prepaid expenses, negotiable instruments held for collection and lease, endorsements for
deposit or collection in the ordinary course of business, utility or workers’ compensation, performance and similar deposits entered into as a result of the operations of the business in the ordinary course of business; 

(13) pledges or deposits by a Person under workers’ compensation laws, unemployment insurance laws or similar
legislation, or deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in
each case incurred in the ordinary course of business; 
 (14) any Investment acquired by an Issuer or any of its
Restricted Subsidiaries (a) in exchange for any other Investment or accounts receivable or rents receivable held by the Parent or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or
recapitalization of the issuer of such other Investment or accounts receivable or rents receivable or (b) as a result of a foreclosure by the Parent or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer
of title with respect to any secured Investment in default; 
 (15) any Investment consisting of a loan or
advance to officers, directors or employees of the Parent, an Issuer or any of its Restricted Subsidiaries (a) in connection with the purchase by such Persons of Capital Stock of the Parent or (b) for additional purposes made in the
ordinary course of business, in the aggregate under this clause (15) not to exceed $2,500,000 at any one time outstanding; 

  
 16 

 (16) any Investment made in connection with the funding of contributions
under any nonqualified employee retirement plan or similar employee compensation plan in an amount not to exceed the amount of compensation expenses recognized by the Parent, an Issuer and any of its Restricted Subsidiaries in connection with such
plans; 
 (17) any Investment existing on the Issue Date or made pursuant to a (x) binding commitment or
(y) the Transaction Agreement, in each case, in effect on the Issue Date or an Investment consisting of any extension, modification, replacement or renewal of any such Investment or binding commitment existing on the Issue Date; 

(18) additional Investments not to exceed the greater of (x) $110,000,000 and (y) 5.0% of Adjusted Total Assets
at any time outstanding; and 
 (19) Investments in Unrestricted Subsidiaries and joint ventures in an aggregate
amount, taken together with all other Investments made in reliance on this clause not to exceed the greater of (x) $110,000,000 and (y) 5.0% of Adjusted Total Assets (net of, with respect to the Investment in any particular Person, the
cash return thereon received after the Issue Date as a result of any sale for cash, repayment, redemption, liquidating distribution or other cash realization (not included in Consolidated EBITDA), not to exceed the amount of Investments in such
Person made after the Issue Date in reliance on this clause). 
 “Permitted Mortgage Investment” means any
Investment in secured notes, mortgage, deeds of trust, collateralized mortgage obligations, commercial mortgage-backed securities, other secured debt securities, secured debt derivative or other secured debt instruments, so long as such investment
relates directly or indirectly to real property that constitutes or is used as a skilled nursing home center, hospital, assisted living facility, medical office or other property customarily constituting an asset of a real estate investment trust
specializing in healthcare or senior housing property. 
 “Permitted Payments to Parent” means, without
duplication as to amounts: 
 (A) payments to Parent to pay reasonable accounting, legal and administrative
expenses of Parent when due, in an aggregate amount not to exceed $500,000 per annum; and 
 (B) payments to
Parent in respect of its state, franchise and local tax liabilities. 
 “Permitted Refinancing Indebtedness”
means: 
 (A) any Indebtedness of an Issuer or any of its Restricted Subsidiaries issued in exchange for, or the
net proceeds of which are used to extend, refinance, renew, replace, defease, discharge or refund other Indebtedness of an Issuer or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that: 

(1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the
principal amount (or accreted value, if applicable) of the Indebtedness so extended, refinanced, renewed, replaced, defeased, discharged or refunded (plus all accrued interest thereon and the amount of any fees and expenses, including premiums,
incurred in connection therewith); 
 (2) such Permitted Refinancing Indebtedness has: 

(a) a final maturity date later than (x) the final maturity date of the Indebtedness being extended, refinanced,
renewed, replaced, defeased, discharged or refunded or (y) the date that is 91 days after the maturity of the Notes, and 

  
 17 

 (b) an Average Life equal to or greater than the Average Life of the
Indebtedness being extended, refinanced, renewed, replaced, defeased, discharged or refunded or 91 days more than the Average Life of the Notes; 
 (3) if the Indebtedness being extended, refinanced, renewed, replaced, defeased, discharged or refunded is contractually subordinated in right of payment to the Notes or the Guarantee, such Permitted
Refinancing Indebtedness is contractually subordinated in right of payment to the Notes on terms at least as favorable to the holders of Notes as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed,
replaced, defeased, discharged or refunded; 
 (4) if the Indebtedness being extended, refinanced, renewed,
replaced, defeased, discharged or refunded is pari passu in right of payment with the Notes or any Guarantee thereof, such Permitted Refinancing Indebtedness is pari passu in right of payment with, or subordinated in right of payment
to, the Notes or such Guarantee; and 
 (5) such Indebtedness is incurred either (a) by an Issuer or any
Subsidiary Guarantor or (b) by the Restricted Subsidiary who is the obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased, discharged or refunded. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “Preferred Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) that have a
preference on liquidation or with respect to distributions over any other class of Capital Stock, including preferred partnership interests, whether general or limited, or such Person’s preferred or preference stock, whether outstanding on the
Issue Date or issued thereafter, including all series and classes of such preferred or preference stock. 

“principal” means, with respect to the Notes, the principal of and premium, if any, on the Notes. 

“Pro Forma Cost Savings” means, with respect to any period, the reductions in costs (including such reductions resulting
from employee terminations, facilities consolidations and closings, standardization of employee benefits and compensation policies, consolidation of property, casualty and other insurance coverage and policies, standardization of sales and
distribution methods, reductions in taxes other than income taxes) that occurred during such period that are (1) directly attributable to an asset acquisition or (2) implemented and that are factually supportable and reasonably
quantifiable by the underlying records of such business, as if, in the case of each of clauses (1) and (2), all such reductions in costs had been effected as of the beginning of such period, decreased by any incremental expenses incurred or to
be incurred during such period in order to achieve such reduction in costs, all such costs to be determined in good faith by the chief financial officer of the Parent or the Issuers. 

  
 18 

 “Prospectus” means the prospectus, dated February 3, 2012, relating to
the original issuance of the Notes. 
 “Real Estate Assets” of a Person means, as of any date, the real estate
assets of such Person and its Restricted Subsidiaries on such date, on a consolidated basis determined in accordance with GAAP. 

“Record Date” means the applicable Record Date specified in the Notes. 

“Redemption Date” when used with respect to any Note to be redeemed, means the date fixed for such redemption pursuant
to this Indenture and the Notes. 
 “Redemption Price” when used with respect to any Note to be redeemed, means
the price fixed for such redemption, payable in immediately available funds, pursuant to this Indenture and the Notes. 

“Replacement Assets” means (1) tangible non-current assets that will be used or useful in a Permitted Business or
(2) substantially all the assets of a Permitted Business or a majority of the Voting Stock of any Person engaged in a Permitted Business that will become on the date of acquisition thereof a Restricted Subsidiary. 

“Responsible Officer” means, when used with respect to the Trustee, any officer in the Corporate Trust Office of the
Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject and shall also mean any officer who shall have direct responsibility for the administration of this
Indenture. 
 “Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Subsidiary” means, with respect to a Person, any Subsidiary of such Person other than an Unrestricted
Subsidiary. Unless the context otherwise requires, Restricted Subsidiaries refer to Restricted Subsidiaries of the Issuers. 

“S&P” means Standard & Poor’s Ratings Services and its successors. 

“Sale and Leaseback Transaction” means any direct or indirect arrangement with any Person or to which any such Person is
a party, providing for the leasing to the Parent or any Restricted Subsidiary of any property, whether owned by the Parent or any such Restricted Subsidiary at the Issue Date or later acquired, which has been or is to be sold or transferred by the
Parent or any such Restricted Subsidiary to such Person or any other Person from whom funds have been or are to be advanced by such Person on the security of such property. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Secured Indebtedness” means any Indebtedness secured by a Lien upon the property of the Issuers or any Restricted
Subsidiaries. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, or any successor statute
or statutes thereto. 

  
 19 

 “Significant Subsidiary” with respect to any Person, means any restricted
subsidiary of such Person that satisfies the criteria for a “significant subsidiary” set forth in Rule 1-02(w) of Regulation S-X under the Exchange Act, as such regulation is in effect on the Issue Date. 

“Stated Maturity” means: 
 (1) with respect to any debt security, the date specified in such debt security as the fixed date on which the final installment of principal of such debt security is due and payable; and 

(2) with respect to any scheduled installment of principal of or interest on any debt security, the date specified in such
debt security as the fixed date on which such installment is due and payable, 
 provided, that Stated Maturity shall not include any
contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 
 “Subordinated Indebtedness” means Indebtedness which by the terms of such Indebtedness is subordinated in right of payment to the principal of and interest and premium, if any, on the
Notes or any Guarantee thereof. 
 “Subsidiary” means, with respect to any Person, any corporation, association
or other business entity of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person and the accounts of which would be consolidated
with those of such Person in its consolidated financial statements in accordance with GAAP, if such statements were prepared as of such date. 
 “Subsidiary Guarantors” means (i) each Restricted Subsidiary of the Issuers on the Issue Date that Guarantees the Credit Agreement and (ii) each other Person that is required to
become a Guarantor by the terms of this Indenture after the Issue Date, in each case, until such Person is released from its Guarantee of the Notes. 
 “Temporary Cash Investment” means any of the following: 
 (1) United States dollars; 
 (2) direct obligations of the United
States of America or any agency thereof or obligations fully and unconditionally guaranteed by the United States of America or any agency thereof; 
 (3) time deposit accounts, term deposit accounts, time deposits, bankers’ acceptances, certificates of deposit, Eurodollar time deposits and money market deposits maturing within twelve months or
less of the date of acquisition thereof issued by (A) a bank or trust company which is organized under the laws of the United States of America, any state thereof, and which bank or trust company has capital, surplus and undivided profits
aggregating in excess of $250,000,000 and has outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the
Securities Act) or (B) any money-market fund sponsored by a registered broker dealer or mutual fund distributor; 

  
 20 

 (4) repurchase obligations with a term of not more than 30 days for
underlying securities of the types described in clauses (2) and (3) above entered into with a bank meeting the qualifications described in clause (3) above; 

(5) commercial paper, maturing not more than six months after the date of acquisition, issued by a corporation (other than
an Affiliate of the Parent) organized and in existence under the laws of the United States of America, any state of the United States of America with a rating at the time as of which any investment therein is made of “P-2” (or higher)
according to Moody’s or “A-2” (or higher) according to S&P; 
 (6) securities with maturities
of twelve months or less from the date of acquisition issued or fully and unconditionally guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at
least “A” by S&P or Moody’s; 
 (7) securities with maturities of six months or less from the
date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the requirements of clause (3)(A) of this definition; 
 (8) any fund investing substantially all of its assets in investments that constitute Temporary Cash Investments of the kinds described in clauses (1) through (7) of this definition; and 

(9) money market funds that (A) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company
Act of 1940, as amended, (B) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000. 
 “Total Assets” means, for any Person as of any date, the sum of (a) Undepreciated Real Estate Assets plus (b) the book value of all assets (excluding Real Estate Assets
and intangibles) of such Person and its Restricted Subsidiaries as of such date of determination on a consolidated basis determined in accordance with GAAP. 
 “Total Unencumbered Assets” means, for any Person as of any date, the Total Assets of such Person and its Restricted Subsidiaries as of such date, that do not secure any portion of
Secured Indebtedness, on a consolidated basis determined in accordance with GAAP. 
 “Trade Payables” means,
with respect to any Person, any accounts payable or any other indebtedness or monetary obligation to trade creditors created, assumed or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business in connection
with the acquisition of goods or services. 
 “Transaction Agreement” means the Real Property Asset Purchase
Agreement, by and among Ernest Health, Inc., certain wholly owned subsidiaries of Opco and the other parties signatory thereto dated as of January 31, 2012 as in effect on the date of the Prospectus. 

“Transaction Date” means, with respect to the Incurrence of any Indebtedness by an Issuer or any of its Restricted
Subsidiaries, the date such Indebtedness is to be Incurred and, with respect to any Restricted Payment, the date such Restricted Payment is to be made. 
 “Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published
in 

  
 21 

 
the most recent Federal Reserve Statistical Release H.15 (519) (“Statistical Release”) that has become publicly available at least two business days prior to the
redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to February 15, 2017; provided, however, that
if the period from the redemption date to February 15, 2017, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

“Trustee” means the party named as such in this Indenture until a successor replaces it in accordance with the
provisions of this Indenture and thereafter means such successor. 
 “Undepreciated Real Estate Assets” means,
as of any date, the cost (being the original cost to an Issuer or the Restricted Subsidiaries plus capital improvements) of real estate assets of the Issuers and the Subsidiaries on such date, before depreciation and amortization of such real estate
assets, determined on a consolidated basis in conformity with GAAP. 
 “Unrestricted Subsidiary” means

 (1) any Subsidiary of the Issuers that at the time of determination shall be designated an Unrestricted
Subsidiary by the Board of Directors of the Parent in the manner provided below; and 
 (2) any Subsidiary of an
Unrestricted Subsidiary. 
 Except during a Suspension Period, the Board of Directors of the Parent may designate any Restricted
Subsidiary (including any newly acquired or newly formed Subsidiary of the Issuers) to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the Parent or any of its Restricted
Subsidiaries; provided, however, that: 
 (i) any Guarantee by the Parent or any of its Restricted
Subsidiaries of any Indebtedness of the Subsidiary being so designated shall be deemed an “Incurrence” of such Indebtedness and an “Investment” by the Parent or such Restricted Subsidiary (or all, if applicable) at
the time of such designation; 
 (ii) either (i) the Subsidiary to be so designated has total assets of
$1,000 or less or (ii) if such Subsidiary has assets greater than $1,000, such designation would be permitted under Section 4.09; and 
 (iii) if applicable, the Incurrence of Indebtedness and the Investment referred to in clause (i) above would be permitted under Section 4.09. 

The Board of Directors of the Parent may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided,
however, that: 
 (x) no Default or Event of Default shall have occurred and be continuing at the time of
or after giving effect to such designation; and 
 (y) all Indebtedness of such Unrestricted Subsidiary
outstanding immediately after such designation would, if Incurred at such time, have been permitted to be Incurred (and shall be deemed to have been Incurred) for all purposes of this Indenture. 

  
 22 

 Any such designation by the Board of Directors of the Parent shall be evidenced to the
Trustee by promptly filing with the Trustee a copy of the Board Resolution giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions. 

“Unsecured Indebtedness” means any Indebtedness of the Parent or any of its Restricted Subsidiaries that is not Secured
Indebtedness. 
 “U.S. Government Obligations” means direct obligations of, obligations guaranteed by, or
participations in pools consisting solely of obligations of or obligations guaranteed by, the United States of America for the payment of which obligations or guarantee the full faith and credit of the United States of America is pledged and that
are not callable or redeemable at the option of the issuer thereof. 
 “U.S. Legal Tender” means such coin or
currency of the United States of America that at the time of payment shall be legal tender for the payment of public and private debts. 
 “U.S.A. Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, as amended and
signed into law October 26, 2001. 
 “Voting Stock” means with respect to any Person, Capital Stock of any
class or kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person. 
 “Wholly Owned” means, with respect to any Subsidiary of any Person, the ownership of all of the outstanding Capital Stock of such Subsidiary (other than any director’s qualifying
shares or Investments by individuals mandated by applicable law) by such Person or one or more Wholly Owned Subsidiaries of such Person. 
 SECTION 1.02. Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Acceptable Commitments”
	  	4.11(c)
	 “Additional Notes”
	  	2.02
	 “Asset Sale Offer”
	  	4.11(d)
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.07(a)
	 “Change of Control Payment”
	  	4.07(b)
	 “Change of Control Payment Date”
	  	4.07(b)
	 “Covenant Defeasance”
	  	8.02(c)
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.11(c)
	 “Finco”
	  	Preamble
	 “Global Note”
	  	2.01
	 “Initial Global Notes”
	  	2.01
	 “Initial Notes”
	  	2.02
	 “Issuer” or “Issuers”
	  	Preamble
	 “Legal Defeasance”
	  	8.02(b)
	 “Opco”
	  	Preamble
	 “Parent”
	  	Preamble
	 “Participants”
	  	2.15(a)
	 “Paying Agent”
	  	2.03
	 “Physical Notes”
	  	2.01

  
 23 

			
	 Term
	  	Defined in
Section
	 “purchase”
	  	4.09(a)(3)
	 “Refunding Capital Stock”
	  	4.09(b)(4)
	 “Registrar”
	  	2.03
	 “Release Date”
	  	3.08
	 “Restricted Payments”
	  	4.09(a)(4)
	 “Reversion Date”
	  	4.16
	 “Special Mandatory Redemption”
	  	3.08
	 “Suspended Covenant”
	  	4.16
	 “Suspension Period”
	  	4.16
	 “Trigger Date”
	  	3.08
	 “Trustee”
	  	Preamble

 SECTION 1.03. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to
a provision of the Trust Indenture Act, such provision is incorporated by reference in, and made a part of, this Indenture. The following Trust Indenture Act terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes. 
 “obligor” on the indenture securities means the Issuers, any Guarantor or any other obligor on the Notes. 
 All other Trust Indenture Act terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by SEC rule and not otherwise
defined herein have the meanings assigned to them therein. 
 SECTION 1.04. Rules of Construction. Unless the context
otherwise requires: 
 (1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

(4) words in the singular include the plural, and words in the plural include the singular; 

(5) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision; 
 (6) the words “including,”
“includes” and similar words shall be deemed to be followed by “without limitation”; 
 (7)
unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; 
 (8) secured Indebtedness shall not be deemed to be subordinate or junior to any other secured Indebtedness merely because it has a junior priority with respect to the same collateral; 

  
 24 

 (9) the principal amount of any noninterest bearing or other discount
security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 

(10) the amount of any preferred stock that does not have a fixed redemption, repayment or repurchase price shall be the
maximum liquidation value of such Preferred Stock; 
 (11) all references to the date the Notes were originally
issued shall refer to the Issue Date, except as otherwise specified; and 
 (12) references to the Issuers mean
either the Issuers or the applicable Issuer, as the context requires, and references to an Issuer mean either such Issuer or the Issuers, as the context requires. 
 ARTICLE TWO 
 The Notes 

SECTION 2.01. Form and Dating. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of
Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. The Issuers shall approve the form of the Notes and any notation, legend or endorsement on them. Each Note shall show the
date of its authentication. Each Note shall have an executed Guarantee from each of the Guarantors existing on the Issue Date endorsed thereon substantially in the form of Exhibit C. 

The terms and provisions contained in the Notes and the Guarantees shall constitute, and are hereby expressly made, a part of this
Indenture and, to the extent applicable, the Issuers, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 

The Notes shall be issued initially in the form of a single permanent global Note in registered form, substantially in the form set forth
in Exhibit A (the “Initial Global Notes”), deposited with the Trustee, as custodian for the Depository, duly executed by the Issuers (and having an executed Guarantee from each of the Guarantors endorsed thereon) and
authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in Exhibit B. 
 The Notes
issued after the Issue Date shall be issued initially in the form of one or more global Notes in registered form, substantially in the form set forth in Exhibit A, deposited with the Trustee, as custodian for the Depository, duly executed by
the Issuers (and having an executed Guarantee from each of the Guarantors endorsed thereon) and authenticated by the Trustee as hereinafter provided and shall bear any legends required by applicable law (together with the Initial Global Notes, the
“Global Notes”) or as Physical Notes. 
 The aggregate principal amount of the Global Notes may from time to
time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depository, as hereinafter provided. Notes issued in exchange for interests in a Global Note pursuant to Section 2.15 may be issued in the
form of permanent certificated Notes in registered form in substantially the form set forth in Exhibit A and bearing the applicable legends, if any (the “Physical Notes”). 

Additional Notes ranking pari passu with the Initial Notes (as defined in Section 2.02) may be created and issued from time
to time by the Issuers without notice to or consent of the Holders 

  
 25 

 
and shall be consolidated with and form a single class with the Initial Notes and shall have the same terms as to status, redemption or otherwise (other than with respect to the purchase price
thereof and the date from which the interest accrues) as the Initial Notes; provided that the Issuers’ ability to issue Additional Notes shall be subject to the Issuers’ compliance with Section 4.08. Except as described under
Article Nine, the Initial Notes and any Additional Notes subsequently issued under this Indenture will be treated as a single class for all purposes under this Indenture, including waivers, amendments, redemptions and offers to purchase, and shall
vote together as one class on all matters with respect to the Notes; provided further that if the Additional Notes are not fungible with the Notes for U.S. Federal income tax purposes the Additional Notes will have a separate CUSIP number, if
applicable. Unless the context requires otherwise, references to “Notes” for all purposes of this Indenture include any Additional Notes that are actually issued. 
 SECTION 2.02. Execution, Authentication and Denomination; Additional Notes. One Officer of each of the Issuers (who shall have been duly authorized by all requisite corporate actions) shall sign
the Notes for each Issuer by manual, facsimile, .pdf attachment or other electronically transmitted signature. One Officer of each Guarantor (who shall have been duly authorized by all requisite corporate actions) shall sign the Guarantee for such
Guarantor by manual, facsimile, pdf attachment or other electronically transmitted signature. 
 If an Officer whose signature
is on a Note or Guarantee, as the case may be, was an Officer at the time of such execution but no longer holds that office at the time the Trustee authenticates the Note, the Note shall nevertheless be valid. 

A Note (and the Guarantees in respect thereof) shall not be valid until an authorized signatory of the Trustee manually signs the
certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee shall authenticate (i) on the Issue Date, Notes for original issue in the aggregate principal amount not to exceed $200,000,000 (the “Initial Notes”) and
(ii) additional Notes (the “Additional Notes”) in an unlimited amount (so long as not otherwise prohibited by the terms of this Indenture, including Section 4.08) (x) in exchange for a like principal amount of Initial
Notes or (y) in exchange for a like principal amount of Additional Notes in each case upon a written order of the Issuers in the form of a certificate of an Officer of each Issuer (an “Authentication Order”). Each such
Authentication Order shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated, whether the Notes are to be Initial Notes or Additional Notes and whether the Notes are to be issued as certificated
Notes or Global Notes or such other information as the Trustee may reasonably request. In addition, with respect to authentication pursuant to clause (ii) or (iii) of the first sentence of this paragraph, the first such Authentication
Order from the Issuers shall be accompanied by an Opinion of Counsel of the Issuers in a form reasonably satisfactory to the Trustee. 
 All Notes issued under this Indenture shall be treated as a single class for all purposes under this Indenture. The Additional Notes shall bear any legend required by applicable law. 

The Trustee may appoint an authenticating agent reasonably acceptable to the Issuers to authenticate Notes. Unless otherwise provided in
the appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as
an Agent to deal with the Issuers and Affiliates of the Issuers. 
 The Notes shall be issuable only in registered form without
coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

  
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 SECTION 2.03. Registrar and Paying Agent. The Issuers shall maintain or cause to be
maintained an office or agency in the United States of America where (a) Notes may be presented or surrendered for registration of transfer or for exchange (“Registrar”), (b) Notes may, subject to Section 2 of the
Notes, be presented or surrendered for payment (“Paying Agent”). The Issuers may also from time to time designate one or more other offices or agencies where the Notes 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 Issuers of their obligation to maintain or cause to be maintained an office or agency in the
United States of America, for such purposes. The Issuers may act as Registrar or Paying Agent, except that for the purposes of Articles Three and Eight and Sections 4.07 and 4.11, neither the Issuers nor any Affiliate of the Issuers shall act
as Paying Agent. The Registrar, as an agent of the Issuers, shall keep a register, including ownership, of the Notes and of their transfer and exchange. The Issuers, upon notice to the Trustee, may have one or more co-registrars and one or more
additional paying agents reasonably acceptable to the Trustee. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuers initially appoint the Trustee as
Registrar and Paying Agent until such time as the Trustee has resigned or a successor has been appointed. 
 The Issuers shall
enter into an appropriate agency agreement with any Agent not a party to this Indenture, which agreement shall implement the provisions of this Indenture that relate to such Agent. The Issuers shall notify the Trustee, in advance, of the name and
address of any such Agent. If the Issuers fail to maintain a Registrar or Paying Agent, the Trustee shall act as such. 

SECTION 2.04. Paying Agent To Hold Assets in Trust. The Issuers shall require each Paying Agent other than the Trustee or the
Issuers or any Subsidiary of the Issuers to agree in writing that each Paying Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether
such assets have been distributed to it by the Issuers or any other obligor on the Notes), and shall notify the Trustee of any Default by the Issuers (or any other obligor on the Notes) in making any such payment. The Issuers at any time may require
a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent
to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuers to the Paying Agent, the Paying Agent shall have no further
liability for such assets. 
 SECTION 2.05. Holder Lists. The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Issuers shall furnish to the Trustee at least two Business Days prior to each Interest Payment Date and at
such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Holders, which list may be conclusively relied upon by the Trustee. 

SECTION 2.06. Transfer and Exchange. Subject to Section 2.15, when Notes are presented to the Registrar with a request to
register the transfer of such Notes or to exchange such Notes for an equal principal amount of Notes of other authorized denominations, the Registrar shall register the transfer or make the exchange as requested if its requirements for such
transaction are met; provided, however, that the Notes surrendered for transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Issuers and the Registrar, duly executed
by the Holder thereof or his or her attorney duly authorized in writing. To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Notes at the Registrar’s request. No service charge shall
be made for any registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith. 

  
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 Without the prior written consent of the Issuers, the Registrar shall not be required to
register the transfer of or exchange of any Note (i) during a period beginning at the opening of business 15 days before the mailing of a notice of redemption of Notes and ending at the close of business on the day of such mailing,
(ii) selected for redemption in whole or in part pursuant to Article Three, except the unredeemed portion of any Note being redeemed in part and (iii) beginning at the opening of business on any Record Date and ending on the close of
business on the related Interest Payment Date. 
 Any Holder of a beneficial interest in a Global Note shall, by acceptance of
such beneficial interest, agree that transfers of beneficial interests in such Global Notes may be effected only through a book-entry system maintained by the Holder of such Global Note (or its agent) in accordance with the applicable legends
thereon, and that ownership of a beneficial interest in the Note shall be required to be reflected in a book-entry system. 

SECTION 2.07. Replacement Notes. If a mutilated Note is surrendered to the Trustee or if the Holder of a Note claims that the Note
has been lost, destroyed or wrongfully taken, the Issuers shall issue and the Trustee shall authenticate, upon receipt of an Authentication Order, a replacement Note if the Trustee’s and Issuers’ requirements are met. Such Holder shall
provide an indemnity bond or other indemnity, sufficient in the judgment of both the Issuers and the Trustee, to protect the Issuers, the Trustee or any Agent from any loss that any of them may suffer if a Note is replaced. The Issuers may charge
such Holder for its out-of-pocket expenses in replacing a Note pursuant to this Section 2.07, including fees and expenses of counsel and of the Trustee. 
 Every replacement Note is an additional obligation of the Issuers and every replacement Guarantee shall constitute an additional obligation of the Guarantor thereof. 

The provisions of this Section 2.07 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of lost, destroyed or wrongfully taken Notes. 
 SECTION 2.08. Outstanding Notes.
Notes outstanding at any time are all the Notes that have been authenticated by the Trustee except those cancelled by it, those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. A Note does not cease
to be outstanding because the Issuers, the Guarantors or any of their respective Affiliates hold the Note (subject to the provisions of Section 2.09). 
 If a Note is replaced pursuant to Section 2.07 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless a Responsible Officer of the Trustee receives proof
satisfactory to it that the replaced Note is held by a bona fide purchaser. A mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.07. 

If the principal amount of any Note is considered paid under Section 4.01, it ceases to be outstanding and interest ceases to
accrue. If on a Redemption Date or the Stated Maturity the Trustee or Paying Agent (other than the Issuers or an Affiliate thereof) holds U.S. Legal Tender or U.S. Government Obligations sufficient to pay all of the principal and interest due on the
Notes payable on that date, then on and after that date such Notes cease to be outstanding and interest on them ceases to accrue. 
 SECTION 2.09. Treasury Notes. In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuers

  
 28 

 
or any of their Affiliates shall be disregarded as required by the Trust Indenture Act, except that, for the purposes of determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Notes that a Responsible Officer of the Trustee, actually knows are so owned shall be disregarded. Notes so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the Issuers or any obligor upon the Notes or any Affiliate of the Issuers or of such other
obligor. 
 SECTION 2.10. Temporary Notes. Until definitive Notes are ready for delivery, the Issuers may prepare and the
Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Issuers consider appropriate for temporary Notes. Without unreasonable delay, the Issuers shall
prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. Until such exchange, temporary Notes shall be entitled to the same rights, benefits and privileges as definitive Notes. Notwithstanding the foregoing, so
long as the Notes are represented by a Global Note, such Global Note may be in typewritten form. 
 SECTION 2.11.
Cancellation. The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for transfer, exchange or payment. The Trustee, or at the
direction of the Trustee, the Registrar or the Paying Agent (other than the Issuers or a Subsidiary of the Issuers), and no one else, shall cancel and, at the written direction of the Issuers, shall dispose of all Notes surrendered for transfer,
exchange, payment or cancellation in accordance with its customary procedures. Subject to Section 2.07, the Issuers may not issue new Notes to replace Notes that they have paid or delivered to the Trustee for cancellation. If the Issuers or any
Guarantor shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation pursuant to this
Section 2.11. 
 SECTION 2.12. Defaulted Interest. If the Issuers default in a payment of interest on the Notes,
they shall pay the defaulted interest, plus (to the extent lawful) any interest payable on the defaulted interest, in any lawful manner. The Issuers may pay the defaulted interest to the persons who are Holders on a subsequent special record date,
which date shall be the 15th day next preceding the date fixed by the Issuers for the payment of defaulted interest or the next succeeding Business Day if such date is not a Business Day. At least 15 days before any such subsequent special record
date, the Issuers shall mail to each Holder, with a copy to the Trustee, a notice that states the subsequent special record date, the payment date and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to be
paid. 
 SECTION 2.13. CUSIP and ISIN Numbers. The Issuers in issuing the Notes may use “CUSIP” or
“ISIN” numbers, and if so, the Trustee shall use the “CUSIP” or “ISIN” numbers in notices of redemption or exchange as a convenience to Holders; provided, however, that any such notice may state that no
representation is made as to the correctness or accuracy of the “CUSIP” or “ISIN” numbers printed in the notice or on the Notes, and that reliance may be placed only on the other identification numbers printed on the Notes. The
Issuers shall promptly notify the Trustee of any change in the “CUSIP” or “ISIN” numbers. 
 SECTION 2.14.
[Reserved]. 

  
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 SECTION 2.15. Book-Entry Provisions for Global Notes. 

(a) The Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such Depository, (ii) be
delivered to the Trustee as custodian for such Depository and (iii) if applicable, bear the legend set forth in Exhibit B. 
 Members of, or participants in, the Depository (“Participants”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depository, or the
Trustee as its custodian, or under the Global Note, and the Depository may be treated by the Issuers, the Trustee and any agent of the Issuers or the Trustee as the absolute owner of the Global Note for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Issuers, the Trustee or any agent of the Issuers or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the
Depository and Participants, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 

(b) Transfers of Global Notes shall be limited to transfers in whole, but not in part, to the Depository, its successors or their
respective nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Physical Notes in accordance with the rules and procedures of the Depository and the provisions of this Section 2.15. In addition,
Physical Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in Global Notes if (i) the Depository notifies the Issuers that it is unwilling or unable to act as Depository for any Global Note, the
Issuers so notify the Trustee in writing and a successor Depository is not appointed by the Issuers within 90 days of such notice or (ii) a Default or Event of Default has occurred and is continuing and the Registrar has received a written
request from any owner of a beneficial interest in a Global Note to issue Physical Notes. Upon any issuance of a Physical Note in accordance with this Section 2.15(b) the Trustee is required to register such Physical Note in the name of, and
cause the same to be delivered to, such person or persons (or the nominee of any thereof). All such Physical Notes shall bear the applicable legends, if any. 
 (c) In connection with any transfer or exchange of a portion of the beneficial interest in a Global Note to beneficial owners pursuant to paragraph (b) of this Section 2.15, the Registrar shall
(if one or more Physical Notes are to be issued) reflect on its books and records the date and a decrease in the principal amount of such Global Note in an amount equal to the principal amount of the beneficial interest in the Global Note to be
transferred, and the Issuers shall execute, and the Trustee shall authenticate and deliver, one or more Physical Notes of authorized denominations in an aggregate principal amount equal to the principal amount of the beneficial interest in the
Global Note so transferred. 
 (d) In connection with the transfer of a Global Note as an entirety to beneficial owners pursuant
to paragraph (b) of this Section 2.15, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and (i) the Issuers shall execute, (ii) the Guarantors shall execute notations of Guarantees on and
(iii) the Trustee shall upon written instructions from the Issuers authenticate and deliver, to each beneficial owner identified by the Depository in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount
of Physical Notes of authorized denominations. 
 (e) The Holder of any Global Note may grant proxies and otherwise authorize
any Person, including Participants and Persons that may hold interests through Participants, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(f) General. The Registrar shall retain copies of all letters, notices and other written communications received pursuant to this
Section 2.15. The Issuers shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar. 

  
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 The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants or beneficial owners of interests in
any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof. 
 The Trustee shall have no responsibility for the
actions or omissions of the Depository, or the accuracy of the books and records of the Depository. 
 (g) Cancellation
and/or Adjustment of Global Note. At such time as all beneficial interests in a particular Global Note have been exchanged for Physical Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each
such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a
Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Physical Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on
such Global Note by the Trustee or the Depository 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 will take delivery thereof in the form of a beneficial
interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 

ARTICLE THREE 

Redemption 
 SECTION 3.01. Notices to Trustee. The Notes may be redeemed, in whole, or from time to time in part, subject to the conditions and at the redemption prices set forth in Section 5 and
Section 6 of the form of Notes set forth in Exhibit A hereto, which is hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest to the Redemption Date. If the Issuers elect to redeem
Notes pursuant to Section 5 or Section 6 of the Notes, they shall notify the Trustee in writing of the Redemption Date, the Redemption Price and the principal amount of Notes to be redeemed. The Issuers shall give notice of redemption to
the Trustee at least 45 days before the Redemption Date (unless a shorter notice shall be agreed to by the Trustee in writing), together with such documentation and records as shall enable the Trustee to select the Notes to be redeemed. 

SECTION 3.02. Selection of Notes To Be Redeemed. If less than all of the Notes are to be redeemed at any time pursuant to
Section 5 or Section 6 of the Notes, the Trustee shall select Notes for redemption as follows: 
 (x)
in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are then listed; or 
 (y) on a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate; 
 provided, however, that, in the case of such redemption pursuant to Section 6 of the Notes, the Trustee shall select the Notes on a pro rata basis to the extent practicable, by
lot or such other method as the Trustee in its sole discretion shall deem to be fair and appropriate, unless another method is required by law or applicable exchange or depositary requirements (subject to the procedures of the Depository).

  
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 No Notes of $2,000 or less shall be redeemed in part. 

SECTION 3.03. Notice of Redemption. At least 30 days but not more than 60 days before a Redemption Date, the Issuers shall mail a
notice of redemption by first class mail, postage prepaid, or as otherwise provided in accordance with the procedures of the Depository, to each Holder whose Notes are to be redeemed at its registered address (with a copy to the Trustee), except
that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article Eight hereof. Notices of
redemption may be given prior to the completion of an Equity Offering, and any redemption or notice may, at the Issuers’ discretion, be subject to the completion of an Equity Offering. At the Issuers’ request, the Trustee shall forward the
notice of redemption in the Issuers’ name and at the Issuers’ expense. Each notice for redemption shall identify the Notes (including the CUSIP or ISIN number) to be redeemed and shall state: 

(1) the Redemption Date; 
 (2) the Redemption Price and the amount of accrued interest, if any, to be paid; 
 (3) the name and address of the Paying Agent; 
 (4) that Notes
called for redemption shall be surrendered to the Paying Agent to collect the Redemption Price plus accrued interest, if any; 
 (5) that, unless the Issuers default in making the redemption payment, interest on Notes called for redemption ceases to accrue on and after the Redemption Date, and the only remaining right of the
Holders of such Notes is to receive payment of the Redemption Price upon surrender to the Paying Agent of the Notes redeemed; 
 (6) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the Redemption Date, and upon surrender and cancellation of such Note, a new Note
or Notes in aggregate principal amount equal to the unredeemed portion thereof will be issued; 
 (7) if fewer
than all the Notes are to be redeemed, the identification of the particular Notes (or portion thereof) to be redeemed, as well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding
after such partial redemption; and 
 (8) the Section of the Notes or this Indenture, as applicable, pursuant to
which the Notes are to be redeemed. 
 The notice, if mailed in a manner herein provided, shall be conclusively presumed to have
been given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the
proceedings for the redemption of any other Note. Except as otherwise provided in this Article Three, notices of redemption may not be conditional. 

  
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 At the Issuers’ request, the Trustee shall give the notice of redemption in the name of
the Issuers and at its expense; provided that the Issuers shall have delivered to the Trustee, at least five Business Days before notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to this
Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding
paragraph. 
 SECTION 3.04. Effect of Notice of Redemption. Once notice of redemption is mailed in accordance with
Section 3.03, Notes called for redemption become due and payable on the Redemption Date and at the Redemption Price plus accrued interest, if any. Upon surrender to the Trustee or Paying Agent, such Notes called for redemption shall be paid at
the Redemption Price (which shall include accrued interest thereon to, but not including, the Redemption Date), but installments of interest, the maturity of which is on or prior to the Redemption Date, shall be payable to Holders of record at the
close of business on the relevant Record Dates. On and after the Redemption Date interest shall cease to accrue on Notes or portions thereof called for redemption and the only right of the Holders of such Notes will be to receive payment of the
Redemption Price unless the Issuers shall have not complied with its obligations pursuant to Section 3.05. 
 SECTION 3.05.
Deposit of Redemption Price. On or before 12:00 p.m. New York City time (or such later time as has been agreed to by the Paying Agent) on the Redemption Date, the Issuers shall deposit with the Paying Agent U.S. Legal Tender sufficient to pay
the Redemption Price plus accrued and unpaid interest, if any, of all Notes to be redeemed on that date. The Paying Agent shall promptly return to the Issuers any money deposited with the Paying Agent by the Issuers in excess of the amounts
necessary to pay the Redemption Price of, and accrued and unpaid interest on, all Notes to be redeemed or purchased. 
 If the
Issuers comply with the preceding paragraph, then, unless the Issuers default in the payment of such Redemption Price plus accrued interest, if any, interest on the Notes to be redeemed will cease to accrue on and after the applicable Redemption
Date, whether or not such Notes are presented for payment. 
 SECTION 3.06. Notes Redeemed in Part. If any Note is to be
redeemed in part only, the notice of redemption that relates to such Note shall state the portion of the principal amount thereof to be redeemed. A new Note or Notes in principal amount equal to the unredeemed portion of the original Note or Notes
shall be issued in the name of the Holder thereof upon surrender and cancellation of the original Note or Notes. It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of
Counsel or Officer’s Certificate is required for the Trustee to authenticate such new Note. 
 SECTION 3.07. Mandatory
Redemption. Except as set forth in Section 3.08 herein, the Issuers will not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. 

SECTION 3.08. Special Mandatory Redemption. The Notes will be subject to a mandatory redemption (a “Special Mandatory
Redemption”) in the event that either (i) the Escrow Proceeds have not been released to Opco for distribution in accordance with the terms and conditions of the Escrow Agreement (the “Release Date”) on or before the
Escrow End Date or (ii) prior to the Escrow End Date, the Issuers have determined, in their reasonable discretion, that the escrow conditions cannot be satisfied by such date (any such date, a “Trigger Date”). The Issuers will
cause a notice of Special Mandatory Redemption substantially in the form required 

  
 33 

 
by Section 3.03 to be mailed to the Holders, the Trustee and the Escrow Agent promptly but in any event not later than five Business Days after the Trigger Date and will redeem the Notes no
later than five Business Days following the date of the notice of redemption. The redemption price for any Special Mandatory Redemption will be the sum of 100% of the aggregate principal amount of the Notes issued on the Issue Date, together with
accrued and unpaid interest on the Notes from the Issue Date up to but not including the date of the Special Mandatory Redemption. 
 If the Escrow Agent receives a notice of a Special Mandatory Redemption pursuant to the terms of the Escrow Agreement, the Escrow Agent will, upon joint written direction of the Issuers, liquidate
investments of all Escrow Proceeds, if any, then held by it not later than the last Business Day prior to the date of the Special Mandatory Redemption. Concurrently with the release of the amounts necessary to fund the Special Mandatory Redemption
to the Paying Agent, the Escrow Agent will release any excess of Escrow Proceeds over the mandatory redemption price to the Issuers (less any amounts owing to the Escrow Agent), and the Issuers will be permitted to use such excess Escrow Proceeds
refunded to them at their discretion. 
 ARTICLE FOUR 
 Covenants 
 SECTION 4.01. Payment of Notes. The Issuers shall pay
the principal of, premium, if any, and interest on the Notes in the manner provided in the Notes and this Indenture. An installment of principal of, or interest on, the Notes shall be considered paid on the date it is due if the Trustee or Paying
Agent (other than the Issuers or an Affiliate thereof) holds no later than 12:00 p.m. (New York City time) on that date U.S. Legal Tender designated for and sufficient to pay the installment. Interest on the Notes will be computed on the basis of a
360-day year comprised of twelve 30-day months. 
 The Issuers shall pay interest on overdue principal (including post-petition
interest in a proceeding under any Bankruptcy Law), and overdue interest, to the extent lawful, at the same rate per annum borne by the Notes. 
 SECTION 4.02. Maintenance of Office or Agency. The Issuers shall maintain in the United States of America, the office or agency required under Section 2.03 (which may be an office of the
Trustee or an affiliate of the Trustee or Registrar). The Issuers shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuers shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made at the address of the Corporate Trust Office. 

The Issuers may also, from time to time, designate one or more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations. The Issuers shall 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.

 The Issuers hereby initially designate the Corporate Trust Office of the Trustee, as such office of the Issuers in accordance
with Section 2.03. 
 SECTION 4.03. Corporate Existence. Except as otherwise permitted by Article Five, the Parent
and the Issuers shall do or cause to be done all things necessary to preserve and keep in full force and effect their corporate, partnership or other existence, as applicable, and the corporate, partnership or other existence, as applicable, of each
of the Restricted Subsidiaries of the Parent in accordance with the 

  
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respective organizational documents of each such Restricted Subsidiary and the related material rights (charter and statutory) of the Parent, the Issuers and each Restricted Subsidiary of the
Parent; provided, however, that the Parent and the Issuers shall not be required to preserve any such right or corporate existence with respect to themselves or any Restricted Subsidiary if the Board of Directors of the Parent or any
Officer of the Parent shall determine that the preservation thereof is no longer necessary or desirable in the conduct of the business of the Parent, the Issuers and their Restricted Subsidiaries, taken as a whole, and that the loss thereof could
not reasonably be expected to have a material adverse effect on the ability of the Issuers to perform their obligations hereunder and provided, further, however, that the foregoing shall not prohibit a sale, transfer,
conveyance, lease or disposal of a Restricted Subsidiary or any of the Parent’s or any Restricted Subsidiary’s assets in compliance with the terms of this Indenture. 
 SECTION 4.04. [Reserved] 
 SECTION 4.05. Compliance Certificate; Notice
of Default. 
 (a) The Issuers shall deliver to the Trustee, within 120 days after each December 31, commencing with
December 31, 2012, an Officer’s Certificate signed by the principal executive officer, principal financial officer, principal operating officer or principal accounting officer of the Issuers stating that a review of the activities of the
Issuers and their Restricted Subsidiaries has been made under the supervision of the signing Officer with a view to determining whether the Issuers and their Restricted Subsidiaries have kept, observed, performed and fulfilled their obligations
under this Indenture and further stating, as to each such Officer signing such certificate, that, to the best of such Officer’s knowledge, the Issuers and their Restricted Subsidiaries during such preceding fiscal year have kept, observed,
performed and fulfilled each and every such covenant and no Default occurred during such year and at the date of such certificate there is no Default that has occurred and is continuing or, if such signers do know of such Default, the certificate
shall specify such Default and what action, if any, the Issuers are taking or propose to take with respect thereto. 
 (b) The
Issuers shall deliver to the Trustee within 30 days after the Issuers become aware (unless such Default has been cured before the end of the 30-day period) of the occurrence of any Default an Officer’s Certificate specifying the Default and
what action, if any, the Issuers are taking or propose to take with respect thereto. 
 SECTION 4.06. Waiver of Stay,
Extension or Usury Laws. The Issuers and each Guarantor covenants (to the extent permitted by applicable law) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law or any usury law or other law that would prohibit or forgive such Issuer or such Guarantor from paying all or any portion of the principal of and/or interest on the Notes or the Guarantee of any such Guarantor as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture, and (to the extent permitted by applicable law) each hereby expressly waives all benefit or advantage of any such law,
and covenants that it shall 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. 

  
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 SECTION 4.07. Change of Control. 

(a) If a Change of Control occurs, each holder of Notes will have the right to require the Issuers to purchase some or all (in principal
amounts of $2,000 or an integral multiple of $1,000) of such holder’s Notes pursuant to the offer described below (the “Change of Control Offer”). 
 (b) Any Change of Control Offer will include a cash offer price of 101% of the principal amount of any Notes purchased plus accrued and unpaid interest to the date of purchase (the “Change of
Control Payment”). If a Change of Control Offer is required, within ten Business Days following a Change of Control, the Issuers will mail a notice to each Holder (with a copy to the Trustee) describing the Change of Control and offering to
repurchase Notes on a specified date (the “Change of Control Payment Date”). The Change of Control Payment Date will be no earlier than 30 days and no later than 60 days from the date the notice is mailed. 

(c) On the Change of Control Payment Date, the Issuers will, to the extent lawful: 

(1) accept for payment all Notes properly tendered and not withdrawn pursuant to the Change of Control Offer; 

(2) deposit the Change of Control Payment with the paying agent in respect of all Notes so accepted; and 

(3) deliver to the Trustee the Notes accepted and an Officer’s Certificate stating the aggregate principal amount of
all Notes purchased by the Issuers. 
 (d) The Paying Agent will promptly mail to each Holder of Notes properly tendered the
Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail, or cause to be transferred by book entry, to each holder a new Note in principal amount equal to any unpurchased portion of the Notes surrendered.

 (e) The Issuers will comply with the requirements of Section 14(e) of the Exchange Act and any other securities laws or
regulations to the extent those laws and regulations are applicable to any Change of Control Offer. If the provisions of any of the applicable securities laws or securities regulations conflict with the provisions of this Section 4.07, the
Issuers will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the covenant described above by virtue of that compliance. 

(f) The Issuers shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuers and purchases all Notes validly tendered and not withdrawn under such
Change of Control Offer or if notice of redemption has been given pursuant to Section 5 or 6 of the Notes. Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control,
subject to one or more conditions precedent, including, but not limited to, the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Offer to Purchase is made. 

SECTION 4.08. Limitation on Indebtedness. 
 (a) The Issuers shall not and shall not permit any of the Restricted Subsidiaries to Incur any Indebtedness (including Acquired Indebtedness) if, immediately after giving effect to the Incurrence

  
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of such additional Indebtedness and the receipt and application of the proceeds therefrom, the aggregate principal amount of all outstanding Indebtedness of the Issuers and the Restricted
Subsidiaries on a consolidated basis would be greater than 60% of their Adjusted Total Assets. 
 (b) The Issuers shall not, and
shall not permit any of the Restricted Subsidiaries to, Incur any Secured Indebtedness (including Acquired Indebtedness) if, immediately after giving effect to the Incurrence of such additional Secured Indebtedness and the receipt and application of
the proceeds therefrom, the aggregate principal amount of all outstanding Secured Indebtedness of the Issuers and the Restricted Subsidiaries on a consolidated basis would be greater than 40% of their Adjusted Total Assets. 

(c) The Issuers shall not and shall not permit any of the Restricted Subsidiaries to Incur any Indebtedness (including Acquired
Indebtedness); provided, however, that the Issuers or any of the Restricted Subsidiaries may Incur Indebtedness (including Acquired Indebtedness) if, after giving effect to the Incurrence of such Indebtedness and the receipt and
application of the proceeds therefrom, the Interest Coverage Ratio of the Issuers and the Restricted Subsidiaries on a consolidated basis would be at least 2.0 to 1.0; provided that the amount of Indebtedness (including Acquired Indebtedness)
that may be Incurred by Restricted Subsidiaries that are not Guarantors shall not exceed in the aggregate 5% of Adjusted Total Assets of the Issuers and the Restricted Subsidiaries. 

(d) Notwithstanding paragraph (a), (b) or (c) above, the Issuers or any of the Restricted Subsidiaries (except as specified
below) may Incur each and all of the following: 
 (1) Indebtedness of the Issuers or any of the Restricted
Subsidiaries outstanding under any Credit Facility at any time in an aggregate principal amount not to exceed the greater of (x) $640,000,000 and (y) 30% of Adjusted Total Assets of the Issuers and the Restricted Subsidiaries; 

(2) Indebtedness of the Issuers or any of the Restricted Subsidiaries owed to: 

(i) the Issuers evidenced by an unsubordinated promissory note, or 

(ii) any Restricted Subsidiary; 
 provided, however, that any event that results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary of the Issuers or any subsequent transfer of such Indebtedness (other
than to the Issuers or any other Restricted Subsidiary of the Issuers) shall be deemed, in each case, to constitute an Incurrence of such Indebtedness not permitted by this clause (2); 

(3) Indebtedness of the Issuers or any of their Restricted Subsidiaries under Currency Agreements and Interest Rate
Agreements; provided that such agreements (x) are designed solely to protect the Issuers or any of their Restricted Subsidiaries against fluctuations in foreign currency exchange rates or interest rates (whether fluctuations of fixed to
floating rate interest or floating to fixed rate interest) and (y) do not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations in foreign currency exchange rates or interest rates or by reason
of fees, indemnities and compensation payable thereunder; 
 (4) Indebtedness of the Issuers or any of the
Subsidiary Guarantors, to the extent the net proceeds thereof are promptly: 
 (i) used to purchase Notes
tendered in a Change of Control Offer made as a result of a Change of Control, 

  
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 (ii) used to redeem all the Notes pursuant to Section 5 of the Notes,

 (iii) deposited to defease the Notes as described in Sections 8.02 and 8.03, or 

(iv) deposited to discharge the obligations under the Notes and this Indenture as described in Section 8.01;

 (5) (i) Guarantees of Indebtedness of the Issuers by any of the Subsidiary Guarantors; provided
the guarantee of such Indebtedness is permitted by and made in accordance with Section 4.14, and (ii) Guarantees by a Subsidiary Guarantor of any Indebtedness of any other Subsidiary Guarantor; 

(6) Indebtedness outstanding on the Issue Date (other than pursuant to clause (1) or (7)); 

(7) Indebtedness represented by the Notes and the Guarantees issued on the Issue Date; 

(8) Indebtedness consisting of obligations to pay insurance premiums incurred in the ordinary course of business;

 (9) Indebtedness in respect of any bankers’ acceptance, bank guarantees, letter of credit, warehouse
receipt or similar facilities, and reinvestment obligations related thereto, entered into in the ordinary course of business; 
 (10) Indebtedness in respect of workers’ compensation claims, self-insurance obligations, indemnities, bankers’ acceptances, performance, completion and surety bonds or guarantees and similar
types of obligations in the ordinary course of business; 
 (11) Indebtedness represented by cash management
obligations and other obligations in respect of netting services, automatic clearinghouse arrangements, overdraft protections and similar arrangements in each case in connection with deposit accounts; 

(12) Indebtedness supported by a letter of credit procured by the Issuers or their Restricted Subsidiaries in a principal
amount not in excess of the stated amount of such letter of credit and where the underlying Indebtedness would otherwise be permitted; 
 (13) Permitted Refinancing Indebtedness incurred in exchange for, or the net proceeds of which are used to refund, refinance or replace, Indebtedness (other than intercompany Indebtedness) that was
permitted by this Indenture to be incurred under the provisions of Sections 4.08(a), (b) and (c) or clauses (6), (7), (13) or (15) of this Section 4.08(d); 

(14) Indebtedness (including Capitalized Lease Obligations) Incurred by the Issuers or any Restricted Subsidiary within
270 days of the related purchase, lease or improvement, to finance the purchase, lease or improvement of property (real or personal) or equipment used in the business of the Issuers or any Restricted Subsidiary, whether through the direct
purchase of assets or the Capital Stock of any Person owning such assets in an aggregate principal amount not to exceed at any one time outstanding the greater of (x) $42,000,000 and (y) 2% of Adjusted Total Assets at any time outstanding;
or 

  
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 (15) additional Indebtedness of the Issuers and their Restricted
Subsidiaries in aggregate principal amount at any time outstanding not to exceed the greater of (x) $85,000,000 and (y) 4.0% of the Issuers’ and their Restricted Subsidiaries’ Adjusted Total Assets; provided,
however, that any Permitted Refinancing Indebtedness incurred under clause (13) above in respect of such Indebtedness shall be deemed to have been incurred under this clause (15) for purposes of determining the amount of Indebtedness
that may at any time be incurred under this clause (15). 
 (e) Notwithstanding any other provision of this Section 4.08,
the maximum amount of Indebtedness that the Parent, the Issuers or any of the Restricted Subsidiaries may Incur pursuant to this Section 4.08 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, due solely to the
result of fluctuations in the exchange rates of currencies. 
 (f) For purposes of determining any particular amount of
Indebtedness under this Section 4.08, 
 (1) Indebtedness Incurred and outstanding under the Credit
Agreement on or prior to the Issue Date shall be treated as Incurred pursuant to clause (1) of paragraph (d) of this Section 4.08, and 
 (2) Guarantees, Liens or obligations with respect to letters of credit supporting Indebtedness otherwise included in the determination of such particular amount shall not be included. 

For purposes of determining compliance with this Section 4.08, in the event that an item of Indebtedness meets the criteria of more
than one of the categories of permitted Indebtedness described in clauses (1) through (15) of paragraph (d) above or is entitled to be incurred pursuant to paragraphs (a), (b) and (c) above, the Issuers shall, in their sole
discretion, be entitled to classify all or a portion of such item of Indebtedness on the date of its incurrence or issuance and determine the order of such incurrence or issuance (and may later reclassify such item of Indebtedness) and may divide
and classify such Indebtedness in more than one of the types of Indebtedness described. At any time that the Issuers or the Restricted Subsidiaries would be entitled to have incurred any then outstanding Indebtedness under paragraphs (a),
(b) and (c) of this Section 4.08, such Indebtedness shall be automatically reclassified into Indebtedness incurred pursuant to those paragraphs. Notwithstanding the foregoing, any Indebtedness Incurred and outstanding under the Credit
Agreement on or prior to the Issue Date shall be deemed to have been incurred under clause (1) of paragraph (d) above and may not be reclassified. Indebtedness permitted by this Section 4.08 need not be permitted solely by reference
to one provision permitting such Indebtedness, but may be permitted in part by one such provision and in part by one or more other provisions of this Section 4.08 permitting such Indebtedness. For the avoidance of doubt, the outstanding
principal amount of any particular Indebtedness shall be counted only once and any obligations arising under any guarantee, Lien, letter of credit or similar instrument supporting such Indebtedness shall not be double-counted. 

For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar
equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the
case of revolving credit debt; provided, however, that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar denominated
restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long

  
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as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced, plus the amount of any reasonable premium (including
reasonable tender premiums), defeasance costs and any reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness. The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a
different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing.

 SECTION 4.09. Limitation on Restricted Payments. 

(a) Opco shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(1) declare or pay any dividend or make any distribution on or with respect to Capital Stock of Opco or any Restricted
Subsidiary held by Persons other than Opco or any of its Restricted Subsidiaries, other than (i) dividends or distributions payable solely in shares of its Capital Stock (other than Disqualified Stock) or in options, warrants or other rights to
acquire shares of such Capital Stock and (ii) pro rata dividends or other distributions made by a Restricted Subsidiary of Opco that is not Wholly Owned to minority stockholders (or owners of equivalent interests in the event such
Subsidiary is not a corporation); 
 (2) purchase, redeem, retire or otherwise acquire for value any shares of
Capital Stock (including options, warrants or other rights to acquire such shares of Capital Stock) of Opco or any of its direct or indirect parent entities held by any Person (other than a Restricted Subsidiary); 

(3) make any voluntary or optional principal payment, or voluntary or optional redemption, repurchase, defeasance, or
other acquisition or retirement for value, or give any irrevocable notice of redemption of Subordinated Indebtedness of the Issuers or any Subsidiary Guarantor, in each case excluding (i) any intercompany Indebtedness between or among the
Parent, the Issuers or any of the Subsidiary Guarantors; (ii) the payment, purchase, redemption, defeasance, acquisition or retirement (collectively, a “purchase”) of Subordinated Indebtedness purchased in anticipation of
satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, purchase, redemption, defeasance, acquisition or retirement; and (iii) the giving of an irrevocable
notice of redemption with respect to a transaction described in clauses (3) or (5) of Section 4.09(b); or 
 (4) make an Investment, other than a Permitted Investment, in any Person, 
 (such payments or any
other actions described in clauses (1) through (4) above being collectively “Restricted Payments”) if, at the time of, and after giving effect to, the proposed Restricted Payment: 

(A) a Default or Event of Default shall have occurred and be continuing, 

(B) the Issuers could not Incur at least $1.00 of Indebtedness under paragraphs (a) and (c) of
Section 4.08, or 

  
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 (C) the aggregate amount of all Restricted Payments (the amount, if other
than in cash, to be determined in good faith by the Board of Directors of the Issuers, whose determination shall be conclusive and evidenced by a Board Resolution) made after the April Issue Date shall exceed the sum of, without duplication:

 (i) 95% of the aggregate amount of the Funds From Operations (or, if the Funds From Operations is a loss,
minus 100% of the amount of such loss) accrued on a cumulative basis during the period (taken as one accounting period) beginning April 1, 2011 and ending on the last day of the last fiscal quarter preceding the Transaction Date for which
reports have been filed with the SEC or provided to the Trustee pursuant to Section 4.15, plus 

(ii) 100% of the aggregate Net Cash Proceeds received by the Issuers after the April Issue Date from (x) the issuance
and sale of Opco’s Capital Stock (other than Disqualified Stock) or (y) the issuance and sale of Parent’s Capital Stock (to the extent contributed to Opco as Capital Stock (other than Disqualified Stock)) to a Person who is not a
Subsidiary of the Parent, including from an issuance or sale permitted by this Indenture of Indebtedness of the Issuers or any of their Restricted Subsidiaries for cash subsequent to the April Issue Date upon the conversion of such Indebtedness into
Capital Stock (other than Disqualified Stock) of Opco or Parent, or from the issuance to a Person who is not a Subsidiary of the Parent of any options, warrants or other rights to acquire Capital Stock of Opco or Parent (in each case, exclusive of
any Disqualified Stock or any options, warrants or other rights that are redeemable at the option of the holder for cash or Indebtedness, or are required to be redeemed, prior to the Stated Maturity of the Notes), plus 

(iii) 100% of (x) the aggregate net cash proceeds and (y) the fair market value of other property, in any such
case, received by means of the sale or other disposition (other than to the Issuers or a Restricted Subsidiary) of Restricted Investments made by the Issuers or a Restricted Subsidiary and repurchases and redemptions of such Restricted Investments
from the Issuers or a Restricted Subsidiary (other than by the Issuers or a Restricted Subsidiary) and repayments of loans or advances that constitute Restricted Investments made by the Issuers or a Restricted Subsidiary, in each case after the
April Issue Date (except, in each case, to the extent any such payment or proceeds are included in the calculation of Funds From Operations), plus 
 (iv) in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation or consolidation of an Unrestricted Subsidiary into one of the Issuers or a
Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to one of the Issuers or a Restricted Subsidiary after the April Issue Date, the fair market value, as determined in good faith by the
Issuers or if such fair market value may exceed $50.0 million, in writing by a nationally recognized investment banking, appraisal or accounting firm, of the Investment in such Unrestricted Subsidiary or the assets transferred at the time of
the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger, amalgamation, consolidation or transfer of assets (other than to the extent the Investment in such Unrestricted Subsidiary constituted a
Permitted Investment), plus 
 (v) the fair market value of non-cash tangible assets or Capital Stock
acquired in exchange for an issuance of Capital Stock (other than Disqualified Stock or Capital Stock issued in exchange for Capital Stock of the Issuers or the Parent utilized pursuant to clauses (3) or (4) of Section 4.09(b)) of
Opco or, to the extent contributed to Opco or one or more Restricted Subsidiaries, the Parent, in each case, subsequent to the April Issue Date (including upon conversion or exchange of the Common Units for Capital Stock of the Parent, in which case
the fair market value shall equal the fair market value received upon issuance of such Common Units), plus 

  
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 (vi) without duplication, in the event the Issuers or any Restricted
Subsidiary makes any Investment in a Person that, as a result of or in connection with such Investment, becomes a Restricted Subsidiary, an amount not to exceed the amount of Investments previously made by the Issuers and the Restricted Subsidiaries
in such Person that was treated as a Restricted Payment. 
 (b) Notwithstanding Section 4.09(a), the limitations on
Restricted Payments described above shall not apply to the following: 
 (1) any distribution or other action
which is necessary to maintain the Parent’s status as a REIT under the Code, if the aggregate principal amount of outstanding Indebtedness of the Issuers and the Restricted Subsidiaries on a consolidated basis determined in accordance with GAAP
is less than 60% of Adjusted Total Assets as of the end of the fiscal quarter covered in the Parent’s annual or quarterly report most recently furnished to holders of the Notes or filed with the SEC, as the case may be; 

(2) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the
date of declaration thereof or the giving of a redemption notice related thereto, as the case may be, if, at said date of declaration or notice, such payment would comply with Section 4.09(a); 

(3) the payment, redemption, repurchase, defeasance or other acquisition or retirement for value of Subordinated
Indebtedness, including premium, if any, and accrued and unpaid interest, with the proceeds of, or in exchange for, Indebtedness Incurred under Sections 4.08(a), (b) or (c) or Section 4.08(d)(13); 

(4) (a) the making of any Restricted Payment in exchange for, or out of the proceeds of the substantially concurrent
sale of, Capital Stock of Opco or the Parent (other than any Disqualified Stock or any Capital Stock sold to an Issuer or a Restricted Subsidiary or to an employee stock ownership plan or any trust established by the Parent or any of its
Subsidiaries) or from substantially concurrent contributions to the equity capital of Opco (collectively, including any such contributions, “Refunding Capital Stock”) (with any offering within 90 days deemed as substantially
concurrent); and (b) the declaration and payment of accrued dividends on any Capital Stock redeemed, repurchased, retired, defeased or acquired out of the proceeds of the sale of Refunding Capital Stock within 90 days of such sale;
provided that the amount of any such proceeds or contributions that are utilized for any Restricted Payment pursuant to this clause (4) shall be excluded from the amount described in Section 4.09(a)(4)(C)(ii); 

(5) the payment, redemption, repurchase, defeasance or other acquisition or retirement for value of Subordinated
Indebtedness, including premium, if any, and accrued and unpaid interest with the proceeds of, or in exchange for, an issuance of, shares of Capital Stock of the Parent or Opco (or options, warrants or other rights to acquire such Capital Stock)
that occurs within 90 days of such payment, redemption, repurchase, defeasance or other acquisition or retirement for value; provided, that the amount of any such proceeds or contributions that are utilized for any Restricted Payments
pursuant to this clause (5) shall be excluded from the amount described in Section 4.09(a)(4)(C)(ii); 

(6) (x) the distribution or dividend to Parent, the proceeds of which are used to repurchase, redeem or otherwise
acquire or retire for value any shares of Capital Stock of the Parent held by any of the Parent’s or Medical Property Trust LLC’s Subsidiaries and (y) the repurchase, redemption or other acquisition or retirement for value of any
shares of Capital Stock of Opco or 

  
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any Restricted Subsidiary in each case held by any of the Parent’s or an Issuer’s or any Restricted Subsidiaries’ current or former officers, directors, consultants or employees
(or any permitted transferees, assigns, estates or heirs of any of the foregoing); provided, however, the aggregate amount distributed or dividended to Parent and paid by the Issuers and the Restricted Subsidiaries pursuant to this
clause (6) shall not exceed $5,000,000 in any calendar year (excluding for purposes of calculating such amount the amount paid for Capital Stock repurchased, redeemed, acquired or retired with the cash proceeds from the repayment of outstanding
loans previously made by the Parent, an Issuer or a Restricted Subsidiary thereof for the purpose of financing the acquisition of such Capital Stock), with unused amounts in any calendar year being carried over to the next two succeeding calendar
years; provided further, that such amount in any calendar year may be increased by an amount not to exceed (A) the Net Cash Proceeds from the sale of Capital Stock (other than Disqualified Stock) of Opco or Parent to the extent
contributed to Opco or any of its Restricted Subsidiaries to members of management, directors or consultants of the Parent, Opco or any of the Restricted Subsidiaries that occurs after the April Issue Date, to the extent such proceeds (i) have
not otherwise been and are not thereafter applied to the payment of any other Restricted Payment or (ii) are not attributable to loans made by the Parent, an Issuer or a Restricted Subsidiary thereof for the purpose of financing the acquisition
of such Capital Stock, plus (B) the cash proceeds of key-man life insurance policies received by the Issuers and their Restricted Subsidiaries after the April Issue Date, less (C) the amount of any Restricted Payments previously made
pursuant to clauses (A) and (B) of this clause (6); provided further, however, that cancellation of Indebtedness owing to an Issuer or any of its Restricted Subsidiaries from current or former officers, directors, consultants
or employees (or any permitted transferees, assigns, estates or heirs of any of the foregoing) of the Parent, an Issuer or any Restricted Subsidiary thereof in connection with a repurchase of Capital Stock of the Parent, the Issuers or any
Restricted Subsidiary shall not be deemed to constitute a Restricted Payment for purposes of this Indenture; 

(7) (x) distributions or dividends to Parent, the proceeds of which are used and (y) payments made or expected
to be made by the Issuers or any Restricted Subsidiary, in each case, in respect of withholding or similar taxes payable upon exercise of Capital Stock by any future, present or former employee, director, officer, manager or consultant (or any
permitted transferees, assigns, estates or heirs of any of the foregoing) and any repurchases of Capital Stock deemed to occur upon exercise of stock options or warrants if such Capital Stock represents a portion of the exercise price of such
options or warrants or required withholding or similar taxes and cashless repurchases of Capital Stock deemed to occur upon exercise of stock options or warrants if such Capital Stock represent a portion of the exercise price of such options or
warrants; 
 (8) the repurchase, redemption or other acquisition or retirement for value of any Subordinated
Indebtedness pursuant to the provisions similar to those described under Sections 4.07 and 4.11; provided that all Notes validly tendered by holders of Notes in connection with a Change of Control Offer or Asset Sale Offer, as applicable,
have been repurchased, redeemed, acquired or retired for value; 
 (9) Permitted Payments to Parent; 

(10) any distribution or dividend to Parent, the proceeds of which are used for the payment of cash in lieu of the
issuance of fractional shares of Capital Stock upon exercise or conversion of securities exercisable or convertible into Capital Stock of the Parent and the payment of cash in lieu of the issuance of fractional shares of Capital Stock upon exercise
or conversion of securities exercisable or convertible into Capital Stock of Opco; or 

  
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 (11) additional Restricted Payments in an aggregate amount not to exceed
$170,000,000; 
 provided, however, that, except in the case of clauses (1), (2) and (3), no Default or Event of Default
shall have occurred and be continuing or occur as a direct consequence of the actions or payments set forth therein. 
 (c) The
net amount of any Restricted Payment permitted pursuant to Section 4.09(b)(1) and (2) (adjusted to avoid double counting) shall be included in calculating whether the conditions of Section 4.09(a)(4)(C) have been met with respect to
any subsequent Restricted Payments. The net amount of any Restricted Payment permitted pursuant to clauses (3) through (11) of the immediately preceding paragraph shall be excluded in calculating whether the conditions of
Section 4.09(a)(4)(C) have been met with respect to any subsequent Restricted Payments. The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of the Restricted Payment of the asset(s) or securities
proposed to be transferred or issued to or by the Issuers or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. 
 SECTION 4.10. Maintenance of Total Unencumbered Assets. The Issuers and their Restricted Subsidiaries shall maintain Total Unencumbered Assets of not less than 150% of the aggregate outstanding
principal amount of the Unsecured Indebtedness of the Issuers and their Restricted Subsidiaries on a consolidated basis in accordance with GAAP. 
 SECTION 4.11. Limitation on Asset Sales. 
 (a) The Issuers shall not, and
shall not permit any of their Restricted Subsidiaries to, consummate any Asset Sale, unless: 
 (1) the
consideration received by the Issuers or such Restricted Subsidiary is at least equal to the fair market value of the assets sold or disposed of; and 
 (2) at least 75% of the consideration received consists of cash, Temporary Cash Investments or Replacement Assets, or a combination of cash, Temporary Cash Investments or Replacement Assets;
provided, however, with respect to the sale of one or more properties that up to 75% of the consideration may consist of Indebtedness of the purchaser of such properties so long as such Indebtedness is secured by a first priority Lien
on the property or properties sold. 
 (b) For purposes of this Section 4.11, each of the following shall be deemed to be
cash: 
 (1) any liabilities of the Issuers or any Restricted Subsidiary (as shown on the most recent
consolidated balance sheet of the Issuers and their Restricted Subsidiaries other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Guarantee) that are assumed by the transferee of any such assets
pursuant to an agreement that releases the Issuers or any such Restricted Subsidiary from further liability with respect to such liabilities or that are assumed by contract or operation of law; 

(2) any securities, notes or other obligations received by an Issuer or any such Restricted Subsidiary from such
transferee that are converted by the Issuers or such Restricted Subsidiary into cash or Temporary Cash Investments within 180 days (to the extent of the cash or Temporary Cash Investments received in that conversion); and 

  
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 (3) any Designated Non-Cash Consideration received by the Issuers or any
such Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (3) that is at the time outstanding, not to exceed the greater
of (x) $42,000,000 and (y) 2.0% of the Issuers’ Adjusted Total Assets at the time of the receipt of such Designated Non-Cash Consideration, with the fair market value of each item of Designated Non-Cash Consideration being measured at
the time received and without giving effect to subsequent changes in value. 
 (c) Within 365 days after the receipt of any Net
Cash Proceeds from an Asset Sale, the Issuers or any such Restricted Subsidiary may apply such Net Cash Proceeds: 
 (1) to prepay, repay, redeem or purchase Pari Passu Indebtedness of the Issuers or a Subsidiary Guarantor that is Secured Indebtedness (in each case other than Indebtedness owed to the Issuers or an
Affiliate of the Issuers); 
 (2) to make an Investment in (provided such Investment is in the form of
Capital Stock), or to acquire all or substantially all of the assets of, a Person engaged in a Permitted Business if such Person is, or will become as a result thereof, a Restricted Subsidiary; 

(3) to prepay, repay, redeem or purchase (x) Pari Passu Indebtedness of an Issuer or of any Subsidiary Guarantor or
any Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor; provided, however, that if the Issuers or a Guarantor shall so prepay, repay, redeem or purchase any such Pari Passu Indebtedness, the Issuers shall
equally and ratably reduce obligations under the Notes if the Notes are then prepayable or, if the Notes may not then be prepaid, the Issuers shall make an offer (in accordance with the procedures set forth below) with the ratable proceeds to all
Holders to purchase their Notes at 100% of the principal amount thereof, plus accrued but unpaid interest, if any, thereon, up to the principal amount of Notes that would otherwise be prepaid, or (y) any Indebtedness of a Restricted Subsidiary
that is not a Subsidiary Guarantor; 
 (4) to fund all or a portion of an optional redemption of the Notes
pursuant to Section 5 of the Notes; 
 (5) to make a capital expenditure; 

(6) to acquire Replacement Assets to be used or that are useful in a Permitted Business; or 

(7) any combination of the foregoing; 
 provided that the Issuers shall be deemed to have complied with the provisions described in clauses (2), (5) and (6) of this paragraph if and to the extent that, within 365 days
after the Asset Sale that generated the Net Cash Proceeds, the Issuers or any of the Restricted Subsidiaries has entered into and not abandoned or rejected a binding agreement to acquire the assets or Capital Stock of a Permitted Business, acquire
Replacement Assets or make a capital expenditure in compliance with the provisions described in clauses (2), (5) and (6) of this paragraph (each an “Acceptable Commitment”), and that Acceptable Commitment (or a replacement
commitment should the Acceptable Commitment be subsequently cancelled or terminated for any reason) is thereafter completed within 180 days after the end of such 365-day period. Pending the final application of any such Net Cash Proceeds, the
Issuers may temporarily reduce the revolving Indebtedness under any Credit Facility or otherwise invest such Net Cash Proceeds in any manner that is not prohibited by this Indenture. The amount of such excess Net Cash Proceeds required to be applied
(or to be committed to be applied) during such 365-day period as set forth in this paragraph (c) and not so applied by the end of such period shall constitute “Excess Proceeds.” 

  
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 (d) When the aggregate amount of Excess Proceeds exceeds $20,000,000, the Issuers shall make
an offer to all holders of the Notes and, if required by the terms of any Indebtedness that is Pari Passu Indebtedness, to the holders of such Pari Passu Indebtedness on a pro rata basis (an “Asset Sale Offer”), to purchase
the maximum aggregate principal amount of the Notes and such Pari Passu Indebtedness that is in an amount equal to at least $2,000, that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100.0% of the
principal amount thereof (or accreted value thereof, if less), plus accrued and unpaid interest, if any, to the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture. The Issuers will commence an
Asset Sale Offer with respect to Excess Proceeds within ten Business Days after the date that Excess Proceeds exceed $20,000,000 by delivering the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. The Issuers may
satisfy the foregoing obligations with respect to any Excess Proceeds from an Asset Sale by making an Asset Sale Offer with respect to such Excess Proceeds prior to the expiration of the relevant 365 days or with respect to Excess Proceeds of
$20,000,000 or less. 
 (e) To the extent that the aggregate amount of Notes and such Pari Passu Indebtedness tendered pursuant
to an Asset Sale Offer is less than the Excess Proceeds, the Issuers and the Restricted Subsidiaries may use any remaining Excess Proceeds for any purpose not prohibited by this Indenture. If the aggregate principal amount of Notes or the Pari Passu
Indebtedness surrendered by such holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and the Issuers shall select such Pari Passu Indebtedness to be purchased on a pro rata basis based on the accreted
value or principal amount of the Notes or such Pari Passu Indebtedness tendered. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds that resulted in the Asset Sale Offer shall be reset to zero. 

(f) Pending the final application of any Net Cash Proceeds pursuant to this Section 4.11, the holder of such Net Cash Proceeds may
apply such Net Cash Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such Net Cash Proceeds in any manner not prohibited by this Indenture. 

(g) The Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of
this Indenture, the Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 

SECTION 4.12. Limitation on Transactions with Affiliates. 

(a) The Issuers shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, enter into, renew or
extend any transaction (including the purchase, sale, lease or exchange of property or assets, or the rendering of any service) with any Holder (or any Affiliate of such Holder) of 10% or more of any class of Capital Stock of the Parent or with any
Affiliate of the Parent, an Issuer or any Restricted Subsidiary, in each case involving consideration in excess of $5,000,000, except upon terms that are not materially less favorable to the Issuers or such Restricted Subsidiary than could be
obtained, at the time of such transaction or, if such transaction is pursuant to a written agreement, at the time of the execution of the agreement providing therefor, in a comparable arm’s-length transaction with a Person that is not such a
Holder or an Affiliate. 

  
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 (b) The limitation set forth in Section 4.12(a) does not limit, and shall not apply to:

 (1) transactions (A) approved by a majority of the disinterested directors of the Board of Directors of
the Parent or (B) for which the Parent or any Restricted Subsidiary delivers to the Trustee a written opinion of a nationally recognized investment banking, appraisal or accounting firm stating that the transaction is fair to the Parent or such
Restricted Subsidiary from a financial point of view; 
 (2) any transaction solely between an Issuer and any of
its Restricted Subsidiaries or solely between Restricted Subsidiaries; 
 (3) the payment of reasonable fees and
compensation (including through the issuance of Capital Stock) to, and indemnification and similar arrangements on behalf of, current, former or future directors, officers, employees or consultants of Parent or any Restricted Subsidiary of Parent;

 (4) the issuance or sale of Capital Stock (other than Disqualified Stock) of an Issuer; 

(5) any Restricted Payments not prohibited by Section 4.09 and Investments constituting Permitted Investments;

 (6) any contracts, instruments or other agreements or arrangements in each case as in effect on the date of
this Indenture, and any transactions pursuant thereto or contemplated thereby, or any amendment, modification or supplement thereto or any replacement thereof entered into from time to time, as long as such agreement or arrangements as so amended,
modified, supplemented or replaced, taken as a whole, is not materially more disadvantageous to the Issuers and the Restricted Subsidiaries at the time executed than the original agreement or arrangements as in effect on the date of this Indenture;

 (7) any employment, consulting, service or termination agreement, or customary indemnification arrangements,
entered into by an Issuer or any Restricted Subsidiary with current, former or future officers and employees of the Parent or an Issuer or such Restricted Subsidiary and the payment of compensation to officers and employees of the Parent, an Issuer
or any Restricted Subsidiary (including amounts paid pursuant to employee benefit plans, employee stock option or similar plans), in each case in the ordinary course of business; 

(8) loans and advances to officers and employees of the Parent, an Issuer or any Restricted Subsidiary or guarantees in
respect thereof (or cancellation of such loans, advances or guarantees), for bona fide business purposes, including for reasonable moving and relocation, entertainment and travel expenses and similar expenses, made in the ordinary course of
business; 
 (9) transactions with a Person that is an Affiliate of the Parent or an Issuer solely because the
Parent or an Issuer, directly or indirectly, owns Capital Stock of, or controls such Person; 
 (10) any
transaction with a Person who is not an Affiliate immediately before the consummation of such transaction that becomes an Affiliate as a result of such transaction; or 

(11) the entering into or amending of any tax sharing, allocation or similar agreement and any payments thereunder.

  
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 (c) Notwithstanding Section 4.12(a) and 4.12(b), any transaction or series of related
transactions covered by Section 4.12(a) and not covered by clauses (2) through (11) of Section 4.12(b): 
 (i) the aggregate amount of which exceeds $10,000,000 in value shall be approved or determined to be fair in the manner provided for in Section 4.12(b)(1)(A) or (B); and 

(ii) the aggregate amount of which exceeds $25,000,000 in value shall be determined to be fair in the manner provided for
in Section 4.12(b)(1)(B). 
 SECTION 4.13. Limitation on Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries. 
 (a) The Issuers shall not, and shall not permit any Restricted Subsidiaries to, create or otherwise cause
or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any such Restricted Subsidiary to: 
 (1) pay dividends or make any other distributions permitted by applicable law on any Capital Stock of such Restricted Subsidiary owned by an Issuer or any of its Restricted Subsidiaries; 

(2) pay any Indebtedness owed to an Issuer or any other Restricted Subsidiary; 

(3) make loans or advances to an Issuer or any other Restricted Subsidiary; or 

(4) transfer its property or assets to an Issuer or any other Restricted Subsidiary. 

(b) Section 4.13(a) shall not restrict any encumbrances or restrictions: 

(1) existing under, by reason of or with respect to this Indenture, the Credit Agreement and any other agreement in effect
on the Issue Date as in effect on the Issue Date, and any amendments, modifications, restatements, extensions, increases, supplements, refundings, refinancing, renewals or replacements of such agreements; provided, however, that the
encumbrances and restrictions in any such amendments, modifications, restatements, extensions, increases, supplements, refundings, refinancing, renewals or replacements are not materially more restrictive, taken as a whole, than those in effect on
the Issue Date; 
 (2) existing under, by reason of or with respect to any other Indebtedness of the Issuers or
their Restricted Subsidiaries permitted under this Indenture; provided, however, that the Issuers have determined in good faith that the encumbrances and restrictions contained in the agreement or agreements governing the other
Indebtedness are not materially more restrictive, taken as a whole, than those contained in customary comparable financings and will not impair in any material respect the Issuers’ and the Guarantors’ ability to make payments on the Notes
when due; 
 (3) existing with respect to any Person or the property or assets of such Person acquired by an
Issuer or any Restricted Subsidiary, existing at the time of such acquisition and not Incurred in contemplation thereof, which encumbrances or restrictions are not applicable to any Person or the property or assets of any Person other than such
Person or the property or assets of such Person so acquired and any amendments, modifications, restatements, extensions, increases, supplements, refundings, refinancing, renewals or replacements thereof; provided, however, that the
encumbrances and restrictions in any such amendments, modifications, restatements, extensions, 

  
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increases, supplements, refundings, refinancing, renewals or replacements are entered into in the ordinary course of business or not materially more restrictive, taken as a whole, than those
contained in the instruments or agreements with respect to such Person or its property or assets as in effect on the date of such acquisition; 
 (4) existing under, by reason of or with respect to provisions in joint venture, operating or similar agreements; 
 (5) in the case of Section 4.13(a)(4): 
 (i) that restrict in
a customary manner the subletting, assignment or transfer of any property or asset that is a lease, license, conveyance or contract or similar property or asset, 

(ii) existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, any
property or assets of an Issuer or any Restricted Subsidiary not otherwise prohibited by this Indenture, 
 (iii)
existing under, by reason of or with respect to (1) purchase money obligations for property acquired in the ordinary course of business or (2) capital leases or operating leases that impose encumbrances or restrictions on the property so
acquired or covered thereby, or 
 (iv) arising or agreed to in the ordinary course of business, not relating to
any Indebtedness, and that do not, individually or in the aggregate, detract from the value of property or assets of an Issuer or any Restricted Subsidiary in any manner material to an Issuer and its Restricted Subsidiaries taken as a whole;

 (6) any encumbrance or restriction with respect to a Restricted Subsidiary that is a Guarantor which was
previously an Unrestricted Subsidiary pursuant to or by reason of an agreement that such Subsidiary is a party to or entered into before the date on which such Subsidiary became a Restricted Subsidiary; provided that such agreement was not
entered into in anticipation of an Unrestricted Subsidiary becoming a Restricted Subsidiary and any such encumbrance or restriction does not extend to any assets or property of the Issuers or any other Restricted Subsidiary other than the assets and
property of such Subsidiary; and 
 (7) with respect to a Restricted Subsidiary and imposed pursuant to an
agreement that has been entered into for the sale or disposition of the Capital Stock of, or property and assets of, such Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending the closing of such sale or other
disposition. 
 (c) Nothing contained in this Section 4.13 shall prevent an Issuer or any Restricted Subsidiary from
restricting the sale or other disposition of property or assets of an Issuer or any of its Restricted Subsidiaries that secure Indebtedness of the Issuers or any of their Restricted Subsidiaries. For purposes of determining compliance with this
Section 4.13, (1) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital
Stock and (2) the subordination of loans or advances made to a Restricted Subsidiary to other Indebtedness incurred by such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 

  
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 SECTION 4.14. Future Guarantees by Restricted Subsidiaries.

 (a) The Issuers will cause each Restricted Subsidiary that is not a Guarantor that borrows under or Guarantees the Credit
Agreement on the Issue Date, and any domestic Restricted Subsidiary that is not a Guarantor that borrows under or Guarantees the Credit Agreement or any other capital markets Indebtedness thereafter, to, within 30 days thereof, execute and
deliver to the Trustee a supplemental indenture pursuant to which such Restricted Subsidiary will unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any, and interest in respect of
the Notes on a senior basis and all other obligations under this Indenture. 
 (b) Any Subsidiary Guarantee by a Restricted
Subsidiary shall provide by its terms that it shall be automatically and unconditionally released and discharged upon: 
 (1) any sale, exchange or transfer, to any Person that is not a Subsidiary of an Issuer of Capital Stock held by an Issuer and its Restricted Subsidiaries in, or all or substantially all the assets of,
such Restricted Subsidiary (which sale, exchange or transfer is not prohibited by this Indenture) such that, immediately after giving effect to such transaction, such Restricted Subsidiary would no longer constitute a Subsidiary of an Issuer,

 (2) in connection with the merger or consolidation of a Subsidiary Guarantor with (a) an Issuer or
(b) any other Subsidiary Guarantor (provided that the surviving entity remains a Subsidiary Guarantor), 
 (3) if the Issuers properly designate any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary pursuant to the terms of this Indenture, 

(4) upon the Legal Defeasance or Covenant Defeasance or satisfaction and discharge of this Indenture, 

(5) upon a liquidation or dissolution of a Subsidiary Guarantor permitted under this Indenture, or 

(6) the release or discharge of the Guarantee that resulted in the creation of such Subsidiary Guarantee, except a
discharge or release by or as a result of payment under such Guarantee. 
 (c) In addition, any Subsidiary Guarantee shall be
automatically and unconditionally released and discharged if such Subsidiary ceases to guarantee obligations under the Credit Agreement or ceases to constitute a co-borrower with respect to the Credit Agreement. 

SECTION 4.15. Reports to Holders. 
 (a) Whether or not Opco is then required to file reports with the SEC, Opco shall file with the SEC all such reports and other information as it would be required to file with the SEC by
Sections 13(a) or 15(d) under the Exchange Act if it was subject thereto; provided, however, that, if filing such documents by Opco with the SEC is not permitted under the Exchange Act, Opco shall, within 15 days after the
time Opco would be required to file such information with the SEC if it were subject to Section 13 or 15(d) under the Exchange Act, provide such documents and reports to the Trustee and upon written request supply copies of such documents and
reports to any Holder and shall post such documents and reports on Opco’s public website. Opco shall supply the Trustee and each Holder or shall supply to the Trustee for forwarding to each such Holder, without cost to such Holder, copies of
such reports and other information. Delivery of such information, documents and reports to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information

  
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contained therein or determinable from information contained therein, including the Issuers’ compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officer’s Certificates). 
 (b) So long as permitted by the SEC, at any time that either (x) one or
more Subsidiaries of Opco is an Unrestricted Subsidiary or (y) Opco holds directly any material assets (including Capital Stock) other than the Capital Stock of the Issuers then the quarterly and annual financial information required by this
Section 4.15 will include a reasonably detailed presentation, either in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” or any other comparable section, of the financial condition and
results of operations of the Issuers and their Restricted Subsidiaries separate from the financial condition and results of operations of such Unrestricted Subsidiaries and other material assets of the Issuers. 

(c) Opco shall also, within a reasonably prompt period of time following the disclosure of the annual and quarterly information required
above, conduct a conference call with respect to such information and results of operations for the relevant reporting period. No fewer than three Business Days prior to the date of the conference call required to be held in accordance with the
preceding sentence, Opco shall issue a press release to the appropriate internationally recognized wire services announcing the date that such information will be available and the time and date of such conference call. 

(d) So long as the Parent is a Guarantor of the Notes, the Indenture will permit Opco to satisfy its obligations under this
Section 4.15 with respect to filing, furnishing, providing and posting documents, reports and other information relating to Opco by the Parent’s filing, furnishing, providing and posting, as the case may be, of such documents, reports and
other information relating to the Parent; provided that the same is accompanied by consolidating information that explains in reasonable detail and in the same manner described in the Prospectus the differences between the information
relating to the Parent and its consolidated Subsidiaries on the one hand, and the information relating to the Parent, the Issuers and the Subsidiary Guarantors on a standalone basis, on the other hand, as of the ending date of the period covered by
such report. 
 SECTION 4.16. Suspension of Covenants. During a Suspension Period, the Parent, the Issuers and the
Restricted Subsidiaries shall not be subject to Section 4.09, 4.11, 4.12, 4.13, 4.14 or 5.01(a)(3) (each a “Suspended Covenant”). All other provisions of this Indenture shall apply at all times during any Suspension Period so
long as any Notes remain outstanding hereunder; provided that the Interest Coverage Ratio that will be applicable under Section 4.08(c) will be 1.5 to 1.0 during any Suspension Period. 

“Suspension Period” means any period (1) beginning on the date that: 

(A) the Notes have Investment Grade Status; 

(B) no Default or Event of Default has occurred and is continuing; and 

(C) the Issuers have delivered an Officer’s Certificate to the Trustee certifying that the conditions set forth in
clauses (A) and (B) above are satisfied; 
 and (2) ending on the date (the “Reversion Date”) that the Notes
cease to have Investment Grade Status, notice of which shall be provided to the Trustee. 

  
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 On each Reversion Date, all Indebtedness, liens thereon and dividend blockages incurred
during the Suspension Period prior to such Reversion Date shall be deemed to have been outstanding on the Issue Date. 
 For
purposes of calculating the amount available to be made as Restricted Payments under Section 4.09(a)(C), calculations under that clause shall be made with reference to the Transaction Date, as set forth in that clause. Accordingly,
(x) Restricted Payments made during the Suspension Period not otherwise permitted pursuant to any of clauses (1) through (11) of Section 4.09(b), shall reduce the amount available to be made as Restricted Payments under
Section 4.09(a)(C); provided, however, that the amount available to be made as a Restricted Payment on the Transaction Date shall not be reduced to below zero solely as a result of such Restricted Payments, but may be reduced to
below zero as a result of negative cumulative Funds From Operations during the Suspension Period for the purpose of Section 4.09(a)(C)(i), and (y) the items specified in Section 4.09(a)(C)(i), (ii), (iii), (iv), (v) and
(vi) that occur during the Suspension Period shall increase the amount available to be made as Restricted Payments under Section 4.09(a)(C). Any Restricted Payment made during the Suspension Period that are of the type described in
Section 4.09(b) (other than the Restricted Payment referred to in clauses (1) or (2) of Section 4.09(b) or any exchange of Capital Stock for Capital Stock or Indebtedness referred to in clause (4) or (5) of
Section 4.09(b)), and the Net Cash Proceeds from any issuance of Capital Stock referred to in clauses (4) and (5) of Section 4.09(b) (adjusted to avoid double counting) shall not be included in calculating the amounts permitted
to be incurred under Section 4.09(a)(C) on each Reversion Date. 
 For purposes of Section 4.11, on each Reversion
Date, the unutilized Excess Proceeds shall be reset to zero. 
 No Default or Event of Default shall be deemed to have occurred
on the Reversion Date (or thereafter) under any Suspended Covenant solely as a result of any actions taken by the Parent or any Restricted Subsidiaries thereof, or events occurring, during the Suspension Period. For purposes of Section 4.10, if
the Parent and its Restricted Subsidiaries are not in compliance with Section 4.10 as of a Reversion Date, no Default or Event of Default shall be deemed to have occurred for up to 120 days following the Reversion Date; provided that
neither the Parent nor any of its Restricted Subsidiaries shall incur any Secured Indebtedness until such time that the requirements of Section 4.10 have been met. 
 SECTION 4.17. Limitation on Activities of Finco. 
 Finco may not hold any
material assets, become liable for any material obligations, engage in any trade or business, or conduct any business activity, other than (1) the issuance of its Capital Stock to Opco or any wholly owned Restricted Subsidiary of Opco,
(2) the incurrence of Indebtedness as a co-obligor or guarantor, as the case may be, of the Notes, the Credit Agreement and any other Indebtedness that is permitted to be incurred under Section 4.08; provided that the net proceeds
of such Indebtedness are not retained by Finco, and (3) activities incidental thereto. Neither the Parent nor any Restricted Subsidiary shall engage in any transaction with Finco in violation of the immediately preceding sentence. 

SECTION 4.18. Escrow of Net Proceeds. 
 (a) Unless the Acquisition shall have been consummated simultaneously with the consummation of the offering of the Notes, the maximum Escrow Proceeds will be placed by the Issuers in escrow until the
satisfaction of the conditions described below. The terms of the escrow will be set forth in the Escrow Agreement, pursuant to which the Issuers will deposit with the Escrow Agent on the Issue Date the Escrow proceeds. The Issuers will grant the
Trustee, for the benefit of the Holders subject to any lien of the Escrow Agent, a first priority security interest in the escrow account and all deposits and investment property therein to secure the Special Mandatory Redemption. 

  
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 (b) Certain funds held in the Escrow Account will be released to the Issuers in accordance
with the Escrow Agreement upon delivery by the Issuers to the Escrow Agent and the Trustee of an Officers’ Certificate certifying that, prior to or concurrently with the release of funds from the Escrow Account (clauses (1) through
(2) below, collectively, the “Escrow Conditions”): 
 (i) (a) all conditions precedent to
the consummation of the Acquisition will have been satisfied or waived in accordance with the terms of the agreements governing the Acquisition (other than the payment of Purchase Price (as defined in the Transaction Agreement) and other than those
conditions that by their terms are to be satisfied simultaneously with the consummation of the Acquisition) and (B) the Acquisition will be consummated on substantially the terms described in the prospectus substantially concurrently with the
release of funds on deposit with the Escrow Agent; and 
 (ii) no Event of Default shall have occurred and be
continuing under the Indenture. 
 ARTICLE FIVE  
 Successor Corporation 
 SECTION 5.01. Consolidation Merger and Sale of
Assets. 
 (a) No Issuer shall consolidate with or merge with or into, or sell, convey, transfer or otherwise dispose of all
or substantially all of its and its Restricted Subsidiaries’ (taken as a whole) property and assets (as an entirety or substantially an entirety in one transaction or a series of related transactions) to, any Person or permit any Person (other
than a Restricted Subsidiary) to merge with or into it unless: 
 (1) such Issuer shall be the continuing Person,
or the Person (if other than such Issuer) formed by such consolidation or into which such Issuer is merged or that acquired such property and assets of such Issuer shall be a corporation, limited liability company, partnership (including a limited
partnership) or trust organized and validly existing under the laws of the United States of America or any state or jurisdiction thereof and shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, all of the
obligations of such Issuer with respect to the Notes and under this Indenture (provided that in the case of a limited liability company, partnership (including a limited partnership) or trust, there shall also be a corporation organized and
validly existing under the laws of the United States of America or any state or jurisdiction thereof which shall expressly jointly with such limited liability company, partnership (including a limited partnership) or trust, assume, by a supplemental
indenture, executed and delivered to the Trustee, all of the obligations of such Issuer with respect to the Notes and under this Indenture); 
 (2) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 

(3) immediately after giving effect to such transaction and any related financing transactions as if the same had occurred
at the beginning of the applicable Four-Quarter Period, on a pro forma basis the Issuers, or any Person becoming the successor obligor of the Notes, as the case may be, could Incur at least $1.00 of Indebtedness under paragraphs (a) and
(c) of Section 4.08; provided, however, that this clause (3) shall not apply to a consolidation or merger with or into a Wholly Owned Restricted Subsidiary; and 

  
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 (4) the Issuers deliver to the Trustee an Officer’s Certificate
(attaching the arithmetic computations to demonstrate compliance with clause (3) above) and an Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such supplemental indenture complies with this
Section 5.01 and that all conditions precedent provided for herein relating to such transaction have been complied with and, with respect to the Opinion of Counsel, that the supplemental indenture constitutes a valid and binding obligation
enforceable against the Issuers, or the Person (if other than an Issuer) formed by such consolidation or into which such Issuer is merged or that acquired all or substantially all of such Issuer’s and its Restricted Subsidiaries’ property
and assets; 
 provided, however, that clause (3) above does not apply if, in the good faith determination of the Board of
Directors of the Parent, whose determination shall be evidenced by a Board Resolution, the principal purpose of such transaction is to change the state of domicile of an Issuer; provided further, however, that any such transaction
shall not have as one of its purposes the evasion of the foregoing limitations. 
 (b) Except as provided in Section 10.04,
the Issuers shall not permit any Subsidiary Guarantor to consolidate with or merge with or into, or convey or transfer, in one transaction or a series of transactions, all or substantially all of its property and assets to any Person, unless:

 (1) (i) the resulting, surviving or transferee Person (if not such Subsidiary) shall be a Person organized and
existing under the laws of the jurisdiction under which such Subsidiary was organized or under the laws of the United States of America, or any state thereof or the District of Columbia, and (ii) such Person shall expressly assume, by a
supplemental indenture, all the obligations of such Subsidiary Guarantor, if any, under the Notes or its Subsidiary Guarantee, as applicable; provided, however, that the foregoing requirement in clause (ii) shall not apply in the
case of a Subsidiary Guarantor or all or substantially all of its property and assets (x) that has been disposed of in its entirety to another Person (other than to an Issuer or an Affiliate of an Issuer), whether through a merger,
consolidation or sale of Capital Stock or assets or (y) that, as a result of the disposition of all or a portion of its Capital Stock, ceases to be a Subsidiary, so long as, in both cases, in connection therewith the Issuers provide an
Officer’s Certificate to the Trustee to the effect that the Issuers shall comply with their obligations under Section 4.11; 
 (2) immediately after giving effect to such transaction or transactions on a pro forma basis (and treating any Indebtedness which becomes an obligation of the resulting, surviving or transferee Person as
a result of such transaction as having been issued by such Person at the time of such transaction), no Default shall have occurred and be continuing; and 
 (3) the Issuers deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture, if any, complies
with this Indenture and, with respect to the Opinion of Counsel, that the supplemental indenture constitutes a valid and binding obligation enforceable against the Issuers, the Subsidiary Guarantors, the Parent and the surviving Persons. 

(c) Notwithstanding the foregoing, any Subsidiary Guarantor may (i) merge with an Affiliate of an Issuer or a Restricted Subsidiary
or another Subsidiary Guarantor solely for the purpose of changing the state of domicile of the Subsidiary Guarantor, (ii) merge with or into or transfer all or part of its properties and assets to another Subsidiary Guarantor or the Issuers or
(iii) convert into a corporation, partnership, limited partnership, limited liability company or trust organized under the laws of the jurisdiction of organization of such Subsidiary Guarantor. 

  
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 (d) Upon any such consolidation, combination or merger of an Issuer or a Guarantor, or any
such sale, conveyance, transfer or other disposition of all or substantially all of the assets of an Issuer in accordance with this Section 5.01, in which such Issuer or such Guarantor is not the continuing obligor under the Notes or its
Guarantee, the surviving entity formed by such consolidation or into which such Issuer or such Guarantor is merged or the entity to which the sale, conveyance, transfer or other disposition is made shall succeed to, and be substituted for, and may
exercise every right and power of, such Issuer or such Guarantor under this Indenture and, the Notes and the Guarantees with the same effect as if such surviving entity had been named therein as such Issuer or such Guarantor and such Issuer or such
Guarantor, as the case may be, shall be released from the obligation to pay the principal of and interest on the Notes or in respect of its Guarantee, as the case may be, and all of such Issuer’s or such Guarantor’s other obligations and
covenants under the Notes, this Indenture and its Guarantee, if applicable. 
 (e) Notwithstanding the foregoing, the
Acquisition and the related transactions shall be permitted under the Indenture. 
 ARTICLE SIX  

Default and Remedies 
 SECTION 6.01. Events of Default. Each of the following is an “Event of Default”: 
 (1) default in the payment of principal of, or premium, if any, on any Note when they are due and payable at maturity, upon acceleration, redemption or otherwise; 

(2) default in the payment of interest on any Note when they are due and payable, and such default continues for a period
of 30 days; 
 (3) the Issuers or Restricted Subsidiaries do not comply with their obligations under
Section 5.01; 
 (4) the Issuers fail to make or consummate a Change of Control Offer following a Change of
Control when required under Section 4.07; 
 (5) the Issuers or Restricted Subsidiaries default in the
performance of or breach any other covenant or agreement of the Issuers or the Restricted Subsidiaries in this Indenture or under the Notes (other than a default specified in clause (1), (2), (3) or (4) above) and such default or
breach continues for 60 consecutive days after written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the Notes; 
 (6) there occurs with respect to any issue or issues of Indebtedness of an Issuer or any Significant Subsidiary having an outstanding principal amount of $45,000,000 or more in the aggregate for all such
issues of all such Persons, whether such Indebtedness now exists or shall hereafter be created, 
 (i) an event
of default that has caused the Holder thereof to declare such Indebtedness to be due and payable prior to its Stated Maturity and such Indebtedness has not been discharged in full or such acceleration has not been rescinded or annulled within 30
days of such acceleration and/or 

  
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 (ii) the failure to make a principal payment at the final (but not any
interim) fixed maturity and such defaulted payment shall not have been made, waived or extended within 30 days of such payment default; 
 (7) any final and non-appealable judgment or order for the payment of money in excess of $45,000,000 in the aggregate for all such final judgments or orders against all such Persons: 

(i) shall be rendered against an Issuer or any Significant Subsidiary and shall not be paid or discharged and 

(ii) there shall be any period of 60 consecutive days following entry of the final judgment or order that causes the
aggregate amount for all such final judgments or orders outstanding and not paid or discharged against all such Persons to exceed $45,000,000 during which a stay of enforcement of such final judgment or order, by reason of a pending appeal or
otherwise, shall not be in effect; 
 (8) a court of competent jurisdiction enters a decree or order for:

 (i) relief in respect of an Issuer or any Significant Subsidiary in an involuntary case under any applicable
Bankruptcy Law now or hereafter in effect, 
 (ii) appointment of a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of an Issuer or any Significant Subsidiary or for all or substantially all of the property and assets of an Issuer or any Significant Subsidiary or 

(iii) the winding up or liquidation of the affairs of an Issuer or any Significant Subsidiary and, in each case, such
decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 
 (9) an Issuer or
any Significant Subsidiary: 
 (i) commences a voluntary case under any applicable Bankruptcy Law now or
hereafter in effect, or consents to the entry of an order for relief in an involuntary case under such law, 

(ii) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of an Issuer or such Significant Subsidiary or for all or substantially all of the property and assets of an Issuer or such Significant Subsidiary or 

(iii) effects any general assignment for the benefit of its creditors. 

SECTION 6.02. Acceleration. If an Event of Default (other than an Event of Default specified in clause (8) or (9) of
Section 6.01 that occurs with respect to an Issuer) occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the Issuers (and to
the Trustee if such notice is given by the Holders), may, and the Trustee at the request of the Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall, declare the principal of, premium, if any, and accrued
interest on the Notes to be immediately due and payable. Upon a declaration of acceleration, such principal of, premium, if any, and accrued interest shall be immediately due and payable. In the event of a declaration of acceleration

  
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because an Event of Default set forth in clause (6) of Section 6.01 has occurred and is continuing, such declaration of acceleration shall be automatically rescinded and annulled if the
event of default triggering such Event of Default pursuant to clause (6) of Section 6.01 shall be remedied or cured by the relevant Issuer or Significant Subsidiary or waived by the Holders of the relevant Indebtedness within 60 days after
the declaration of acceleration with respect thereto. 
 If an Event of Default specified in clause (8) or (9) of
Section 6.01 occurs with respect to an Issuer, the principal of, premium, if any, and accrued interest on the Notes then outstanding shall automatically become and be immediately due and payable without any declaration or other act on the part
of the Trustee or any Holder. The Holders of at least a majority in principal amount of the outstanding Notes by written notice to the Issuers and to the Trustee may waive all past Defaults and rescind and annul a declaration of acceleration and its
consequences if: 
 (x) all existing Events of Default, other than the nonpayment of the principal of, premium,
if any, and interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived; and 
 (y) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction. 
 No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
 SECTION 6.03. Other Remedies. If a Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, or
interest on, the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The Trustee may
maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon a Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law. 

SECTION 6.04. Waiver of Past Defaults. Subject to Sections 2.09, 6.07 and 9.02, the Holders of a majority in principal amount of
the outstanding Notes (which may include consents obtained in connection with a tender offer or exchange offer of Notes) by notice to the Trustee may waive an existing Default and its consequences, except a Default in the payment of principal of, or
interest on, any Note as specified in Section 6.01(1) or (2). The Issuers shall deliver to the Trustee an Officer’s Certificate stating that the requisite percentage of Holders have consented to such waiver and attaching copies of such
consents. When a Default is waived, it is cured and ceases. 
 SECTION 6.05. Control by Majority. The Holders of at least
a majority in aggregate principal amount of the outstanding Notes may 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. Subject to
Section 7.01, however, the Trustee may refuse to follow any direction that conflicts with any law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to
the rights of Holders of Notes not joining in the giving of such direction received from the Holders of Notes; provided, however, that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction. 

  
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 SECTION 6.06. Limitation on Suits. No Holder shall have any right to institute any
proceeding with respect to this Indenture or for any remedy thereunder, unless: 
 (1) the Holder gives the
Trustee written notice of a continuing Event of Default; 
 (2) the Holders of at least 25% in aggregate
principal amount of outstanding Notes make a written request to the Trustee to pursue the remedy; 
 (3) such
Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any costs, liability or expense; 
 (4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and 

(5) during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes do not
give the Trustee a direction that is inconsistent with the request. 
 However, such limitations do not apply to the right of
any Holder of a Note to receive payment of the principal of, premium, if any, or interest on, such Note or to bring suit for the enforcement of any such payment on or after the due date expressed in the Notes, which right shall not be impaired or
affected without the consent of the Holder. 
 A Holder may not use this Indenture to prejudice the rights of another Holder or
to obtain a preference or priority over such other Holder. 
 SECTION 6.07. Rights of Holders To Receive Payment.
Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of and premium, if any, and interest on, a Note, on or after the respective due dates therefor, or to bring suit for the enforcement of
any such payment on or after such respective dates, shall not be impaired or affected without the consent of the Holder. 

SECTION 6.08. Collection Suit by Trustee. If a Default in payment of principal or interest specified in Section 6.01(1) or
(2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuers or any other obligor on the Notes for the whole amount of principal and accrued interest and fees remaining
unpaid, together with interest on overdue principal and, to the extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate per annum borne by the Notes and such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relating to the Issuers, their creditors or their property and shall be
entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and any custodian in any such judicial proceedings is hereby authorized by each Holder 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, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agent and counsel, and any other amounts due the Trustee under Section 7.07. 

  
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Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. The Trustee shall be entitled to participate as a member of any official committee
of creditors in the matters as it deems necessary or advisable. 
 SECTION 6.10. Priorities. If the Trustee collects any
money or property pursuant to this Article Six, it shall pay out the money or property in the following order: 

First: to the Trustee for amounts due hereunder, including under Section 7.07; 

Second: to Holders for interest accrued on the Notes, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Notes for interest; 
 Third: to Holders for principal
amounts due and unpaid on the Notes, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal; and 

Fourth: to the Issuers or, if applicable, the Guarantors, as their respective interests may appear. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not
apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder or Holders of more than 10% in principal amount of the outstanding Notes. 

SECTION 6.12. 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 proceedings or
any other proceedings, the Issuers, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies hereunder of the Trustee and the Holders shall continue as though
no such proceeding has been instituted. 
 ARTICLE SEVEN  

Trustee 

SECTION 7.01. Duties of Trustee. 
 (a) If a Default has occurred and is continuing, the Trustee 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 his or her own affairs. 

  
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 (b) Except during the continuance of a Default: 

(1) The Trustee need perform only those duties as are specifically set forth herein or in the Trust Indenture Act and no
duties, covenants, responsibilities or obligations shall be implied in this Indenture against the Trustee. 
 (2)
In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates (including Officer’s Certificates) or opinions (including
Opinions of Counsel) furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the
Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
 (c) Notwithstanding anything to the contrary herein, the Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except
that: 
 (1) This paragraph does not limit the effect of Section 7.01(b). 

(2) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is
proved that the Trustee was negligent in ascertaining the pertinent facts. 
 (3) The Trustee shall not be liable
with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 
 (d) 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 to take or omit
to take any action under this Indenture or take any action at the request or direction of Holders if it shall have reasonable grounds for believing that repayment of such funds is not assured to it. 

(e) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
this Section 7.01. 
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee
may agree in writing with the Issuers. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law or unless otherwise agreed with the Issuers. 

(g) In the absence of bad faith, negligence or willful misconduct on the part of the Trustee, the Trustee shall not be responsible for
the application of any money by any Paying Agent other than the Trustee. 
 SECTION 7.02. Rights of Trustee. Subject to
Section 7.01: 
 (a) The Trustee may rely conclusively on any resolution, certificate (including any
Officer’s Certificate), statement, instrument, opinion (including any Opinion of Counsel), notice, request, direction, consent, order, bond, debenture or other paper or document believed by it to be genuine and to have been signed or presented
by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 

  
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 (b) Before the Trustee acts or refrains from acting, it may require an
Officer’s Certificate and an Opinion of Counsel, which shall conform to the provisions of Section 11.05. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate
or Opinion of Counsel. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible
for the misconduct or negligence of any agent (other than an agent who is an employee of the Trustee) appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers under this Indenture. 

(e) The Trustee may consult with counsel of its selection and the advice or opinion of such counsel as to matters of law
shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request, order or direction of any of the Holders pursuant to the provisions of 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 may be incurred therein or thereby. 
 (g) The Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate (including any Officer’s Certificate), statement, instrument, opinion (including any Opinion of Counsel), notice, request, direction, consent, order, bond, debenture, or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled, upon
reasonable notice to the Issuers, to examine the books, records, and premises of the Issuers, personally or by agent or attorney at the sole cost of the Issuers. 

(h) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder. 
 (i) The permissive rights of the Trustee to do things enumerated in this Indenture shall not be
construed as duties. 
 (j) Except with respect to Sections 4.01 and 4.05, the Trustee shall have no duty to
inquire as to the performance of the Issuers with respect to the covenants contained in Article Four. In addition, the Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or Event of Default occurring
pursuant to Section 4.01, 6.01(1) or 6.01(2) or (ii) any Default or Event of Default actually known to a Responsible Officer. 
 (k) The rights, privileges, protections, immunities and benefits given to the Trustee, including 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. 

  
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 SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or any
other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers, their Subsidiaries or their respective Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights.
However, the Trustee shall comply with Sections 7.10 and 7.11. 
 SECTION 7.04. Trustee’s Disclaimer. The Trustee
shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuers’ use of the proceeds from the Notes, and it shall not be responsible for any
statement of the Issuers in this Indenture or any document issued in connection with the sale of Notes or any statement in the Notes other than the Trustee’s certificate of authentication. The Trustee makes no representations with respect to
the effectiveness or adequacy of this Indenture. 
 SECTION 7.05. Notice of Default. If a Default occurs and is
continuing and is deemed to be known to the Trustee pursuant to Section 7.02(j), the Trustee shall mail to each Holder notice of the uncured Default within 60 days after the Trustee is deemed to know such Default occurred. Except in the case of
a Default in payment of principal of, or interest on, any Note, including an accelerated payment and the failure to make a payment pursuant to an Asset Sale Offer and/or Change of Control Offer or a Default in complying with the provisions of
Article Five, the Trustee may withhold the notice if and so long as the Board of Directors, the executive committee, or a trust committee of directors and/or Responsible Officers, of the Trustee in good faith determines that withholding the notice
is in the interest of the Holders. 
 SECTION 7.06. Reports by Trustee to Holders. Within 60 days after each
November 1, beginning with November 1, 2012, the Trustee shall, to the extent that any of the events described in Trust Indenture Act § 313(a) occurred within the previous twelve months, but not otherwise, mail to each Holder a
brief report dated as of such date that complies with Trust Indenture Act § 313(a). The Trustee also shall comply with Trust Indenture Act §§ 313(b), 313(c) and 313(d). 

A copy of each report at the time of its mailing to Holders shall be mailed to the Issuers and filed with the SEC and each securities
exchange, if any, on which the Notes are listed. 
 The Issuers shall notify the Trustee if the Notes become listed on any
securities exchange or of any delisting thereof and the Trustee shall comply with Trust Indenture Act § 313(d). 

SECTION 7.07. Compensation and Indemnity. The Issuers shall pay to the Trustee from time to time such compensation as the Issuers
and the Trustee shall from time to time agree in writing for its services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse the Trustee upon
request for all reasonable disbursements, expenses and advances (including reasonable fees and expenses of counsel) incurred or made by it in addition to the compensation for its services, except any such disbursements, expenses and advances as may
be attributable to the Trustee’s negligence, bad faith or willful misconduct. Such expenses shall include the reasonable fees and expenses of the Trustee’s agents and counsel. 

The Issuers shall indemnify each of the Trustee or any predecessor Trustee and its agents for, and hold them harmless against, any and
all loss, damage, claims including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), liability or expense incurred by them except for such actions to the extent caused by any negligence, bad faith or
willful misconduct on their part, arising out of or in connection with this Indenture including the reasonable costs and expenses of defending themselves against or investigating any claim or liability in connection with the exercise or performance
of any of the Trustee’s rights, powers or duties hereunder. The Trustee shall notify the Issuers promptly of any claim asserted against the Trustee or any of its agents for which it may seek indemnity,

  
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provided that failure to provide such notice shall not relieve the Issuers of their obligations in this Section 7.07. The Issuers may, at the request of the Trustee, defend the claim and the
Trustee shall cooperate in the defense; provided that the Trustee and its agents subject to the claim may have separate counsel and the Issuers shall pay the reasonable fees and expenses of such counsel; provided, however, that the
Issuers shall not be required to pay such fees and expenses if the Issuers assume the Trustee’s defense and there is no conflict of interest between the Issuers and the Trustee and its agents subject to the claim in connection with such defense
as reasonably determined by the Trustee. The Issuers need not pay for any settlement made without their written consent (which shall not be unreasonably withheld). The Issuers need not reimburse any expense or indemnify against any loss or liability
to the extent incurred by the Trustee through its negligence, bad faith or willful misconduct. 
 Notwithstanding anything to
the contrary in this Indenture, to secure the Issuers’ payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes against all money or property held or collected by the Trustee, in its capacity as Trustee,
except money or property held in trust to pay principal and interest on particular Notes. 
 When the Trustee incurs expenses or
renders services after a Default specified in Section 6.01(8) or 6.01(9) occurs, such expenses and the compensation for such services shall be paid to the extent allowed under any Bankruptcy Law. 

Notwithstanding any other provision in this Indenture, the foregoing provisions of this Section 7.07 shall survive the satisfaction
and discharge of this Indenture or the appointment of a successor Trustee. 
 SECTION 7.08. Replacement of Trustee. A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. The Trustee may resign with 60 days prior
written notice by so notifying the Issuers in writing. The Holders of a majority in principal amount of the outstanding Notes may remove the Trustee by so notifying the Issuers and the Trustee and may appoint a successor Trustee. The Issuers may
remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10; 

(2) the Trustee is adjudged a bankrupt or an insolvent; 

(3) a receiver or other public officer takes charge of the Trustee or its property; or 

(4) the Trustee becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers shall notify each Holder of such event and shall promptly appoint a successor Trustee.
Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuers. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Immediately after
that, the retiring Trustee shall transfer, after payment of all sums then owing to the Trustee pursuant to Section 7.07, all property held by it as Trustee to the successor Trustee, subject to the Lien provided in Section 7.07, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each
Holder. 

  
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 If a successor Trustee does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Issuers or the Holders of at least 10% in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense of the
Issuers. 
 If the Trustee fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor Trustee. 
 Notwithstanding replacement of the Trustee
pursuant to this Section 7.08, the Issuers’ obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09. Successor Trustee by Merger, Etc. Any business entity into which the Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, without the execution or filing
of any paper or any further act on the part of any of the parties hereto. 
 SECTION 7.10. Eligibility, Disqualification.
This Indenture shall always have a Trustee who satisfies the requirement of Trust Indenture Act §§ 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee shall have a combined capital and surplus of at least $150,000,000 asset forth in its
most recent published annual report of condition. The Trustee shall comply with Trust Indenture Act § 310(b); provided, however, that there shall be excluded from the operation of Trust Indenture Act § 310(b)(1) any
indenture or indentures under which other securities, or certificates of interest or participation in other securities, of the Issuers are outstanding, if the requirements for such exclusion set forth in Trust Indenture Act § 310(b)(1) are
met. The provisions of Trust Indenture Act § 310 shall apply to the Issuers and any other obligor of the Notes. 

SECTION 7.11. Preferential Collection of Claims Against the Issuers. The Trustee, in its capacity as Trustee hereunder, shall
comply with Trust Indenture Act § 311(a), excluding any creditor relationship listed in Trust Indenture Act § 311(b). A Trustee who has resigned or been removed shall be subject to Trust Indenture Act § 311(a) to the
extent indicated. 
 SECTION 7.12. Escrow Authorization. Each Holder, by its acceptance of a Note, consents and agrees to
the terms of the Escrow Agreement, including related documents thereto, as the same may be in effect or may be amended from time to time in writing by the parties thereto (provided that no amendment that would materially adversely affect the
rights of the Holders may be effected without the consent of each Holder of Notes affected thereby), and authorizes and directs the Trustee to enter into the Escrow Agreement and to perform its obligations and exercise its rights thereunder in
accordance therewith. The Issuers shall do or cause to be done all such acts and things as may be necessary or proper, or as may be required by the provisions of the Escrow Agreement, to assure and confirm to the Trustee the security interest
contemplated by the Escrow Agreement or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes secured hereby, according to the intent and purpose herein
expressed. The Issuers shall take, or shall cause to be taken, any and all actions reasonably required to cause the Escrow Agreement to create and maintain, as security for the obligations of the Issuers under this Indenture and the Notes as
provided in the Escrow Agreement, valid and enforceable first priority perfected Liens in and on all of the Escrow Proceeds, in favor of the Trustee for its benefit and the ratable benefit of the Holders, superior to and prior to the rights of third
Persons and subject to no other Lien other than any Lien of the Escrow Agent. 

  
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 ARTICLE EIGHT  

Discharge of Indenture, Defeasance 
 SECTION 8.01. Termination of the Issuers’ Obligations. The Issuers may terminate their obligations under the Notes and this Indenture and the obligations of the Guarantors under the Guarantees
and this Indenture, and this Indenture shall cease to be of further effect, except those obligations referred to in the penultimate paragraph of this Section 8.01, if: 

(1) either 
 (A) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust
or segregated and held in trust by the Issuers and thereafter repaid to the Issuers or discharged from such trust) have been delivered to the Trustee for cancellation; or 

(B) all Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable or
(2) will become due and payable within one year, or are to be called for redemption within one year, under arrangements reasonably satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the
expense, of the Issuers, and the Issuers have irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for
cancellation, for principal of, premium, if any, and interest on the Notes to the date of maturity or redemption, as the case may be, together with irrevocable instructions from the Issuers directing the Trustee to apply such funds to the payment
thereof at maturity or redemption, as the case may be; 
 (2) the Issuers have paid all other sums payable under
this Indenture by the Parent or the Issuers, and 
 (3) the Issuers have delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

In the case of clause (B) of this Section 8.01, and subject to the next sentence and notwithstanding the foregoing paragraph,
the Issuers’ obligations in Sections 2.05, 2.06, 2.07, 2.08, 7.07, 8.05 and 8.06 shall survive until the Notes are no longer outstanding pursuant to the last paragraph of Section 2.08. After the Notes are no longer outstanding, the
Issuers’ obligations in Sections 7.07, 8.05 and 8.06 shall survive. 
 After such delivery or irrevocable deposit, the
Trustee upon request shall acknowledge in writing the discharge of the Issuers’ obligations under the Notes and this Indenture except for those surviving obligations specified above. 

SECTION 8.02. Legal Defeasance and Covenant Defeasance. 
 (a) The Issuers may, at their option and at any time, elect to have either paragraph (b) or (c) below be applied to all outstanding Notes upon compliance with the conditions set forth in
Section 8.03. 

  
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 (b) Upon the Issuers’ exercise under Section 8.02(a) hereof of the option
applicable to this Section 8.02(b), the Issuers and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.03, be deemed to have been discharged from their obligations with respect to all outstanding
Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuers and the Guarantors shall be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Notes and Guarantees, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.04 hereof and the other Sections of this Indenture referred to in (i) and
(ii) below, and to have satisfied all its other obligations under such Notes and this Indenture and the Guarantors shall be deemed to have satisfied all of their obligations under the Guarantees and this Indenture (and the Trustee, on demand of
and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(i) the rights of Holders of outstanding Notes to receive, solely from the trust fund described in Section 8.04, and
as more fully set forth in such Section 8.04, payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due; 

(ii) the Issuers’ obligations with respect to such Notes concerning issuing temporary Notes, registration of Notes,
mutilated, destroyed, lost or stolen Notes and Section 4.02 hereof; 
 (iii) the rights, powers, trusts,
duties and immunities of the Trustee, and the Issuers’ obligations in connection therewith; and 
 (iv) the
provisions of this Article Eight applicable to Legal Defeasance. 
 Subject to compliance with this Article Eight, the Issuers
may exercise their option under this Section 8.02(b) notwithstanding the prior exercise of its option under Section 8.02(c). 
 (c) Upon the Issuers’ exercise under Section 8.02(a) hereof of the option applicable to this Section 8.02(c), the Issuers and the Guarantors shall, subject to the satisfaction of the
conditions set forth in Section 8.03, be released from their respective obligations under the covenants contained in Sections 4.03 (other than with respect to the legal existence of the Issuers), 4.04, 4.07 through 4.16 and clause (3) of
Section 5.01(a) with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.03 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuers and the Guarantors may omit
to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference
in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes
shall be unaffected thereby. In addition, upon the Issuers’ exercise under paragraph (a) hereof of the option applicable to this paragraph (c), subject to the satisfaction of the conditions set forth in Section 8.03, clauses (3), (4),
(5), (6) and (7) of Section 6.01 shall not constitute Events of Default. 

  
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 SECTION 8.03. Conditions to Legal Defeasance or Covenant Defeasance. The following
shall be the conditions to the application of either Section 8.02(b) or 8.02(c) hereof to the outstanding Notes: 
 (1) the Issuers shall irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, U.S. Legal Tender, U.S. Government Obligations or a combination thereof, in such amounts as will be
sufficient (without reinvestment), in the opinion of a nationally recognized firm of independent public accountants selected by the Issuers, to pay the principal of and interest and premium, if any, on the Notes on the stated date for payment or on
the redemption date of the Notes; 
 (2) in the case of Legal Defeasance, the Issuers shall have delivered to the
Trustee an Opinion of Counsel in the United States of America confirming that: 
 (a) the Issuers have received
from, or there has been published by the Internal Revenue Service, a ruling, or 
 (b) since the date of this
Indenture, there has been a change in the applicable U.S. Federal income tax law, 
 in either case to the effect that, and based
thereon this Opinion of Counsel shall confirm that the Holders and beneficial owners will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. Federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (3) in the case of Covenant Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel in the United States of America reasonably acceptable to the Trustee confirming that the
Holders and beneficial owners will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. Federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Covenant Defeasance had not occurred; 
 (4) no Default shall have
occurred and be continuing on the date of such deposit (other than a Default resulting from the borrowing of funds to be applied to such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting
of Liens on the deposited funds in connection therewith); 
 (5) the Legal Defeasance or Covenant Defeasance
shall not result in a breach or violation of, or constitute a default under any other material agreement or instrument (other than this Indenture) to which the Parent or any of its Subsidiaries is a party or by which the Parent or any of its
Subsidiaries is bound (other than any such Default or default relating to any Indebtedness being defeased from any borrowing of funds to be applied to such deposit and any similar and simultaneous deposit relating to such Indebtedness, and the
granting of Liens on the deposited funds in connection therewith); 
 (6) the Issuers shall have delivered to the
Trustee an Officer’s Certificate stating that the deposit was not made by them with the intent of preferring the Holders over any other creditors of the Issuers or with the intent of defeating, hindering, delaying or defrauding any other of
their creditors or others; and 
 (7) the Issuers shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that the conditions provided for in, in the case of the Officer’s Certificate, clauses (1) through (6), as applicable, and, in the case of the Opinion of Counsel, clauses (2), if
applicable, and/or (3) and (5) of this Section 8.03 have been complied with. 

  
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 SECTION 8.04. Application of Trust Money. Subject to Section 8.05, the Trustee
or Paying Agent shall hold in trust all U.S. Legal Tender and U.S. Government Obligations deposited with it pursuant to this Article Eight, and shall apply the deposited U.S. Legal Tender and the money from U.S. Government Obligations in accordance
with this Indenture to the payment of the principal of and the interest on the Notes. The Trustee shall be under no obligation to invest said U.S. Legal Tender and U.S. Government Obligations, except as it may agree with the Issuers. 

The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Legal Tender
and U.S. Government Obligations deposited pursuant to Section 8.03 or the principal and interest received in respect thereof, other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

 Anything in this Article Eight to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from time to
time upon the Issuers’ request any U.S. Legal Tender and U.S. Government Obligations held by it as provided in Section 8.03 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

SECTION 8.05. Repayment to the Issuers. The Trustee and the Paying Agent shall pay to the Issuers upon request any money held by
them for the payment of principal or interest that remains unclaimed for two years. After payment to the Issuers, Holders entitled to such money shall look to the Issuers for payment as general creditors unless an applicable law designates another
Person. 
 SECTION 8.06. Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender and U.S.
Government Obligations in accordance with this Article Eight 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
Issuers’ obligations under this Indenture, and the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to this Article Eight until such time as the Trustee or Paying Agent is permitted to apply
all such U.S. Legal Tender and U.S. Government Obligations in accordance with this Article Eight; provided that if the Issuers have made any payment of interest on, or principal of, any Notes because of the reinstatement of its obligations,
the Issuers shall be subrogated to the rights of the Holders of such Notes to receive such payment from the U.S. Legal Tender and U.S. Government Obligations held by the Trustee or Paying Agent. 

ARTICLE NINE  
 Amendments, Supplements and Waivers 
 SECTION 9.01. Without Consent of
Holders. 
 (a) The Parent, the Issuers, the Guarantors and the Trustee, together, may amend or supplement this Indenture,
the Notes or the Guarantees without notice to or consent of any Holder: 
 (1) to cure any ambiguity, omission,
defect or inconsistency; 
 (2) to provide for the assumption by a successor corporation of the obligations of
the Parent, the Issuers or any Subsidiary Guarantor under this Indenture; 
 (3) to provide for uncertificated
Notes in addition to or in place of certificated Notes; 

  
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 (4) to add Guarantees with respect to the Notes or to secure the Notes;

 (5) to add to the covenants of the Parent, the Issuers or a Restricted Subsidiary for the benefit of the
Holders or to surrender any right or power conferred upon the Parent, the Issuers or a Restricted Subsidiary; 

(6) to make any change that does not adversely affect the rights of any Holder, as evidenced by an Officer’s
Certificate delivered to the Trustee (upon which it may fully rely); 
 (7) to comply with any requirement of the
SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act; 
 (8) to
make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes; provided, however, that (a) compliance with this Indenture as so amended would not result in Notes being transferred in
violation of the Securities Act or any other applicable securities law and (b) such amendment does not materially and adversely affect the rights of Holders to transfer Notes; 

(9) to conform the text of this Indenture or the Guarantees or the Notes to any provision of the “Description of
notes” section of the Prospectus; to the extent that such provision in the “Description of notes” section of the Prospectus was intended to be a substantially verbatim recitation of a provision of this Indenture or the Guarantees or
the Notes, as evidenced by an Officer’s Certificate delivered to the Trustee (upon which it may fully rely); 
 (10) evidence and provide for the acceptance of appointment by a successor trustee, provided that the successor trustee is otherwise qualified and eligible to act as such under the terms of this
Indenture; 
 (11) provide for a reduction in the minimum denominations of the Notes; 

(12) comply with the rules of any applicable securities depositary; or 

(13) to provide for the issuance of Additional Notes and related guarantees in accordance with the limitations set forth
in this Indenture. 
 SECTION 9.02. With Consent of Holders. 

(a) Subject to Section 6.07, the Issuers, the Guarantors and the Trustee, together, with the consent of the Holder or Holders of not
less than a majority in aggregate principal amount of the outstanding Notes may amend or supplement this Indenture, the Notes or the Guarantees, without notice to any other Holders. Subject to Sections 6.07, the Holder or Holders of not less than a
majority in aggregate principal amount of the outstanding Notes may waive compliance with any provision of this Indenture, the Notes or the Guarantees without notice to any other Holders. 

(b) Notwithstanding Section 9.02(a), without the consent of each Holder affected, no amendment or waiver may: 

(1) change the Stated Maturity of the principal of, or any installment of interest on, any Note; 

(2) reduce the principal amount of, or premium, if any, or interest on, any Note; 

  
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 (3) change the place of payment of principal of, or premium, if any, or
interest on, any Note; 
 (4) impair the right to institute suit for the enforcement of any payment on or after
the Stated Maturity (or, in the case of a redemption, on or after the Redemption Date) of any Note; 
 (5) reduce
the above-stated percentages of outstanding Notes the consent of whose Holders is necessary to modify or amend this Indenture; 
 (6) waive a default in the payment of principal of, premium, if any, or interest on the Notes (except a rescission of the declaration of acceleration of the Notes by the Holders of at least a majority in
aggregate principal amount of the Notes then outstanding and a waiver of the payment default that resulted from such acceleration, so long as all other existing Events of Default, other than the nonpayment of the principal of, premium, if any, and
interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived); 
 (7) voluntarily release a Guarantor of the Notes, except as permitted by this Indenture; 
 (8) reduce the percentage or aggregate principal amount of outstanding Notes the consent of whose Holders is necessary for waiver of compliance with Sections 6.02 and 6.04; or 

(9) modify or change any provisions of this Indenture affecting the ranking of the Notes as to right of payment or the
Guarantees thereof in any manner adverse to the Holders of the Notes. 
 (c) It shall not be necessary for the consent of the
Holders under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver but it shall be sufficient if such consent approves the substance thereof. 

(d) A consent to any amendment, supplement or waiver under this Indenture by any Holder given in connection with an exchange (in the case
of an exchange offer) or a tender (in the case of a tender offer) of such Holder’s Notes shall not be rendered invalid by such tender or exchange. 
 (e) After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuers shall mail to the Holders affected thereby a notice briefly describing the amendment, supplement or
waiver. Any failure of the Issuers to give such notice to all Holders, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. 

SECTION 9.03. Compliance with the Trust Indenture Act. Every amendment, waiver or supplement of this Indenture, the Notes or the
Guarantees shall comply with the Trust Indenture Act as then in effect. 
 SECTION 9.04. Revocation and Effect of
Consents. Until an amendment, waiver or supplement becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting
Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to his Note or portion of his Note by notice to the Trustee or the Issuers received before the date
on which the Trustee receives an Officer’s Certificate certifying that the Holders of the requisite principal amount of Notes have consented (and not theretofore revoked such consent) to the amendment, supplement or waiver. 

  
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 The Issuers may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to consent to any amendment, supplement or waiver, which record date shall be at least 30 days prior to the first solicitation of such consent. If a record date is fixed, then notwithstanding the last sentence of the
immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to revoke any consent previously given, whether or not such Persons continue to be
Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date. The Issuers shall inform the Trustee in writing of the fixed record date if applicable. 

After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of
clauses (1) through (9) of Section 9.02(b), in which case, the amendment, supplement or waiver shall bind only each Holder of a Note who has consented to it and every subsequent Holder of a Note or portion of a Note that evidences the
same debt as the consenting Holder’s Note; provided, however, that any such waiver shall not impair or affect the right of any Holder to receive payment of principal of, and interest on, a Note, on or after the respective due
dates therefor, or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder. 
 SECTION 9.05. Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Issuers may require the Holder of the Note to deliver it to the Trustee. The
Issuers shall provide the Trustee with an appropriate notation on the Note about the changed terms and cause the Trustee to return it to the Holder at the Issuers’ expense. Alternatively, if the Issuers or the Trustee so determines, the Issuers
in exchange for the Note shall issue, and the Trustee shall authenticate, a new Note that reflects the changed terms. Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement
or waiver. 
 SECTION 9.06. Trustee To Sign Amendments, Etc. The Trustee shall execute any amendment, supplement or
waiver authorized pursuant to this Article Nine; provided, however, that the Trustee may, but shall not be obligated to, execute any such amendment, supplement or waiver 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, an Opinion of Counsel and an Officer’s Certificate each stating that the execution of any amendment, supplement or waiver authorized
pursuant to this Article Nine is authorized or permitted by this Indenture, all conditions precedent thereto have been compiled with and constitutes legal, valid and binding obligations of the Issuers enforceable in accordance with its terms,
subject to customary exceptions. Such Opinion of Counsel shall be at the expense of the Issuers. 
 ARTICLE TEN 

 Guarantee 
 SECTION 10.01. Guarantee. Subject to this Article Ten, each of the Guarantors hereby, jointly and severally, unconditionally guarantees on a senior unsecured basis to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuers hereunder or thereunder, that: (a) the
principal of and interest on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other
obligations of the Issuers to the Holders or the 

  
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Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or
renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment
when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a
guarantee of collection. 
 The Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of
the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment
against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Subject to Section 6.06 hereof, each Guarantor hereby waives, to the extent
permitted by applicable law, diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice and all
demands whatsoever and covenant that this Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 
 If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the
Issuers or the Guarantors, any amount paid by either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 

Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article Six hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed
hereby and (y) in the event of any declaration of acceleration of such obligations as provided in Article Six hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of
this Guarantee. 
 SECTION 10.02. Limitation on Guarantor Liability. Each Guarantor, and by its acceptance of Notes, each
Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar Federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor
will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments
made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article Ten, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent transfer or conveyance. Each
Guarantor that makes a payment for distribution under its Guarantee is entitled to a contribution from each other Guarantor in a pro rata amount based on the adjusted net assets of each Guarantor. 

SECTION 10.03. Execution and Delivery of Guarantee. To evidence its Guarantee set forth in Section 10.01, each Guarantor
hereby agrees that a notation of such Guarantee substantially in the form included in Exhibit C shall be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture shall be
executed on behalf of such Guarantor by an Officer. 

  
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 Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 shall remain
in full force and effect notwithstanding any failure to endorse on each Note a notation of such Guarantee. 
 If an Officer
whose signature is on this Indenture or on the Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Guarantee is endorsed, the Guarantee shall be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set
forth in this Indenture on behalf of the Guarantors. 
 SECTION 10.04. Release of a Guarantor. A Guarantor shall be
automatically and unconditionally released from its obligations under its Guarantee and its obligations under this Indenture in the event of: 
 (1) any sale, exchange or transfer, to any Person not a Subsidiary of the Parent of Capital Stock held by the Parent and its Restricted Subsidiaries in, or all or substantially all the assets of, such
Restricted Subsidiary (which sale, exchange or transfer is not prohibited by this Indenture), such that, immediately after giving effect to such transaction, such Restricted Subsidiary would no longer constitute a Subsidiary of the Parent,

 (2) in connection with the merger or consolidation of a Subsidiary Guarantor with (a) an Issuer or
(b) any other Guarantor (provided that the surviving entity remains a Guarantor), 
 (3) if Parent
properly designates any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary, 
 (4) upon the
Legal Defeasance or Covenant Defeasance or satisfaction and discharge of this Indenture, 
 (5) upon a
liquidation or dissolution of a Subsidiary Guarantor permitted under this Indenture, or 
 (6) the release or
discharge of the Guarantee that resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guarantee. 
 The Trustee may execute an appropriate instrument prepared by the Issuers evidencing the release of a Guarantor from its obligations under its Guarantee and this Indenture upon receipt of a request by the
Issuers or such Guarantor accompanied by an Officer’s Certificate and an Opinion of Counsel certifying as to the compliance with this Section 10.04; provided, however, that the legal counsel delivering such Opinion of Counsel
may rely as to matters of fact on one or more Officer’s Certificates of the Issuers. 
 Nothing contained in this Indenture
or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into an Issuer (in which case such Guarantor shall no longer be a Guarantor) or another Guarantor or shall prevent any sale or conveyance of the property of a
Guarantor as an entirety or substantially as an entirety to an Issuer or another Guarantor. 

  
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 ARTICLE ELEVEN  

Miscellaneous 
 SECTION 11.01. Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture
by the Trust Indenture Act, such required or deemed provision shall control. 
 SECTION 11.02. Notices. Any notices or
other communications required or permitted hereunder shall be in writing, and shall be sufficiently given if made by hand delivery, by telex, by nationally recognized overnight courier service, by telecopy or email or registered or certified mail,
postage prepaid, return receipt requested, addressed as follows: 
 If to the Issuers: 

MPT Operating Partnership, L.P. 
 MPT Finance Corporation 
 c/o Medical Properties Trust, Inc. 

1000 Urban Center Drive, Suite 501 Birmingham, AL 35242 
 Facsimile: (205) 969-3756 
 Attention: R. Steven Hamner 

By e-mail: shamner@medicalpropertiestrust.com 
 with a copy to: 
 Goodwin Procter LLP 

53 State Street 

Boston, MA 02109 
 Facsimile: (617) 523-1231 
 Attention: James P.C. Barri, Esq. 

By e-mail: jbarri@goodwinprocter.com 
 If to Parent or any other Guarantor: 
 Medical Properties Trust, Inc. 

1000 Urban Center Drive, Suite 501 
 Birmingham, AL 35242 
 Facsimile: (205) 969-3756 

Attention: R. Steven Hamner 
 By e-mail: shamner@medicalpropertiestrust.com 
 with a copy to: 

Goodwin Procter LLP 
 53 State Street 
 Boston, MA 02109 

Facsimile: (617) 523-1231 
 Attention: James P.C. Barri, Esq. 
 By e-mail: jbarri@goodwinprocter.com

  
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 if to the Trustee: 
 Wilmington Trust, National Association 
 Rodney Square North 

1100 N. Market Street 
 Wilmington, DE 19890-0001 
 Attention: Corporate Trust Administration 

Telephone: (302) 636-6398 
 Facsimile: (302) 636-4145 
 via email to MWass@WilmingtonTrust.com

 If to the Escrow Agent: 
 Wilmington Trust, National Association 
 Rodney Square North 

1100 N. Market Street 
 Wilmington, DE 19890-0001 
 Attention: Thomas Morris 

Telephone: (302) 636-6432 
 Facsimile: (302) 636-4145 
 via email: tmorris@wilmingtontrust.com

 Each of the Issuers and the Trustee by written notice to each other such Person may designate additional or different
addresses for notices to such Person. Any notice or communication to the Issuers and the Trustee shall be deemed to have been given or made as of the date so delivered if personally delivered; when replied to; when receipt is acknowledged, if
telecopied; five (5) calendar days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received by the addressee); and next
Business Day if by nationally recognized overnight courier service. 
 Any notice or communication mailed to a Holder shall be
mailed to him by first class mail or other equivalent means at his address as it appears on the registration books of the Registrar and shall be sufficiently given to him if so mailed within the time prescribed. 

Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 SECTION 11.03. Communications by Holders with Other Holders. Holders may communicate pursuant to Trust Indenture Act § 312(b) with other Holders with respect to their rights under this
Indenture, the Notes or the Guarantees. The Issuers, the Trustee, the Registrar and any other Person shall have the protection of Trust Indenture Act § 312(c). 
 SECTION 11.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuers to the Trustee to take any action under this Indenture, the Issuers shall furnish
to the Trustee at the request of the Trustee: 
 (1) an Officer’s Certificate, in form and substance
satisfactory to the Trustee, stating that, in the opinion of the signers, all conditions precedent to be performed or effected by the Issuers, if any, provided for in this Indenture relating to the proposed action have been complied with; and

  
 75 

 (2) an Opinion of Counsel stating that, in the opinion of such counsel, all
such conditions precedent have been complied with. 
 SECTION 11.05. Statements Required in Certificate or Opinion. Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture, other than the Officer’s Certificate required by Section 4.05, shall include: 

(1) a statement that the Person making such certificate or opinion has read such covenant or condition; 

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

(4) a statement as to whether or not, in the opinion of each such Person, such condition or covenant has been complied
with; provided, however, that with respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

SECTION 11.06. Rules by Paying Agent or Registrar. The Paying Agent or Registrar may make reasonable rules and set reasonable
requirements for their functions. 
 SECTION 11.07. Legal Holidays. If a Payment Date is not a Business Day, payment may
be made on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period. If a Record Date is not a Business Day, the Record Date shall be unaffected. 

SECTION 11.08. Governing Law; Waiver of Jury Trial. This Indenture, the Notes and the Guarantees will be governed by and construed
in accordance with the laws of the State of New York. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to
this Indenture, the Notes, the Guarantees or the transaction contemplated hereby. 
 SECTION 11.09. No Adverse Interpretation
of Other Agreements. This Indenture may not be used to interpret another indenture, loan or debt agreement of any of the Issuers or any of their Subsidiaries. Any such indenture, loan or debt agreement may not be used to interpret this
Indenture. 
 SECTION 11.10. No Recourse Against Others. No recourse for the payment of the principal of, premium, if
any, or interest on any of the Notes or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Issuers or the Guarantors in this Indenture, or in any of the Notes or
Guarantees or because of the creation of any Indebtedness represented hereby, shall be had against any incorporator, stockholder, officer, director, employee or controlling person of the Issuers or the Guarantors or of any successor Person thereof.
Each Holder, by accepting the Notes, waives and releases all such liability. Such waiver and release are part of the consideration for issuance of the Notes. 

  
 76 

 SECTION 11.11. Successors. All agreements of the Issuers and the Subsidiary
Guarantors in this Indenture, the Notes and the Guarantees shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successor. 
 SECTION 11.12. Duplicate Originals. All parties may sign any number of copies of this Indenture. Each signed copy or counterpart shall be an original, but all of them together shall represent the
same agreement. Delivery of an executed counterpart of a signature page to this Indenture by facsimile, .pdf transmission, email or other electronic means shall be effective as delivery of a manually executed counterpart of this Indenture.

 SECTION 11.13. Severability. To the extent permitted by applicable law, in case any one or more of the provisions in
this Indenture, in the Notes or in the Guarantees shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions
shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law. 
 SECTION 11.14. U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to
help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this
Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 
 SECTION 11.15. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly
or indirectly, forces beyond its control, including without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions or utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances. 
 [signature pages follow] 

  
 77 

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

 

					
	MPT OPERATING PARTNERSHIP, L.P.,
	as Issuer,
		
	By:	 	Medical Properties Trust, LLC, its general partner
		
	By:	 	Medical Properties Trust, Inc., its sole member
		
	By:	 	 /s/ R. Steven Hamner

		 	Name:	 	R. Steven Hamner
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer
	
	 MPT FINANCE CORPORATION,
 as Issuer,

		
	By:	 	 /s/ R. Steven Hamner

		 	Name:	 	R. Steven Hamner
		 	Title:	 	President, Secretary and General Manager
	
	 MEDICAL PROPERTIES TRUST, INC.,
 as Parent and a Guarantor,

		
	By:	 	 /s/ R. Steven Hamner

		 	Name:	 	R. Steven Hamner
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer

					
	MEDICAL PROPERTIES TRUST, LLC
	
	By: Medical Properties Trust, Inc., its sole member
		
	By:	 	 /s/ R. Steven Hamner

		 	Name:	 	R. Steven Hamner
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer
	
	 MPT OF VICTORVILLE, LLC
 MPT OF BUCKS COUNTY, LLC
 MPT OF BLOOMINGTON, LLC

MPT OF COVINGTON, LLC
 MPT OF DENHAM SPRINGS,
LLC
 MPT OF REDDING, LLC
 MPT OF CHINO,
LLC
 MPT OF DALLAS LTACH, LLC
 MPT OF
PORTLAND, LLC
 MPT OF WARM SPRINGS, LLC

MPT OF VICTORIA, LLC
 MPT OF LULING,
LLC
 MPT OF HUNTINGTON BEACH, LLC
 MPT
OF WEST ANAHEIM, LLC
 MPT OF LA PALMA, LLC
 MPT OF PARADISE VALLEY, LLC
 MPT OF SOUTHERN CALIFORNIA, LLC

MPT OF TWELVE OAKS, LLC
 MPT OF SHASTA,
LLC
 MPT OF WEBSTER, LLC
 MPT OF
TUCSON, LLC
 MPT OF BOSSIER CITY, LLC

MPT OF WEST VALLEY CITY, LLC
 MPT OF IDAHO FALLS,
LLC
 MPT OF POPLAR BLUFF, LLC
 MPT OF
BENNETTSVILLE, LLC
 MPT OF DETROIT, LLC

MPT OF BRISTOL, LLC
 MPT OF NEWINGTON,
LLC
 MPT OF ENFIELD, LLC
 MPT OF
PETERSBURG, LLC
 MPT OF FAYETTEVILLE, LLC
 4499 ACUSHNET AVENUE, LLC
 8451 PEARL STREET, LLC

MPT OF GARDEN GROVE HOSPITAL, LLC
 MPT OF GARDEN GROVE MOB, LLC
 MPT OF SAN DIMAS HOSPITAL, LLC

MPT OF SAN DIMAS MOB, LLC
 MPT OF CHERAW,
LLC

					
	 MPT OF FT. LAUDERDALE, LLC
 MPT OF PROVIDENCE, LLC
 MPT OF SPRINGFIELD, LLC

MPT OF WARWICK, LLC
 MPT OF RICHARDSON,
LLC
 MPT OF ROUND ROCK, LLC
 MPT OF
SHENANDOAH, LLC
 MPT OF HILLSBORO, LLC

MPT OF FLORENCE, LLC
 MPT OF CLEAR LAKE,
LLC
 MPT OF TOMBALL, LLC
 MPT OF
GILBERT, LLC
 MPT OF CORINTH, LLC
 MPT
OF BAYONNE, LLC
 MPT OF ALVARADO, LLC

MPT OF DESOTO, LLC
 MPT OF HAUSMAN,
LLC
 MPT OF HOBOKEN HOSPITAL LLC
 MPT
OF HOBOKEN REAL ESTATE, LLC
 MPT OF OVERLOOK PARKWAY, LLC
 MPT OF NEW BRAUNFELS, LLC
 MPT OF WESTOVER HILLS, LLC

MPT OF WICHITA, LLC

		
	By:	 	MPT Operating Partnership, L.P.,
		 	sole member of each of the above entities
		
	By:	 	Medical Properties Trust, LLC,
		 	its general partner
		
	By:	 	Medical Properties Trust, Inc.,
		 	its sole member
		
	By:	 	 /s/ R. Steven Hamner

		 	Name:	 	R. Steven Hamner
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer

			
	MPT OF BUCKS COUNTY, L.P.
		
	BY:	 	MPT OF BUCKS COUNTY, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF DALLAS LTACH, L.P.
		
	BY:	 	MPT OF DALLAS LTACH, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC ITS SOLE MEMBER
	
	MPT OF WARM SPRINGS, L.P.
		
	BY:	 	MPT OF WARM SPRINGS, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER

			
	MPT OF VICTORIA, L.P.
		
	BY:	 	MPT OF VICTORIA, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF LULING, L.P.
		
	BY:	 	MPT OF LULING, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF HUNTINGTON BEACH, L.P.
		
	BY:	 	MPT OF HUNTINGTON BEACH, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER

			
	MPT OF WEST ANAHEIM, L.P.
		
	BY:	 	MPT OF WEST ANAHEIM, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF LA PALMA, L.P.
		
	BY:	 	MPT OF LA PALMA, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF PARADISE VALLEY, L.P.
		
	BY:	 	MPT OF PARADISE VALLEY, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER

			
	MPT OF SOUTHERN CALIFORNIA, L.P.
		
	BY:	 	MPT OF SOUTHERN CALIFORNIA, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF TWELVE OAKS, L.P.
		
	BY:	 	MPT OF TWELVE OAKS, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF SHASTA, L.P.
		
	BY:	 	MPT OF SHASTA, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER

			
	MPT OF WEBSTER, L.P.
		
	BY:	 	MPT OF WEBSTER, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF GARDEN GROVE HOSPITAL, L.P.
		
	BY:	 	MPT OF GARDEN GROVE HOSPITAL, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF GARDEN GROVE MOB, L.P.
		
	BY:	 	MPT OF GARDEN GROVE MOB, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER

			
	MPT OF SAN DIMAS HOSPITAL, L.P.
		
	BY:	 	MPT OF SAN DIMAS HOSPITAL, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF SAN DIMAS MOB, L.P.
		
	BY:	 	MPT OF SAN DIMAS MOB, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF RICHARDSON, L.P.
		
	BY:	 	MPT OF RICHARDSON, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER

			
	MPT OF ROUND ROCK, L.P.
		
	BY:	 	MPT OF ROUND ROCK, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF SHENANDOAH, L.P.
		
	BY:	 	MPT OF SHENANDOAH, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF HILLSBORO, L.P.
		
	BY:	 	MPT OF HILLSBORO, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER

			
	MPT OF CLEAR LAKE, L.P.
		
	BY:	 	MPT OF CLEAR LAKE, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF TOMBALL, L.P.
		
	BY:	 	MPT OF TOMBALL, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF CORINTH, L.P.
		
	BY:	 	MPT OF CORINTH, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER

			
	MPT OF ALVARADO, L.P.
		
	BY:	 	MPT OF ALVARADO, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER
	
	MPT OF DESOTO, L.P.
		
	BY:	 	MPT OF DESOTO, LLC, ITS GENERAL PARTNER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC, ITS SOLE MEMBER

					
	MPT OF MOUNTAIN VIEW, LLC
		
	BY:	 	MPT OF IDAHO FALLS, LLC, ITS SOLE MEMBER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC., ITS SOLE MEMBER
	
	WICHITA HEALTH ASSOCIATES LIMITED PARTNERSHIP
		
	BY:	 	MPT OF WICHITA, LLC, ITS SOLE MEMBER
		
	BY:	 	MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
		
	BY:	 	MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
		
	BY:	 	MEDICAL PROPERTIES TRUST, INC., ITS SOLE MEMBER
		
	BY:	 	 /s/ R. Steven Hamner

		 	Name:	 	R. Steven Hamner
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer

					
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,
 as Trustee,

		
	By:	 	 /s/ Michael H. Wass

		 	Name:	 	Michael H. Wass
		 	Title:	 	Banking Officer

 EXHIBIT A 
 [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 MPT OPERATING PARTNERSHIP, L.P. 
 MPT FINANCE CORPORATION 

6.375% Senior Notes due 2022 
 CUSIP No.             
  

			
	No. [    ]	  	$[            ]             

 MPT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, and MPT FINANCE CORPORATION, a Delaware
corporation (the “Issuers”), for value received promise to pay to Cede & Co., or its registered assigns, the principal sum of [            ] DOLLARS [or such other
amount as is provided in a schedule attached hereto]* a on February 15, 2022. 
 Interest Payment Dates February 15
and August 15, commencing August 15, 2012. 
 Record Dates: February 1 and August 1. 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set
forth at this place. 
 IN WITNESS WHEREOF, the Issuers have caused this Note to be signed manually or by facsimile by its duly
authorized officer. 
 Dated: 
  

					
	 MPT OPERATING PARTNERSHIP, L.P.,
 MPT FINANCE CORPORATION,
 as Issuers,

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
  

	*	This language should be included only if the Note is issued in global form. 

  
 A-1

 [FORM OF] TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the 6.375% Senior Notes due 2022 described in the within-mentioned Indenture. 

Dated: February 17, 2012 
  

			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,
 as Trustee,

		
	By:	 	  

		 	Authorized Signatory

  
 A-2

 (Reverse of Note) 
 6.375% Senior Notes due 2022 
 Capitalized terms used herein shall have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 SECTION 1. Interest. MPT
Operating Partnership, L.P., a Delaware limited partnership, and MPT Finance Corporation, a Delaware corporation (the “Issuers”), promise to pay interest on the principal amount of this Note at 6.375% per annum from
February 17, 2012, until maturity. The Issuers will pay interest semi-annually on February 15 and August 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment
Date”), commencing August 15, 2012. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from February 17, 2012. The Issuers shall pay interest on overdue
principal and premium, if any, from time to time on demand to the extent lawful at the interest rate applicable to the Notes; it shall pay interest on overdue installments of interest (without regard to any applicable grace periods) from time to
time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 SECTION 2. Method of Payment. The Issuers will pay interest on the Notes to the Persons who are registered Holders at the close of business on the February 1 or August 1 next preceding
the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be issued in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Issuers shall pay principal, premium, if any, and interest on the Notes in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts (“U.S. Legal Tender”). Principal, premium, if any, and interest on the Notes will be payable at the office or agency of the Issuers maintained for such purpose except that, at the
option of the Issuers, the payment of interest may be made by check mailed to the Holders at their respective addresses set forth in the register of Holders of Notes. Until otherwise designated by the Issuers, the Issuers’ office or agency will
be the office of the Trustee maintained for such purpose. 
 SECTION 3. Paying Agent and Registrar. Initially, Wilmington
Trust, National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuers may change any Paying Agent or Registrar without notice to any Holder. Except as provided in the Indenture, the Issuers or any of their
Subsidiaries may act in any such capacity. 
 SECTION 4. Indenture. The Issuers issued the Notes under an Indenture dated
as of February 17, 2012 (“Indenture”) by and among the Issuers, Medical Properties Trust, Inc., a Maryland corporation, the other Guarantors and the Trustee. Subject to the terms of the Indenture, the Issuers shall be entitled
to issue Additional Notes pursuant to Section 2.01 of the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code
§§ 77aaa-77bbbb) (the “Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision
of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

  
 A-3

 SECTION 5. Optional Redemption. Prior to February 15, 2017, the Issuers will be
entitled at their option to redeem all or any portion of the Notes at a redemption price equal to 100% of the principal amount of such Notes plus the Applicable Premium as of, and any accrued and unpaid interest to, but not including, the Redemption
Date (subject to the right of each Holder on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 
 On or after February 15, 2017 the Issuers may redeem the Notes in whole or from time to time in part, at the redemption prices (expressed as percentages of the principal amount thereof) set forth
below, plus accrued and unpaid interest thereon to, but not including, the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date), if redeemed during the
12-month period beginning on February 15 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
		
	 2017
	  	 	103.188	% 
		
	 2018
	  	 	102.125	% 
		
	 2019
	  	 	101.063	% 
		
	 2020 and thereafter
	  	 	100.000	% 

 SECTION 6. Optional Redemption upon Equity Offerings. At any time prior to February 15, 2015,
the Issuers may redeem, on any one or more occasions, with all or a portion of the net cash proceeds of one or more Equity Offerings (within 60 days of the consummation of any such Equity Offering), up to 35% of the aggregate principal amount
of the Notes (including any Additional Notes) at a redemption price (expressed as a percentage of the aggregate principal amount of the Notes so redeemed) equal to 106.375% plus accrued and unpaid interest to but not including, the Redemption Date
(subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided, however, that at least 65% of the original aggregate principal amount of the Notes must
remain outstanding immediately after each such redemption. 
 SECTION 7. Notice of Redemption. Subject to
Section 3.03 of the Indenture, notice of any optional redemption of any Notes will be given to holders (with a copy to the Trustee) at their addresses, as shown in the Notes register, not more than 60 nor less than 30 days prior to the
date fixed for redemption. The notice of redemption will specify, among other items, the redemption price and the principal amount of the Notes held by the holder to be redeemed. No Notes of $2,000 or less shall be redeemed in part. On and after the
Redemption Date interest ceases to accrue on Notes or portions thereof called for redemption subject to Section 3.04 of the Indenture. 
 SECTION 8. Mandatory Redemption. Except as set forth in Section 9 herein, the Issuers shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.

 SECTION 9. Special Mandatory Redemption. The Notes will be subject to a mandatory redemption (a “Special
Mandatory Redemption”) in the event that either (i) the Escrow Proceeds have not been released to Opco for distribution in accordance with the terms and conditions of the Escrow Agreement (the “Release Date”) on or
before the Escrow End Date or (ii) prior to the Escrow End Date, 

  
 A-4

 
the Issuers have determined, in their reasonable discretion, that the escrow conditions cannot be satisfied by such date (any such date, a “Trigger Date”). The Issuers will cause
a notice of Special Mandatory Redemption substantially in the form required by Section 3.03 of the Indenture to be mailed to the Holders, the Trustee and the Escrow Agent promptly but in any event not later than five Business Days after the
Trigger Date and will redeem the Notes no later than five Business Days following the date of the notice of redemption. The redemption price for any Special Mandatory Redemption will be the sum of 100% of the aggregate principal amount of the Notes
issued on the Issue Date, together with accrued and unpaid interest on the Notes from the Issue Date up to but not including the date of the Special Mandatory Redemption. 
 If the Escrow Agent receives a notice of a Special Mandatory Redemption pursuant to the terms of the Escrow Agreement, the Escrow Agent will upon joint written direction of the Issuers, liquidate
investments of all Escrow Proceeds if any, then held by it not later than the last Business Day prior to the date of the Special Mandatory Redemption. Concurrently with the release of the amounts necessary to fund the Special Mandatory Redemption to
the Paying Agent, the Escrow Agent will release any excess of Escrow Proceeds over the mandatory redemption price to the Issuers (less any amounts owing to the Escrow Agent), and the Issuers will be permitted to use such excess Escrow Proceeds
refunded to them at their discretion. 
 SECTION 10. Repurchase at Option of Holder. Upon the occurrence of a Change of
Control, and subject to certain conditions set forth in the Indenture, the Issuers will be required to offer to purchase all of the outstanding Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid
interest, if any, thereon to the date of repurchase. 
 The Issuers are, subject to certain conditions and exceptions set forth
in the Indenture, obligated to make an offer to purchase Notes at 100% of their principal amount, plus accrued and unpaid interest, if any, thereon to the date of repurchase, with certain Net Cash Proceeds of certain sales or other dispositions of
assets in accordance with the Indenture. 
 SECTION 11. Denominations, Transfer Exchange. The Notes are in registered
form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and the Issuers may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuers and the Registrar are not required to transfer
or exchange any Note selected for redemption. Also, the Issuers and the Registrar are not required to transfer or exchange any Notes for a period of 15 days before a selection of Notes to be redeemed. 

SECTION 12. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

SECTION 13. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture and the Notes may be amended or
supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, and any existing Default or compliance with any provision may be waived with the consent of the Holders of a
majority in aggregate principal amount of the Notes then outstanding. Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture, the Notes and the Guarantees as provided in the Indenture. 

  
 A-5

 SECTION 14. Defaults and Remedies. If an Event of Default occurs and is continuing
(other than as specified in clauses (8) and (9) of Section 6.01 that occurs with respect to an Issuer), the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare the principal of,
premium, if any, and accrued interest on the Notes to be due and payable immediately in accordance with the provisions of Section 6.02. Notwithstanding the foregoing, in the case of an Event of Default arising from clause (8) or
(9) of Section 6.01, with respect to an Issuer, all outstanding Notes will become due and payable without further action or notice. Holders of the Notes may not enforce the Indenture or the Notes except as provided in the Indenture.
Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default
if it determines that withholding notice is in their interest in accordance with Section 7.05. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of
the Notes waive any existing Default and its consequences under the Indenture except a Default in the payment of principal of, or interest on, any Note as specified in Section 6.01(1) and (2). 

SECTION 15. Restrictive Covenants. The Indenture contains certain covenants as set forth in Article Four of the Indenture.

 SECTION 16. No Recourse Against Others. No recourse for the payment of the principal of, premium, if any, or interest
on any of the Notes or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Issuers or the Guarantors in the Indenture, or in any of the Notes or Guarantees or
because of the creation of any Indebtedness represented thereby, shall be had against any incorporator, stockholder, officer, director, employee or controlling person of the Issuers or the Guarantors or of any successor Person thereof. Each Holder,
by accepting the Notes, waives and releases all such liability. Such waiver and release are part of the consideration for issuance of the Notes. 
 SECTION 17. Guarantees. This Note will be entitled to the benefits of certain Guarantees made for the benefit of the Holders. Reference is hereby made to the Indenture for a statement of the
respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. 

SECTION 18. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. 
 SECTION 19. Abbreviations. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to
Minors Act). 
 SECTION 20. CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Issuers have caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP or ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

SECTION 21. Governing Law. This Note shall be governed by, and construed in accordance with, the laws of the State of New
York. 

  
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 The Issuers will furnish to any Holder upon written request and without charge a copy of the
Indenture. 

  
 A-7

 ASSIGNMENT FORM 
 I or we assign and transfer this Note to 
  
  

 
  
  

 
  
  

 
 Print or type name, address and zip code of
assignee or transferee) 
  
  

 
 (Insert Social Security or other identifying number
of assignee or transferee) 
 and irrevocably appoint
                     agent to transfer this Note on the books of the Issuers. The agent may substitute another to act for him. 

 

							
	Dated:	 		 		 	Signed:
				
		 		 		 	  

		 		 		 	(Sign exactly as name appears on the other side of this Note)
				
	Signature Guarantee:	 		 		 	
			
		 		 	  

		 		 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

  
 A-8

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.07 or Section 4.11 of the Indenture,
check the appropriate box: 
  

			
	Section 4.07   ̈	  	Section 4.11   ̈

 If you want to elect to have only part of this Note purchased by the Issuers pursuant to
Section 4.07 or Section 4.11 of the Indenture, state the amount (in denominations of $2,000 and integral multiples of $1,000 in excess thereof): $ 
  

											
	Date:	 		 		 	Signed:	 	  

		 		 		 		 	(Sign exactly as name appears on the other side of this Note)
					
		 		 		 	Signature Guarantee:	 	  

		 		 		 		 		 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

  
 A-9

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTEa 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Physical Note, or exchanges of a
part of another Global Note or Physical Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount
of The Global Note	  	Amount of increase
in Principal
Amount of this
Global Note	  	Principal Amount
of this Global Note
following such
decrease
(or increase)	  	Signature of
authorized officer
of Trustee of Note
custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	a
 	 This schedule should be included only if the Note is issued in global form. 

  
 A-10

 EXHIBIT B 
 FORM OF LEGEND 
 Each Global Note authenticated and delivered hereunder shall bear
the following legend: 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY OR A SUCCESSOR DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE
REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 2.15 OF THE INDENTURE. 

  
 B-1

 EXHIBIT C 
 GUARANTEE 
 For value received, each of the undersigned (including any successor
Person under the Indenture) hereby unconditionally guarantees, jointly and severally, to the extent set forth in the Indenture (as defined below) to the Holder of this Note the payment of principal, premium, if any, and interest on this Note in the
amounts and at the times when due and interest on the overdue principal, premium, if any, and interest, if any, of this Note when due, if lawful, and, to the extent permitted by law, the payment or performance of all other obligations of the Issuers
under the Indenture or the Notes, to the Holder of this Note and the Trustee, all in accordance with and subject to the terms and limitations of this Note, the Indenture, including Article Ten thereof, and this Guarantee. This Guarantee will become
effective in accordance with Article Ten of the Indenture and its terms shall be evidenced therein. The validity and enforceability of any Guarantee shall not be affected by the fact that it is not affixed to any particular Note. 

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Indenture dated as of February 17,
2012, among MPT Operating Partnership, L.P., a Delaware limited partnership, and MPT Finance Corporation, a Delaware corporation (each, an “Issuer” and together, the “Issuers”), Medical Properties Trust, Inc., a
Maryland corporation, each of the other Guarantors named therein, and Wilmington Trust, National Association, a national banking association organized and existing under the laws of the United States of America, as trustee (the
“Trustee”), as amended or supplemented (the “Indenture”). 
 The obligations of the
undersigned to the Holders of Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article Ten of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee and all
of the other provisions of the Indenture to which this Guarantee relates. 
 No director, officer, employee, incorporator,
stockholder or controlling person or any successor Person thereof of any Guarantor, as such, shall have any liability for any obligations of such Guarantors under such Guarantors’ Guarantee or the Indenture or for any claim based on, in respect
of, or by reason of, such obligation or its creation. 
 This Guarantee shall be governed by, and construed in accordance
with, the laws of the State of New York. 
 This Guarantee is subject to release upon the terms set forth in the Indenture.

 IN WITNESS WHEREOF, each Guarantor has caused its Guarantee to be duly executed. 

 

					
	[                            
            ]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 C-1

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