Document:

Form of Amended and Restated Trust Agreement

 Exhibit 4.20 
  
 FORM OF AMENDED AND RESTATED 
  
 TRUST AGREEMENT 
  
 among 
  
 JPMORGAN CHASE & CO., as Depositor, 
  
 THE BANK OF
NEW YORK, 
  
 as Property Trustee, 
  
 THE BANK OF NEW YORK (DELAWARE), 
  
 as Delaware Trustee, 
  
 THE ADMINISTRATIVE TRUSTEES NAMED HEREIN, 
  
 and 
  
 THE SEVERAL HOLDERS (AS DEFINED HEREIN) 
  
 Dated as of
[                    , 20    ] 
  
 JPMORGAN CHASE CAPITAL [    ] 

  
 TABLE OF CONTENTS

  

			
	 	  	Page

	 ARTICLE I Defined Terms
	  	1
	 Section 1.1. Definitions
	  	1
		
	 ARTICLE II Continuation of the Trust
	  	9
	 Section 2.1. Name
	  	9
	 Section 2.2. Office of the Delaware Trustee; Principal Place of Business
	  	9
	 Section 2.3. Initial Contribution of Trust Property; Organizational Expenses
	  	10
	 Section 2.4. Issuance of the Capital Securities
	  	10
	 Section 2.5. Issuance of the Common Securities; Subscription and Purchase of Debentures
	  	10
	 Section 2.6. Declaration of Trust
	  	11
	 Section 2.7. Authorization to Enter into Certain Transactions
	  	11
	 Section 2.8. Assets of Trust
	  	15
	 Section 2.9. Title to Trust Property
	  	15
		
	 ARTICLE III Payment Account
	  	15
	 Section 3.1. Payment Account
	  	15
		
	 ARTICLE IV Distributions; Redemption
	  	15
	 Section 4.1. Distributions
	  	15
	 Section 4.2. Redemption
	  	16
	 Section 4.3. Subordination of Common Securities
	  	18
	 Section 4.4. Payment Procedures
	  	19
	 Section 4.5. Tax Returns and Reports
	  	19
	 Section 4.6. Payment of Expenses of the Trust
	  	19
	 Section 4.7. Payments under Indenture or Pursuant to Direct Actions
	  	20
		
	 ARTICLE V Trust Securities Certificates
	  	20
	 Section 5.1. Initial Ownership
	  	20
	 Section 5.2. The Trust Securities Certificates
	  	20
	 Section 5.3. Execution and Delivery of Trust Securities Certificates
	  	20
	 Section 5.4. Registration of Transfer and Exchange of Capital Securities Certificate
	  	21
	 Section 5.5. Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates
	  	21
	 Section 5.6. Persons Deemed Securityholders
	  	22
	 Section 5.7. Access to List of Securityholders’ Names and Addresses
	  	22
	 Section 5.8. Maintenance of Office or Agency
	  	22
	 Section 5.9. Appointment of Paying Agent
	  	22
	 Section 5.10. Ownership of Common Securities by Depositor
	  	23
	 Section 5.11. Book-Entry Capital Securities Certificates; Common Securities Certificate
	  	23
	 Section 5.12. Notices to Clearing Agency
	  	24
	 Section 5.13. Definitive Capital Securities Certificates
	  	24
	 Section 5.14. Rights of Securityholders
	  	25
	 Section 5.15. CUSIP Numbers
	  	27

  

 i 

			
	 	  	Page

	 ARTICLE VI Acts of Securityholders; Meetings; Voting
	  	27
	 Section 6.1. Limitations on Voting Rights
	  	27
	 Section 6.2. Notice of Meetings
	  	28
	 Section 6.3. Meetings of Capital Securityholders
	  	28
	 Section 6.4. Voting Rights
	  	29
	 Section 6.5. Proxies, etc.
	  	29
	 Section 6.6. Securityholder Action by Written Consent
	  	29
	 Section 6.7. Record Date for Voting and Other Purposes
	  	29
	 Section 6.8. Acts of Securityholders
	  	30
	 Section 6.9. Inspection of Records
	  	31
		
	 ARTICLE VII Representations and Warranties
	  	31
	 Section 7.1. Representations and Warranties of the Property Trustee and the Delaware Trustee
	  	31
	 Section 7.2. Representations and Warranties of Depositor
	  	32
		
	 ARTICLE VIII The Trustees
	  	32
	 Section 8.1. Certain Duties and Responsibilities
	  	32
	 Section 8.2. Certain Notices
	  	34
	 Section 8.3. Certain Rights of Property Trustee
	  	34
	 Section 8.4. Not Responsible for Recitals or Issuance of Securities
	  	36
	 Section 8.5. May Hold Securities
	  	36
	 Section 8.6. Compensation; Indemnity; Fees
	  	36
	 Section 8.7. Corporate Property Trustee Required; Eligibility of Trustees
	  	37
	 Section 8.8. Conflicting Interests
	  	38
	 Section 8.9. Co-Trustees and Separate Trustee
	  	38
	 Section 8.10. Resignation and Removal; Appointment of Successor
	  	39
	 Section 8.11. Acceptance of Appointment by Successor
	  	41
	 Section 8.12. Merger, Conversion, Consolidation or Succession to Business
	  	41
	 Section 8.13. Preferential Collection of Claims Against Depositor or Trust
	  	42
	 Section 8.14. Reports by Property Trustee
	  	42
	 Section 8.15. Reports to the Property Trustee
	  	43
	 Section 8.16. Evidence of Compliance with Conditions Precedent
	  	43
	 Section 8.17. Number of Trustees
	  	43
	 Section 8.18. Delegation of Power
	  	43
		
	 ARTICLE IX Termination, Liquidation and Merger
	  	44
	 Section 9.1. Termination Upon Expiration Date
	  	44
	 Section 9.2. Early Termination
	  	44
	 Section 9.3. Termination
	  	44
	 Section 9.4. Liquidation
	  	45
	 Section 9.5. Mergers, Consolidations, Amalgamations or Replacements of the Trust
	  	46

  

 ii 

			
	 	  	Page

	 ARTICLE X Miscellaneous Provisions
	  	47
	 Section 10.1. Limitation of Rights of Securityholders
	  	47
	 Section 10.2. Liability of the Common Securityholder
	  	47
	 Section 10.3. Amendment
	  	47
	 Section 10.4. Separability
	  	48
	 Section 10.5. Governing Law
	  	49
	 Section 10.6. Payments Due on Non-Business Day
	  	49
	 Section 10.7. Successors
	  	49
	 Section 10.8. Headings
	  	49
	 Section 10.9. Reports, Notices and Demands
	  	49
	 Section 10.10. Agreement Not to Petition
	  	50
	 Section 10.11. Trust Indenture Act; Conflict with Trust Indenture Act
	  	50
	 Section 10.12. Acceptance of Terms of Trust Agreement, Guarantee and Indenture
	  	50
	 Section 10.13. Holders are Parties
	  	51
	 Section 10.14. Treatment of Trust as Grantor Trust and Debentures as Debt for Federal Income Tax Purposes
	  	51
	 Section 10.15. Counterparts
	  	51

  

 iii 

 AMENDED AND RESTATED TRUST AGREEMENT, dated as of
[                    , 20    ], among (i) JPMorgan Chase & Co., a Delaware corporation (including any
successors or assigns, the “Depositor”), (ii) The Bank of New York, a New York banking corporation, as property trustee (in each such capacity, the “Property Trustee” and, in its separate corporate capacity and not in its
capacity as Property Trustee, the “Bank”), (iii) The Bank of New York (Delaware), a banking corporation organized under the laws of the State of Delaware, as Delaware trustee (the “Delaware Trustee”), (iv) Michael J. Cavanagh, an
individual, and Mark I. Kleinman, an individual, each of whose address is c/o JPMorgan Chase & Co., 270 Park Avenue, New York, NY 10017 (each an “Administrative Trustee” and collectively the “Administrative Trustees”) (the
Property Trustee, the Delaware Trustee and the Administrative Trustees referred to collectively as the “Trustees”) and (v) the several Holders, as hereinafter defined. 
  
 WITNESSETH 
  
 WHEREAS, the Depositor and certain of the trustees have heretofore duly declared and established a statutory trust pursuant to the Delaware
Statutory Trust Act by the entering into that certain Trust Agreement, dated as of [                    , 20    ]
(the “Original Trust Agreement”), and by the execution and filing with the Secretary of State of the State of Delaware of the Certificate of Trust, filed on
[                    , 20    ], each attached as Exhibit A (the “Certificate of Trust”); 
  
 WHEREAS, the parties hereto desire to amend and restate the
Original Trust Agreement in its entirety as set forth herein to provide for, among other things, (i) the issuance of the Common Securities by the Trust to the Depositor, (ii) the issuance and sale of the Capital Securities by the Trust pursuant to
the Underwriting Agreement and (iii) the acquisition by the Trust from the Depositor of all of the right, title and interest in the Debentures; and 
  
 NOW THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable
consideration, the sufficiency of which is hereby acknowledged, each party, for the benefit of the other parties and for the benefit of the Securityholders, hereby amends and restates the Original Trust Agreement in its entirety and agrees as
follows: 
  
 ARTICLE I 
  
 DEFINED TERMS 
  
 Section 1.1. Definitions. 
  
 For all purposes of this Trust Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (a) the terms defined in this Article have the meanings assigned to them in
this Article and include the plural as well as the singular; 
  
 (b) all other terms used herein that are defined in the Trust Indenture Act, either directly or by reference thereto, have the meanings assigned to them therein; 
  

 (c) unless the context otherwise requires, any reference to an “Article” or a
“Section” refers to an Article or a Section, as the case may be, of this Trust Agreement; and 
  
 (d) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Trust Agreement as a whole
and not to any particular Article, Section or other subdivision. 
  
 “Act” has the meaning specified in Section 6.8. 
  
 “Additional Amount” means, with respect to Trust Securities of a given Liquidation Amount and/or a given period, the amount of Additional Interest (as defined in the Indenture) paid by the Depositor
on a Like Amount of Debentures for such period. 
  
 “Administrative Trustee” means each of the individuals identified as an “Administrative Trustee” in the preamble to this Trust Agreement solely in such individual’s capacity as Administrative Trustee of the
Trust and not in such individual’s individual capacity, or such Administrative Trustee’s successor in interest in such capacity, or any successor or additional administrative trustee appointed as herein provided. 
  
 “Affiliate” of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to
the foregoing. 
  
 “Bank” has the meaning
specified in the preamble to this Trust Agreement. 
  
 “Bankruptcy Event” means, with respect to any Person: 
  
 (a) the entry of a decree or order for relief in respect to such Person by a court having jurisdiction in the premises in an involuntary case under any applicable bankruptcy, insolvency or reorganization law now or
hereafter in effect of the United States of America or any political subdivision thereof, and such decree or order shall have continued unstayed and in effect for a period of 60 consecutive days; or 
  
 (b) the commencement by such Person of a voluntary case under any applicable
bankruptcy, insolvency or reorganization law now or hereafter in effect of the United States of America or a political subdivision thereof, or consent to the entry of an order for relief in an involuntary case under any such law. 
  
 “Bankruptcy Laws” has the meaning specified in Section
10.10. 
  
 “Board Resolution” means a copy of a
resolution certified by the Secretary or an Assistant Secretary of the Depositor to have been duly adopted by the Depositor’s Board of Directors, or such committee of the Board of Directors or officers of the Depositor to which authority to act
on behalf of the Board of Directors has been delegated, and to be in full force and effect on the date of such certification, and delivered to the Trustees. 
  

 2 

 “Book-Entry Capital Securities Certificates” means a beneficial interest in the Capital
Securities Certificates, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 5.11. 
  
 “Business Day” means a day other than (a) a Saturday or Sunday or (b) a day on which banking institutions in The City of New York are
authorized or required by law or executive order to remain closed or a day on which the corporate trust office of the Property Trustee or the Debenture Trustee is closed for business. 
  
 “Capital Securities Certificate” means a certificate evidencing ownership of Capital Securities,
substantially in the form attached as Exhibit B. 
  
 “Capital Security” means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of $[    ] and having the rights provided therefor in this Trust Agreement,
including the right to receive Distributions and a Liquidation Distribution as provided herein. 
  
 “Capital Securityholder” means a Holder of Capital Securities. 
  
 “Capital Treatment Event” means the reasonable determination by the Depositor that, as a result of any
amendment to, or change (including any proposed change) in, the laws or any regulations of the United States or any political subdivision thereof or therein, or as a result of any official or administrative decision or judicial decision or
administrative action or other official pronouncement interpreting or applying such laws or regulations, which amendment or change is enacted or becomes effective or such proposed change, pronouncement, action or decision is announced on or after
the date of issuance of the Capital Securities hereunder, there is more than an insubstantial risk that the Depositor will not be entitled to treat an amount equal to the Liquidation Amount of the Capital Securities as “Tier 1 Capital” (or
its equivalent) for purposes of the capital adequacy guidelines of the Federal Reserve, as then in effect and applicable to the Depositor. 
  
 “Certificate Depository Agreement” means the agreement among the Trust, the Depositor and The Depository Trust Company, as the initial
Clearing Agency, dated as of the Closing Date, relating to the Trust Securities Certificates, as the same may be amended and supplemented from time to time. 
  
 “Certificate of Trust” has the meaning specified in the recitals hereof, as amended from time to time. 
  
 “Clearing Agency” means an organization registered as a
“clearing agency” pursuant to Section 17A of the Securities Exchange Act of 1934, as amended. The Depository Trust Company will be the initial Clearing Agency. 
  
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for
whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
  
 “Closing Date” means the date of execution and delivery of this Trust Agreement. 
  

 3 

 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Commission” means the Securities and Exchange Commission,
as from time to time constituted, created under the Securities Exchange Act of 1934, as amended, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust
Indenture Act, then the body performing such duties at such time. 
  
 “Common Securities Certificate” means a certificate evidencing ownership of Common Securities, substantially in the form attached as Exhibit C. 
  
 “Common Security” means an undivided beneficial interest in the assets of the Trust, having a Liquidation
Amount of $[        ] and having the rights provided therefor in this Trust Agreement, including the right to receive Distributions and a Liquidation Distribution as provided herein. 
  
 “Common Securityholder” means a Holder of Common Securities.

  
 “Corporate Trust Office” means (i) when used
with respect to the Property Trustee, the principal office of the Property Trustee located in New York, New York, and (ii) when used with respect to the Debenture Trustee, the principal office of the Debenture Trustee located in New York, New York.

  
 “Debenture Event of Default” means an
“Event of Default” as defined in the Indenture. 
  
 “Debenture Maturity Date” means the date specified pursuant to the terms of the Debentures as the date on which the principal of the Debentures is due and payable. 
  
 “Debenture Redemption Date” means, with respect to any
Debentures to be redeemed under the Indenture, the date fixed for redemption under the Indenture. 
  
 “Debenture Trustee” means The Bank of New York, a New York banking corporation, as trustee under the Indenture, and any successor trustee
appointed as provided therein. 
  
 “Debentures”
means the $[                    ] aggregate principal amount of the Depositor’s
[        %] Junior Subordinated Deferrable Interest Debentures, Series [  ], issued pursuant to the Indenture., a form of which is attached as Exhibit D. 
  
 “Definitive Capital Securities Certificates” means either or
both (as the context requires) of (a) Capital Securities Certificates issued as Book-Entry Capital Securities Certificates as provided in Section 5.11(a) and (b) Capital Securities Certificates issued in certificated, fully registered form as
provided in Section 5.13. 
  
 “Delaware Statutory Trust
Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. 3801, et seq., as it may be amended from time to time. 
  
 “Delaware Trustee” means the Person identified as the “Delaware Trustee” in the preamble to this Trust Agreement solely in its
capacity as Delaware Trustee of the Trust and not 

  

 4 

 
in its individual capacity, or its successor in interest in such capacity, or any successor Delaware Trustee appointed as herein provided. 
  
 “Depositor” has the meaning specified in the preamble to
this Trust Agreement. 
  
 “Distribution Date” has
the meaning specified in Section 4.1(a). 
  
 “Distributions” means amounts payable in respect of the Trust Securities as provided in Section 4.1. 
  
 “Early Termination Event” has the meaning specified in Section 9.2. 
  
 “Event of Default” means any one of the following events (whatever the reason for such Event of Default and
whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
  
 (a) the occurrence of a Debenture Event of Default; or 
  
 (b) default by the Property Trustee in the payment of any Distribution when
it becomes due and payable, and continuation of such default for a period of 30 days; or 
  
 (c) default by the Property Trustee in the payment of any Redemption Price of any Trust Security when it becomes due and payable; or 
  
 (d) default in the performance, or breach, in any material respect, of any covenant or warranty of the Trustees in this
Trust Agreement (other than a covenant or warranty a default in the performance or breach of which is dealt with in clause (b) or (c) above) and continuation of such default or breach for a period of 90 days after there has been given, by registered
or certified mail, to the defaulting Trustee or Trustees by the Holders of at least 25% in aggregate Liquidation Amount of the Outstanding Capital Securities, a written notice specifying such default or breach and requiring it to be remedied and
stating that such notice is a “Notice of Default” hereunder; or 
  
 (e) the occurrence of a Bankruptcy Event with respect to the Property Trustee and the failure by the Depositor to appoint a successor Property Trustee within 90 days thereof. 
  
 “Expiration Date” has the meaning specified in Section 9.1.

  
 “Federal Reserve” means the Board of
Governors of the Federal Reserve System, as from time to time constituted, or if at any time after the execution of this Trust Agreement the Federal Reserve is not existing and performing the duties now assigned to it, then the body performing such
duties at such time. 
  
 “Guarantee” means the
Guarantee Agreement executed and delivered by the Depositor and The Bank of New York, as trustee, contemporaneously with the execution and delivery of this Trust Agreement, for the benefit of the Holders of the Trust Securities, as amended from time
to time. 
  

 5 

 “Indenture” means the Junior Subordinated Indenture, dated as of December 1, 1996,
between the Depositor and the Debenture Trustee, as trustee, as amended or supplemented from time to time. 
  
 “Lien” means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse ownership interest, hypothecation, assignment,
security interest or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever. 
  
 “Like Amount” means (a) with respect to a redemption of Trust Securities, Trust Securities having a Liquidation Amount equal to the
principal amount of Debentures to be contemporaneously redeemed in accordance with the Indenture the proceeds of which will be used to pay the Redemption Price of such Trust Securities, and (b) with respect to a distribution of Debentures to Holders
of Trust Securities in connection with a dissolution or liquidation of the Trust, Debentures having a principal amount equal to the Liquidation Amount of the Trust Securities of the Holder to whom such Debentures are distributed. 
  
 “Liquidation Amount” means the stated amount of
$[        ] per Trust Security. 
  
 “Liquidation Date” means the date on which Debentures are to be distributed to Holders of Trust Securities in connection with a dissolution and liquidation of the Trust pursuant to Section 9.4(a).

  
 “Liquidation Distribution” has the meaning
specified in Section 9.4(d). 
  
 “1940 Act” means
the Investment Company Act of 1940, as amended. 
  
 “Officers’ Certificate” means a certificate signed by the Chairman and Chief Executive Officer, President, Managing Director or a Vice President, and by the Treasurer, an Associate Treasurer, an Assistant Treasurer,
the Controller, the Secretary or an Assistant Secretary, of the Depositor, and delivered to the appropriate Trustee. One of the officers signing an Officers’ Certificate given pursuant to Section 8.16 shall be the principal executive, financial
or accounting officer of the Depositor. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Trust Agreement shall include: 
  
 (a) a statement that each officer signing the Officers’ Certificate has
read the covenant or condition and the definitions relating thereto; 
  
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by each officer in rendering the Officers’ Certificate; 
  
 (c) a statement that each such officer has made such examination or investigation as, in such officer’s opinion, is
necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (d) a statement as to whether, in the opinion of each such officer, such condition or covenant has been complied with. 
  

 6 

 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the
Trust, the Property Trustee or the Depositor, and who shall be reasonably acceptable to the Property Trustee. 
  
 “Original Trust Agreement” has the meaning specified in the recitals to this Trust Agreement. 
  
 “Outstanding”, when used with respect to Trust Securities,
means, as of the date of determination, all Trust Securities represented by Trust Securities Certificates theretofore executed and delivered under this Trust Agreement, except:  
  
 (a) Trust Securities represented by Trust Securities Certificates theretofore cancelled by the Securities Registrar or
delivered to the Securities Registrar for cancellation; 
  
 (b)
Trust Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Property Trustee or any Paying Agent for the Holders of such Trust Securities; provided that, if such Trust Securities are
to be redeemed, notice of such redemption has been duly given pursuant to this Trust Agreement; and 
  
 (c) Trust Securities which have been paid or that are represented by Trust Securities Certificates in exchange for or in lieu of which other Trust
Securities Certificates have been executed and delivered pursuant to this Trust Agreement, including pursuant to Sections 5.4, 5.5, 5.11 and 5.13; provided, however, that in determining whether the Holders of the requisite Liquidation Amount
of the Outstanding Capital Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Capital Securities owned by the Depositor, any Trustee or any Affiliate of the Depositor or any Trustee shall be
disregarded and deemed not to be Outstanding, except that (a) in determining whether any Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Capital Securities that such
Trustee actually knows to be so owned shall be so disregarded and (b) the foregoing shall not apply at any time when all of the Outstanding Capital Securities are owned by the Depositor, one or more of the Trustees and/or any such Affiliate. Capital
Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Administrative Trustees the pledgee’s right so to act with respect to such Capital Securities and
that the pledgee is not the Depositor or any Affiliate of the Depositor. 
  
 “Owner” means each Person who is the beneficial owner of a Book-Entry Capital Securities Certificate as reflected in the records of the Clearing Agency or, if a Clearing Agency Participant is not the
beneficial owner, then as reflected in the records of a Person maintaining an account with such Clearing Agency (directly or indirectly, in accordance with the rules of such Clearing Agency). 
  
 “Paying Agent” means any paying agent or co-paying agent
appointed pursuant to Section 5.9 and shall initially be the Bank. 
  
 “Payment Account” means a segregated non-interest-bearing corporate trust account maintained by the Property Trustee with the Bank in its corporate trust department for the benefit of the Securityholders in which all
amounts paid in respect of the Debentures will be held and 

  

 7 

 
from which the Property Trustee, through the Paying Agent, shall make payments to the Securityholders in accordance with Sections 4.1 and 4.2. 
  
 “Person” means any individual, corporation, partnership,
joint venture, trust, limited liability company or corporation, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Purchase Price Percentage” has the meaning specified in Section 2.4. 
  
 “Property Trustee” means the Person identified as the
“Property Trustee” in the preamble to this Trust Agreement solely in its capacity as Property Trustee of the Trust heretofore created and continued hereunder and not in its individual capacity, or its successor in interest in such
capacity, or any successor property trustee appointed as herein provided. 
  
 “Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed for such redemption by or pursuant to this Trust Agreement; provided that each Debenture Redemption
Date and the Debenture Maturity Date shall be a Redemption Date for a Like Amount of Trust Securities. 
  
 “Redemption Price” means, with respect to any Trust Security, the Liquidation Amount of such Trust Security, plus accumulated and unpaid
Distributions to the Redemption Date, paid by the Depositor upon the concurrent redemption of a Like Amount of Debentures, allocated on a pro rata basis (based on Liquidation Amounts) among the Trust Securities. 
  
 “Relevant Trustee” shall have the meaning specified in
Section 8.10. 
  
 “Securities Register” and
“Securities Registrar” have the respective meanings specified in Section 5.4. 
  
 “Securityholder” or “Holder” means a Person in whose name a Trust Security or Trust Securities is registered in the Securities Register; any such Person shall be a beneficial owner
within the meaning of the Delaware Statutory Trust Act; provided, however, that in determining whether the Holders of the requisite amount of Capital Securities have voted on any matter provided for in this Trust Agreement, then for the purpose of
any such determination, so long as Definitive Capital Securities Certificates have not been issued, the term Securityholders or Holders as used herein shall refer to the Owners. 
  
 “Trust” means the Delaware statutory trust continued hereby and identified on the cover page to this Trust
Agreement. 
  
 “Trust Agreement” means this
Amended and Restated Trust Agreement, as the same may be modified, amended or supplemented in accordance with the applicable provisions hereof, including (i) all exhibits hereto and (ii) for all purposes of this Trust Agreement and any such
modification, amendment or supplement, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this Trust Agreement and any such modification, amendment or supplement, respectively. 
  

 8 

 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as
of which this instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture
Act of 1939 as so amended. 
  
 “Trust Property”
means (a) the Debentures, (b) any cash on deposit in, or owing to, the Payment Account and (c) all proceeds and rights in respect of the foregoing. 
  
 “Trust Securities Certificate” means any one of the Common Securities Certificates or the Capital Securities Certificates. 
  
 “Trust Security” means any one of the Common Securities or
the Capital Securities. 
  
 “Trustees” means,
collectively, the Property Trustee, the Delaware Trustee and the Administrative Trustees. 
  
 “Underwriting Agreement” means the Pricing Agreement, dated as of [                    ,
20    ], among the Trust, the Depositor and
[                                       
 ], as representative[s] of the underwriters named therein, incorporating the Standard Provisions dated [                    ,
20    ]. 
  
 “U.S.
Person” means a United States person as defined in Section 7701(a)(30) of the Code. 
  
 ARTICLE II 
  
 CONTINUATION OF THE
TRUST 
  
 Section 2.1. Name. 
  
 The Trust continued hereby shall be known as “JPMorgan Chase Capital
[        ],” as such name may be modified from time to time by the Administrative Trustees following written notice to the Holders of Trust Securities and the other Trustees, in which name the
Trustees engage in the transactions contemplated hereby, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
  
 Section 2.2. Office of the Delaware Trustee; Principal Place of Business. 
  
 The address of the Delaware Trustee in the State of Delaware is c/o The Bank of New York (Delaware), White Clay Center,
Route 273, Newark, Delaware 19711, Attention: Corporate Trust Department, or such other address in the State of Delaware as the Delaware Trustee may designate by written notice to the Securityholders and the Depositor. The principal executive office
of the Trust is c/o JPMorgan Chase & Co., 270 Park Avenue, New York, NY 10017. 
  

 9 

 Section 2.3. Initial Contribution of Trust Property; Organizational Expenses. 
  
 The Property Trustee acknowledges receipt in trust from the Depositor in
connection with the Original Trust Agreement of the sum of $10, which constituted the initial Trust Property. The Depositor shall pay organizational expenses of the Trust as they arise or shall, upon request of any Trustee, promptly reimburse such
Trustee for any such expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such expenses. 
  
 Section 2.4. Issuance of the Capital Securities. 
  
 The Depositor, on behalf of the Trust and pursuant to the Original Trust Agreement, executed and delivered the Underwriting Agreement. Contemporaneously
with the execution and delivery of this Trust Agreement, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with Section 5.2 and deliver to the Underwriters named in the Underwriting Agreement Capital Securities
Certificates, registered in the name of the nominee of the initial Clearing Agency, in an aggregate amount of [            ] Capital Securities having an aggregate Liquidation Amount
of $[            ], against receipt of an aggregate purchase price plus accrued distributions from
[                    , 20    ], if any, of such Capital Securities of
$[            ] which amount such Administrative Trustee shall promptly deliver to the Property Trustee. On any one or more dates after the execution and delivery of this Trust
Agreement, in connection with the exercise by the Underwriters named in the Underwriting Agreement of their over-allotment option, additional Capital Securities Certificates representing Capital Securities may be issued in accordance with Section
5.2 to such Underwriters, registered in the name of the nominee of the initial Clearing Agency, against receipt by the Property Trustee of the purchase price plus accrued distributions from
[            ], if any, of such Capital Securities of $[            ] per Capital Security, provided that the
aggregate Liquidation Amount of all Capital Securities issued pursuant to this Trust Agreement pursuant to the Underwriters’ over-allotment option shall in no event exceed
$[            ]. On any one or more dates after the execution and delivery of this Trust Agreement, other than in connection with the exercise by the Underwriters named in the
Underwriting Agreement of their over-allotment option, additional Capital Securities Certificates representing Capital Securities may be issued in accordance with Section 5.2, registered in the name of the nominee of the initial Clearing Agency,
against receipt by the Property Trustee of the purchase price, which purchase price shall be the percentage (the “Purchase Price Percentage”) of the aggregate Liquidation Amount of Capital Securities so issued that is determined by the
Depositor. 
  
 Section 2.5. Issuance of the Common Securities;
Subscription and Purchase of Debentures. 
  
 Contemporaneously
with the execution and delivery of this Trust Agreement, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with Section 5.2 and deliver to the Depositor Common Securities Certificates, registered in the name of the
Depositor, in an aggregate amount of [            ] Common Securities having an aggregate Liquidation Amount of
$[            ] against payment by the Depositor of an aggregate purchase price plus accrued distributions from
[                    , 20    ], if any, on such Common Securities, which amount such Administrative Trustee shall
promptly deliver to the Property Trustee. Contemporaneously therewith, an Administrative Trustee, on behalf of the Trust, shall subscribe 

  

 10 

 
to and purchase from the Depositor Debentures, registered in the name of the Trust and having an aggregate principal amount equal to
$[            ], and, in satisfaction of the purchase price plus accrued interest from
[                    , 20    ], if any, for such Debentures, the Property Trustee, on behalf of the Trust, shall
deliver to the Depositor the sum of $[            ] (being the sum of the amounts delivered to the Property Trustee pursuant to (i) the second sentence of Section 2.4 and (ii) the
first sentence of this Section 2.5). In connection with any subsequent issuance of Capital Securities as set forth in the third sentence of Section 2.4, an Administrative Trustee, on behalf of the Trust, shall (a) execute in accordance with Section
5.2 and deliver to the Depositor Common Securities Certificates, registered in the name of the Depositor, representing Common Securities having an aggregate Liquidation Amount (A) of up to
$[            ] for all such subsequent issuances pursuant to the Underwriters’ over-allotment option or (B) equal to at least three percent (3%) of the aggregate Liquidation
Amount of any Capital Securities being issued contemporaneously with any such additional issuance (as shall be determined by the Depositor), against payment by the Depositor of (X)
$[            ] per Common Security for all such subsequent issuances pursuant to the Underwriters’ over-allotment option or (Y) the Purchase Price Percentage of the aggregate
Liquidation Amount of the Common Securities so issued and (b) contemporaneously with any such additional issuance, shall subscribe to and purchase from the Depositor Debentures, registered in the name of the Trust, having an aggregate principal
amount equal to the aggregate Liquidation Amount of Capital Securities and Common Securities being issued by the Trust pursuant to the third or fourth sentence of Section 2.4 and this third sentence of this Section 2.5, against payment of a purchase
price equal to the aggregate purchase prices of the Capital Securities and Common Securities being so issued. 
  
 Section 2.6. Declaration of Trust. 
  
 The exclusive purposes and functions of the Trust are (a) to issue and sell Trust Securities, (b) to use the proceeds from such sale to acquire the
Debentures and (c) to engage in those activities necessary or incidental thereto. The Depositor hereby appoints the Trustees as trustees of the Trust, to have all the rights, powers and duties to the extent set forth herein, and the Trustees hereby
accept such appointment. The Property Trustee hereby declares that it will hold the Trust Property in trust upon and subject to the conditions set forth herein for the benefit of the Trust and the Securityholders. The Administrative Trustees shall
have all rights, powers and duties set forth herein and in accordance with applicable law with respect to accomplishing the purposes of the Trust. The Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have
any of the duties and responsibilities, of the Property Trustee or the Administrative Trustees set forth herein. The Delaware Trustee shall be one of the Trustees of the Trust for the sole and limited purpose of fulfilling the requirements of
Section 3807 of the Delaware Statutory Trust Act. 
  
 Section 2.7.
Authorization to Enter into Certain Transactions 
  
 (a)
The Trustees shall conduct the affairs of the Trust in accordance with the terms of this Trust Agreement. Subject to the limitations set forth in paragraph (b) of this Section and Article VIII and in accordance with the following provisions (i) and
(ii), the Trustees shall have the authority to enter into all transactions and agreements determined by the Trustees to be appropriate in exercising the authority, express or implied, otherwise granted to the Trustees 

  

 11 

 
under this Trust Agreement, and to perform all acts in furtherance thereof, including without limitation, the following: 
  
 (i) As among the Trustees, each Administrative Trustee,
acting singly or collectively, shall have the power and authority to act on behalf of the Trust with respect to the following matters: 
  
 (A) the issuance and sale of the Trust Securities; 
  
 (B) causing the Trust to enter into, and to execute, deliver and perform on behalf of the Trust, the
Certificate Depository Agreement and such other agreements as may be necessary or desirable in connection with the purposes and function of the Trust; 
  
 (C) assisting in the registration of the Capital Securities under the Securities Act of 1933, as amended, and under state securities or
blue sky laws, and the qualification of this Trust Agreement as a trust indenture under the Trust Indenture Act; 
  
 (D) assisting in the listing, if any, of the Capital Securities upon such national securities exchange or exchanges or automated quotation
system or systems as shall be determined by the Depositor and the registration of the Capital Securities under the Securities Exchange Act of 1934, as amended, and the preparation and filing of all periodic and other reports and other documents
pursuant to the foregoing; 
  
 (E) the sending of
notices (other than notices of default) and other information regarding the Trust Securities and the Debentures to the Securityholders in accordance with this Trust Agreement; 
  
 (F) the appointment of a Paying Agent and Securities Registrar in accordance with this Trust Agreement;

  
 (G) registering transfer of the Trust
Securities in accordance with this Trust Agreement; 
  
 (H) to the extent provided in this Trust Agreement, the winding up of the affairs of and liquidation of the Trust and the execution and filing of the certificate of cancellation with the Secretary of State of the State of Delaware;

  
 (I) unless otherwise required by the Delaware
Statutory Trust Act or the Trust Indenture Act, executing on behalf of the Trust (either acting alone or together with any or all of the Administrative Trustees) any documents that the Administrative Trustees have the power to execute pursuant to
this Trust Agreement; and 
  
 (J) taking any
action incidental to the foregoing as the Trustees may from time to time determine is necessary or advisable to give effect to the terms 

  

 12 

 
of this Trust Agreement for the benefit of the Securityholders (without consideration of the effect of any such action on any particular Securityholder).

  
 (ii) As among the Trustees, the Property
Trustee shall have the power, duty and authority to act on behalf of the Trust with respect to the following matters: 
  
 (A) the establishment of the Payment Account; 
  
 (B) the receipt of the Debentures; 
  
 (C) the collection of interest, principal and any other payments made in respect of the Debentures in the Payment Account; 
  
 (D) the distribution through the Paying Agent of amounts
owed to the Securityholders in respect of the Trust Securities; 
  
 (E) the exercise of all of the rights, powers and privileges of a holder of the Debentures; 
  
 (F) the sending of notices of default and other information regarding the Trust Securities and the Debentures to the Securityholders in
accordance with this Trust Agreement; 
  
 (G) the
distribution of the Trust Property in accordance with the terms of this Trust Agreement; and 
  
 (H) to the extent provided in this Trust Agreement, the winding up of the affairs of and liquidation of the Trust and the execution and
filing of the certificate of cancellation with the Secretary of State of the State of Delaware. 
  
 Except as otherwise provided in this Section 2.7(a)(ii), the Property Trustee shall have none of the duties, liabilities, powers or the authority of the
Administrative Trustees set forth in Section 2.7(a)(i). 
  
 (b) So
long as this Trust Agreement remains in effect, the Trust (or the Trustees acting on behalf of the Trust) shall not undertake any business, activities or transaction except as expressly provided herein or contemplated hereby. In particular, the
Trustees shall not (i) acquire any investments or engage in any activities not authorized by this Trust Agreement, (ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or interests
therein, including to Securityholders, except as expressly provided herein, (iii) take any action that would cause the Trust to fail or cease to qualify as a “grantor trust” for United States federal income tax purposes, (iv) incur any
indebtedness for borrowed money or issue any other debt, (v) take or consent to any action that would result in the placement of a Lien on any of the Trust Property, (vi) invest any proceeds received by the Trust from holding the Debentures (it
being understood that the Trust and Trustees shall distribute all such proceeds to Holders of Trust Securities pursuant to the terms of this Trust Agreement and of the Trust Securities); (vii) acquire any assets other than the Trust Property, (viii)
possess any power or otherwise act in such a way as to vary the Trust Property, (ix) possess any power or otherwise act 

  

 13 

 
in such a way as to vary the terms of the Trust Securities in any way whatsoever (except to the extent expressly authorized in this Trust Agreement or by the
terms of the Trust Securities) or (x) issue any securities or other evidences of beneficial ownership of, or beneficial interest in, the Trust other than the Trust Securities. The Administrative Trustees shall defend all claims and demands of all
Persons at any time claiming any Lien on any of the Trust Property adverse to the interest of the Trust or the Securityholders in their capacity as Securityholders. 
  
 (c) In connection with the issue and sale of the Capital Securities, the Depositor shall have the right and responsibility
to assist the Trust with respect to, or effect on behalf of the Trust, the following (and any actions taken by the Depositor in furtherance of the following prior to the date of this Trust Agreement are hereby ratified and confirmed in all
respects): 
  
 (i) the preparation and filing by
the Trust with the Commission and the execution on behalf of the Trust of one or more registration statements on the appropriate form in relation to the Capital Securities, including any amendments thereto; 
  
 (ii) the determination of the states in which to take
appropriate action to qualify or register for sale all or part of the Capital Securities and the determination of any and all such acts, other than actions which must be taken by or on behalf of the Trust, and the advice to the Trustees of actions
they must take on behalf of the Trust, and the preparation for execution and filing of any documents to be executed and filed by the Trust or on behalf of the Trust, as the Depositor deems necessary or advisable in order to comply with the
applicable laws of any such states; 
  
 (iii) the
preparation for filing by the Trust and execution on behalf of the Trust of an application to the New York Stock Exchange or any other national stock exchange or the Nasdaq National Market or any other automated quotation system for listing upon
notice of issuance of any Capital Securities and filing with such exchange or self-regulatory organization such notifications and documents as may be necessary from time to time to maintain such listing; 
  
 (iv) the negotiation of the terms of, and the execution and
delivery of, the Underwriting Agreement providing for the sale of the Capital Securities; and 
  
 (v) the taking of any other actions necessary or desirable to carry out any of the foregoing activities. 
  
 (d) Notwithstanding anything herein to the contrary, the Administrative
Trustees are authorized and directed to conduct the affairs of the Trust and to operate the Trust so that the Trust will not be deemed to be an “investment company” required to be registered under the 1940 Act, or fail to be classified as
a grantor trust for United States federal income tax purposes and so that the Debentures will be treated as indebtedness of the Depositor for United States federal income tax purposes. In this connection, the Depositor and the Administrative
Trustees are authorized to take any action, not inconsistent with applicable law, the Certificate of Trust or this Trust Agreement, that each of the Depositor and any Administrative Trustee determines in its discretion to be necessary or desirable
for such purposes, as long as such action does not adversely affect in any material respect the interests of the Holders of the Capital Securities. 
  

 14 

 Section 2.8. Assets of Trust. 
  
 The assets of the Trust shall consist solely of the Trust Property. 
  
 Section 2.9. Title to Trust Property. 
  
 Legal title to all Trust Property shall be vested at all times in the
Property Trustee (in its capacity as such) and shall be held and administered by the Property Trustee for the benefit of the Trust and the Securityholders in accordance with this Trust Agreement. 
  
 ARTICLE III 
  
 PAYMENT ACCOUNT 
  
 Section 3.1. Payment Account. 
  
 (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee and any agent of the Property Trustee
shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and other property
deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority
of payments provided for herein. 
  
 (b) The Property Trustee
shall deposit in the Payment Account, promptly upon receipt, all payments of principal of or interest or premium on, and any other payments or proceeds with respect to, the Debentures. Amounts held in the Payment Account shall not be invested by the
Property Trustee. 
  
 ARTICLE IV 
  
 DISTRIBUTIONS; REDEMPTION 
  
 Section 4.1. Distributions 
  
 (a) The Trust Securities represent undivided beneficial ownership interests
in the Trust Property, and Distributions (including of Additional Amounts) will be made on the Trust Securities at the rate and on the dates that payments of interest (including of Additional Interest, as defined in the Indenture) are made on the
Debentures. Accordingly: 
  
 (i) Distributions on
the Trust Securities shall be cumulative, and will accumulate whether or not there are funds of the Trust available for the payment of Distributions. Distributions shall accrue from
[                    , 20    ] and, except in the event (and to the extent) that the Depositor exercises its right
to defer the payment of 

  

 15 

 
interest on the Debentures pursuant to the Indenture, shall be payable [quarterly] in arrears on [January 15], [April 15], [July 15] and [October 15] of each
year, commencing on [                    , 20    ]. [If any date on which a Distribution is otherwise payable on
the Trust Securities is not a Business Day, then the payment of such Distribution shall be made on the next succeeding day that is a Business Day (without any additional Distributions or other payment in respect of such delay) except that if such
Business Day is in the next succeeding calendar year, payment of such Distribution shall be made on the immediately preceding Business Day, in any case with the same force and effect as if made on such date] (each date on which Distributions are
payable in accordance with this Section 4.1(a), a “Distribution Date”). 
  
 (ii) Assuming payments of interest on the Debentures are made when due (and before giving effect to Additional Amounts, if applicable),
Distributions on the Trust Securities shall be payable at the rate per annum provided for in the Debentures. The amount of Distributions payable for any period shall be computed on the basis of a [360-day year of twelve 30-day months]. The amount of
Distributions payable for any period shall include the Additional Amounts, if any. 
  
 (iii) Distributions on the Trust Securities shall be made by the Property Trustee from the Payment Account and shall be payable on each
Distribution Date only to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such Distributions. 
  
 (b) Distributions on the Trust Securities with respect to a Distribution Date shall be payable to the Holders thereof as they appear on the Securities
Register for the Trust Securities on the relevant record date, which shall be [one Business Day prior to such Distribution Date]; provided, however, that in the event that the Capital Securities do not remain in book-entry-only form, the
relevant record date [shall be the first day of the month in which the relevant Distribution Date occurs without giving effect to the third sentence of Section 4.1(a)(i) (whether or not such record date is a Business Day)]. 
  
 Section 4.2. Redemption. 
  
 (a) On each Debenture Redemption Date and on the Debenture Maturity Date, the
Trust will be required to redeem a Like Amount of Trust Securities at the Redemption Price. 
  
 (b) Notice of redemption shall be given by the Property Trustee by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date to each Holder of Trust Securities to be
redeemed, at such Holder’s address appearing in the Security Register. All notices of redemption shall state: 
  
 (i) the Redemption Date; 
  
 (ii) the Redemption Price; 
  
 (iii) the CUSIP number; 
  

 16 

 (iv) if less than all the Outstanding Trust Securities are to be redeemed, the
identification and the total Liquidation Amount of the particular Trust Securities to be redeemed; 
  
 (v) that on the Redemption Date the Redemption Price will become due and payable upon each such Trust Security to be redeemed and that
Distributions thereon will cease to accrue on and after said date; and 
  
 (vi) if the Capital Securities are no longer in book-entry-only form, the place and address where the Holders shall surrender their Capital Securities Certificates. 
  
 (c) The Trust Securities redeemed on each Redemption Date shall be redeemed
at the Redemption Price with the proceeds from the contemporaneous redemption of the Debentures or payment on the Debenture Maturity Date. Redemptions of the Trust Securities shall be made and the Redemption Price shall be payable on each Redemption
Date only to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such Redemption Price. 
  
 (d) If the Property Trustee gives a notice of redemption in respect of any Capital Securities, then, by 12:00 noon, New York City time, on the Redemption
Date, subject to Section 4.2(c), the Property Trustee will, so long as the Capital Securities are in book-entry-only form, irrevocably deposit with the Clearing Agency for the Capital Securities funds sufficient to pay the applicable Redemption
Price and will give such Clearing Agency irrevocable instructions and authority to pay the Redemption Price to the Holders thereof. If the Capital Securities are no longer in book-entry-only form, the Property Trustee, subject to Section 4.2(c),
will irrevocably deposit with the Paying Agent funds sufficient to pay the applicable Redemption Price and will give the Paying Agent irrevocable instructions and authority to pay the Redemption Price to the Holders thereof upon surrender of their
Capital Securities Certificates. Notwithstanding the foregoing, Distributions payable on or prior to the Redemption Date for any Trust Securities called for redemption shall be payable to the Holders of such Trust Securities as they appear on the
Securities Register for the Trust Securities on the relevant record dates for the related Distribution Dates. If notice of redemption shall have been given and funds deposited as required, then upon the date of such deposit, all rights of
Securityholders holding Trust Securities so called for redemption will cease, except the right of such Securityholders to receive the Redemption Price and any Distribution payable on or prior to the Redemption Date, but without interest thereon, and
such Trust Securities will cease to be Outstanding. In the event that any date on which any Redemption Price is payable is not a Business Day, then payment of the Redemption Price payable on such date will be made on the next succeeding day that is
a Business Day (and without any interest or other payment in respect of any such delay), except that, if such Business Day falls in the next calendar year, such payment will be made on the immediately preceding Business Day, in each case, with the
same force and effect as if made on such date. In the event that payment of the Redemption Price in respect of any Trust Securities called for redemption is improperly withheld or refused and not paid either by the Trust or by the Depositor pursuant
to the Guarantee, Distributions on such Trust Securities will continue to accrue, at the then applicable rate, from the Redemption Date originally established by the Trust for such Trust Securities to the date such Redemption Price is actually paid,
in which case the 

  

 17 

 
actual payment date will be the date fixed for redemption for purposes of calculating the Redemption Price. 
  
 (e) Payment of the Redemption Price on the Trust Securities shall be made to
the recordholders thereof as they appear on the Securities Register for the Trust Securities on the relevant record date, [which shall be one Business Day prior to the relevant Redemption Date; provided, however, that in the event that the
Capital Securities do not remain in book-entry-only form, the relevant record date shall be the date fifteen days prior to the relevant Redemption Date]. 
  
 (f) Subject to Section 4.3(a), if less than all the Outstanding Trust Securities are to be redeemed on a Redemption Date, then the aggregate Liquidation
Amount of Trust Securities to be redeemed shall be allocated on a pro rata basis (based on Liquidation Amounts) among the Common Securities and the Capital Securities. The particular Capital Securities to be redeemed shall be selected on a pro rata
basis (based upon Liquidation Amounts) not more than 60 days prior to the Redemption Date by the Property Trustee from the Outstanding Capital Securities not previously called for redemption, by such method (including, without limitation, by lot) as
the Property Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to $[        ] or an integral multiple of
$[        ] in excess thereof) of the Liquidation Amount of Capital Securities of a denomination larger than $[        ]. The Property Trustee shall
promptly notify the Security Registrar in writing of the Capital Securities selected for redemption and, in the case of any Capital Securities selected for partial redemption, the Liquidation Amount thereof to be redeemed. For all purposes of this
Trust Agreement, unless the context otherwise requires, all provisions relating to the redemption of Capital Securities shall relate, in the case of any Capital Securities redeemed or to be redeemed only in part, to the portion of the Liquidation
Amount of Capital Securities that has been or is to be redeemed. 
  
 Section 4.3. Subordination of Common Securities. 
  
 (a) Payment of Distributions (including Additional Amounts, if applicable) on, and the Redemption Price of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the
Capital Securities based on the Liquidation Amount of the Trust Securities; provided, however, that if on any Distribution Date or Redemption Date any Event of Default resulting from a Debenture Event of Default shall have occurred and be
continuing, no payment of any Distribution (including Additional Amounts, if applicable) on, or Redemption Price of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall
be made unless payment in full in cash of all accumulated and unpaid Distributions (including Additional Amounts, if applicable) on all Outstanding Capital Securities for all Distribution periods terminating on or prior thereto, or in the case of
payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Capital Securities then called for redemption, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first
be applied to the payment in full in cash of all Distributions (including Additional Amounts, if applicable) on, or the Redemption Price of, Capital Securities then due and payable. 
  

 18 

 (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default,
the Holder of Common Securities will be deemed to have waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Capital Securities have been
cured, waived or otherwise eliminated. Until any such Event of Default under this Trust Agreement with respect to the Capital Securities has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the
Holders of the Capital Securities and not the Holder of the Common Securities, and only the Holders of the Capital Securities will have the right to direct the Property Trustee to act on their behalf. 
  
 Section 4.4. Payment Procedures. 
  
 Payments of Distributions (including Additional Amounts, if applicable) in
respect of the Capital Securities shall be made by check mailed to the address of the Person entitled thereto as such address shall appear on the Securities Register or, if the Capital Securities are held by a Clearing Agency, such Distributions
shall be made to the Clearing Agency in immediately available funds, which shall credit the relevant Persons’ accounts at such Clearing Agency on the applicable Distribution Dates. Payments in respect of the Common Securities shall be made in
such manner as shall be mutually agreed in writing between the Property Trustee and the Common Securityholder. 
  
 Section 4.5. Tax Returns and Reports. 
  
 The Administrative Trustees shall prepare (or cause to be prepared), at the Depositor’s expense, and file all United States federal, state and local
tax and information returns and reports required to be filed by or in respect of the Trust. In this regard, the Administrative Trustees shall (a) prepare and file (or cause to be prepared and filed) the appropriate Internal Revenue Service Form
required to be filed in respect of the Trust in each taxable year of the Trust and (b) prepare and furnish (or cause to be prepared and furnished) to each Securityholder the appropriate Internal Revenue Service form and the information required to
be provided on such form. The Administrative Trustees shall provide the Depositor and the Property Trustee with a copy of all such returns and reports promptly after such filing or furnishing. The Trustees shall comply with United States federal
withholding and backup withholding tax laws and information reporting requirements with respect to any payments to Securityholders under the Trust Securities. 
  

Section 4.6. Payment of Expenses of the Trust. 
  
 Pursuant to Section 10.6 of the Indenture, the Depositor, as borrower, has agreed to pay to the Trust, and reimburse the Trust for, the full amount of any
costs, expenses or liabilities of the Trust (other than obligations of the Trust to pay the Holders of any Capital Securities or other similar interests in the Trust the amounts due such Holders pursuant to the terms of the Capital Securities or
such other similar interests, as the case may be), including, without limitation, any taxes, duties or other governmental charges of whatever nature (other than withholding taxes) imposed on the Trust by the United States or any other taxing
authority. Such payment obligation includes any such costs, expenses or liabilities of the Trust that are required by applicable law to be satisfied in connection with a termination of the Trust. 
  

 19 

 Section 4.7. Payments under Indenture or Pursuant to Direct Actions. 
  
 Any amount payable hereunder to any Holder of Capital Securities shall be
reduced by the amount of any corresponding payment such Holder (or an Owner with respect to the Holder’s Capital Securities) has directly received pursuant to Section 5.8 of the Indenture or Section 5.14 of this Trust Agreement. 
  
 ARTICLE V 
  
 TRUST SECURITIES CERTIFICATES 
  
 Section 5.1. Initial Ownership. 
  
 Upon the creation of the Trust and the contribution by the Depositor pursuant to Section 2.3 and until the issuance of the Trust Securities, and at any
time during which no Trust Securities are Outstanding, the Depositor shall be the sole beneficial owner of the Trust. 
  
 Section 5.2. The Trust Securities Certificates. 
  
 The Capital Securities Certificates shall be issued in minimum denominations of $[        ] Liquidation
Amount and integral multiples of $[        ] in excess thereof, and the Common Securities Certificates shall be issued in denominations of $[        ]
Liquidation Amount and integral multiples thereof. The Trust Securities Certificates shall be executed on behalf of the Trust by manual or facsimile signature of at least one Administrative Trustee and, if executed on behalf of the Trust by
facsimile, countersigned by a transfer agent or its agent. The Capital Securities Certificates shall be authenticated by the Property Trustee by manual or facsimile signature of an authorized signatory thereof and, if executed by such authorized
signatory of the Property Trustee by facsimile, countersigned by a transfer agent or its agent. Trust Securities Certificates bearing the manual signatures of individuals who were, at the time when such signatures shall have been affixed, authorized
to sign on behalf of the Trust or, if executed on behalf of the Trust by facsimile, countersigned by a transfer agent or its agent, shall be validly issued and entitled to the benefits of this Trust Agreement, notwithstanding that such individuals
or any of them shall have ceased to be so authorized prior to the delivery of such Trust Securities Certificates or did not hold such offices at the date of delivery of such Trust Securities Certificates. A transferee of a Trust Securities
Certificate shall become a Securityholder, and shall be entitled to the rights and subject to the obligations of a Securityholder hereunder, upon due registration of such Trust Securities Certificate in such transferee’s name pursuant to
Sections 5.4, 5.11 and 5.13. 
  
 Section 5.3. Execution and
Delivery of Trust Securities Certificates. 
  
 On the Closing
Date, the Administrative Trustees shall cause Trust Securities Certificates, in an aggregate Liquidation Amount as provided in Sections 2.4 and 2.5, to be executed on behalf of the Trust and delivered to or upon the written order of the Depositor,
signed by its chairman of the board, its president, any executive vice president, any managing director or any vice president, treasurer or assistant treasurer or controller without further corporate action by the Depositor, in authorized
denominations. 
  

 20 

 Section 5.4. Registration of Transfer and Exchange of Capital Securities Certificate. 

 
 The Depositor shall keep or cause to be kept, at the office or agency
maintained pursuant to Section 5.8, a register or registers for the purpose of registering Trust Securities Certificates and transfers and exchanges of Capital Securities Certificates (the “Securities Register”) in which the transfer agent
and registrar designated by the Depositor (the “Securities Registrar”), subject to such reasonable regulations as it may prescribe, shall provide for the registration of Capital Securities Certificates and Common Securities Certificates
(subject to Section 5.10 in the case of the Common Securities Certificates) and registration of transfers and exchanges of Capital Securities Certificates as herein provided. The Bank shall be the initial Securities Registrar. 
  
 Upon surrender for registration of transfer of any Capital Securities
Certificate at the office or agency maintained pursuant to Section 5.8, the Administrative Trustees or any one of them shall execute on behalf of the Trust (and if executed on behalf of the Trust by a facsimile signature, such certificate shall be
countersigned by a transfer agent or its agent) and deliver, in the name of the designated transferee or transferees, one or more new Capital Securities Certificates in authorized denominations of a like aggregate Liquidation Amount dated the date
of execution by such Administrative Trustee or Trustees. The Securities Registrar shall not be required to register the transfer of any Capital Securities that have been called for redemption during a period beginning at the opening of business 15
days before the day of selection for such redemption. 
  
 At the
option of a Holder, Capital Securities Certificates may be exchanged for other Capital Securities Certificates in authorized denominations of the same class and of a like aggregate Liquidation Amount upon surrender of the Capital Securities
Certificates to be exchanged at the office or agency maintained pursuant to Section 5.8. 
  
 Every Capital Securities Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to an Administrative Trustee and the
Securities Registrar duly executed by the Holder or his attorney duly authorized in writing. Each Capital Securities Certificate surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by an
Administrative Trustee or the Securities Registrar in accordance with such Person’s customary practice. 
  
 No service charge shall be made for any registration of transfer or exchange of Capital Securities Certificates, but the Securities Registrar may require
payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Capital Securities Certificates. 
  
 Section 5.5. Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates. 
  
 If (a) any mutilated Trust Securities Certificate shall be surrendered to the
Securities Registrar, or if the Securities Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Trust Securities Certificate and (b) there shall be delivered to the Securities Registrar and the Administrative
Trustees such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Trust 

  

 21 

 
Securities Certificate shall have been acquired by a bona fide or protected purchaser, the Administrative Trustees, or any one of them, on behalf of the
Trust shall execute by manual or facsimile signature and, if executed on behalf of the Trust by facsimile signature, such certificate shall be countersigned by a transfer agent, and make available for delivery, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Trust Securities Certificate, a new Trust Securities Certificate of like class, tenor and denomination. In connection with the issuance of any new Trust Securities Certificate under this Section, the
Administrative Trustees or the Securities Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Trust Securities Certificate issued pursuant to
this Section shall constitute conclusive evidence of an undivided beneficial interest in the Trust Property, as if originally issued, whether or not the lost, stolen or destroyed Trust Securities Certificate shall be found at any time. 

 
 Section 5.6. Persons Deemed Securityholders. 
  
 The Trustees or the Securities Registrar shall treat the Person in whose name
any Trust Securities Certificate shall be registered in the Securities Register as the owner of such Trust Securities Certificate for the purpose of receiving Distributions and for all other purposes whatsoever, and neither the Trustees nor the
Securities Registrar shall be bound by any notice to the contrary. 
  
 Section 5.7. Access to List of Securityholders’ Names and Addresses. 
  
 Each Holder and each Owner shall be deemed to have agreed not to hold the Depositor, the Property Trustee or the Administrative Trustees accountable by reason of the disclosure of its name and address, regardless of
the source from which such information was derived. 
  
 Section
5.8. Maintenance of Office or Agency. 
  
 The
Administrative Trustees shall maintain an office or offices or agency or agencies where Capital Securities Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Trustees in respect of
the Trust Securities Certificates may be served. The Administrative Trustees initially designate The Bank of New York, 101 Barclay Street, Floor 8 West, New York, New York 10286, Attn: Corporate Trust Department, as its principal corporate trust
office for such purposes. The Administrative Trustees shall give prompt written notice to the Depositor, the Property Trustee and to the Securityholders of any change in the location of the Securities Register or any such office or agency.

  
 Section 5.9. Appointment of Paying Agent. 

 
 The Paying Agent shall make Distributions to Securityholders from the
Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account for the purpose of making the
Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent if such Trustees determine in their sole discretion that the Paying Agent shall have failed to perform its obligations under this Trust
Agreement in any material respect. The Paying Agent shall initially be the Bank, and any co-paying agent chosen by the Bank, and acceptable to the Administrative Trustees and the 

  

 22 

 
Depositor. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Administrative Trustees,
the Property Trustee and the Depositor. In the event that the Bank shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor that is
acceptable to the Property Trustee and the Depositor to act as Paying Agent (which shall be a bank or trust company). The Administrative Trustees shall cause such successor Paying Agent or any additional Paying Agent appointed by the Administrative
Trustees to execute and deliver to the Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all
sums, if any, held by it for payment to the Securityholders in trust for the benefit of the Securityholders entitled thereto until such sums shall be paid to such Securityholders. The Paying Agent shall return all unclaimed funds to the Property
Trustee and upon resignation or removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Sections 8.1, 8.3 and 8.6 herein shall apply to the Bank also in its role as Paying
Agent, for so long as the Bank shall act as Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder, and any Paying Agent shall be bound by the requirements with respect to paying agents of securities issued
pursuant to the Trust Indenture Act. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
  
 Section 5.10. Ownership of Common Securities by Depositor. 
  
 On the Closing Date, the Depositor shall acquire and retain beneficial and
record ownership of the Common Securities. To the fullest extent permitted by law, other than a transfer in connection with a consolidation or merger of the Depositor into another Person, or any conveyance, transfer or lease by the Depositor of its
properties and assets substantially as an entirety to any Person, pursuant to Section 8.1 of the Indenture, any attempted transfer of the Common Securities shall be void. The Administrative Trustees shall cause each Common Securities Certificate
issued to the Depositor to contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE TO ANY PERSON OTHER THAN AS SET FORTH IN THE TRUST AGREEMENT (AS DEFINED BELOW)”. 
  
 Section 5.11. Book-Entry Capital Securities Certificates; Common Securities Certificate. 
  
 (a) The Capital Securities Certificates, upon original issuance, will be
issued in the form of a typewritten Capital Securities Certificate or Certificates representing Book-Entry Capital Securities Certificates, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Trust.
Such Capital Securities Certificate or Certificates shall initially be registered on the Securities Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Owner will receive a Definitive Capital Securities
Certificate representing such Owner’s interest in such Capital Securities, except as provided in Section 5.13. Unless and until Definitive Capital Securities Certificates have been issued to Owners pursuant to Section 5.13: 
  
 (i) the provisions of this Section 5.11(a) shall be in full
force and effect; 
  

 23 

 (ii) the Securities Registrar and the Trustees shall be entitled to deal with the
Clearing Agency for all purposes of this Trust Agreement relating to the Book-Entry Capital Securities Certificates (including the payment of the Liquidation Amount of and Distributions on the Capital Securities evidenced by Book-Entry Capital
Securities Certificates and the giving of instructions or directions to Owners of Capital Securities evidenced by Book-Entry Capital Securities Certificates) as the sole Holder of Capital Securities evidenced by Book-Entry Capital Securities
Certificates and shall have no obligations to the Owners thereof; 
  
 (iii) to the extent that the provisions of this Section 5.11 conflict with any other provisions of this Trust Agreement, the provisions of this Section 5.11 shall control; and 
  
 (iv) the rights of the Owners of the Book-Entry Capital
Securities Certificates shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Owners and the Clearing Agency and/or the Clearing Agency Participants. Pursuant to the
Certificate Depository Agreement, unless and until Definitive Capital Securities Certificates are issued pursuant to Section 5.13, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and
transmit payments on the Capital Securities to such Clearing Agency Participants. 
  
 (b) A single Common Securities Certificate representing the Common Securities shall be issued to the Depositor in the form of a definitive Common Securities Certificate. 
  
 Section 5.12. Notices to Clearing Agency. 
  
 To the extent that a notice or other communication to the Owners is required
under this Trust Agreement, unless and until Definitive Capital Securities Certificates shall have been issued to Owners pursuant to Section 5.13, the Trustees shall give all such notices and communications specified herein to be given to Owners to
the Clearing Agency, and shall have no obligations to the Owners. 
  
 Section 5.13. Definitive Capital Securities Certificates. 
  
 If (a) the Depositor advises the Trustees in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Capital Securities Certificates, and the
Depositor is unable to locate a qualified successor, (b) the Depositor at its option on behalf of the Trust advises the Trustees in writing that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence of
a Debenture Event of Default, Owners of Capital Securities Certificates representing beneficial interests aggregating at least a majority of the Liquidation Amount advise the Administrative Trustees in writing that the continuation of a book-entry
system through the Clearing Agency is no longer in the best interest of the Owners of Capital Securities Certificates, then the Administrative Trustees shall notify other Trustees and the Clearing Agency, and the Clearing Agency, in accordance with
its customary rules and procedures, shall notify all Clearing Agency Participants for whom it holds Capital Securities of the occurrence of any such event and of the availability of the Definitive Capital Securities Certificates to Owners of such
class or classes, as applicable, requesting the 

  

 24 

 
same. Upon surrender to the Administrative Trustees of the typewritten Capital Securities Certificate or Certificates representing the Book-Entry Capital
Securities Certificates by the Clearing Agency, accompanied by registration instructions, the Administrative Trustees, or any one of them, shall execute the Definitive Capital Securities Certificates in accordance with the instructions of the
Clearing Agency or, if executed on behalf of the Trust by facsimile, countersigned by a transfer agent or its agent. Neither the Securities Registrar nor the Trustees shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Capital Securities Certificates, the Trustees shall recognize the Holders of the Definitive Capital Securities Certificates as
Securityholders. The Definitive Capital Securities Certificates shall be typewritten, printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable to the Administrative Trustees that meets the requirements of
any stock exchange or automated quotation system on which the Capital Securities are then listed or approved for trading, as evidenced by the execution thereof by the Administrative Trustees or any one of them. 
  
 Section 5.14. Rights of Securityholders. 
  
 (a) The legal title to the Trust Property is vested exclusively in the
Property Trustee (in its capacity as such) in accordance with Section 2.9, and the Securityholders shall not have any right or title therein other than the undivided beneficial ownership interest in the assets of the Trust conferred by their Trust
Securities and they shall have no right to call for any partition or division of property, profits or rights of the Trust except as described below. The Trust Securities shall be personal property giving only the rights specifically set forth
therein and in this Trust Agreement. The Trust Securities shall have no preemptive or similar rights and when issued and delivered to Securityholders against payment of the purchase price therefore will be fully paid and nonassessable by the Trust.
The Holders of the Capital Securities, in their capacities as such, shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State
of Delaware. 
  
 (b) For so long as any Capital Securities remain
Outstanding, if, upon a Debenture Event of Default described in Section 5.1(1) of the Indenture, the Debenture Trustee fails or the holders of not less than 25% in principal amount of the outstanding Debentures fail to declare the principal of all
of the Debentures to be immediately due and payable, the Holders of at least 25% in Liquidation Amount of the Capital Securities then Outstanding shall have such right by a notice in writing to the Depositor and the Debenture Trustee; and upon any
such declaration such principal amount of and the accrued interest on all of the Debentures shall become immediately due and payable as set forth in the Indenture, provided that the payment of principal and interest on such Debentures shall remain
subordinated to the extent provided in the Indenture. 
  
 At any
time after such a declaration of acceleration with respect to the Debentures has been made and before a judgment or decree for payment of the money due has been obtained by the Debenture Trustee as described in the Indenture, the Holders of a
majority in Liquidation Amount of the Capital Securities, by written notice to the Property Trustee, the Depositor and the Debenture Trustee, may rescind and annul such declaration and its consequences if: 
  
 (i) the Depositor has paid or deposited with the Debenture
Trustee a sum sufficient to pay: 
  
 (A) all
overdue installments of interest (including any Additional Interest (as defined in the Indenture)) on all of the Debentures, 
  

 25 

 (B) the principal of any Debentures which have become due otherwise than by such
declaration of acceleration and interest thereon at the rate borne by the Debentures, and 
  
 (C) all sums paid or advanced by the Debenture Trustee under the Indenture and the reasonable compensation, expenses, disbursements and
advances of the Debenture Trustee and the Property Trustee, their agents and counsel; and 
  
 (ii) all Events of Default with respect to the Debentures, other than the non-payment of the principal of the Debentures which has become
due solely by such acceleration, have been cured or waived as provided in Section 5.13 of the Indenture. 
  
 The Holders of a majority in aggregate Liquidation Amount of the Capital Securities may, on behalf of the Holders of all the Capital Securities, waive any
past default under the Indenture, except a default in the payment of principal or interest (unless all Events of Default with respect to the Debentures, other than the non-payment of the principal of the Debentures which has become due solely by
such acceleration, have been cured or annulled as provided in Section 5.3 of the Indenture and the Depositor has paid or deposited with the Debenture Trustee a sum sufficient to pay all overdue installments of interest (including any Additional
Interest (as defined in the Indenture)) on the Debentures, the principal of any Debentures which have become due otherwise than by such declaration of acceleration and interest thereon at the rate borne by the Debentures, and all sums paid or
advanced by the Debenture Trustee under the Indenture and the reasonable compensation, expenses, disbursements and advances of the Debenture Trustee and the Property Trustee, their agents and counsel) or a default in respect of a covenant or
provision which under the Indenture cannot be modified or amended without the consent of the holder of each outstanding Debenture. No such rescission shall affect any subsequent default or impair any right consequent thereon. 
  
 Upon receipt by the Property Trustee of written notice declaring such an
acceleration, or rescission and annulment thereof, by Holders of the Capital Securities all or part of which are represented by Book-Entry Capital Securities Certificates, a record date shall be established for determining Holders of Outstanding
Capital Securities entitled to join in such notice, which record date shall be at the close of business on the day the Property Trustee receives such notice. The Holders of Outstanding Capital Securities on such record date, or their duly designated
proxies, and only such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders after such record date; provided, that, unless such declaration of acceleration, or rescission and annulment, as the case may be,
shall have become effective by virtue of the requisite percentage having joined in such notice prior to the day which is 90 days after such record date, such notice of declaration of acceleration, or rescission and annulment, as the case may be,
shall automatically and without further action by any Holder be canceled and of 

  

 26 

 
no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after expiration of such 90-day period, a new
written notice of declaration of acceleration, or rescission and annulment thereof, as the case may be, that is identical to a written notice which has been canceled pursuant to the proviso to the preceding sentence, in which event a new record date
shall be established pursuant to the provisions of this Section 5.14(b). 
  
 (c) For so long as any Capital Securities remain Outstanding, to the fullest extent permitted by law and subject to the terms of this Trust Agreement and the Indenture, upon a Debenture Event of Default specified in
Section 5.1(1) or 5.1(2) of the Indenture, any Holder of Capital Securities shall have the right to institute a proceeding directly against the Depositor, pursuant to Section 5.8 of the Indenture, for enforcement of payment to such Holder of the
principal amount of or interest on Debentures having a principal amount equal to the Liquidation Amount of the Capital Securities of such Holder (a “Direct Action”). Except as set forth in Section 5.14(b) and this Section 5.14(c), the
Holders of Capital Securities shall have no right to exercise directly any right or remedy available to the holders of, or in respect of, the Debentures. 
  
 Section 5.15. CUSIP Numbers. 
  
 The Administrative Trustees in issuing the Capital Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Property
Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Capital
Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Capital Securities, and any such redemption shall not be affected by any defect in or omission of such
numbers. The Administrative Trustees will promptly notify the Property Trustee of any change in the CUSIP numbers. 
  
 ARTICLE VI 
  
 ACTS OF SECURITYHOLDERS; MEETINGS; VOTING 
  
 Section 6.1. Limitations on Voting Rights. 
  
 (a) Except as provided in this Section, in Sections 5.14, 8.10 and 10.3 and in the Indenture and as otherwise required by law, no Holder of Capital Securities shall have any right to vote or in any manner otherwise
control the administration, operation and management of the Trust or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Trust Securities Certificates, be construed so as to constitute the
Securityholders from time to time as partners or members of an association. 
  
 (b) So long as any Debentures are held by the Property Trustee, the Trustees shall not (i) direct the time, method and place of conducting any proceeding for any remedy available to the Debenture Trustee, or executing
any trust or power conferred on the Debenture Trustee with respect to such Debentures, (ii) waive any past default which is waivable under Section 5.13 of the Indenture, (iii) exercise any right to rescind or annul a declaration that the principal
of all the Debentures shall be due and payable or (iv) consent to any amendment, modification or 

  

 27 

 
termination of the Indenture or the Debentures, where such consent shall be required, without, in each case, obtaining the prior approval of the Holders of
at least a majority in Liquidation Amount of all Outstanding Capital Securities, provided, however, that where a consent under the Indenture would require the consent of each holder of Debentures affected thereby, no such consent shall be
given by the Property Trustee without the prior written consent of each Holder of Capital Securities. The Trustees shall not revoke any action previously authorized or approved by a vote of the Holders of Capital Securities, except by a subsequent
vote of the Holders of Capital Securities. The Property Trustee shall notify all Holders of the Capital Securities of any notice of default received from the Debenture Trustee with respect to the Debentures. In addition to obtaining the foregoing
approvals of the Holders of the Capital Securities, prior to taking any of the foregoing actions, the Administrative Trustees shall, at the expense of the Depositor, obtain an Opinion of Counsel experienced in such matters to the effect that such
action shall not cause the Trust to fail to be classified as a grantor trust for United States federal income tax purposes. 
  
 (c) If any proposed amendment to the Trust Agreement provides for, or the Trustees otherwise propose to effect, (i) any action that would adversely affect
in any material respect the powers, preferences or special rights of the Capital Securities, whether by way of amendment to the Trust Agreement or otherwise, or (ii) the dissolution, winding-up or termination of the Trust, other than pursuant to the
terms of this Trust Agreement, then the Holders of Outstanding Capital Securities as a class will be entitled to vote on such amendment or proposal and such amendment or proposal shall not be effective except with the approval of the Holders of at
least a majority in Liquidation Amount of the Outstanding Capital Securities. Notwithstanding any other provision of this Trust Agreement, no amendment to this Trust Agreement may be made if, as a result of such amendment, it would cause the Trust
to fail to be classified as a grantor trust for United States federal income tax purposes. 
  
 Section 6.2. Notice of Meetings. 
  
 Notice of all meetings of the Capital Securityholders, stating the time, place and purpose of the meeting, shall be given by the Property Trustee pursuant to Section 10.9 to each Capital Securityholder of record, at his registered address,
at least 15 days and not more than 90 days before the meeting. At any such meeting, any business properly before the meeting may be so considered whether or not stated in the notice of the meeting. Any adjourned meeting may be held as adjourned
without further notice. 
  
 Section 6.3. Meetings of Capital
Securityholders. 
  
 No annual meeting of Securityholders is
required to be held. The Administrative Trustees, however, shall call a meeting of Capital Securityholders to vote on any matter upon the written request of the Capital Securityholders of record of 25% of the Outstanding Capital Securities (based
upon their Liquidation Amount) and the Administrative Trustees or the Property Trustee may, at any time in their discretion, call a meeting of Capital Securityholders to vote on any matters as to which Capital Securityholders are entitled to vote.

  

 28 

 Capital Securityholders of record of 50% of the Outstanding Capital Securities (based upon their
Liquidation Amount), present in person or by proxy, shall constitute a quorum at any meeting of Capital Securityholders. 
  
 If a quorum is present at a meeting, an affirmative vote by the Capital Securityholders of record present, in person or by proxy, holding a majority of
the Outstanding Capital Securities (based upon their Liquidation Amount) held by holders of record of Outstanding Capital Securities present, either in person or by proxy, at such meeting shall constitute the action of the Capital Securityholders,
unless this Trust Agreement requires a greater number of affirmative votes. 
  
 Section 6.4. Voting Rights. 
  
 Securityholders shall be entitled to one vote for each $[        ] of Liquidation Amount represented by their Trust Securities in respect of any matter as to which such Securityholders are
entitled to vote. 
  
 Section 6.5. Proxies, etc.

  
 At any meeting of Securityholders, any Securityholder entitled
to vote thereat may vote by proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Administrative Trustees, or with such other officer or agent of the Trust as the Administrative Trustees may
direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of the Property Trustee, proxies may be solicited in the name of the Property Trustee or one or more officers of the Property Trustee. Only
Securityholders of record shall be entitled to vote. When Trust Securities are held jointly by several Persons, any one of them may vote at any meeting in person or by proxy in respect of such Trust Securities, but if more than one of them shall be
present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Trust Securities. A proxy purporting to be executed by or on
behalf of a Securityholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. No proxy shall be valid more than three years after its date of execution. 

 
 Section 6.6. Securityholder Action by Written Consent. 

 
 Any action which may be taken by Securityholders at a meeting may be taken
without a meeting and without prior notice if Securityholders holding a majority of all Outstanding Trust Securities (based upon their Liquidation Amount) entitled to vote in respect of such action (or such larger proportion thereof as shall be
required by any express provision of this Trust Agreement) shall consent to the action in writing. 
  
 Section 6.7. Record Date for Voting and Other Purposes. 
  
 For the purposes of determining the Securityholders who are entitled to notice of and to vote at any meeting or by written consent, or to participate in
any Distribution on the Trust Securities in respect of which a record date is not otherwise provided for in this Trust Agreement, or for the purpose of any other action, the Administrative Trustees may from time to 

  

 29 

 
time fix a date, not more than 90 days prior to the date of any meeting of Securityholders or the payment of a Distribution or other action, as the case may
be, as a record date for the determination of the identity of the Securityholders of record for such purposes. 
  
 Section 6.8. Acts of Securityholders. 
  
 Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Trust Agreement to be given, made or
taken by Securityholders or Owners may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Securityholders or Owners in person or by an agent duly appointed in writing; and, except as otherwise
expressly provided herein, such action shall become effective when such instrument or instruments are delivered to an Administrative Trustee. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Securityholders or Owners signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Trust
Agreement and (subject to Section 8.1) conclusive in favor of the Trustees, if made in the manner provided in this Section. 
  
 The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer
acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which any Trustee receiving the same deems sufficient. 
  
 The ownership of Capital Securities shall be proved by the Securities Register. 
  
 Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Securityholder of any Trust
Security shall bind every future Securityholder of the same Trust Security and the Securityholder of every Trust Security issued upon the registration of transfer thereof or in exchange therefore or in lieu thereof in respect of anything done,
omitted or suffered to be done by the Trustees or the Trust in reliance thereon, whether or not notation of such action is made upon such Trust Security. 
  
 Without limiting the foregoing, a Securityholder entitled hereunder to take any action hereunder with regard to any particular Trust Security may do so
with regard to all or any part of the Liquidation Amount of such Trust Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such Liquidation Amount. 
  
 If any dispute shall arise between the Securityholders and the Administrative
Trustees or among such Securityholders or Trustees with respect to the authenticity, validity or binding nature of any request, demand, authorization, direction, consent, waiver or other Act of such Securityholder or Trustee under this Article VI,
then the determination of such matter by the Property Trustee shall be conclusive with respect to such matter. 
  

 30 

 Section 6.9. Inspection of Records. 
  
 Upon reasonable notice to the Administrative Trustees and the Property Trustee, the records of the Trust shall be open to
inspection by Securityholders during normal business hours for any purpose reasonably related to such Securityholder’s interest as a Securityholder. 
  
 ARTICLE VII 
  
 REPRESENTATIONS AND WARRANTIES 
  
 Section 7.1. Representations and Warranties of the Property Trustee and the Delaware Trustee. 
  
 The Property Trustee and the Delaware Trustee, each severally on behalf of and as to itself, hereby represents and warrants for the benefit of the
Depositor and the Securityholders that: 
  
 (a) the Property
Trustee is a New York banking corporation duly organized, validly existing and in good standing under the laws of the State of New York; 
  
 (b) the Property Trustee has full corporate power, authority and legal right to execute, deliver and perform its obligations under this Trust Agreement
and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
  
 (c) the Delaware Trustee is a Delaware banking corporation duly organized, validly existing and in good standing under the laws of the State of Delaware;

  
 (d) the Delaware Trustee has full corporate power, authority
and legal right to execute, deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
  
 (e) this Trust Agreement has been duly authorized, executed and delivered by
the Property Trustee and the Delaware Trustee and constitutes the valid and legally binding agreement of each of the Property Trustee and the Delaware Trustee enforceable against each of them in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles; 
  
 (f) the execution, delivery and performance of this Trust Agreement has been duly authorized by all necessary corporate or
other action on the part of the Property Trustee and the Delaware Trustee and does not require any approval of stockholders of the Property Trustee and the Delaware Trustee and such execution, delivery and performance will not (i) violate the
charter or by-laws of the Property Trustee or the Delaware Trustee, (ii) violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of, any Lien on any properties
included in the Trust Property pursuant to the 

  

 31 

 
provisions of, any indenture, mortgage, credit agreement, license or other agreement or instrument to which the Property Trustee or the Delaware Trustee is a
party or by which it is bound, or (iii) violate any law, governmental rule or regulation of the State of New York or the State of Delaware, as the case may be, governing the banking, trust or general powers of the Property Trustee or the Delaware
Trustee (as appropriate in context) or any order, judgment or decree applicable to the Property Trustee or the Delaware Trustee; 
  
 (g) neither the authorization, execution or delivery by the Property Trustee or the Delaware Trustee of this Trust Agreement nor the consummation of any
of the transactions by the Property Trustee or the Delaware Trustee (as appropriate in context) contemplated herein or therein requires the consent or approval of, the giving of notice to, the registration with or the taking of any other action with
respect to any governmental authority or agency under any existing New York or Delaware law governing the banking, trust or general powers of the Property Trustee or the Delaware Trustee, as the case may be; and 
  
 (h) there are no proceedings pending or, to the best of each of the Property
Trustee’s and the Delaware Trustee’s knowledge, threatened against or affecting the Property Trustee or the Delaware Trustee in any court or before any governmental authority, agency or arbitration board or tribunal which, individually or
in the aggregate, would materially and adversely affect the Trust or would question the right, power and authority of the Property Trustee or the Delaware Trustee, as the case may be, to enter into or perform its obligations as one of the Trustees
under this Trust Agreement. 
  
 Section 7.2. Representations
and Warranties of Depositor. 
  
 The Depositor hereby
represents and warrants for the benefit of the Securityholders that: 
  
 (a) the Trust Securities Certificates issued at the Closing Date on behalf of the Trust have been duly authorized and will have been, duly and validly executed, issued and delivered by the Trustees pursuant to the terms and provisions of,
and in accordance with the requirements of, this Trust Agreement and the Securityholders will be, as of such date, entitled to the benefits of this Trust Agreement; and 
  
 (b) there are no taxes, fees or other governmental charges payable by the Trust (or the Trustees on behalf of the Trust)
under the laws of the State of Delaware or any political subdivision thereof in connection with the execution, delivery and performance by the Property Trustee or the Delaware Trustee, as the case may be, of this Trust Agreement. 
  
 ARTICLE VIII 
  
 THE TRUSTEES 
  
 Section 8.1. Certain Duties and Responsibilities. 
  
 (a) The duties and responsibilities of the Trustees shall be as provided by this Trust Agreement and, in the case of the Property Trustee, by the Trust
Indenture Act. Notwithstanding 

  

 32 

 
the foregoing, no provision of this Trust Agreement shall require the Trustees to expend or risk their own funds or otherwise incur any financial liability
in the performance of any of their duties hereunder, or in the exercise of any of their rights or powers, if they shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to them. Whether or not therein expressly so provided, every provision of this Trust Agreement relating to the conduct or affecting the liability of or affording protection to the Trustees shall be subject to the provisions of
this Section. Nothing in this Trust Agreement shall be construed to release an Administrative Trustee from liability for its own gross negligent action, its own gross negligent failure to act, or its own willful misconduct. To the extent that, at
law or in equity, an Administrative Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or to the Securityholders, such Administrative Trustee shall not be liable to the Trust or to any Securityholder for
such Trustee’s good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Administrative Trustees otherwise existing at law or in
equity, are agreed by the Depositor and the Securityholders to replace such other duties and liabilities of the Administrative Trustees. 
  
 (b) All payments made by the Property Trustee or a Paying Agent in respect of the Trust Securities shall be made only from the revenue and proceeds from
the Trust Property and only to the extent that there shall be sufficient revenue or proceeds from the Trust Property to enable the Property Trustee or a Paying Agent to make payments in accordance with the terms hereof. Each Securityholder, by its
acceptance of a Trust Security, agrees that it will look solely to the revenue and proceeds from the Trust Property to the extent legally available for distribution to it as herein provided and that the Trustees are not personally liable to it for
any amount distributable in respect of any Trust Security or for any other liability in respect of any Trust Security. This Section 8.1(b) does not limit the liability of the Trustees expressly set forth elsewhere in this Trust Agreement or, in the
case of the Property Trustee, in the Trust Indenture Act. 
  
 (c)
No provision of this Trust Agreement shall be construed to relieve the Property Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
  
 (i) the Property Trustee shall not be liable for any error
of judgment made in good faith by an authorized officer of the Property Trustee, unless it shall be proved that the Property Trustee was negligent in ascertaining the pertinent facts; 
  
 (ii) the Property Trustee shall not be liable with respect to any action taken or omitted to be taken by it
in good faith in accordance with the direction of the Holders of not less than a majority in Liquidation Amount of the Trust Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Property
Trustee, or exercising any trust or power conferred upon the Property Trustee under this Trust Agreement; 
  
 (iii) the Property Trustee’s sole duty with respect to the custody, safe keeping and physical preservation of the Debentures and the
Payment Account shall be to deal with such property in a similar manner as the Property Trustee deals with similar property 

  

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for its own account, subject to the protections and limitations on liability afforded to the Property Trustee under this Trust Agreement and the Trust
Indenture Act; 
  
 (iv) the Property Trustee
shall not be liable for any interest on any money received by it except as it may otherwise agree in writing with the Depositor; and money held by the Property Trustee need not be segregated from other funds held by it except in relation to the
Payment Account maintained by the Property Trustee pursuant to Section 3.1 and except to the extent otherwise required by law; and 
  
 (v) the Property Trustee shall not be responsible for monitoring the compliance by the Administrative Trustees or the Depositor with their
respective duties under this Trust Agreement, nor shall the Property Trustee be liable for the default or misconduct of the Administrative Trustees or the Depositor. 
  
 Section 8.2. Certain Notices. 
  
 Within ten Business Days after the occurrence of any Event of Default actually known to the Property Trustee, the Property
Trustee shall transmit, in the manner and to the extent provided in Section 10.9, notice of such Event of Default to the Securityholders, the Administrative Trustees and the Depositor, unless such Event of Default shall have been cured or waived.

  
 Within five Business Days after the receipt of notice of the
Depositor’s exercise of its right to defer the payment of interest on the Debentures pursuant to the Indenture, the Administrative Trustee shall transmit, in the manner and to the extent provided in Section 10.9, notice of such exercise to the
Securityholders and the Property Trustee, unless such exercise shall have been revoked. 
  
 Section 8.3. Certain Rights of Property Trustee. 
  
 Subject to the provisions of Section 8.1: 
  
 (a) the Property Trustee may rely and shall be protected in acting or refraining from acting in good faith upon any resolution, Opinion of Counsel, certificate, written representation of a Holder or transferee,
certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and
to have been signed or presented by the proper party or parties; 
  
 (b) if (i) in performing its duties under this Trust Agreement the Property Trustee is required to decide between alternative courses of action or (ii) in construing any of the provisions of this Trust Agreement the Property Trustee finds
the same ambiguous or inconsistent with any other provisions contained herein or (iii) the Property Trustee is unsure of the application of any provision of this Trust Agreement, then, except as to any matter as to which the Capital Securityholders
are entitled to vote under the terms of this Trust Agreement, the Property Trustee shall deliver a notice to the Depositor requesting written instructions of the Depositor as to the course of action to be taken and the Property Trustee shall take
such action, or refrain from taking such action, as the Property Trustee shall be instructed in writing to take, 

  

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or to refrain from taking, by the Depositor; provided, however, that if the Property Trustee does not receive such instructions of the Depositor
within ten Business Days after it has delivered such notice, or such reasonably shorter period of time set forth in such notice (which to the extent practicable shall not be less than two Business Days), it may, but shall be under no duty to, take
or refrain from taking such action not inconsistent with this Trust Agreement as it shall deem advisable and in the best interests of the Securityholders, in which event the Property Trustee shall have no liability except for its own bad faith,
negligence or willful misconduct; 
  
 (c) any direction or act of
the Depositor or the Administrative Trustees contemplated by this Trust Agreement shall be sufficiently evidenced by an Officers’ Certificate; 
  
 (d) whenever in the administration of this Trust Agreement, the Property Trustee shall deem it desirable that a matter be established before undertaking,
suffering or omitting any action hereunder, the Property Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and rely upon an Officers’ Certificate which, upon receipt of such
request, shall be promptly delivered by the Depositor or the Administrative Trustees; 
  
 (e) the Property Trustee shall have no duty to see to any recording, filing or registration of any instrument (including any financing or continuation statement or any filing under tax or securities laws) or any
rerecording, refiling or reregistration thereof; 
  
 (f) the
Property Trustee may consult with counsel of its selection (which counsel may be counsel to the Depositor or any of its Affiliates, and may include any of its employees) and the advice of such counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon and in accordance with such advice; the Property Trustee shall have the right at any time to seek instructions concerning the
administration of this Trust Agreement from any court of competent jurisdiction; 
  
 (g) the Property Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement at the request or direction of any of the Securityholders pursuant to this Trust
Agreement, unless such Securityholders shall have offered to the Property Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
  
 (h) the Property Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other evidence of indebtedness or other paper or document, unless requested in
writing to do so by one or more Securityholders, but the Property Trustee may make such further inquiry or investigation into such facts or matters as it may see fit; 
  
 (i) the Property Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly
or by or through its agents or attorneys, provided that the Property Trustee shall be responsible for its own negligence or recklessness with respect to selection of any agent or attorney appointed by it hereunder; 
  

 35 

 (j) whenever in the administration of this Trust Agreement the Property Trustee shall deem it desirable
to receive written instructions with respect to enforcing any remedy or right or taking any other action hereunder the Property Trustee (i) may request written instructions from the Holders of the Trust Securities which written instructions may only
be given by the Holders of the same proportion in Liquidation Amount of the Trust Securities as would be entitled to direct the Property Trustee under the terms of the Trust Securities in respect of such remedy, right or action, (ii) may refrain
from enforcing such remedy or right or taking such other action until such written instructions are received, and (iii) shall be protected in acting in accordance with such written instructions; and 
  
 (k) except as otherwise expressly provided by this Trust Agreement, the
Property Trustee shall not be under any obligation to take any action that is discretionary under the provisions of this Trust Agreement. 
  
 No provision of this Trust Agreement shall be deemed to impose any duty or obligation on the Property Trustee to perform any act or acts or exercise any
right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which the Property Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts,
or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Property Trustee shall be construed to be a duty. 
  
 Section 8.4. Not Responsible for Recitals or Issuance of Securities. 
  
 The recitals contained herein and in the Trust Securities Certificates shall be taken as the statements of the Trust, and
the Trustees do not assume any responsibility for their correctness. The Trustees shall not be accountable for the use or application by the Depositor of the proceeds of the Debentures. 
  
 Section 8.5. May Hold Securities. 
  
 Any Trustee or any other agent of any Trustee or the Trust, in its individual or any other capacity, may become the owner or
pledgee of Trust Securities and, subject to Sections 8.8 and 8.13, except as provided in the definition of the term “Outstanding” in Article I, may otherwise deal with the Trust with the same rights it would have if it were not a Trustee
or such other agent. 
  
 Section 8.6. Compensation; Indemnity;
Fees. 
  
 Pursuant to Section 10.6 of the Indenture, the
Depositor, as borrower, agrees: 
  
 (a) to pay to the Trustees
from time to time such compensation as shall be agreed in writing with the Depositor for all services rendered by them hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an
express trust); 
  
 (b) except as otherwise expressly provided
herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable 

  

 36 

 
compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its
negligence or bad faith; and 
  
 (c) to the fullest extent
permitted by applicable law, to indemnify and hold harmless (i) each Trustee, (ii) any Affiliate of any Trustee, (iii) any officer, director, shareholder, employee, representative or agent of any Trustee, and (iv) any employee or agent of the Trust
or its Affiliates, (referred to herein as an “Indemnified Person”) from and against any and all loss, damage, liability, tax, penalty, expense or claim of any kind or nature whatsoever incurred by such Indemnified Person by reason of the
creation, operation or termination of the Trust or any act or omission performed or omitted by such Indemnified Person in good faith on behalf of the Trust and in a manner such Indemnified Person reasonably believed to be within the scope of
authority conferred on such Indemnified Person by this Trust Agreement, except that no Indemnified Person shall be entitled to be indemnified in respect of any loss, damage or claim incurred by such Indemnified Person by reason of negligence or
willful misconduct with respect to such acts or omissions. When the Property Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.1(4) or Section 5.1(5) of the Indenture, the expenses (including
the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable federal or state bankruptcy, insolvency or other similar law. 
  
 The provisions of this Section 8.6 shall survive the termination of this
Trust Agreement. 
  
 No Trustee may claim any lien or charge on
any Trust Property as a result of any amount due pursuant to this Section 8.6. 
  
 The Depositor and any Trustee (in the case of the Property Trustee, subject to Section 8.8 hereof) may engage in or possess an interest in other business ventures of any nature or description, independently or with
others, similar or dissimilar to the business of the Trust, and the Trust and the Holders of Trust Securities shall have no rights by virtue of this Trust Agreement in and to such independent ventures or the income or profits derived therefrom, and
the pursuit of any such venture, even if competitive with the business of the Trust, shall not be deemed wrongful or improper. Neither the Depositor, nor any Trustee, shall be obligated to present any particular investment or other opportunity to
the Trust even if such opportunity is of a character that, if presented to the Trust, could be taken by the Trust, and the Depositor or any Trustee shall have the right to take for its own account (individually or as a partner or fiduciary) or to
recommend to others any such particular investment or other opportunity. Any Trustee may engage or be interested in any financial or other transaction with the Depositor or any Affiliate of the Depositor, or may act as depository for, trustee or
agent for, or act on any committee or body of holders of, securities or other obligations of the Depositor or its Affiliates. 
  
 Section 8.7. Corporate Property Trustee Required; Eligibility of Trustees. 
  
 (a) There shall at all times be a Property Trustee hereunder with respect to the Trust Securities. The Property Trustee
shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such, has a combined capital and surplus of at least $50,000,000, and is a U.S. Person. If any such Person publishes reports of condition at least annually, pursuant to
law or to the requirements of its supervising or examining authority, then for the purposes of this Section, 

  

 37 

 
the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. If at any time the Property Trustee with respect to the Trust Securities shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in
this Article. 
  
 (b) There shall at all times be one or more
Administrative Trustees hereunder with respect to the Trust Securities. Each Administrative Trustee shall be either a natural person who is at least 21 years of age or a legal entity that shall act through one or more persons authorized to bind that
entity and, in either case, shall be a U.S. Person. 
  
 (c) There
shall at all times be a Delaware Trustee with respect to the Trust Securities. The Delaware Trustee shall either be (i) a natural person who is at least 21 years of age and a resident of the State of Delaware or (ii) a legal entity with its
principal place of business in the State of Delaware and that otherwise meets the requirements of applicable Delaware law that shall act through one or more persons authorized to bind such entity, and, in either case, shall be a U.S. Person.

  
 Section 8.8. Conflicting Interests. 
  
 If the Property Trustee has or shall acquire a conflicting interest within
the meaning of the Trust Indenture Act, the Property Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Trust Agreement. 

 
 Section 8.9. Co-Trustees and Separate Trustee. 
  
 Unless an Event of Default shall have occurred and be continuing, at any time
or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be located, the Depositor and the Administrative Trustees, by agreed action of the
majority of such Trustees, shall have power to appoint, and upon the written request of the Administrative Trustees, the Depositor shall for such purpose join with the Administrative Trustees in the execution, delivery, and performance of all
instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to the extent required by
law to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed
necessary or desirable, subject to the other provisions of this Section. If the Depositor does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture Event of Default has occurred and is
continuing, the Property Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall either be (i) a natural person who is at least 21 years of age and a resident of the United
States or (ii) a legal entity with its principal place of business in the United States that shall act through one or more persons authorized to bind such entity, and, in either case, shall be a U.S. Person. 
  

 38 

 Should any written instrument from the Depositor be required by any co-trustee or separate trustee so
appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Depositor. 
  
 Every co-trustee or separate trustee shall, to the extent permitted by law,
but to such extent only, be appointed subject to the following terms, namely: 
  
 (a) The Trust Securities shall be executed and delivered and all rights, powers, duties, and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be
deposited or pledged with, the Trustees specified hereunder shall be exercised solely by such Trustees and not by such co-trustee or separate trustee. 
  
 (b) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such
appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or
separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties
and obligations shall be exercised and performed by such co-trustee or separate trustee. 
  
 (c) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or separate trustee appointed
under this Section, and, in case a Debenture Event of Default has occurred and is continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the
Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or
removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section. 
  
 (d) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee or any other trustee
hereunder. 
  
 (e) The Property Trustee shall not be liable by
reason of any act of a co-trustee or separate trustee. 
  
 (f) Any
Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. 
  
 Section 8.10. Resignation and Removal; Appointment of Successor. 
  
 No resignation or removal of any Trustee (the “Relevant Trustee”) and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 8.11. 
  

 39 

 Subject to the immediately preceding paragraph, the Relevant Trustee may resign at any time by giving
written notice thereof to the Securityholders. If the instrument of acceptance by the successor Trustee required by Section 8.11 shall not have been delivered to the Relevant Trustee within 30 days after the giving of such notice of resignation, the
Relevant Trustee may petition, at the expense of the Trust, any court of competent jurisdiction for the appointment of a successor Relevant Trustee. 
  
 Unless a Debenture Event of Default shall have occurred and be continuing, any Trustee may be removed at any time by Act of the Common Securityholder. If
a Debenture Event of Default shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or both of them, may be removed at such time by Act of the Holders of a majority in Liquidation Amount of the Capital Securities,
delivered to the Relevant Trustee (in its individual capacity and on behalf of the Trust). An Administrative Trustee may be removed by the Common Securityholder at any time. If the instrument of acceptance by the successor Trustee required by
Section 8.11 shall not have been delivered to the Relevant Trustee within 30 days after such removal, the Relevant Trustee may petition, at the expense of the Trust, any court of competent jurisdiction for the appointment of a successor Relevant
Trustee. 
  
 If any Trustee shall resign, be removed or become
incapable of acting as Trustee, or if a vacancy shall occur in the office of any Trustee for any cause, at a time when no Debenture Event of Default shall have occurred and be continuing, the Common Securityholder, by Act of the Common
Securityholder delivered to the retiring Trustee, shall promptly appoint a successor Trustee or Trustees, and the retiring Trustee shall comply with the applicable requirements of Section 8.11. If the Property Trustee or the Delaware Trustee shall
resign, be removed or become incapable of continuing to act as the Property Trustee or the Delaware Trustee, as the case may be, at a time when a Debenture Event of Default shall have occurred and be continuing, the Capital Securityholders, by Act
of the Securityholders of a majority in Liquidation Amount of the Capital Securities then Outstanding delivered to the retiring Relevant Trustee, shall promptly appoint a successor Relevant Trustee or Trustees, and such successor Trustee shall
comply with the applicable requirements of Section 8.11. If an Administrative Trustee shall resign, be removed or become incapable of acting as Administrative Trustee, at a time when a Debenture Event of Default shall have occurred and be
continuing, the Common Securityholder by Act of the Common Securityholder delivered to the Administrative Trustee shall promptly appoint a successor Administrative Trustee or Administrative Trustees and such successor Administrative Trustee or
Trustees shall comply with the applicable requirements of Section 8.11. If no successor Relevant Trustee shall have been so appointed by the Common Securityholder or the Capital Securityholders and accepted appointment in the manner required by
Section 8.11, any Securityholder who has been a Securityholder of Trust Securities for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor
Relevant Trustee. 
  
 The Property Trustee shall give notice of
each resignation and each removal of the Property Trustee or the Delaware Trustee and each appointment of a successor Property Trustee or Delaware Trustee to all Securityholders in the manner provided in Section 10.9 and shall give notice to the
Depositor. Each notice shall include the name of the successor Property Trustee or Delaware Trustee, as the case may be, and the address of its Corporate Trust Office if it is the Property Trustee. 
  

 40 

 Notwithstanding the foregoing or any other provision of this Trust Agreement, in the event any
Administrative Trustee or a Delaware Trustee who is a natural person dies or becomes, in the opinion of the Depositor, incompetent or incapacitated, the vacancy created by such death, incompetence or incapacity may be filled by (a) the unanimous act
of the remaining Administrative Trustees if there are at least two of them or (b) otherwise by the Depositor (with the successor in each case being a Person who satisfies the eligibility requirement for Administrative Trustees or Delaware Trustee,
as the case may be, set forth in Section 8.7). 
  
 A successor
Trustee must be a U.S. Person to be appointed as such. 
  
 Section
8.11. Acceptance of Appointment by Successor. 
  
 In case
of the appointment hereunder of a successor Relevant Trustee, the retiring Relevant Trustee (if requested by the Depositor) and each successor Relevant Trustee with respect to the Trust Securities shall execute and deliver an amendment hereto
wherein each successor Relevant Trustee shall accept such appointment and which (a) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Relevant Trustee all the rights, powers,
trusts and duties of the retiring Relevant Trustee with respect to the Trust Securities and the Trust and (b) shall add to or change any of the provisions of this Trust Agreement as shall be necessary to provide for or facilitate the administration
of the Trust by more than one Relevant Trustee, it being understood that nothing herein or in such amendment shall constitute such Relevant Trustees co-trustees and upon the execution and delivery of such amendment the resignation or removal of the
retiring Relevant Trustee shall become effective to the extent provided therein and each such successor Relevant Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Relevant Trustee; but, on written request of the Trust or any successor Relevant Trustee such retiring Relevant Trustee shall duly assign, transfer and deliver to such successor Relevant Trustee all Trust Property, all proceeds thereof and money
held by such retiring Relevant Trustee hereunder with respect to the Trust Securities and the Trust. 
  
 Upon written request of any such successor Relevant Trustee, the Trust shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Relevant Trustee all such rights, powers and trusts referred to in the preceding paragraph. 
  
 No successor Relevant Trustee shall accept its appointment unless at the time of such acceptance such successor Relevant Trustee shall be qualified and
eligible under this Article. 
  
 Section 8.12. Merger,
Conversion, Consolidation or Succession to Business. 
  
 Any
Person into which the Property Trustee or the Delaware Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Relevant Trustee shall be a party, or
any Person succeeding to all or substantially all the corporate trust business of such Relevant Trustee, shall be the successor of such Relevant Trustee hereunder, provided such Person shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
  

 41 

 Section 8.13. Preferential Collection of Claims Against Depositor or Trust. 
  
 In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other similar judicial proceeding relative to the Trust or any other obligor upon the Trust Securities or the property of the Trust or of such other obligor or their creditors, the
Property Trustee (irrespective of whether any Distributions on the Trust Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Property Trustee shall have made any demand on the
Trust for the payment of any past due Distributions) shall be entitled and empowered, to the fullest extent permitted by law, by intervention in such proceeding or otherwise: 
  
 (a) to file and prove a claim for the whole amount of any Distributions owing and unpaid in respect of the Trust Securities
and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Property Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its
agents and counsel) and of the Holders allowed in such judicial proceeding, and 
  
 (b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Property Trustee and, in the event the Property Trustee shall consent to the making of such payments directly to the Holders, to pay to the
Property Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel, and any other amounts due the Property Trustee. 
  
 Nothing herein contained shall be deemed to authorize the Property Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement adjustment or compensation affecting the Trust Securities or the rights of any Holder thereof or to authorize the Property Trustee to vote in
respect of the claim of any Holder in any such proceeding. 
  
 Section 8.14. Reports by Property Trustee. 
  
 (a)
The Property Trustee shall transmit to Securityholders such reports concerning the Property Trustee and its actions under this Trust Agreement as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant
thereto. If required by Section 313(a) of the Trust Indenture Act, the Property Trustee shall, within sixty days after each May 15 following the date of this Trust Agreement deliver to Securityholders a brief report, dated as of such May 15, which
complies with the provisions of such Section 313(a). 
  
 (b) A
copy of each such report shall, at the time of such transmission to Holders, be filed by the Property Trustee with each national stock exchange, the Nasdaq National Market or such other interdealer quotation system or self-regulatory organization
upon which the Capital Securities are listed or traded, if any, with the Commission and with the Depositor. The Depositor will promptly notify the Property Trustee of any such listing or trading. 
  

 42 

 Section 8.15. Reports to the Property Trustee. 
  
 The Depositor and the Administrative Trustees on behalf of the Trust shall
provide to the Property Trustee such documents, reports and information as required by Section 314 of the Trust Indenture Act (if any) and the compliance certificate required by Section 314(a) of the Trust Indenture Act in the form, in the manner
and at the times required by Section 314 of the Trust Indenture Act. Delivery of such reports, information and documents to the Property Trustee is for informational purposes only and the Property Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Trust’s compliance with any of its covenants hereunder (as to which the Property Trustee is entitled to rely exclusively
on Officers’ Certificates). 
  
 Section 8.16. Evidence of
Compliance with Conditions Precedent. 
  
 Each of the
Depositor and the Administrative Trustees on behalf of the Trust shall provide to the Property Trustee such evidence of compliance with any conditions precedent, if any, provided for in this Trust Agreement that relate to any of the matters set
forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) of the Trust Indenture Act shall be given in the form of an Officers’ Certificate. 
  
 Section 8.17. Number of Trustees. 
  
 (a) The number of Trustees shall be four, provided that the Holder of all of
the Common Securities by written instrument may increase or decrease the number of Administrative Trustees. The Property Trustee and the Delaware Trustee may be the same Person. 
  
 (b) If a Trustee ceases to hold office for any reason and the number of Administrative Trustees is not reduced pursuant to
Section 8.17(a), or if the number of Trustees is increased pursuant to Section 8.17(a), a vacancy shall occur. The vacancy shall be filled with a Trustee appointed in accordance with Section 8.10. 
  
 (c) The death, resignation, retirement, removal, bankruptcy, incompetence or
incapacity to perform the duties of a Trustee shall not operate to dissolve, terminate or annul the Trust. Whenever a vacancy in the number of Administrative Trustees shall occur, until such vacancy is filled by the appointment of an Administrative
Trustee in accordance with Section 8.10, the Administrative Trustees in office, regardless of their number (and notwithstanding any other provision of this Trust Agreement), shall have all the powers granted to the Administrative Trustees and shall
discharge all the duties imposed upon the Administrative Trustees by this Trust Agreement. 
  
 Section 8.18. Delegation of Power. 
  
 (a) Any Administrative Trustee may, by power of attorney consistent with applicable law, delegate to any other natural person over the age of 21 (provided such person is a U.S. Person) his or her power for the purpose
of executing any documents contemplated in Section 

  

 43 

 
2.7(a), including any registration statement or amendment thereto filed with the Commission, or making any other governmental filing; and 
  
 (b) The Administrative Trustees shall have power to delegate from time to
time to such of their number or to the Depositor the doing of such things and the execution of such instruments either in the name of the Trust or the names of the Administrative Trustees or otherwise as the Administrative Trustees may deem
expedient, to the extent such delegation is not prohibited by applicable law or contrary to the provisions of this Trust Agreement, as set forth herein. 
  
 ARTICLE IX 
  
 TERMINATION, LIQUIDATION AND MERGER 
  
 Section 9.1. Termination Upon Expiration Date. 
  
 Unless earlier dissolved, the Trust shall automatically dissolve on [                    ,
20    ], (the “Expiration Date”). Upon such a dissolution, after satisfaction of the liabilities of the Trust, as provided by applicable law, the Trust Property shall be distributed in accordance with Section
9.4. 
  
 Section 9.2. Early Termination. 
  
 The first to occur of any of the following events is an “Early
Termination Event”, the occurrence of which shall cause a dissolution of the Trust: 
  
 (a) the occurrence of a Bankruptcy Event in respect of, or the dissolution or liquidation of, the Holder of the Common Securities; 
  
 (b) the written direction to the Property Trustee from the Depositor at any time to dissolve the Trust and, after
satisfaction of liabilities to creditors of the Trust as provided by applicable law, distribute Debentures to Securityholders in exchange for the Capital Securities (which direction is optional and wholly within the discretion of the Depositor);

  
 (c) the redemption of all of the Capital Securities in
connection with the redemption of all of the Debentures; and 
  
 (d) the entry of an order for dissolution of the Trust by a court of competent jurisdiction. 
  
 Section 9.3. Termination. 
  
 The respective obligations and responsibilities of the Trustees and the Trust created and continued hereby shall terminate upon the latest to occur of the
following: (a) the distribution by the Property Trustee to Securityholders upon the liquidation of the Trust pursuant to Section 9.4, or upon the redemption of all of the Trust Securities pursuant to Section 4.2, of all amounts required to be
distributed hereunder upon the final payment of the Trust Securities; (b) the 

  

 44 

 
payment of any expenses owed by the Trust; and (c) the discharge of all administrative duties of the Administrative Trustees, including the performance of
any tax reporting obligations with respect to the Trust or the Securityholders. 
  
 Section 9.4. Liquidation. 
  
 (a) If an Early Termination Event specified in clause (a), (b) or (d) of Section 9.2 occurs or upon the Expiration Date, the Trust shall be liquidated by the Trustees as expeditiously as the Trustees determine to be possible by
distributing, after satisfaction or the making of reasonable provisions for the payment of liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.4(d). Notice of
liquidation shall be given by the Property Trustee by first-class mail, postage prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder’s address appearing in the
Securities Register. All notices of liquidation shall: 
  
 (i) state the CUSIP Number of the Trust Securities; 
  
 (ii) state the Liquidation Date; 
  
 (iii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a
Like Amount of Debentures; and 
  
 (iv) provide
such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or if Section 9.4(d) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall
deem appropriate. 
  
 (b) Except where Section 9.2(c) or 9.4(d)
applies, in order to effect the liquidation of the Trust and distribution of the Debentures to Securityholders, the Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation
Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust
Securities Certificates. 
  
 (c) Except where Section 9.2(c) or
9.4(d) applies, after the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will be issued to Holders of Trust Securities Certificates, upon surrender of
such certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or
self-regulatory organization as the Capital Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided
for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such certificates are so surrendered (and until such certificates are so surrendered, no payments of interest or
principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (v) all rights of 

  

 45 

 
Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive Debentures upon surrender of Trust Securities
Certificates. 
  
 (d) In the event that, notwithstanding the other
provisions of this Section 9.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be
practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders,
after satisfaction of liabilities to creditors of the Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the
“Liquidation Distribution”). If the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence,
the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Securities will be entitled to receive Liquidation Distributions upon any such winding-up or
termination pro rata (determined as aforesaid) with Holders of Capital Securities, except that, if a Debenture Event of Default has occurred and is continuing, the Capital Securities shall have a priority over the Common Securities. 
  
 Section 9.5. Mergers, Consolidations, Amalgamations or Replacements of the
Trust. 
  
 The Trust may not merge with or into, consolidate,
amalgamate, or be replaced by, or convey, transfer or lease its properties and assets substantially as an entirety to any corporation or other Person, except pursuant to this Article IX. At the request of the Depositor, with the consent of the
Administrative Trustees and without the consent of the Holders of the Capital Securities, the Property Trustee or the Delaware Trustee, the Trust may merge with or into, consolidate, amalgamate, or be replaced by or convey, transfer or lease its
properties and assets substantially as an entirety to a trust organized as such under the laws of any State; provided, that (i) such successor entity either (a) expressly assumes all of the obligations of the Trust with respect to the Capital
Securities or (b) substitutes for the Capital Securities other securities having substantially the same terms as the Capital Securities (the “Successor Securities”) so long as the Successor Securities rank the same as the Capital
Securities rank in priority with respect to distributions and payments upon liquidation, redemption and otherwise, (ii) the Depositor expressly appoints a trustee of such successor entity possessing the same powers and duties as the Property Trustee
as the holder of the Debentures, (iii) the Successor Securities are listed or traded, or any Successor Securities will be listed upon notification of issuance, on any national securities exchange or other organization on which the Capital Securities
are then listed or traded, if any, (iv) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not cause the Capital Securities (including any Successor Securities) to be downgraded by any nationally recognized
statistical rating organization, (v) such merger, consolidation, amalgamation, replacement, 

  

 46 

 
conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Capital Securities (including any
Successor Securities) in any material respect, (vi) such successor entity has a purpose substantially identical to that of the Trust, (vii) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Depositor
has received an Opinion of Counsel to the effect that (a) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Capital Securities
(including any Successor Securities) in any material respect, and (b) following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, neither the Trust nor such successor entity will be required to register as an
investment company under the 1940 Act and (viii) the Depositor owns all of the common securities of such successor entity and guarantees the obligations of such successor entity under the Successor Securities at least to the extent provided by the
Guarantee. Notwithstanding the foregoing, the Trust shall not, except with the consent of Holders of 100% in Liquidation Amount of the Capital Securities, consolidate, amalgamate, merge with or into, or be replaced by or convey, transfer or lease
its properties and assets substantially as an entirety to any other Person or permit any other Person to consolidate, amalgamate, merge with or into, or replace it if such consolidation, amalgamation, merger, replacement, conveyance, transfer or
lease would cause the Trust or the successor entity to be classified as other than a grantor trust for United States federal income tax purposes. 
  
 ARTICLE X 
  
 MISCELLANEOUS PROVISIONS 
  
 Section 10.1. Limitation of Rights of Securityholders. 
  
 The death, incapacity, liquidation, dissolution, termination or bankruptcy of any Person having an interest, beneficial or otherwise, in Trust Securities shall not operate to terminate this Trust Agreement, nor
dissolve, terminate or annul the Trust, nor entitle the legal representatives or heirs of such Person or any Securityholder for such Person, to claim an accounting, take any action or bring any proceeding in any court for a partition or winding up
of the arrangements contemplated hereby, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. 
  
 Section 10.2. Liability of the Common Securityholder. 
  
 The Holder of the Common Securities shall be liable for all of the debts and obligations of the Trust (other than with respect to the Trust Securities) to
the extent not satisfied out of the Trust’s assets. 
  
 Section 10.3. Amendment. 
  
 (a) This Trust
Agreement may be amended from time to time by the Property Trustee, the Administrative Trustees and the Depositor, without the consent of any Securityholders, (i) to cure any ambiguity, correct or supplement any provision herein which may be
inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Trust Agreement, which shall not be inconsistent with the other provisions of this Trust Agreement, or (ii) to
modify, eliminate or add to any provisions of this Trust Agreement to such extent as shall be necessary to ensure that the Trust will be classified for United States federal income tax purposes as a grantor trust at all times that any Trust
Securities are Outstanding or to ensure that the Trust will not be required to 

  

 47 

 
register as an investment company under the 1940 Act; provided, however, that in the case of clause (i) or clause (ii), such action shall not
adversely affect in any material respect the interests of any Securityholder, and any such amendments of this Trust Agreement shall become effective when notice thereof is given to the Securityholders. 
  
 (b) Except as provided in Section 10.3(c) hereof, any provision of this Trust
Agreement may be amended by the Trustees and the Depositor (i) with the consent of Trust Securityholders representing not less than a majority (based upon Liquidation Amounts) of the Trust Securities then Outstanding and (ii) upon receipt by the
Trustees of an Opinion of Counsel to the effect that such amendment or the exercise of any power granted to the Trustees in accordance with such amendment will not affect the Trust’s status as a grantor trust for United States federal income
tax purposes or the Trust’s exemption from status of an investment company under the 1940 Act. 
  
 (c) In addition to and notwithstanding any other provision in this Trust Agreement, without the consent of each affected Securityholder, this Trust
Agreement may not be amended to (i) change the amount or timing of any Distribution on the Trust Securities or otherwise adversely affect the amount of any Distribution required to be made in respect of the Trust Securities as of a specified date or
(ii) restrict the right of a Securityholder to institute suit for the enforcement of any such payment on or after such date. Notwithstanding any other provision herein, without the unanimous consent of the Securityholders, this paragraph (c) of this
Section 10.3 may not be amended. 
  
 (d) Notwithstanding any other
provisions of this Trust Agreement, no Trustee shall enter into or consent to any amendment to this Trust Agreement which would cause the Trust to fail or cease to qualify for the exemption from status of an investment company under the 1940 Act or
fail or cease to be classified as a grantor trust for United States federal income tax purposes. 
  
 (e) Notwithstanding anything in this Trust Agreement to the contrary, without the consent of the Depositor, this Trust Agreement may not be amended in a
manner which imposes any additional obligation on the Depositor. 
  
 (f) In the event that any amendment to this Trust Agreement is made, the Administrative Trustees shall promptly provide to the Depositor a copy of such amendment. 
  
 (g) Neither the Property Trustee nor the Delaware Trustee shall be required to enter into any amendment to this Trust
Agreement which affects its own rights, duties or immunities under this Trust Agreement. The Property Trustee shall be entitled to receive an Opinion of Counsel and an Officers’ Certificate stating that any amendment to this Trust Agreement is
in compliance with this Trust Agreement. 
  
 Section 10.4.
Separability. 
  
 In case any provision in this Trust
Agreement or in the Trust Securities Certificates shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

 48 

 Section 10.5. Governing Law. 
  
 THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE SECURITYHOLDERS, THE TRUST AND THE TRUSTEES WITH RESPECT
TO THIS TRUST AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES). 
  
 Section 10.6. Payments Due on Non-Business Day. 
  
 If the date fixed for any payment on any Trust Security shall be a day that is not a Business Day, then such payment need
not be made on such date but may be made on the next succeeding day that is a Business Day (except as otherwise provided in Sections 4.1(a) and 4.2(d)), with the same force and effect as though made on the date fixed for such payment, and no
interest shall accrue thereon for the period after such date. 
  
 Section 10.7. Successors. 
  
 This Trust Agreement
shall be binding upon and shall inure to the benefit of any successor to the Depositor, the Trust or the Relevant Trustee, including any successor by operation of law. Except in connection with a consolidation, merger or sale involving the Depositor
that is permitted under Article Eight of the Indenture and pursuant to which the assignee agrees in writing to perform the Depositor’s obligations hereunder, the Depositor shall not assign its obligations hereunder. 
  
 Section 10.8. Headings. 
  
 The Article and Section headings are for convenience only and shall not
affect the construction of this Trust Agreement. 
  
 Section 10.9.
Reports, Notices and Demands. 
  
 Any report, notice,
demand or other communication which by any provision of this Trust Agreement is required or permitted to be given or served to or upon any Securityholder or the Depositor may be given or served in writing by deposit thereof, first-class postage
prepaid, in the United States mail, hand delivery or facsimile transmission, in each case, addressed, (a) in the case of a Capital Securityholder, to such Capital Securityholder as such Securityholder’s name and address may appear on the
Securities Register; and (b) in the case of the Common Securityholder or the Depositor, to JPMorgan Chase & Co., 270 Park Avenue, New York, New York 10017, Attention:
                    , facsimile no.:
                    . Such notice, demand or other communication to or upon a Securityholder shall be deemed to have been sufficiently given
or made, for all purposes, upon hand delivery, mailing or transmission. 
  
 Any notice, demand or other communication which by any provision of this Trust Agreement is required or permitted to be given or served to or upon the Trust, the Property Trustee, the Delaware Trustee or the Administrative Trustees shall be
given in writing addressed (until another address is published by the Trust) as follows: (a) with respect to the Property Trustee to The Bank of New York, 101 Barclay Street, New York, New York 10286, Attention: 

  

 49 

 
Corporate Trust Administration; (b) with respect to the Delaware Trustee, to The Bank of New York (Delaware), White Clay Center, Route 273, Newark, Delaware,
with a copy to the Property Trustee at the address set forth in Clause (a); and (c) with respect to the Administrative Trustees, to them at the address above for notices to the Depositor, marked “Attention Administrative Trustees of JPMorgan
Chase Capital [        ].” Such notice, demand or other communication to or upon the Trust or the Property Trustee shall be deemed to have been sufficiently given or made only upon actual receipt
of the writing by the Trust or the Property Trustee. 
  
 Section
10.10. Agreement Not to Petition. 
  
 Each of the Trustees
and the Depositor agree for the benefit of the Securityholders that, until at least one year and one day after the Trust has been terminated in accordance with Article X, they shall not file, or join in the filing of, a petition against the Trust
under any bankruptcy, insolvency, reorganization or other similar law (including, without limitation, the United States Bankruptcy Code) (collectively, “Bankruptcy Laws”) or otherwise join in the commencement of any proceeding against the
Trust under any Bankruptcy Law. In the event the Depositor takes action in violation of this Section 10.10, the Property Trustee agrees, for the benefit of Securityholders, that at the expense of the Depositor, it shall file an answer with the
bankruptcy court or otherwise properly contest the filing of such petition by the Depositor against the Trust or the commencement of such action and raise the defense that the Depositor has agreed in writing not to take such action and should be
stopped and precluded therefrom and such other defenses, if any, as counsel for the Property Trustee or the Trust may assert. The provisions of this Section 10.10 shall survive the termination of this Trust Agreement. 
  
 Section 10.11. Trust Indenture Act; Conflict with Trust Indenture Act.

  
 (a) This Trust Agreement is subject to the provisions of the
Trust Indenture Act that are required or deemed to be part of this Trust Agreement and shall, to the extent applicable, be governed by such provisions. 
  
 (b) The Property Trustee shall be the only Trustee which is a trustee for the purposes of the Trust Indenture Act. 
  
 (c) If any provision hereof limits, qualifies or conflicts with another
provision hereof which is required or deemed to be included in this Trust Agreement by any of the provisions of the Trust Indenture Act, such required or deemed provision shall control. If any provision of this Trust Agreement modifies or excludes
any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Trust Agreement as so modified or excluded, as the case may be. 
  
 (d) The application of the Trust Indenture Act to this Trust Agreement shall
not affect the nature of the Trust Securities as equity securities representing undivided beneficial interests in the assets of the Trust. 
  
 Section 10.12. Acceptance of Terms of Trust Agreement, Guarantee and Indenture. 
  
 THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A SECURITYHOLDER OR ANY BENEFICIAL

  

 50 

 
OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE SECURITYHOLDER AND ALL OTHERS HAVING A
BENEFICIAL INTEREST IN SUCH TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND AGREEMENT TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND THE INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE TRUST,
SUCH SECURITYHOLDER AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND SUCH SECURITYHOLDER AND SUCH OTHERS. 
  
 Section 10.13. Holders are Parties. 
  
 Notwithstanding that Holders have not executed and delivered this Trust
Agreement or any counterpart thereof, Holders shall be deemed to be parties to this Trust Agreement and shall be bound by all of the terms and conditions hereof and of the Trust Securities by acceptance and delivery of the Trust Securities.

  
 Section 10.14. Treatment of Trust as Grantor Trust and
Debentures as Debt for Federal Income Tax Purposes. 
  
 (a)
Holders of Trust Securities by virtue of accepting delivery thereof, agree that the arrangement created by this Trust Agreement shall be treated as a grantor trust under Subpart E of the Code for United States federal income tax purposes and that
the Depositor and the Trustees shall be authorized to take any action consistent with such treatment. Neither the Trustees nor the Depositor shall make any check-the-box election for the Trust to be treated as an association under Treas. Reg. §
301.7701-3 or take any other action inconsistent with the treatment of the Trust as a grantor trust for all tax purposes. 
  
 (b) Holders of Capital Securities, by virtue of accepting delivery thereof, agree to treat the Debentures as debt for United States federal income tax
purposes. 
  
 Section 10.15. Counterparts. 
  
 This Trust Agreement may contain more than one counterpart of the signature
page and this Trust Agreement may be executed by the affixing of the signature of each of the Trustees of one of such counterpart signature pages. All of such counterpart signature pages shall be read as though one, and they shall have the same
force and effect as though all of the signers had signed a single signature page. 
  

 51 

  

			
	JPMORGAN CHASE & CO.
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	 THE BANK OF NEW YORK,
 as Property
Trustee

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	 THE BANK OF NEW YORK (DELAWARE),
 as Delaware
Trustee

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	Michael J. Cavanagh, as Administrative Trustee
	
	 
	
	Mark I. Kleinman, as Administrative Trustee
	
	 

  

  
 EXHIBIT A 

 
 See Exhibits 4.4 – 4.11 
  

 1 

  
 EXHIBIT B 

 
 THIS CAPITAL SECURITY IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE TRUST AGREEMENT
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) OR A NOMINEE OF THE DEPOSITARY. THIS CAPITAL SECURITY IS EXCHANGEABLE FOR CAPITAL SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER
THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS CAPITAL SECURITY (OTHER THAN A TRANSFER OF THIS CAPITAL SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
  
 UNLESS THIS CAPITAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO JPMORGAN CHASE CAPITAL
[        ] OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CAPITAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

			
	Certificate No.:	 	Number of Capital Securities:

  
 Aggregate
Liquidation Amount of Capital Securities: $[                    ] 
  
 CUSIP No.
[                    ] 
  
 Certificate Evidencing Capital Securities 
  
 Of 
  
 JPMorgan Chase Capital [            ] 
  
 [        %] Capital Securities, Series
[            ] 
  
 (Liquidation Amount $[        ] per Capital Security) 
  

 1 

 JPMorgan Chase Capital [        ], a statutory trust
created under the laws of the State of Delaware (the “Trust”), hereby certifies that Cede & Co. (the “Holder”) is the registered owner of preferred securities in the aggregate liquidation amount of
$[            ] of the Trust representing an undivided beneficial ownership interest in the assets of the Trust and designated the JPMorgan Chase Capital
[        ] [        %] Capital Securities, Series [_] (liquidation amount
$[            ] per Capital Security) (the “Capital Securities”). The Capital Securities are transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer as provided in Section 5.4 of the Trust Agreement (as defined below). The designations, rights, privileges, restrictions, preferences and other
terms and provisions of the Capital Securities are set forth in, and this certificate and the Capital Securities represented hereby are issued and shall in all respects be subject to, the terms and provisions of, the Amended and Restated Trust
Agreement of the Trust, dated as of [                    , 20    ], as the same may be amended from time to time
(the “Trust Agreement”), including the designation of the terms of Capital Securities as set forth therein. The Holder is entitled to the benefits of the Guarantee Agreement entered into by JPMorgan Chase & Co., a Delaware corporation
(“JPMorgan Chase”), and The Bank of New York, a New York banking corporation (“The Bank of New York”), as guarantee trustee, dated as of
[                    , 20    ], as amended from time to time (the “Guarantee”), to the extent provided
therein. The Trust will furnish a copy of the Trust Agreement and the Guarantee to the Holder without charge upon written request to the Trust at its principal place of business or registered office. 
  
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement
and is entitled to the benefits thereunder and by acceptance hereof agrees to the provisions of (i) the Guarantee and (ii) the Junior Subordinated Indenture entered into by JPMorgan Chase and The 

  

 2 

 
Bank of New York, as trustee, dated as of December 1, 1996 as amended or supplemented from time to time. 
  
 This certificate shall be governed by and construed in accordance with the
laws of the State of Delaware. 
  
 IN WITNESS WHEREOF, one of the
Administrative Trustees of the Trust has executed this certificate. 
  

			
	JPMORGAN CHASE CAPITAL [        ]
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  
 This is one of the Securities
referred to in the within mentioned Trust Agreement. 
  
 Date of Authentication:

  
 [                    , 20    ] 
  

			
	 THE BANK OF NEW YORK,
as Property Trustee

		
	By:	 	 
	 	 	Name:
	 	 	Title:

  

 3 

  
 ASSIGNMENT 

 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Capital
Security to: 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Insert
assignee’s social security or tax identification number) 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Insert address and
zip code of assignee) 
  
 and irrevocably appoints agent to transfer this Capital
Securities Certificate on the books of the Trust. The agent may substitute another to act for him or her. 
  
 Date: 
  
 Signature: 
  
  
 (Sign exactly as
your name appears on the other side of this Capital Security Certificate) 
  
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program),
pursuant to S.E.C. Rule 17Ad-15.1 
  

 4 

  
 EXHIBIT C 

 
 THIS CERTIFICATE IS NOT TRANSFERABLE TO ANY PERSON OTHER THAN AS SET FORTH IN THE TRUST
AGREEMENT (AS DEFINED BELOW) 
  

			
	Certificate Number:	 	Number of Common Securities

  
 Certificate
Evidencing Common Securities 
  
 of 
  
 JPMorgan Chase Capital
[        ] 
  
 [        ]% Common Securities 
  
 (Liquidation Amount $[            ] per Common Security) 
  
 JPMorgan Chase Capital [        ], a statutory trust created under the laws
of the State of Delaware (the “Trust”), hereby certifies that JPMorgan Chase & Co. (the “Holder”) is the registered owner of
[                ] common securities of the Trust representing beneficial ownership interests of the Trust and designated the
[        %] Common Securities (Liquidation Amount $[        ] per Common Security) (the “Common Securities”). Except as provided in Section 5.10
of the Trust Agreement (as defined below), the Common Securities are not transferable and, to the fullest extent permitted by law, any attempted transfer hereof shall be void, except as set forth in the Trust Agreement. The designations, rights,
privileges, restrictions, preferences and other 

  

 1 

 
terms and provisions of the Common Securities are set forth in, and this certificate and the Common Securities represented hereby are issued and shall in all
respects be subject to the terms and provisions of, the Amended and Restated Trust Agreement of the Trust dated as of [                    ,
20    ], as the same may be amended from time to time (the “Trust Agreement”), including the designation of the terms of the Common Securities as set forth therein. The Trust will furnish a copy of the Trust
Agreement to the Holder without charge upon written request to the Trust at its principal place of business or registered office. 
  
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder and by acceptance hereof agrees to
the provisions of (i) the Guarantee Agreement entered into by JPMorgan Chase & Co., a Delaware corporation (“JPMorgan Chase”), and The Bank of New York, a New York banking corporation (“The Bank of New York”), as guarantee
trustee, dated as of [                    , 20    ], as amended from time to time and (ii) the Indenture entered
into by JPMorgan Chase and The Bank of New York, as trustee, dated as of December 1, 1996 as amended or supplemented from time to time. 
  
 This certificate shall be governed by and construed in accordance with the laws of the State of Delaware. 
  
 IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust has
executed this certificate. 
  

									
	 Dated:
[                    , 20    ],
	 	 	 	 JPMORGAN CHASE CAPITAL [        ]

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 Administrative Trustee

  

 2 

  
 EXHIBIT D 

 
 See Sections 2.2 and 2.3 of Exhibit 4.1 
  

 1 

  
 JPMORGAN CHASE CAPITAL
[        ] 
  
 Certain Sections of this Trust Agreement relating to 
 Sections 310 through 318 of the 
 Trust Indenture Act of 1939: 
  

			
	 Trust Indenture
 Act
Section

	  	Trust Agreement
Section

	 (§) 310 (a)(1)
	  	8.7
	   (a)(2)
	  	8.7
	   (a)(3)
	  	8.9
	   (a)(4)
	  	2.7(a)(ii)
	   (b)
	  	8.8
	 (§) 311 (a)
	  	8.13
	   (b)
	  	8.13
	 (§) 312 (a)
	  	5.7
	   (b)
	  	5.7
	   (c)
	  	5.7
	 (§) 313 (a)
	  	8.14(a)
	   (a)(4)
	  	8.14(b)
	   (b)
	  	8.14(b)
	   (c)
	  	10.9
	   (d)
	  	8.14(c)
	 (§) 314 (a)
	  	8.15
	   (b)
	  	Not Applicable
	   (c)(1)
	  	8.16
	   (c)(2)
	  	8.16
	   (c)(3)
	  	Not Applicable
	   (d)
	  	Not Applicable
	   (e)
	  	1.1, 8.16
	 (§) 315 (a)
	  	8.1(a), 8.3(a)
	   (b)
	  	8.2, 10.9
	   (c)
	  	8.1(a)
	   (d)
	  	8.1, 8.3
	   (e)
	  	Not Applicable
	 (§) 316 (a)
	  	Not Applicable
	   (a)(1)(A)
	  	Not Applicable
	   (a)(1)(B)
	  	Not Applicable
	   (a)(2)
	  	Not Applicable
	   (b)
	  	5.14
	   (c)
	  	6.7
	 (§) 317 (a)(1)
	  	Not Applicable
	   (a)(2)
	  	Not Applicable
	   (b)
	  	5.9
	 (§) 318 (a)
	  	10.11

  
 Note: This reconciliation and tie
sheet shall not, for any purpose, be deemed to be a part of the TrustIndenture, dated as of May 10, 2005

  
 Exhibit 4.1 

 
  

  
 LAZARD LLC 
  

  
 INDENTURE 
  
 Dated as of May 10, 2005 
  

  
 THE BANK OF NEW YORK, 
  
 Trustee 
  

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

	ARTICLE ONE
	
	DEFINITIONS AND INCORPORATION BY REFERENCE
			
	 SECTION 1.01.
	  	 Definitions
	  	1
	 SECTION 1.02.
	  	 Other Definitions
	  	9
	 SECTION 1.03.
	  	 Incorporation by Reference of Trust Indenture Act
	  	9
	 SECTION 1.04.
	  	 Rules of Construction
	  	10
	
	ARTICLE TWO
	
	THE SECURITIES
			
	 SECTION 2.01.
	  	 Issuable in Series
	  	10
	 SECTION 2.02.
	  	 Establishment of Terms of Series of Securities
	  	10
	 SECTION 2.03.
	  	 Denominations; Provisions for Payment
	  	13
	 SECTION 2.04.
	  	 Execution and Authentication
	  	14
	 SECTION 2.05.
	  	 Registrar and Paying Agent
	  	15
	 SECTION 2.06.
	  	 Paying Agent to Hold Money in Trust
	  	15
	 SECTION 2.07.
	  	 Holder Lists
	  	16
	 SECTION 2.08.
	  	 Transfer and Exchange
	  	16
	 SECTION 2.09.
	  	 Mutilated, Destroyed, Lost and Stolen Securities
	  	17
	 SECTION 2.10.
	  	 Outstanding Securities
	  	18
	 SECTION 2.11.
	  	 Treasury Securities
	  	18
	 SECTION 2.12.
	  	 Temporary Securities
	  	18
	 SECTION 2.13.
	  	 Cancellation
	  	19
	 SECTION 2.14.
	  	 Defaulted Interest
	  	19
	 SECTION 2.15.
	  	 Global Securities
	  	19
	 SECTION 2.16.
	  	 CUSIP Numbers
	  	20
	 SECTION 2.17.
	  	 Benefits of Indenture
	  	20
	
	ARTICLE THREE
	
	REDEMPTION AND PREPAYMENT
			
	 SECTION 3.01.
	  	 Notices to Trustee
	  	21
	 SECTION 3.02.
	  	 Selection of Securities to be Redeemed
	  	21
	 SECTION 3.03.
	  	 Notice of Redemption
	  	22
	 SECTION 3.04.
	  	 Effect of Notice of Redemption
	  	23
	 SECTION 3.05.
	  	 Deposit of Redemption Price
	  	23
	 SECTION 3.06.
	  	 Securities Redeemed in Part
	  	23

  

 i 

					
	
	ARTICLE FOUR
	
	COVENANTS
			
	 SECTION 4.01.
	  	 Payment of Securities
	  	23
	 SECTION 4.02.
	  	 SEC Reports
	  	24
	 SECTION 4.03.
	  	 Compliance Certificate
	  	24
	 SECTION 4.04.
	  	 Further Instruments and Acts
	  	24
	 SECTION 4.05.
	  	 Corporate Existence
	  	24
	 SECTION 4.06.
	  	 Calculation of Original Issue Discount
	  	25
	 SECTION 4.07.
	  	 Limitations on Liens
	  	25
	 SECTION 4.08.
	  	 Limitations on Dispositions of Capital Stock of Designated Subsidiaries
	  	25
	 SECTION 4.09.
	  	 Additional Amounts
	  	29
	
	ARTICLE FIVE
	
	SUCCESSOR COMPANIES
			
	 SECTION 5.01.
	  	 Merger, Consolidation or Sale of Assets
	  	30
	 SECTION 5.02.
	  	 Surviving Person Substituted
	  	31
	
	ARTICLE SIX
	
	DEFAULTS AND REMEDIES
			
	 SECTION 6.01.
	  	 Events of Default
	  	32
	 SECTION 6.02.
	  	 Acceleration
	  	34
	 SECTION 6.03.
	  	 Other Remedies
	  	34
	 SECTION 6.04.
	  	 Waiver of Past Defaults
	  	35
	 SECTION 6.05.
	  	 Control by Majority
	  	35
	 SECTION 6.06.
	  	 Limitation on Suits
	  	35
	 SECTION 6.07.
	  	 Rights of Holders to Receive Payment
	  	36
	 SECTION 6.08.
	  	 Collection Suit by Trustee
	  	36
	 SECTION 6.09.
	  	 Trustee May File Proofs of Claim
	  	36
	 SECTION 6.10.
	  	 Priorities
	  	36
	 SECTION 6.11.
	  	 Undertaking for Costs
	  	37
	 SECTION 6.12.
	  	 Waiver of Stay or Extension Laws
	  	37
	
	ARTICLE SEVEN
	
	TRUSTEE
			
	 SECTION 7.01.
	  	 Duties of Trustee
	  	37
	 SECTION 7.02.
	  	 Rights of Trustee
	  	38

  

 ii 

					
	 SECTION 7.03.
	  	 Individual Rights of Trustee
	  	40
	 SECTION 7.04.
	  	 Trustee’s Disclaimer
	  	40
	 SECTION 7.05.
	  	 Notice of Defaults
	  	40
	 SECTION 7.06.
	  	 Reports by Trustee to Holder
	  	40
	 SECTION 7.07.
	  	 Compensation and Indemnity
	  	41
	 SECTION 7.08.
	  	 Replacement of Trustee
	  	41
	 SECTION 7.09.
	  	 Successor Trustee by Merger
	  	42
	 SECTION 7.10.
	  	 Eligibility; Disqualification
	  	42
	 SECTION 7.11.
	  	 Preferential Collection of Claims Against Company
	  	42
	
	ARTICLE EIGHT
	
	LEGAL DEFEASANCE, COVENANT DEFEASANCE AND SATISFACTION AND DISCHARGE
			
	 SECTION 8.01.
	  	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	43
	 SECTION 8.02.
	  	 Legal Defeasance and Discharge
	  	43
	 SECTION 8.03.
	  	 Covenant Defeasance
	  	43
	 SECTION 8.04.
	  	 Conditions to Legal or Covenant Defeasance
	  	44
	 SECTION 8.05.
	  	 Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions
	  	45
	 SECTION 8.06.
	  	 Repayment to Company
	  	46
	 SECTION 8.07.
	  	 Reinstatement
	  	46
	 SECTION 8.08.
	  	 Satisfaction and Discharge of Indenture
	  	47
	
	ARTICLE NINE
	
	AMENDMENTS
			
	 SECTION 9.01.
	  	 Without Consent of Holders
	  	48
	 SECTION 9.02.
	  	 With Consent of Holders
	  	49
	 SECTION 9.03.
	  	 Compliance with Trust Indenture Act
	  	50
	 SECTION 9.04.
	  	 Revocation and Effect of Consents and Waivers
	  	50
	 SECTION 9.05.
	  	 Notation on or Exchange of Securities
	  	50
	 SECTION 9.06.
	  	 Trustee to Sign Amendments
	  	50
	 SECTION 9.07.
	  	 Payment for Consent
	  	51
	
	ARTICLE TEN
	
	MISCELLANEOUS
			
	 SECTION 10.01.
	  	 Trust Indenture Act Controls
	  	51
	 SECTION 10.02.
	  	 Notices
	  	51
	 SECTION 10.03.
	  	 Communication by Holders with Other Holders
	  	52
	 SECTION 10.04.
	  	 Certificate and Opinion as to Conditions Precedent
	  	52

  

 iii 

					
	 SECTION 10.05.
	  	 Statements Required in Certificate or Opinion
	  	52
	 SECTION 10.06.
	  	 Acts of Holders
	  	52
	 SECTION 10.07.
	  	 Rules by Trustee, Paying Agent and Registrar
	  	54
	 SECTION 10.08.
	  	 Legal Holidays
	  	54
	 SECTION 10.09.
	  	 Governing Law
	  	54
	 SECTION 10.10.
	  	 No Recourse Against Others
	  	54
	 SECTION 10.11.
	  	 Successors
	  	54
	 SECTION 10.12.
	  	 Multiple Originals
	  	55
	 SECTION 10.13.
	  	 Table of Contents; Headings
	  	55
	 SECTION 10.14.
	  	 Severability
	  	55
	 SECTION 10.15.
	  	 Force Majeure
	  	55

  

 iv 

  
 CROSS-REFERENCE TABLE*

  

					
	Trust Indenture Act Section

	  	Indenture Section

	310	  	 (a)(1)
	  	7.10
	 	  	 (a)(2)
	  	7.10
	 	  	 (a)(3)
	  	Not Applicable
	 	  	 (a)(4)
	  	Not Applicable
	 	  	 (a)(5)
	  	7.10
	 	  	 (b)
	  	7.10
	 	  	 (c)
	  	Not Applicable
	311	  	 (a)
	  	7.11
	 	  	 (b)
	  	7.11
	 	  	 (c)
	  	Not Applicable
	312	  	 (a)
	  	2.06
	 	  	 (b)
	  	10.03
	 	  	 (c)
	  	10.03
	313	  	 (a)
	  	7.06
	 	  	 (b)(1)
	  	Not Applicable
	 	  	 (b)(2)
	  	7.06
	 	  	 (c)
	  	7.06
	 	  	 (d)
	  	7.06
	314	  	 (a)
	  	4.02;4.03
	 	  	 (b)
	  	Not Applicable
	 	  	 (c)(1)
	  	10.04
	 	  	 (c)(2)
	  	10.04
	 	  	 (c)(3)
	  	Not Applicable
	 	  	 (d)
	  	Not Applicable
	 	  	 (e)
	  	10.05
	 	  	 (f)
	  	Not Applicable
	315	  	 (a)
	  	7.01
	 	  	 (b)
	  	7.05
	 	  	 (c)
	  	7.01
	 	  	 (d)
	  	7.01
	 	  	 (e)
	  	6.11
	316	  	 (a) (last sentence)
	  	2.10
	 	  	 (a)(1)(A)
	  	6.05
	 	  	 (a)(1)(B)
	  	6.04
	 	  	 (a)(2)
	  	Not Applicable
	 	  	 (b)
	  	6.07
	 	  	 (c)
	  	2.13
	 	  	 317 (a)(1)
	  	6.08
	 	  	 (a)(2)
	  	6.09
	 	  	 (b)
	  	2.05
	 	  	 318 (a)
	  	10.01
	 	  	 (b)
	  	Not Applicable
	 	  	 (c)
	  	10.01

  

	*	This Cross-Reference Table is not part of the Indenture. 

  

 INDENTURE dated as of May 10, 2005, between LAZARD LLC, a Delaware limited liability
company, and THE BANK OF NEW YORK, a New York corporation, as trustee. 
  
 The Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the securities issued under this Indenture (the “Securities”): 
  
 ARTICLE ONE 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 SECTION 1.01. Definitions. 
  

For all purposes under this Indenture and any supplemental indenture hereto, except as otherwise expressly provided or unless the context otherwise
requires, the following terms shall have the following meanings: 
  
 “Additional Assets” means Capital Stock of an entity primarily engaged in or related to, or property used or useful in, the investment banking or asset management businesses engaged in by the Company and its Subsidiaries on the
date of this Indenture and described in the Offering Memorandum dated May 4, 2005. 
  
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this
definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), when used with respect to any Person, shall mean the power to direct or
cause the direction of the management or policies of such Person, directly or indirectly, whether through the ownership of voting securities, by agreement or otherwise. 
  
 “Agent” means any Registrar, Paying Agent or co-registrar. 
  
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal
or state law for the relief of debtors. 
  
 “Board of
Directors” means the Board of Directors of the Company, or any authorized committee of the Board of Directors. 
  
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the
Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee. 
  
 “Business Day” means any day other than a Legal Holiday. 
  

 1 

 “Capital Stock” means, with respect to any Person, any shares or other equivalents (however
designated) of any class of corporate stock or partnership interests or any other participations, rights, warrants, options or other interests in the nature of an equity interest in such Person, including preferred stock (other than, solely for the
purposes of Section 4.08, preferred stock that is nonparticipating, nonvoting and nonconvertible), including any debt security convertible or exchangeable into such equity interest. For the avoidance of doubt, the equity units of Lazard Asset
Management LLC issued pursuant to the Lazard Asset Management LLC Limited Liability Company Agreement as described in the Offering Memorandum dated May 4, 2005 (exclusive of any amendment or supplement thereto) under the heading
“Management’s Discussion and Analysis of Financial Condition and Results of Operations - Key Financial Measures and Indicators - Minority Interest”, shall not constitute a class of Capital Stock of Lazard Asset Management LLC.

  
 “Clearstream” means Clearstream Banking,
société anonyme, or any successor thereto. 
  
 “Commodity Price Protection Agreement” means, in respect of a Person, any forward contract, commodity swap agreement, commodity option agreement or other similar agreement or arrangement designed to protect such Person against
fluctuations in commodity prices. 
  
 “Company” means
Lazard LLC, and any and all successors thereto. 
  
 “Company
Order” means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal accounting officer. 
  
 “Corporate Trust Office of the Trustee” shall be the address of the
Trustee specified in Section 10.02 hereof or such other address as to which the Trustee may give notice to the Company. 
  
 “Credit Agreement” means the Credit Agreement to be entered into on May 10, 2005, among the Company, the lenders referred to therein and
JPMorgan Chase Bank, as administrative agent, as amended, extended, renewed, restated, supplemented or otherwise modified (in whole or in part, and without limitation as to amount, terms, conditions, covenants and other provisions) from time to
time, and any agreement governing Debt incurred to refinance, in whole or in part, the borrowings and commitments then outstanding or permitted to be outstanding under such Credit Agreement or a successor Credit Agreement. 
  
 “Currency Exchange Protection Agreement” means, in respect of a
Person, any foreign exchange contract, currency swap agreement, currency option or other similar agreement or arrangement designed to protect such Person against fluctuations in currency exchange rates. 
  
 “Debt” means, with respect to any Person (without duplication):

  

 2 

 (a) the principal of and premium (if any) in respect of any obligation of such Person for
money borrowed, and any obligation evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; 
  
 (b) all obligations of such Person as lessee under leases required to be capitalized on the balance sheet of
the lessee under generally accepted accounting principles and leases of Property made as part of any sale and leaseback transaction entered into by such Person; 
  
 (c) all obligations of such Person issued or assumed as the deferred purchase price of Property, all
conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business); 
  
 (d) all obligations of such Person for the reimbursement of
any obligor on any letter of credit, banker’s acceptance or similar credit transaction; 
  
 (e) all obligations of the type referred to in clauses (a) through (d) of other Persons and all dividends of other Persons for the payment
of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee; 
  
 (f) all obligations of the type referred to in clauses (a) through (d) of other Persons secured by any Lien
on any Property of such Person (whether or not such obligation is assumed by such Person); and 
  
 (g) to the extent not otherwise included in this definition, obligations pursuant to any Interest Rate Agreement, Currency Exchange
Protection Agreement, Commodity Price Protection Agreement or any other similar agreement or arrangement of such Person. 
  
 “Deconsolidating Disposition” means the sale or other disposition of any Capital Stock of a Designated Subsidiary by the Company or a Subsidiary
of the Company or the issuance of Capital Stock by a Designated Subsidiary if, after giving effect thereto, the Company and its Subsidiaries own 50% or less of any series or class of the Capital Stock of such Designated Subsidiary. 
  
 “Default” means any event that is, or after notice or passage of
time or both would be, an Event of Default. 
  
 “Definitive
Security” means a certificated Security registered in the name of the Holder thereof and issued in accordance with Section 2.08 hereof. 
  
 “Depositary” means, with respect to the Securities issuable or issued in whole or in part in global form, the Person specified in Section 2.15
hereof as the Depositary with respect to the Securities, and any and all successors thereto appointed as 

  

 3 

 
depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 
  
 “Designated Subsidiary” means Lazard Frères & Co. LLC,
Lazard Asset Management LLC, Lazard & Co., Limited and Lazard Frères SAS and each of their respective successors. 
  
 “Designated Subsidiary Stock Disposition” means the sale or other disposition of any Capital Stock by a Designated Subsidiary by the Company or
a Subsidiary of the Company or the issuance of Capital Stock by a Designated Subsidiary if, after giving effect thereto, the Company and its Subsidiaries own less than 65% of each series or class of the Capital Stock of such Designated Subsidiary
but greater than 50% of each series or class of the Capital Stock of such Designated Subsidiary. 
  
 “Disposition Amount” means the amount of cash and the fair market value of any other consideration received in a Designated Subsidiary Stock
Disposition or Deconsolidating Disposition, in each case net of: 
  
 (1) brokerage commissions and other fees and expenses (including fees and expenses of legal counsel, accountants and investment banks) attributable to the portion of the Capital Stock constituting such Designated
Subsidiary Stock Disposition or Deconsolidating Disposition, 
  
 (2) provisions for taxes payable as a result of such Designated Subsidiary Stock Disposition or Deconsolidating Disposition attributable to the portion of the Capital Stock constituting such Designated Subsidiary
Stock Disposition or Deconsolidating Disposition (after taking into account any available tax credits or deductions and any tax sharing arrangements), and 
  
 (3) the amount of any payments that the Company estimates in good faith will be required to be made in respect of contingent liabilities
directly attributable to such Designated Subsidiary Stock Disposition or Deconsolidating Disposition and retained by the Company or any Subsidiary after such Designated Subsidiary Stock Disposition or Deconsolidating Disposition, provided
that any amount remaining after adjustments, revaluations or liquidations of such contingent liabilities shall constitute a Disposition Amount, 
  
 provided, however, that if immediately prior to giving effect to such Designated Subsidiary Stock Disposition or Deconsolidating Disposition, the Company
and its Subsidiaries own in excess of 65% of the class or series of Capital Stock that is the subject of such Designated Subsidiary Stock Disposition or Deconsolidating Disposition, the “Disposition Amount” shall be limited to the portion
of the amount of cash and the fair market value of any other consideration attributable to the Capital Stock sold, otherwise disposed of or issued that corresponds to the difference between 65% and the percentage of such class or series of Capital
Stock owned by the Company and its Subsidiaries after giving effect to such Designated Subsidiary Stock Disposition. Accordingly, if immediately prior to giving effect to a Designated Subsidiary Stock Disposition, the Company and its Subsidiaries
own 

  

 4 

 
75% of the class or series of Capital Stock that is the subject of such Designated Subsidiary Stock Disposition and after giving effect to such Designated
Subsidiary Stock Disposition, the Company and its Subsidiaries own 60% of such class or series of Capital Stock, the Disposition Amount shall equal one-third of the amount of cash and the fair market value of any other consideration received in such
Designated Subsidiary Stock Disposition, in each case reduced by the one-third of the amounts referred to in clauses (1), (2) and (3) above. 
  
 “Dollar” means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for the
payment of public and private debt. 
  
 “Euroclear”
means Euroclear Bank S.A./N.V., as operator of the Euroclear System, or any successor thereto. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Fitch” means Fitch Ratings or any successor to the rating agency business thereof. 
  
 “Foreign Currency” means any currency or currency unit issued by a
government other than the government of The United States of America. 
  
 “GAAP” means generally accepted accounting principles in the United States of America as determined by the Public Company Accounting Principles Oversight Board. 
  
 “Global Security” when used with respect to any Series of Securities issued hereunder, means a Security which is
executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture and an indenture supplemental hereto, if any, or Board Resolution and
pursuant to a Company Order, which shall be registered in the name of the Depositary or its nominee and which shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all the outstanding Securities of such
Series or any portion thereof, in either case having the same terms, including, without limitation, the same original issue date, date or dates on which principal is due, and interest rate or method of determining interest and which shall bear the
legend as prescribed by Section 2.15(c). 
  
 “Global Security
Legend” means the legend set forth in Section 2.15(c), which is required to be placed on all Global Securities issued under this Indenture. 
  
 “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 Debt. The term “Guarantor” shall mean any Person
Guaranteeing any obligation. 
  

 5 

 “Holder” means a Person in whose name a Security is registered on the Registrar’s books.

  
 “Indenture” means this Indenture, as amended or
supplemented from time to time. 
  
 “Interest Payment
Date” when used with respect to any Series of Securities, means the date specified in such Securities for the payment of any installment of interest on those Securities. 
  
 “Interest Rate Agreement” means, for any Person, any interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement or other similar agreement designed to protect against fluctuations in interest rates. 
  
 “Investment Grade” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s, BBB- (or the equivalent) by S&P, or BBB-
(or the equivalent) by Fitch. 
  
 “Lien” means, with
respect to any Property of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, security interest, lien, charge, encumbrance, preference, priority or other security agreement or preferential arrangement
of any kind or nature whatsoever on or with respect to such Property (including any capital lease obligation, conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing or any sale and
leaseback transaction). 
  
 “Maturity,” when used with
respect to any Security or installment of principal thereof, means the date on which the principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by
declaration of acceleration, call for redemption, notice of option to elect repayment or otherwise. 
  
 “Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 
  
 “Officer” means, with respect to any Person, the Chairman of the
Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 
  
 “Officers’ Certificate” means a certificate signed on behalf
of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer or the principal accounting officer of the Company, that meets the requirements of Section 10.04 and 10.05 hereof.

  
 “Opinion of Counsel” means an opinion from legal
counsel, that meets the requirements of Section 10.04 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 
  

 6 

 “Original Issue Discount Security” means any Security that provides for an amount less than the
stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02. 
  
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively (and, with respect to the Depository Trust Company, shall include Euroclear and Clearstream). 
  
 “Permitted Liens” means: 
  
 (a) Liens on the Capital Stock of a Person at the time such Person becomes a Subsidiary of the Company; provided that any such Lien may not extend
to any other Property of the Company or any other Subsidiary of the Company that is not a direct Subsidiary of such Person; provided further that any such Lien was not incurred in anticipation of or in connection with the transaction or
series of transactions pursuant to which such Person became a Subsidiary of the Company, 
  
 (b) Liens on the Capital Stock of any Subsidiary of the Company to secure any refinancing, in whole or in part, of any Debt secured by Liens referred to in clause (a) above; provided that any such Lien shall be
limited to all or part of the same Capital Stock that secured the original Lien and the aggregate principal amount of Debt that is secured by such Lien shall not be increased to an amount greater than the sum of: 
  
 (1) the outstanding principal amount, or, if greater, the
committed amount, of the Debt secured by Liens described under clause (a) above at the time the original Lien became a Permitted Lien under this Indenture, and 
  

(2) an amount necessary to pay any fees and expenses, including premiums and defeasance costs, incurred in connection with such
refinancing, and 
  
 (c) Liens securing Debt of any Subsidiary of
the Company owing to the Company. 
  
 “Person” means any
individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof or any other entity. 
  
 “Property” means, with respect to any Person, any interest of such
Person in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including Capital Stock in, and other securities of, any other Person. 
  
 “Responsible Officer” with respect to the Trustee, means any Vice President, Assistant Vice President, Assistant
Treasurer or any other officer of the Trustee assigned by the Trustee to administer its corporate trust matters and who customarily performs functions similar to those performed by such Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of 

  

 7 

 
such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for administration of this Indenture.

  
 “S&P” means Standard & Poor’s Ratings
Services or any successor to the rating agency business thereof. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Securities” has the meaning assigned to it in the preamble to this Indenture. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of
the Company created pursuant to Sections 2.01 and 2.02 hereof. 
  
 “Significant Subsidiary” means any Subsidiary that would be a “Significant Subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 
  
 “Stated Maturity,” when used with respect to any Security, means
the date specified in such Security as the fixed date on which an amount equal to the principal amount of such Security is due and payable. 
  
 “Subsidiary” of any Person means any corporation, limited liability company, association, partnership or other business entity of which more
than 50% of the total voting power of snares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is
at the time owned or controlled, directly or indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person. 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) and the rules and regulations
thereunder as in effect on the date on which this Indenture is qualified under the TIA, except as provided in Section 9.03. 
  
 “Trustee” means the party named as such above until a successor replaces it in accordance with the applicable provisions of this Indenture and
thereafter means the successor serving hereunder. 
  
 “U.S.
Government Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith
and credit of the United States of America is pledged and which are not callable or redeemable at the issuer’s option. 
  
 “U.S. Person” means a U.S. person as defined in Rule 902(k) under the Securities Act. 
  

 8 

 “Voting Stock” of any Person means all classes of Capital Stock or other interests (including
partnership interests) of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 
  
 SECTION 1.02. Other Definitions. 
  

			
	 Term

	  	Defined in Section

	 “Additional Amounts”
	  	4.09
	 “Covenant Defeasance”
	  	8.03
	 “Event of Default”
	  	6.01
	 “Legal Defeasance”
	  	8.02
	 “Legal Holiday”
	  	10.08
	 “Offer Amount”
	  	4.08
	 “Offered Period”
	  	4.08
	 “Offered Price”
	  	4.08
	 “Pari Passu Debt Price”
	  	4.08
	 “Paying Agent”
	  	2.05
	 “Payment Amount”
	  	4.08
	 “Purchase Date”
	  	4.08
	 “Registrar”
	  	2.05
	 “Relevant Taxing Jurisdiction”
	  	4.09
	 “Service Agent”
	  	2.05
	 “Stock Disposition Offer”
	  	4.08
	 “Surviving Person”
	  	5.01
	 “Taxes”
	  	4.09

  
 SECTION 1.03.
Incorporation by Reference of Trust Indenture Act. This Indenture is subject to the mandatory provisions of the TIA, which are incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have
the following meanings: 
  
 “indenture securities” means
the Securities; 
  
 “indenture security Holder” means a
Holder of a Security; 
  
 “indenture to be qualified”
means this Indenture; 
  
 “indenture trustee” or
“institutional trustee” means the Trustee; and 
  
 “obligor” on the Securities means the Company and any successor obligor upon the Securities. 
  
 All other terms used in this Indenture that are defined by the TIA, defined by the TIA’s reference to another statute or defined by SEC rule under
the TIA have the meanings so assigned to them. 
  
 SECTION 1.04.
Rules of Construction. Unless the context otherwise requires: 
  

 9 

 (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 in the plural include the
singular; 
  
 (5) provisions apply to successive events and
transactions; and 
  
 (6) references to sections of or rules under
the Securities Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time. 
  
 ARTICLE TWO 
  
 THE SECURITIES 
  
 SECTION 2.01. Issuable in Series. The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All
Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers’ Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board
Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, supplemental indenture or Officers’ Certificate may provide for the method by which specified terms (such as interest rate, maturity date,
record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters. 
  
 SECTION 2.02. Establishment of Terms of Series of Securities. At or prior to the issuance of any Securities within a Series, the following shall be
established (as to the Series generally, in the case of Subsection 2.02(a) and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.02(b) through 2.02(w)) by a Board Resolution, a supplemental
indenture or an Officers’ Certificate pursuant to authority granted under a Board Resolution: 
  
 (a) the title of the Securities of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);

  
 (b) any limit upon the aggregate principal amount of the
Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series);

  

 10 

 (c) the date or dates on which the principal and premium of the Securities of the Series are payable;

  
 (d) the rate or rates (which may be fixed or variable) at
which the Securities of the Series shall bear interest, if any, or the method of determining such rate or rates, the date or dates from which such interest, if any, shall accrue, the Interest Payment Dates on which such interest, if any, shall be
payable or the method by which such dates will be determined, the record dates for the determination of Holders thereof to whom such interest is payable (in the case of Securities in registered form), and the basis upon which such interest will be
calculated if other than that of a 360-day year of twelve 30-day months; 
  
 (e) the currency or currencies, including composite currencies in which Securities of the Series shall be denominated, if other than Dollars, the place or places, if any, in addition to or instead of the Corporate
Trust Office of the Trustee (in the case of Securities in registered form) or the principal New York office of the Trustee (in the case of Securities in bearer form), where the principal, premium and interest with respect to Securities of such
Series shall be payable or the method of such payment, if by wire transfer, mail or other means; 
  
 (f) the price or prices at which, the period or periods within which, and the terms and conditions upon which, Securities of the Series may be redeemed,
in whole or in part at the option of the Company or otherwise; 
  
 (g) the form of the Securities of the Series and whether Securities of the Series are to be issued in registered form or bearer form or both and, if Securities are to be issued in bearer form, whether coupons will be attached to them,
whether Securities of the Series in bearer form may be exchanged for Securities of the Series issued in registered form, and the circumstances under which and the places at which any such exchanges, if permitted, may be made; 
  
  
 (h) if any Securities of the Series are to be issued in bearer form or as one or more Global Securities representing individual Securities of the Series in bearer form, whether certain provisions for the payment of additional interest or
tax redemptions shall apply; whether interest with respect to any portion of a temporary Security of the Series in bearer form payable with respect to any Interest Payment Date prior to the exchange of such temporary Security in bearer form for
definitive Securities of the Series in bearer form shall be paid to any clearing organization with respect to the portion of such temporary Security in bearer form held for its account and, in such event, the terms and conditions (including any
certification requirements) upon which any such interest payment received by a clearing organization will be credited to the Persons entitled to interest payable on such Interest Payment Date; and the terms upon which a temporary Security in bearer
form may be exchanged for one or more definitive Securities of the Series in bearer form; 
  
 (i) the obligation, if any, of the Company to redeem, purchase or repay the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the price or prices at
which, the period or periods within 

  

 11 

 
which, and the terms and conditions upon which, Securities of the Series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such
obligations; 
  
 (j) the terms, if any, upon which the Securities
of the Series may be convertible into or exchanged for any of the Company’s common stock, preferred stock or other equity interests, other debt securities or warrants for common stock, preferred stock or other securities of any kind, and the
terms and conditions upon which such conversion or exchange shall be effected, including the initial conversion or exchange price or rate, the conversion or exchange period and any other additional provisions; 
  
 (k) if other than denominations of $1,000 and any integral multiple thereof,
the denominations in which the Securities of the Series shall be issuable; 
  
 (l) if the amount of principal, premium or interest with respect to the Securities of the Series may be determined with reference to an index or pursuant to a formula, the manner in which such amounts will be
determined; 
  
 (m) if the principal amount payable at the Stated
Maturity of Securities of the Series will not be determinable as of any one or more dates prior to such Stated Maturity, the amount that will be deemed to be such principal amount as of any such date for any purpose, including the principal amount
thereof which will be due and payable upon any Maturity other than the Stated Maturity and which will be deemed to be outstanding as of any such date (or, in any such case, the manner in which such deemed principal amount is to be determined), and
if necessary, the manner of determining the equivalent thereof in Dollars; 
  
 (n) the applicability of or any changes or additions to the defeasance and discharge provisions of Article Eight; 
  
 (o) if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration
of acceleration of the maturity thereof pursuant to Section 6.02; 
  
 (p) the terms, if any, of the transfer, mortgage, pledge or assignment as security for the Securities of the Series of any properties, assets, moneys, proceeds, securities or other collateral, including whether certain provisions of the TIA
are applicable and any corresponding changes to provisions of this Indenture as then in effect; 
  
 (q) any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the
requisite Holders of such Series of Securities to declare the principal amount of, premium, if any, and interest on such Series of Securities due and payable pursuant to Section 6.02; 
  
 (r) if the Securities of the Series shall be issued in whole or in part in the form of a Global Security, the terms and
conditions, if any, upon which such Global Security may be exchanged in whole or in part for other individual Definitive Securities of such Series, the Depositary for such Global Security and the form of any legend or legends 

  

 12 

 
to be borne by any such Global Security in addition to or in lieu of the Global Securities Legend; 
  
 (s) any Trustee, authenticating agent, Paying Agent, transfer agent, Service
Agent or Registrar; 
  
 (t) the applicability of, and any addition
to or change in, the covenants (and the related definitions) set forth in Articles Four or Five which applies to Securities of the Series; 
  
 (u) with regard to Securities of the Series that do not bear interest, the dates for certain required reports to the Trustee; 
  
 (v) the terms applicable to Original Issue Discount Securities, including the
rate or rates at which original issue discount will accrue; 
  
 (w) any other terms of Securities of the Series (which terms shall not be prohibited by the provisions of this Indenture). 
  
 All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if
so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities of
such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate. 
  
 SECTION 2.03. Denominations; Provisions for Payment. The Securities shall be issuable, except as otherwise provided with respect to any series of
Securities pursuant to Section 2.02, as registered Securities in the denominations of one thousand Dollars ($1,000) or any integral multiple thereof, subject to Sections 2.02(e) and 2.02(k). The Securities of any Series shall bear interest payable
on the dates and at the rate specified with respect to that Series. Unless otherwise provided as contemplated by Section 2.02 with respect to Securities of any Series, the principal of and the interest on the Securities of any Series, as well as any
premium thereon in case of redemption thereof prior to maturity, shall be payable in Dollars. Such payment shall be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New York.
Each Security shall be dated the date of its authentication. Unless otherwise provided as contemplated by Section 2.02, interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months. 
  
 The interest installment on any Security that is payable, and is punctually
paid or duly provided for, on any Interest Payment Date for Securities of that Series shall be paid to the Person in whose name said Security (or one or more predecessor Securities) is registered at the close of business on the regular record date
for such interest installment. 
  
 Unless otherwise set forth in a
Board Resolution, a supplemental indenture or an Officers’ Certificate establishing the terms of any Series of Securities pursuant to Section 2.02 hereof, the term “regular record date” as used in this Section with respect to 

  

 13 

 
Securities of any Series with respect to any Interest Payment Date for such Series shall mean (i) either the fifteenth day of the month immediately preceding
the month in which an Interest Payment Date established for such series pursuant to Section 2.02 hereof shall occur, if such Interest Payment Date is the first day of a month or (ii) the first day of the month in which an Interest Payment Date
established for such Series pursuant to Section 2.02 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day. 
  
 Subject to the foregoing provisions of this Section, each Security of a Series delivered under this Indenture upon transfer
of or in exchange for or in lieu of any other Security of such Series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security. 
  
 SECTION 2.04. Execution and Authentication. One or more Officers shall sign the Securities for the Company by manual
or facsimile signature. If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid. A Security shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. The Securities may contain such notations, legends or endorsements required by law, stock
exchange rule or usage. 
  
 The Trustee shall at any time, and
from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order
may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of
its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate. 
  
 The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such
Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.02, except as provided in Section 2.09. 
  
 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be
fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that
Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.04 and 10.05, and (c) an Opinion of Counsel complying with Section 10.04 and 10.05. 
  
 The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee,
being advised by counsel, determines that such action may not lawfully be taken; or (b) if the Trustee in good faith by its board of directors 

  

 14 

 
or trustees, executive committee or a trust committee of directors and/or vice-presidents shall determine that such action would expose the Trustee to
personal liability to Holders of any then outstanding Series of Securities. 
  
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company. 
  
 SECTION 2.05. Registrar and Paying Agent. So long as Securities of any
Series remaining outstanding, the Company agrees to maintain an office or agency in the Borough of Manhattan, the City and State of New York (or any other place or places specified with respect to such Series pursuant to Section 2.02), where
Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be presented for registration of transfer or exchange (“Registrar”) and where notices and
demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served (“Service Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their transfer and
exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each office or agency, Registrar, Paying Agent or Service Agent. If at any time the Company shall fail to
maintain any such required office or agency, Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate
Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
  
 The Company may also from time to time designate one or more co-registrars, additional paying agents or additional service agents and may from time to
time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Service Agent in each place so specified
pursuant to Section 2.02 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar, additional
paying agent or additional service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Service Agent” includes any additional service agent.

  
 The Company hereby appoints the Trustee as the initial
Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. 
  
 SECTION 2.06. Paying Agent to Hold Money in Trust. The Company shall
require each Paying Agent, other than the Trustee, to agree in writing that the Paying Agent will hold in trust, for the benefit of Holders of any Series of Securities, or the 

  

 15 

 
Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any
default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. Notwithstanding anything in this Section to the contrary, (i) the agreement to
hold sums in trust as provided in this Section 2.06 is subject to the provisions of Section 8.06, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or
direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent (if other than the Company or a Subsidiary) shall be released from all further liability with respect to the money. If the Company or a Subsidiary of the Company
acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Holders of any Series of Securities all money held by it as Paying Agent. 
  
 SECTION 2.07. Holder Lists. (a) 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 of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before
each Interest Payment Date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Holders of each Series of Securities. 

 
 (b) The Trustee may destroy any list furnished to it as provided in
Section 2.07(a) upon receipt of a new list so furnished. 
  
 SECTION 2.08. Transfer and Exchange. When Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same
Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request.
No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable
in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.12, 3.06 or 9.05). 
  
 Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series during the period
beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the
transfer or exchange of Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part. 
  

 16 

 All Securities presented or surrendered for exchange or registration of transfer, as provided in this
Section, shall be accompanied (if so required by the Company or the Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Registrar, duly executed by the Holder or by such Holder’s duly
authorized attorney in writing. 
  
 The provisions of this Section
2.08 are, with respect to any Global Security, subject to Section 2.15 hereof. 
  
 SECTION 2.09. Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
  
 If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii)
such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the
Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a
number not contemporaneously outstanding. 
  
 In case any such
mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security (without surrender thereof except in the case of a mutilated
Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, and, in case of destruction, loss or theft,
evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof. 
  
 Upon the issuance of any new Security under this Section 2.09, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
  
 Every new Security of any Series issued pursuant to this Section 2.09 in lieu of any destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and
all other Securities of that Series duly issued hereunder. 
  
 The
provisions of this Section 2.09 are exclusive and shall preclude (to the extent lawful) any and all other rights and remedies, notwithstanding any law or statute 

  

 17 

 
existing or hereafter enacted to the contrary, with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, negotiable
instruments or other securities. 
  
 SECTION 2.10. Outstanding
Securities. The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the
Trustee in accordance with the provisions hereof and those described in this Section 2.10 as not outstanding. 
  
 If a Security is replaced pursuant to Section 2.09, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced
Security is held by a bona fide purchaser. 
  
 If the Paying Agent
(other than the Company, a Subsidiary of the Company or an Affiliate of any thereof) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the
Series cease to be outstanding and interest on them ceases to accrue. 
  
 A Security does not cease to be outstanding because the Company or an Affiliate holds the Security. 
  
 In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of an Original issue Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of
such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02. 
  
 SECTION 2.11. Treasury Securities. In determining whether the Holders of the required principal amount of Securities of a Series have concurred in
any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or an Affiliate of the Company shall be disregarded and deemed not to be outstanding, except that for the purposes of determining
whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so
disregarded. Subject to the foregoing, only Securities outstanding at the time shall be considered in any such determination. 
  
 SECTION 2.12. Temporary Securities. Until Definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate
temporary Securities upon a Company Order. Temporary Securities shall be substantially in the form of Definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the
Company shall prepare and the Trustee upon request shall authenticate Definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary Securities shall have the same rights under this
Indenture as the Definitive Securities. 
  

 18 

 SECTION 2.13. Cancellation. The Company at any time may deliver Securities to the Trustee for
cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment,
replacement or cancellation and shall dispose of such canceled Securities according to its normal operating procedures (subject to the record retention requirement of the Exchange Act) and deliver a certificate of such disposition to the Company.
The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation. 
  
 SECTION 2.14. Defaulted Interest. If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest,
plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Holders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 30 days before
the record date, the Company shall mail to the Trustee and to each Holder of the Series a notice that states the record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

  
 SECTION 2.15. Global Securities. 
  
 (a) Terms of Securities. A Board Resolution, a supplemental indenture
hereto or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities. 
  
 (b) Transfer and Exchange. Notwithstanding any provisions to the
contrary contained in Section 2.08 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.08 of the Indenture for Securities registered in the names of Holders other than the Depositary for such
Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange
Act, and, in either case, the Company fails to appoint a successor Depositary within 90 days of such event, (ii) the Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be so
exchangeable or (iii) an Event of Default with respect to the Securities represented by such Global Security shall have occurred and be continuing. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for
Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. 
  
 Except as provided in this Section 2.15(b), a Global Security may only be
transferred in whole but not in part (i) by the Depositary with respect to such Global Security to a nominee of such Depositary, (ii) by a nominee of such Depositary to such Depositary or another nominee of such Depositary or (iii) by the Depositary
or any such nominee to a successor Depositary or a nominee of such a successor Depositary. 
  

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 (c) Legend. Any Global Security issued hereunder shall bear a legend in substantially the
following form: 
  
 “THIS SECURITY IS HELD BY THE DEPOSITARY
(AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON
AS MAY BE REQUIRED PURSUANT TO SECTION 2.04 OF THE INDENTURE, (B) THIS SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15(B) OF THE INDENTURE, (C) THIS SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.13 OF THE INDENTURE AND (D) EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.15(B) OF THE INDENTURE, THIS SECURITY MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY (X) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, (Y) BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR (Z) BY THE DEPOSITARY OR ANY NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.” 
  
 (d) Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by
Section 2.02, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 
  
 (e) Consents, Declaration and Directions. Except as provided in Section 2.15(d), the Company, the Trustee and any Agent shall treat a person as the
Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary with respect to such Global Security, for purposes of obtaining any consents,
declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 
  
 SECTION 2.16. CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the
Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that neither the Company nor the Trustee shall have any responsibility for any defect in the “CUSIP” number that appears on
any Security, check, advice of payment or redemption notice, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee of any
change in CUSIP numbers. 
  
 SECTION 2.17. Benefits of
Indenture. Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities, any legal or equitable right, remedy or claim under
or in respect of this Indenture, or under any covenant, condition or provision 

  

 20 

 
herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the Holders of the Securities.

  
 ARTICLE THREE 
  
 REDEMPTION AND PREPAYMENT 
  
 SECTION 3.01. Notices to Trustee. The Company may, with respect to any
Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in
such Series of Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify
the Trustee of the redemption date and the principal amount of Securities of the Series to be redeemed and the redemption price. The Company shall give such notice to the Trustee at least 30 but no more that 60 days before the redemption date (or
such shorter notice as may be acceptable to the Trustee). 
  
 SECTION 3.02. Selection of Securities to be Redeemed. Unless otherwise indicated for a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all of the
Securities are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select the Securities to be redeemed or purchased as follows: 
  

(1) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national
securities exchange, if any, on which the Securities are listed; or 
  
 (2) if the Securities are not listed on any national securities exchange, on a pro rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate. 
  
 Unless otherwise indicated for a particular Series of Securities by a Board
Resolution, a supplemental indenture or an Officers’ Certificate, no Securities of $1,000 of principal amount or less will be redeemed in part. Except as provided in the preceding sentence, provisions of this Indenture that apply to Securities
called for redemption also apply to portions of Securities called for redemption. The Trustee shall make the selection at least 25 days but not more than 60 days before the redemption date from outstanding Securities of a Series not previously
called for redemption. 
  
 If any Security is to be redeemed in
part only, the notice of redemption that relates to such Security shall state the portion of the principal amount of that Security to be redeemed. A new Security in principal amount equal to the unredeemed portion of the original Security presented
for redemption will be issued in the name of the Holder thereof upon cancellation of the original Security. Securities called for redemption become irrevocably due on the date fixed for redemption at the applicable redemption price, plus accrued and
unpaid interest to the redemption date. On and after the redemption date, 

  

 21 

 
unless the Company defaults in making the applicable redemption payment, interest ceases to accrue or accrete on Securities or portions of them called for
redemption. 
  
 SECTION 3.03. Notice of Redemption. Unless
otherwise provided for a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall mail or cause to be
mailed, by first class mail, a notice of redemption to each Holder whose Securities are to be redeemed at its registered address. 
  
 The notice shall identify the Securities to be redeemed and shall state: 
  
 (1) the redemption date; 
  
 (2) the redemption price or the appropriate calculation of the redemption price, which in each case will
include interest accrued and unpaid to the date fixed for redemption; 
  
 (3) if any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed and that, after the redemption date upon surrender of such Security, a new Security or Securities in
principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Security; 
  
 (4) the name and address of the Paying Agent; 
  
 (5) that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
  
 (6) that, unless the Company defaults in making such
redemption payment, interest on Securities (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 
  
 (7) the paragraph of the Securities and/or provision of this Indenture or any supplemental indenture pursuant to which the Securities
called for redemption are being redeemed; and 
  
 (8) the CUSIP number, if any, printed on the Securities being redeemed; and 
  
 (9) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the
Securities. 
  
 At the Company’s request, the Trustee shall
give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’ Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in such notice as required by this Section 3.03. 
  

 22 

 SECTION 3.04. Effect of Notice of Redemption. Once notice of redemption is mailed in accordance
with Section 3.03 hereof, Securities called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of redemption may not be conditional. 
  
 Failure to give notice or any defect in the notice to any Holder shall not
affect the validity of the notice to any other Holder. 
  
 SECTION
3.05. Deposit of Redemption Price. Prior to 10:00 a.m. (New York City time) on the redemption date, the Company shall deposit with the Trustee or with the Paying Agent (or, if the Company or a Subsidiary of the Company is the Paying Agent,
shall segregate and hold in trust) money sufficient to pay the redemption price of, and accrued interest on, all Securities to be redeemed on that date, other than Securities or portions of Securities called for redemption that have been delivered
by the Company to the Trustee for cancellation. The Trustee or the Paying Agent shall as promptly as practicable return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay
the redemption price of, and accrued interest on, all Securities to be redeemed. If such money is then held by the Company in trust and is not required for such purpose it shall be discharged from such trust. 
  
 If the Company complies with the provisions of the preceding paragraph, on
and after the redemption date, interest shall cease to accrue on the Securities or the portions of Securities called for redemption. If a Security is redeemed on or after an interest record date but on or prior to the related interest payment date,
then any accrued and unpaid interest shall be paid to the Person in whose name such Security was registered at the close of business on such record date. If any Security called for redemption shall not be so paid upon surrender for redemption
because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and, to the extent lawful, on any interest not paid on such unpaid
principal, in each case at the rate provided in the Securities. 
  
 SECTION 3.06. Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall execute and, upon the Company’s written request, the Trustee shall authenticate for the Holder (at the
Company’s expense) a new Security equal in principal amount to the unredeemed portion of the Security surrendered. 
  
 ARTICLE FOUR  
  
 COVENANTS 
  
 SECTION 4.01. Payment of Securities. The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually make all payments in respect of each Series of Securities on the dates
and in the manner provided in such Series of Securities and this Indenture. Such payments shall be considered made on the date due if on such date the Trustee or the Paying Agent holds, in 

  

 23 

 
accordance with this Indenture, money sufficient to make all payments with respect to such Securities then due. 
  
 SECTION 4.02. SEC Reports. Unless otherwise indicated in a Board
Resolution, a supplemental indenture hereto or an Officers’ Certificate, notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so long as any Securities are outstanding,
the Company shall furnish to the Trustee and the Holders copies of such annual reports and such information, documents and other reports as are specified in Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. corporation (and not a
foreign private issuer) subject to such Sections, at the times specified for the filing of such information, documents and reports under such Sections. Delivery of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of the covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). The Company also shall comply with the other provisions of TIA § 314(a). 
  
 In addition, whether or not required by the rules and regulations of the SEC, the Company shall file a copy of all such
information and reports with the SEC for public availability within the time periods specified in the SEC’s rules and regulations (unless the SEC will not accept such a filing) and make such information available to securities analysts and
prospective investors upon request. The Company shall at all times comply with TIA § 314(a). 
  
 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers’ Certificates). 
  
 SECTION 4.03.
Compliance Certificate. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company an Officers’ Certificate stating that in the course of the performance by the signers of their duties as
Officers of the Company they would normally have knowledge of any Default and whether or not the signers know of any Default that occurred during such period. If they do, the certificate shall describe the Default, its status and what action the
Company is taking or propose to take with respect thereto. The Company also shall comply with TIA § 314(a)(4). 
  
 SECTION 4.04. Further Instruments and Acts. The Company shall execute and deliver to the Trustee such further instruments and do such further acts
as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
  
 SECTION 4.05. Corporate Existence. Subject to Article Five hereof, the Company shall do or cause to be done all things necessary to preserve and
keep in full force and effect: 
  

 24 

 (1) its limited liability company, corporate, partnership or other existence in
accordance with its organizational documents (as the same may be amended from time to time) and 
  
 (2) the rights (charter and statutory), licenses and franchises of the Company; provided, however, that the Company shall
not be required to preserve any such right, license or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and
that the loss thereof is not adverse in any material respect to the Holders of the Securities. 
  
 SECTION 4.06. Calculation of Original Issue Discount. The Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount of original issue discount
(including daily rates and accrual periods) accrued on outstanding Securities as of the end of such year and (ii) such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code of
1986, as amended from time to time. 
  
 SECTION 4.07.
Limitations on Liens. The Company shall not, and shall not permit any of its Significant Subsidiaries to, directly or indirectly, incur or suffer to exist, any Lien, which is referred to herein as an “Initial Lien”, other than
Permitted Liens, securing Debt upon any Capital Stock of any Significant Subsidiary of the Company that is owned, directly or indirectly, by the Company or any of its Subsidiaries, in each case whether owned at the date of this Indenture or
thereafter acquired, or any interest therein or any income or profits therefrom unless it has made or will make effective provision whereby the Securities of each Series will be secured by such Lien equally and ratably with (or prior to) all other
Debt of the Company or any Subsidiary of the Company secured by such Lien. Any Lien created for the benefit of Holders of the Securities pursuant to the preceding sentence shall provide by its terms that such Lien will be automatically and
unconditionally released and discharged upon release and discharge of the Initial Lien. 
  
 SECTION 4.08. Limitations on Dispositions of Capital Stock of Designated Subsidiaries. (a) The Company will not, and will not permit any Subsidiary of the Company to, directly or indirectly, consummate
any Designated Subsidiary Stock Disposition unless the Company or such Subsidiary receives consideration at the time of such Designated Subsidiary Stock Disposition at least equal to the fair market value of the Capital Stock included in such
Designated Subsidiary Stock Disposition as determined by the Board of Directors (acting in good faith). 
  
 If the Company or any Subsidiary of the Company engages in a Designated Subsidiary Stock Disposition, the Company or any Subsidiary of the Company may
apply, at its option, no later than six months following the consummation thereof (or, if later, six months after the execution of any agreement with respect to such application, which agreement is signed within six months of the date of such
Designated Subsidiary Stock Disposition) an amount equal to the Disposition Amount to: 
  

 25 

 (1) redeem or repay any Debt which was secured by the Capital Stock sold or otherwise
transferred in such Designated Subsidiary Stock Disposition, 
  
 (2) permanently reduce the amount of the loan commitments under the Credit Agreement, or 
  
 (3) reinvest in Additional Assets. 
  
 The amount of the Disposition Amount not applied or invested as provided in this paragraph will constitute the “Excess Disposition Amount.” 
  
 When the aggregate Excess Disposition Amount equals or exceeds $25.0 million,
the Company will be required to make an offer to purchase for cash each Series of the Securities from all Holders and, if applicable, redeem or repay (or make an offer to do so) any other Debt of the Company that is pari passu in
payment in right of the notes, which is referred to as the “Pari Passu Debt,” and the provisions of which require the Company to redeem or repay such Debt with the proceeds from or as a result of any Designated Subsidiary Stock
Dispositions (or offer to do so), in an aggregate principal amount of Securities and such Pari Passu Debt equal to the Excess Disposition Amount as follows: 
  
 (1) the Company will (a) make an offer to purchase for cash (a “Stock Disposition Offer”) the Securities to all Holders
in accordance with the procedures set forth in this Indenture, and (b) redeem (or make an offer to do so) any such other Pari Passu Debt, pro rata in proportion to the respective principal amounts of the notes and such other Pari Passu Debt required
to be redeemed, the maximum principal amount of notes and Pari Passu Debt that may be redeemed out of the amount (the “Payment Amount”) of such Excess Disposition Amount, 
  
 (2) the offer price for the Securities will be payable in
cash in an amount equal to 100% of the principal amount of the Securities tendered pursuant to a Stock Disposition Offer, plus accrued and unpaid interest thereon, if any, to the date such Stock Disposition Offer is consummated (the “Offered
Price”), in accordance with the procedures set forth in this Indenture and the redemption price for such Pari Passu Debt (the “Pari Passu Debt Price”) shall be as set forth in the related documentation governing such Debt,

  
 (3) if the aggregate Offered Price of
Securities validly tendered and not withdrawn by Holders thereof exceeds the pro rata portion of the Payment Amount allocable to the Securities, Securities to be purchased will be selected on a pro rata basis, and 
  
 (4) upon completion of such Stock Disposition Offer in
accordance with the foregoing provisions, the Excess Disposition Amount with respect to which such Stock Disposition Offer was made shall be reset to zero. 
  
 To the extent that the sum of the aggregate Offered Price of Securities tendered pursuant to a Stock Disposition Offer and the aggregate Pari Passu Debt
Price 

  

 26 

 
paid to the holders of such Pari Passu Debt is less than the Payment Amount relating thereto, the Company may use such excess amount for general corporate
purposes, subject to the provisions of this Indenture. 
  
 (b) The
Company will not, and will not permit any Subsidiary of the Company to, directly or indirectly, consummate any Deconsolidating Disposition unless: 
  
 (1) the Company or such Subsidiary receives consideration at the time of such Deconsolidating Disposition at least equal to the fair
market value of the Capital Stock as determined by the Board of Directors (acting in good faith) included in such Deconsolidating Disposition, and 
  
 (2) if, immediately after giving effect to such Deconsolidating Disposition and the application of the proceeds therefrom, none of the
ratings assigned to the senior unsecured debt securities of the Company by Moody’s, Fitch and S&P are Investment Grade, then no later than 30 Business Days following the consummation of such Deconsolidating Disposition or, if later, 30
Business Days following the related ratings action, the Company applies an amount equal to the Disposition Amount to: 
  
 (A) redeem or repay any Debt which was secured by the Capital Stock sold or otherwise transferred in such Designated Subsidiary Stock
Disposition, 
  
 (B) permanently reduce the
amount of the loan commitments under the Credit Agreement, or 
  
 (C) conduct a Stock Disposition Offer in accordance with the terms of the indenture described below. 
  
 (c) In the event of the transfer of substantially all (but not all) of the assets of the Company as an entirety to a person in a transaction covered by
and effected in accordance with Article Five, the Surviving Person shall be deemed to have sold for cash at fair market value the Capital Stock of the Designated Subsidiaries not so transferred for purposes of this covenant, and shall comply with
the provisions of this Section 4.08 with respect to such deemed sale as if it were Designated Subsidiary Stock Disposition or Deconsolidating Disposition (with such fair market value being deemed to be the Disposition Amount for such purpose).

  
 (d) (1) Within five Business Days after the Company is
obligated to make a Stock Disposition Offer as described in the preceding paragraph, the Company shall send a written notice, by first-class mail, to the Holders of each Series of Securities, accompanied by such information regarding the Company and
its Subsidiaries as the Company in good faith believes will enable such Holders to make an informed decision with respect to such Stock Disposition Offer. Such notice shall state, among other things, the purchase price and the purchase date (the
“Purchase Date”), which shall be, subject to any contrary requirements of applicable law, a Business Day no earlier than 30 days nor later than 60 days from the date such notice is mailed. 
  

 27 

 (2) Not later than the date upon which written notice of a Stock Disposition Offer is
delivered to the Trustee as provided above, the Company shall deliver to the Trustee an Officers’ Certificate as to (i) the amount of the Stock Disposition Offer( the “Offer Amount”), (ii) the allocation of the Excess
Disposition Amount from the Designated Subsidiary Stock Disposition pursuant to which such Stock Disposition Offer is being made and (iii) the compliance of such allocation with the provisions of this Section 4.08. On or before the Purchase Date,
the Company shall also irrevocably deposit with the Trustee or with the Paying Agent (or, if the Company or a Wholly Owned Subsidiary is the Paying Agent, shall segregate and hold in trust) in Dollars an amount equal to the Offer Amount to be held
for payment in accordance with the provisions of this Section 4.08. Upon the expiration of the period for which the Stock Disposition Offer remains open (the “Offer Period”), the Company shall deliver to the Trustee for cancelation
the Securities or portions thereof that have been properly tendered to and are to be accepted by the Company. The Trustee or the Paying Agent shall, on the Purchase Date, mail or deliver payment to each tendering Holder in the amount of the purchase
price. In the event that the aggregate purchase price of the Securities delivered by the Company to the Trustee is less than the Offer Amount, the Trustee or the Paying Agent shall deliver the excess to the Company immediately after the expiration
of the Offer Period for application in accordance with this Section. 
  
 (3) Holders electing to have a Security purchased shall be required to surrender the Security, with an appropriate form duly completed, to the Company or its agent at the address specified in the notice at least three
Business Days prior to the Purchase Date. Holders shall be entitled to withdraw their election if the Trustee or the Company receives not later than one Business Day prior to the Purchase Date, a telegram, telex, facsimile transmission or letter
setting forth the name of the Holder, the principal amount of the Security that was delivered for purchase by the Holder and a statement that such Holder is withdrawing its election to have such Security purchased. If at the expiration of the Offer
Period the aggregate principal amount of Securities surrendered by Holders exceeds the Offer Amount, the Company shall select the Securities to be purchased on pro rata basis for all Securities, (with such adjustments as may be deemed appropriate by
the Company so that only Securities in denominations of $1,000, or integral multiples thereof, shall be purchased). Holders whose Securities are purchased only in part shall be issued new Securities equal in principal amount to the unpurchased
portion of the Securities surrendered. 
  
 (4) At
the time the Company delivers Securities to the Trustee that are to be accepted for purchase, the Company shall also deliver an Officers’ Certificate stating that such Securities are to be accepted by the Company pursuant to and in accordance
with the terms of this Section 4.08. A Security shall be deemed to have been accepted for purchase at the time the Trustee or the Paying Agent mails or delivers payment therefor to the surrendering Holder. 
  
 The Company will comply with applicable tender offer rules, including the
requirements of Rule 14e-1 under the Exchange Act and any other applicable laws and 

  

 28 

 
regulations in connection with the purchase of Securities pursuant to a Stock Disposition Offer. To the extent that the provisions of any securities laws or
regulations conflict with this Section 4.08, the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.08 by virtue of this compliance. 
  
 SECTION 4.09. Additional Amounts. if, following any transactions
permitted by Section 5.01, the Surviving Person is organized other than under the laws of the United States of America, any State thereof or the District of Columbia, all payments made by the Surviving Person under or with respect to the Securities
shall be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto)
(hereinafter “Taxes”) imposed or levied by or on behalf of the government of the Surviving Person’s country of incorporation or any political subdivision or any authority or agency therein or thereof having power to tax, or
within any other jurisdiction in which the Surviving Person is organized or is otherwise resident for tax purposes or any jurisdiction from or through which payment is made (each a “Relevant Taxing Jurisdiction”), unless the
Surviving Person is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. 
  
 If the Surviving Person is so required to withhold or deduct any amount for or on account of Taxes imposed by a Relevant Taxing Jurisdiction from any
payment made under or with respect to the Securities, the Surviving Person shall pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amount received by the Holders (including Additional Amounts)
after such withholding or deduction will not be less than the amount the Holders would have received if such Taxes had not been withheld or deducted; provided, however, that the foregoing obligation to pay Additional Amounts does not
apply to (1) any Taxes that would not have been so imposed but for the existence of any present or former connection between the relevant Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power over the
relevant Holder, if the relevant Holder is an estate, nominee, trust or corporation) and the Relevant Taxing Jurisdiction (other than the mere receipt of such payment or the ownership or holding outside of the Surviving Person’s country of
incorporation of such Security); or (2) any estate, inheritance, gift, sales, excise, transfer, personal property tax or similar tax, assessment or governmental charge; nor shall the Surviving Person be required to pay Additional Amounts (a) if the
payment could have been made without such deduction or withholding if the beneficiary of the payment had presented the Security for payment within 30 days after the date on which such payment or such Security became due and payable or the date on
which payment thereof is duly provided for, whichever is later (except to the extent that the Holder would have been entitled to Additional Amounts had the Security been presented on the last day of such 30 day period), or (b) with respect to any
payment of principal of (or premium, if any, on) or interest on such Security to any Holder who is a fiduciary or partnership or any person other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with
respect to such fiduciary, a member of such a partnership or the beneficial owner of such payment would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder of such
Security. 
  

 29 

 Upon request, the Surviving Person shall provide the Trustee with official receipts or other
documentation satisfactory to the Trustee evidencing the payment of the Taxes with respect to which Additional Amounts are paid. 
  
 Whenever in this Indenture, a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, or in any Security there is mentioned,
in any context: (1) the payment of principal; (2) purchase prices in connection with a purchase of Securities; (3) interest; or (4) any other amount payable on or with respect to any of the Securities, such reference shall be deemed to include
payment of Additional Amounts provided for in this Section 4.09 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
  
 The obligations described under this Section 4.09 shall survive any termination, defeasance or discharge of this Indenture
and shall apply mutatis mutandis to any jurisdiction in which any successor Person to the Company or any Surviving Person is organized or any political subdivision or taxing authority or agency thereof or therein. 
  
 ARTICLE FIVE 
  
 SUCCESSOR COMPANIES 
  
 SECTION 5.01. Merger, Consolidation or Sale of Assets. Unless otherwise provided for a particular Series of Securities by a Board Resolution, a
supplemental indenture or an Officers’ Certificate, the Company shall not merge, consolidate or amalgamate with or into any other Person (other than a merger of a wholly owned Subsidiary of the Company into the Company) or sell, transfer,
assign, lease, convey or otherwise dispose of all or substantially all of its Property in one transaction or series of related transactions unless: 
  
 (a) the Company shall be the surviving Person (the “Surviving Person”) or the Surviving Person (if other than the
Company) formed by such merger, consolidation or amalgamation or to which such sale, transfer, assignment, lease, conveyance or disposition is made shall be a corporation or limited liability company organized and existing under the laws of the
United States of America, any State thereof, the District of Columbia, Australia, Bermuda, Canada, Japan, Sweden, the United Kingdom or any country that is a member of the European Monetary Union and was a member of the European Monetary Union on
January 1, 2004; 
  
 (b) the Surviving Person (if
other than the Company) expressly assumes, by supplemental indenture in form satisfactory to the Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and premium, if any, and
interest on, all the Securities of all Series outstanding, according to their tenor, and the due and punctual performance and 

  

 30 

 
observance of all the covenants and conditions of this Indenture to be performed by the Company; 
  
 (c) in the case of a sale, transfer, assignment, lease,
conveyance or other disposition of all or substantially all the Property of the Company, such Property shall have been transferred as an entirety or virtually as an entirety to one Person and/or such Person’s Subsidiaries; 
  
 (d) immediately before and immediately after giving effect
to such transaction or series of related transactions, no Default or Event of Default shall have occurred and be continuing; 
  
 (e) the Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an
Officers’ Certificate and an Opinion of Counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto comply with this Section 5.01 and that all conditions precedent herein provided for relating to such
transaction have been complied with; and 
  
 (f)
the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such transaction or series of transactions 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 transaction or series of transactions had not occurred. 
  
 For the purposes of this Section 5.01, the sale, transfer, assignment, lease,
conveyance or other disposition of all the Property of one or more Subsidiaries of the Company, which Property, if held by the Company instead of such Subsidiaries, would constitute all or substantially all the Property of the Company on a
consolidated basis, shall be deemed to be the transfer of all or substantially all the Property of the Company. 
  
 SECTION 5.02. Surviving Person Substituted. (a) In case of any such consolidation, amalgamation, merger, sale, conveyance, assignment, transfer,
lease or other disposition and upon the assumption by the successor entity, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of, premium, if
any, and interest on all of the Securities of all series outstanding and the due and punctual performance of all of the covenants and conditions of this Indenture or established with respect to each series of the Securities pursuant to Section 2.02
to be performed by the Company with respect to each series, such successor entity shall succeed to and be substituted for and may exercise every right and power of the Company under this Indenture with the same effect as if it had been named as the
Company herein, and thereupon the predecessor entity shall be relieved of all obligations and covenants under this Indenture and the Securities. 
  
 (b) In case of any such consolidation, amalgamation, merger, sale, conveyance, assignment, transfer, lease or other disposition such changes in
phraseology 

  

 31 

 
and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 
  
 (c) Nothing contained in this Indenture or in any of the Securities shall
prevent the Company from merging into itself or acquiring by purchase or otherwise all or any part of the Property of any other Person (whether or not affiliated with the Company). 
  
 ARTICLE SIX 
  
 DEFAULTS AND REMEDIES 
  
 SECTION 6.01. Events of Default. Unless otherwise indicated for a particular Series of Securities by a Board Resolution, a supplemental indenture
hereto, or an Officers’ Certificate, each of the following constitutes an “Event of Default” with respect to each Series of Securities: 
  
 (1) default in the payment of the principal or redemption price with respect to any Security of such Series when such amount becomes due and payable;

  
 (2) default in the payment of interest (including additional
interest, if any,) when due on the Securities of such Series within 30 days of when such amount becomes due and payable; 
  
 (3) the Company fails to comply with any of its covenants or agreements in the Securities of such Series or this Indenture (other than a failure that is
subject to the foregoing clauses (1) or (2)) and such failure continues for 60 days after the notice specified below; 
  
 (4) Debt of the Company or any Subsidiary of the Company is not paid within any applicable grace period after final maturity or is accelerated by the
holders thereof because of a default and the total amount of such Debt unpaid or accelerated exceeds $25.0 million or its foreign currency equivalent at the time without such Debt having been discharged or acceleration having been rescinded or
annulled within 10 days after receipt by the Company of notice of the default by the Trustee or Holders of not less than 25% in aggregate principal amount of the Securities of such Series then outstanding; 
  
 (5) the Company or any Significant Subsidiary of the Company pursuant to or
within the meaning of any Bankruptcy Law: 
  
 (A)
commences a voluntary case; 
  
 (B) consents to
the entry of an order for relief against it in an involuntary case; 
  
 (C) consents to the appointment of a Custodian of it or for any substantial part of its Property; or 
  

 32 

 (D) makes a general assignment for the benefit of its creditors; 
  
 or takes any comparable action under any foreign laws relating to insolvency; 
  
 (6) a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that: 
  
 (A) is for relief
against the Company or any Significant Subsidiary of the Company in an involuntary case; 
  
 (B) appoints a Custodian of the Company or any Significant Subsidiary of the Company or for any substantial part of its Property; or

  
 (C) orders the winding up or liquidation of
the Company or any Significant Subsidiary of the Company; 
  
 or any similar
relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days; or 
  
 (7) any judgment or judgments for the payment of money (to the extent not insured by a reputable and creditworthy issuer that has not contested coverage
with respect to the underlying claim) in an aggregate amount in excess of $25.0 million or its foreign currency equivalent at the time is entered against the Company or any Subsidiary of the Company and that shall not be waived, satisfied or
discharged for any period of 60 consecutive days during which a stay of enforcement shall not be in effect. 
  
 The foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is
effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 
  
 The term “Custodian” means, for the purposes of this Article Six, any receiver, trustee, assignee, liquidator,
custodian or similar official under any Bankruptcy Law. 
  
 A
Default under clause (3) is not an Event of Default until the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities notify the Company of the Default and the Company does not cure such Default within the time
specified after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” 
  
 The Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an
Officers’ Certificate of any Event of Default and any event which with the giving of notice or the lapse of time would become an Event of Default, its status and what action the Company is taking or proposes to take with respect thereto.

  

 33 

 SECTION 6.02. Acceleration. (a) If an Event of Default with respect to any Series of Securities at
the time outstanding (other than an Event of Default specified in Section 6.01(5) or (6) with respect to the Company) occurs and is continuing, the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding
Securities of that Series by notice to the Company in writing (and to the Trustee, if given by Holders of such Securities of such Series), may declare the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the
portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on all the Securities of that Series to be due and payable. Upon such a declaration, such amounts shall be due and payable immediately. If an
Event of Default specified in Section 6.01(5) or (6) with respect to the Company occurs, the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security),
premium, if any, and accrued and unpaid interest on all the Securities of each Series of Security shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

  
 (b) At any time after the principal of the Securities of any
Series of Securities shall have been so declared due and payable (or have become immediately due and payable), and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the
Holders of a majority in principal amount of the Securities of that Series then outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences, and waive such Event of Default,
if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that Series and the principal of (and premium, if any, on) any and all Securities of that Series that
shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum
expressed in the Securities of that Series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.07, and (ii) any and all Events of Default under the Indenture with respect to such Series of Securities, other
than the nonpayment of principal (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security) on Securities of that Series that shall not have become due by their terms, shall
have been remedied or waived as provided in Section 6.04. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
  
 SECTION 6.03. Other Remedies. If an Event of Default with respect to any Series of Securities occurs and is continuing, the Trustee may pursue any
available remedy to collect the payment of the principal amount of (or, in the case of Original issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest
on the Securities of that Series or to enforce the performance of any provision of the Securities of that Series or this Indenture. 
  
 The Trustee may institute and maintain a suit or legal proceeding even if it does not possess any of the Securities of a Series or does not produce any of
them in the 

  

 34 

 
proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default with respect to any Series
of Securities shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 
  
 SECTION 6.04. Waiver of Past Defaults. The Holders of a majority in
principal amount of the Securities of any Series by notice to the Trustee may waive an existing Default and its consequences except (i) a Default in the payment of the principal amount of (or, in the case of Original Issue Discount Securities of
that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on a Security of that Series, or (ii) a Default in respect of a provision that under Section 9.02 cannot be amended without
the consent of each Holder of that Series affected. When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 
  
 SECTION 6.05. Control by Majority. The Holders of a majority in
principal amount of the outstanding Securities of any Series may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to that
Series. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other Holder of that Series or that would
subject the Trustee to personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall
be entitled to indemnity satisfactory to it against all losses and expenses caused by taking or not taking such action. 
  
 SECTION 6.06. Limitation on Suits. Except to enforce the right to receive payment of the principal amount of (or, in the case of Original Issue
Discount Securities, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on a Security of any Series when due, no Holder of a Security of that Series may pursue any remedy with respect to
this Indenture or the Securities of that Series unless: 
  
 (i)
the Holder previously gave the Trustee written notice stating that an Event of Default with respect to that Series is continuing; 
  
 (ii) the Holders of at least 25% in aggregate principal amount of the outstanding Securities of that Series make a written request to the Trustee to
pursue the remedy; 
  
 (iii) such Holder or Holders of that Series
offer to the Trustee indemnity satisfactory to it to the Trustee against any loss, liability or expense; 
  
 (iv) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or indemnity; and 
  

 35 

 (v) the Holders of a majority in aggregate principal amount of the outstanding Securities of that Series
do not give the Trustee a direction inconsistent with the request during such 60-day period. 
  
 A Holder of Securities of any Series may not use this Indenture to prejudice the rights of another Holder of that Series or to obtain a preference or priority over another Holder of that Series (it being understood
that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 
  
 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 the principal amount of (or, in the case of Original Issue Discount Securities, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on the Securities held by such Holder, on or
after their Maturity, or to bring suit for the enforcement of any such payment on or after their Maturity, shall not be impaired or affected without the consent of such Holder. 
  
 SECTION 6.08. Collection Suit by Trustee. If an Event of Default specified in Section 6.01(1) or (2) occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided
for in Section 7.07. 
  
 SECTION 6.09. Trustee May File Proofs
of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company, its
creditors or its Property and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial
proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 
  
 SECTION 6.10. Priorities. If the Trustee collects any money or Property pursuant to this Article Six with respect to any Series of Securities, it
shall pay out the money or Property in the following order: 
  
 FIRST: to the Trustee for amounts due under Section 7.07; 
  
 SECOND: to Holders for amounts due and unpaid on the Securities of that Series for the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security),
premium, if any, and accrued and unpaid interest, ratably, without preference or priority of any kind, according to the amounts due and payable 

  

 36 

 
on the Securities of that Series for the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby
specified in the terms of such Security), premium, if any, and accrued and unpaid interest, respectively; and 
  
 THIRD: to the Company. 
  
 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section. At least 15 days before such record date, the
Trustee shall mail to each Holder and the Company a notice that states the record date, the payment date and amount to be paid. 
  
 SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee
for any action taken or omitted by it as Trustee, a court in its discretion may require the filing, by any party litigant in the suit, of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the
Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the then outstanding Securities of any Series. 
  

SECTION 6.12. Waiver of Stay or Extension Laws. The Company (to the extent it may lawfully do so) shall at any time insist upon, plead, or in
any manner whatsoever claim to take the benefit or advantage of, any stay or extension law, wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such
power as though no such law had been enacted. 
  
 ARTICLE SEVEN 

  
 TRUSTEE 
  
 SECTION 7.01. Duties of Trustee. (a) If an Event of Default has
occurred and is continuing with respect to any Series of Securities, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise thereof as a prudent Person would exercise
or use under the circumstances in the conduct of such Person’s own affairs. 
  
 (b) Except during the continuance of an Event of Default with respect to any Series of Securities: 
  
 (1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with respect to the Securities of
that Series, as modified or supplemented by a Board Resolution, a supplemental indenture hereto or an 

  

 37 

 
Officers’ Certificate and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (2) in the absence of bad faith on its part, the Trustee may, with respect to
Securities of that Series, conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture.
However, 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 (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
  
 (c) The Trustee may not be relieved from liability for its own grossly negligent action, its own negligent failure to act or its own willful misconduct,
except that: 
  
 (1) this paragraph does not limit the effect of
paragraph (b) of this Section; 
  
 (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; and 
  
 (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05. 
  
 (d) Every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section. 
  
 (e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. 
  
 (f) Money held in trust by the Trustee need not be segregated from funds
except to the extent required by law. 
  
 (g) No provision of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to
believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
  
 (h) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section and to the provisions of the TIA. 
  
 SECTION 7.02. Rights of Trustee. (a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated
in the document. 
  

 38 

 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an
Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 
  
 (c) The Trustee may act through agents or attorneys and shall not be responsible for the misconduct or negligence of any
agent or attorney appointed with due care. 
  
 (d) The Trustee
shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or
gross negligence. 
  
 (e) The Trustee may consult with counsel of
its choice, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Securities, shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered
by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
  
 (f) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 
  
 (g) The Trustee shall not be deemed to have notice of any Default or Event of
Default with respect to the Securities of any Series unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust
Office of the Trustee, and such notice references such Securities and this Indenture. 
  
 (h) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to and shall be enforceable by, the Trustee in each of
its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder. 
  
 (i) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of
the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by the Trustee in
compliance with such request or direction. 
  
 (j) The Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall
be entitled to examine the books, records and premises of the Company, personally or by agent or 

  

 39 

 
attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.

  
 (k) The Trustee shall not be liable for any action taken,
suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture. 
  
 (l) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any
kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
  
 (m) The Trustee may request that the Company deliver a certificate setting
forth the names of individuals or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
  
 SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and
may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do the same with like rights. However, the Trustee must 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 Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be
responsible for any statement of the Company in this Indenture, in the Securities, or in any document executed in connection with the sale of the Securities, other than those set forth in the Trustee’s certificate of authentication. 

 
 SECTION 7.05. Notice of Defaults. If a Default with respect to
Securities of any Series occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to each Holder of that Series notice of the Default within 90 days after it occurs. The Trustee may
withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Holders. 
  
 SECTION 7.06. Reports by Trustee to Holder. Unless otherwise specified in the applicable Board Resolution,
supplemental indenture hereto or Officers’ Certificate, as promptly as practicable after each April 15 beginning with April 15, 2006, for so long as Securities remain outstanding, the Trustee shall mail to each Holder a brief report dated as of
such reporting date that complies with § 313(a) of the TIA. The Trustee shall also comply with § 313(b) of the TIA. 
  
 A copy of each report at the time of its mailing to Holders shall be filed with the SEC and each stock exchange (if any) on which the Securities are
listed. The Company agrees to notify promptly the Trustee in writing whenever the Securities become listed on any stock exchange and of any delisting thereof. 
  

 40 

 SECTION 7.07. Compensation and Indemnity. The Company shall pay to the Trustee from time to time
such compensation for its services as the Company and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse
the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Company shall indemnify the Trustee against any and all loss, liability or expense (including reasonable attorneys’ fees and expenses) incurred by or
in connection with the administration of this trust and the performance of its duties hereunder. The Trustee shall notify the Company of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided,
however, that any failure so to notify the Company shall not relieve the Company of its indemnity obligations hereunder. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified
party through such party’s own willful misconduct, negligence or bad faith. 
  
 To secure the Company’s payment obligations in this Section 7.07, the Trustee shall have a lien prior to the Securities on all money or Property held or collected by the Trustee other than money or Property held
in trust to pay the principal of and interest and any additional payments on particular Securities. 
  
 The Company’s payment obligations pursuant to this Section 7.07 shall survive the satisfaction or discharge of this Indenture or the resignation or
removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(5) or (6) with respect to the Company, the expenses are intended to constitute expenses of administration under the Bankruptcy Law.

  
 SECTION 7.08. Replacement of Trustee. The Trustee may
resign at any time with respect to the Securities of any Series by so notifying the Company. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee and may appoint a successor Trustee with respect to
such Series of Securities. The Company shall remove the Trustee if: 
  
 (1) the Trustee fails to comply with Section 7.10; 
  
 (2) the Trustee is adjudged bankrupt or insolvent; 
  
 (3) a receiver or other public officer takes charge of the Trustee or its Property; or 
  
 (4) the Trustee otherwise becomes incapable of acting.

  
 If the Trustee resigns, is removed by the Company or by the
Holders of a majority in principal amount of the Securities of any Series and such Holders do not reasonably promptly appoint a successor Trustee or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being
referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. 
  

 41 

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

Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 shall continue for the
benefit of the retiring Trustee. 
  
 SECTION 7.09. Successor
Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Trustee. 
  
 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Securities shall have been authenticated but not delivered, any such
successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Securities so authenticated; and if at that time any of the Securities shall not have been authenticated, any such successor to the
Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in
this Indenture provided that the certificate of the Trustee shall have. 
  
 SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of TIA § 310(a). The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent
published annual report of condition. The Trustee shall comply with TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities
or certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA §310(b)(1) are met. 
  
 SECTION 7.11. Preferential Collection of Claims Against Company. The Trustee shall comply with TIA § 311(a),
excluding any creditor relationship listed in TIA 

  

 42 

 
§ 311 (b). A Trustee who has resigned or has been removed shall be subject to TIA § 311 (a) to the extent indicated. 
  
 ARTICLE EIGHT 
  
 LEGAL DEFEASANCE, COVENANT DEFEASANCE AND SATISFACTION AND DISCHARGE 
  
 SECTION 8.01. Option to Effect Legal Defeasance or Covenant
Defeasance. The Company may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Securities of
any Series upon compliance with the conditions set forth below in this Article Eight. 
  
 SECTION 8.02. Legal Defeasance and Discharge. Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company shall, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Securities of that Series on the date the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Debt represented by the outstanding Securities, which shall thereafter be deemed to be “outstanding”
only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Securities and this Indenture (and the Trustee, on demand of and at
the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 
  
 (a) the Company’s obligations with respect to such Securities of that
Series under Article Two; 
  
 (b) the Company’s agreements
set forth in Section 5.01 and 5.02; 
  
 (c) the rights, powers,
trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith under Article Two and Article Seven (including, but not limited to, the rights of the Trustee and the duties of the Company under
Section 7.07, which shall survive despite the satisfaction in full of all obligations hereunder); and 
  
 (d) this Article Eight. 
  
 Subject to compliance with this Article Eight, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its
option under Section 8.03 hereof. 
  
 SECTION 8.03. Covenant
Defeasance. Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 with respect to any 

  

 43 

 
Series of Securities, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations
under the covenants contained in Section 4.07 and Section 4.08 of this Indenture (if applicable to such Series of Securities) and any covenants made applicable to the Series of Securities which are subject to defeasance under the terms of a Board
Resolution, a supplemental indenture hereto or an Officers’ Certificate with respect to the outstanding Securities of that Series on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant
Defeasance”), and the Securities of that Series 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 Securities shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance
means that, with respect to the outstanding Securities of that Series, the Company 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 a Default or an Event of Default
under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this
Section 8.03 hereof with respect to any Series of Securities, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Section 6.01(3) hereof (solely with respect to the covenants described in Sections 4.02, 4.07 and 4.08)
shall not constitute an Event of Default with respect to such Securities. 
  
 SECTION 8.04. Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Securities: 
  
 In order to exercise either Legal Defeasance or Covenant Defeasance with
respect to any Series of Securities: 
  
 (1) the Company must
irrevocably deposit in trust with the Trustee money or U.S. Government Obligations or a combination thereof for the payment of principal of and interest on the Securities of such Series to the Stated Maturity or redemption, as the case may be;

  
 (2) the Company shall have delivered to the Trustee a
certificate from a nationally recognized firm of independent registered public accountants expressing their opinion that the payments of principal and interest when due on the deposited U.S. Government Obligations plus any deposited money without
investment will provide cash at such times and in such amounts as will be sufficient to pay principal and interest when due on all the Securities of such Series to the Stated Maturity or redemption, as the case may be; 
  

 44 

 (3) 123 days pass after the deposit is made and during the 123 day period no Default specified in Section
6.01(5) or (6) with respect to the Company occurs that is continuing at the end of the period; 
  
 (4) no Default or Event of Default with respect to that Series of Securities shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default with respect to that Series of
Securities resulting from the borrowing of funds to be applied to such deposit); 
  
 (5) such deposit does not constitute a default under any other agreement binding on the Company; 
  
 (6) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the trust resulting from the deposit does not require
registration under the Investment Company Act of 1940; 
  
 (7) in
the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of this
Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of such Series of Securities will not recognize income, gain or
loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred; 

 
 (8) in the case of the Covenant Defeasance, the Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Series of Securities will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred; and 
  
 (9) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to
the defeasance and discharge of the Securities as contemplated by this Article Eight have been complied with. 
  
 SECTION 8.05. Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.06
hereof, all money and noncallable U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Securities of the Series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in 

  

 45 

 
respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

 
 The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or noncallable U.S. Government Obligations deposited pursuant to Section 8.04 hereof 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 Securities of that Series. 
  
 Anything in this Article Eight to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or noncallable U.S. Government Obligations
held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under
Section 8.04(2) hereof), 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 8.06. Repayment to Company. Any money deposited with the Trustee or any Paying Agent, or then held by the
Company, in trust for the payment of the principal of, premium, if any, or interest on any Security and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company
on its request or, if then held by the Company, shall be discharged from such trust; and the Holder of such Security shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense of the
Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such
notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
  
 SECTION 8.07. Reinstatement. If the Trustee or Paying Agent is unable to apply any Dollars or noncallable U.S. Government Obligations in accordance
with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this
Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section
8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Security following the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or Paying Agent. 
  

 46 

 SECTION 8.08. Satisfaction and Discharge of Indenture. If at any time: (a) the Company shall have
delivered to the Trustee for cancellation all Securities of a Series theretofore authenticated (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.09 and
Securities for whose payment money and/or U.S. Government Obligations have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section
8.06); or (b) all such Securities of a particular Series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of that Series of Securities, cash in United
States Dollars, noncallable U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay at maturity or upon redemption all
Securities of that Series not theretofore delivered to the Trustee for cancellation, including principal of, premium, if any, and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder with respect to such Series by the Company, and shall have delivered to the Trustee an Opinion of Counsel and an Officers’ Certificate, each stating that all conditions
precedent relating to the satisfaction and discharge of this Indenture with respect to such Series have been complied with, then this Indenture shall thereupon cease to be of further effect with respect to such Series except for: 
  
 (i) (a) the Company’s obligations with respect to such Securities of
that Series under Article Two; 
  
 (b) the Company’s
agreements set forth in Section 5.01 and 5.02; 
  
 (c) the rights,
powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith (including, but not limited to, the rights of the Trustee and the duties of the Company under Section 7.07, which shall survive
despite the satisfaction in full of all obligations hereunder); and 
  
 (d) this Article Eight, 
  
 each of which shall survive until the
Securities of such Series have been paid in full (thereafter, the Company’s obligations in Section 7.07 only shall survive) and (ii) this Article Eight. 
  
 Upon the Company’s exercise of this Section 8.08, the Trustee, on demand of the Company and at the cost and expense of the Company, shall execute
proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such Series of Securities. 
  

 47 

 ARTICLE NINE  
  
 AMENDMENTS 
  
 SECTION 9.01. Without Consent of Holders. The Company and the Trustee may amend or supplement this Indenture or the Securities without the consent
of any Holder: 
  
 (1) to evidence the succession
of another Person to the Company pursuant to Article Five and the assumption by such successor of the Company’s covenants, agreements and obligations in this Indenture and in the Securities; 
  
 (2) to provide for the issuance of additional Securities in
accordance with the limitations set forth herein; 
  
 (3) to surrender any right or power conferred upon the Company by this Indenture, to add to the covenants of the Company such further covenants, restrictions, conditions or provisions for the protection of the Holders of all or any Series
of Securities as the Board of Directors of the Company shall consider to be for the protection of the Holders of such Securities, and to make the occurrence, or the occurrence and continuance, of a default in respect of any such additional
covenants, restrictions, conditions or provisions a Default or an Event of Default under this Indenture; provided, however, that with respect to any such additional covenant, restriction, condition or provision, such amendment may
provide for a period of grace after default, which may be shorter or longer than that allowed in the case of other Defaults, may provide for an immediate enforcement upon such Default, may limit the remedies available to the Trustee upon such
Default or may limit the right of Holders of a majority in aggregate principal amount of the Securities of any Series to waive such default; 
  
 (4) to cure any ambiguity or correct or supplement any provision contained in this Indenture, in any supplemental indenture or in any
Securities that may be defective or inconsistent with any other provision contained therein; 
  
 (5) to convey, transfer, assign, mortgage or pledge any Property to or with the Trustee, or to make such other provisions in regard to
matters or questions arising under this Indenture as shall not adversely affect the interests of any Holders of Securities of any Series; 
  
 (6) to modify or amend this Indenture in such a manner as to permit the qualification of this Indenture or any supplemental indenture
hereto under the TIA as then in effect; 
  
 (7)
to add or to change any of the provisions of this Indenture to provide that Securities in bearer form may be registrable as to principal, to change or eliminate any restrictions on the payment of principal or premium with respect to Securities in
registered form or of principal, premium or interest with respect to Securities in bearer form, or to permit Securities in registered form to be exchanged 

  

 48 

 
for Securities in bearer form, so as to not adversely affect the interests of the Holders or any coupons of any Series in any material respect or permit or
facilitate the issuance of Securities of any Series in uncertificated form; 
  
 (8) to secure the Securities; 
  
 (9) to make any change that does not adversely affect the rights of any Holder; 
  
 (10) to add to, change, or eliminate any of the provisions of this Indenture with respect to one or more Series of Securities, so long as
any such addition, change or elimination not otherwise permitted under this Indenture shall (A) neither apply to any Security of any Series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision
nor modify the rights of the Holders of any such Security with respect to the benefit of such provision or (B) become effective only when there is no such Security outstanding; 
  
 (11) to evidence and provide for the acceptance of appointment by a successor or separate Trustee with
respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of this Indenture by more than one Trustee; or 
  
 (12) to establish the form or terms of Securities and
coupons of any Series pursuant to Article Two. 
  
 SECTION 9.02.
With Consent of Holders. The Company and the Trustee may amend this Indenture or the Securities of any Series without notice to any Holder but with the written consent of the Holders of at least a majority in principal amount of the
Securities of each Series then outstanding (including consents obtained in connection with a tender offer or exchange offer for the Securities) affected by such amendment. However, without the consent of each Holder affected, an amendment may not:

  
 (1) reduce the principal amount of Securities
whose Holders must consent to an amendment, modification, supplement or waiver; 
  
 (2) reduce the rate of or extend the time for payment of interest on any Security; 
  
 (3) reduce the principal of or change the Stated Maturity of
any Security; 
  
 (4) reduce the amount payable
upon the redemption of any Security or add redemption provisions to any Security; 
  
 (5) make any Security payable in money other than that stated in this Indenture or the Security; or 
  

 49 

 (6) make any change in Section 4.09, 6.04 or 6.07 hereof or in the foregoing amendment
and waiver provisions. 
  
 It shall not be necessary for the
consent of the Holders under this Section to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. After an amendment under this Section becomes effective, the Company shall
mail to all affected Holders a notice briefly describing such amendment. The failure to give such notice to all such Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. 
  
 SECTION 9.03. Compliance with Trust Indenture Act. Every amendment or
supplement to this Indenture or the Securities shall comply with the TIA as then in effect. 
  
 SECTION 9.04. Revocation and Effect of Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that Security or portion of the
Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent or waiver as to such
Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or
waiver becomes effective once both (i) the requisite number of consents have been received by the Company or the Trustee and (ii) such amendment or waiver has been executed by the Company and the Trustee. 
  
 The Company may, but shall not be obligated to, fix a record date for the
purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding
paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not
such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 
  
 SECTION 9.05. Notation on or Exchange of Securities. If an amendment changes the terms of a Security, the Trustee may require the Holder of the
Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security regarding the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the
Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment. 
  
 SECTION 9.06. Trustee to Sign Amendments. The Trustee shall sign any
amendment authorized pursuant to this Article Nine if the amendment does not adversely 

  

 50 

 
affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment the Trustee
shall be entitled to receive indemnity reasonably satisfactory to it and to receive, and (subject to Section 7.02) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment is
authorized or permitted by this Indenture. 
  
 SECTION 9.07.
Payment for Consent. Neither the Company nor any Affiliate of the Company shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any
consent, waiver or amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is offered to be paid to all Holders, ratably, that so consent, waive or agree to amend in the time frame set forth in
solicitation documents relating to such consent, waiver or agreement. 
  
 ARTICLE TEN 
  
 MISCELLANEOUS 
  
 SECTION 10.01. Trust Indenture Act Controls. If any provision of this
Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision shall control. 
  
 SECTION 10.02. Notices. Any notice or communication shall be in writing and delivered in person or mailed by
first-class mail addressed as follows: 
  
 If to the Company:

  
 Lazard LLC 
 30 Rockefeller Plaza 
 New York, NY 10020

  
 If to the Trustee: 
  
 The Bank of New York 
 101 Barclay Street – 8W 
 New York, NY
10286 
 Attn: Corporate Trust Administration 
 Telecopy: (212) 815-5707 
  
 The
Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 
  
 Any notice or communication mailed to a Holder shall be mailed to the Holder at the Holder’s address as it appears on the registration books of the
Registrar and shall be sufficiently given if so mailed within the time prescribed. 
  

 51 

 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 10.03. Communication by Holders with Other Holders. Holders may communicate pursuant to TIA § 312(b)
with other Holders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
  
 SECTION 10.04. Certificate and Opinion as to Conditions Precedent.
Upon any request or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 
  
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee stating that,
in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
  
 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all
such conditions precedent have been complied with. 
  
 SECTION
10.05. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
  
 (1) a statement that the individual making such certificate
or opinion has read such covenant or condition; 
  
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (3) a statement that, in the opinion of such individual, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (4) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with. 
  
 SECTION 10.06. Acts of Holders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person
or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the
Company. Such instrument or instruments (and the action 

  

 52 

 
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of Holders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 
  
 (b) The fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing
acknowledged to such officer the execution thereof. Where such execution is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such
signer’s authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
  
 (c) The ownership of bearer securities may be proved by the production of
such bearer securities or by a certificate executed by any trust company, bank, banker or other depositary, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing that at the date therein mentioned such
Person had on deposit with such depositary, or exhibited to it, the bearer securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such bearer securities, if such certificate or affidavit is
deemed by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of any bearer security continues until (i) another such certificate or affidavit bearing a later date issued in respect of the same bearer security
is produced, (ii) such bearer security is produced to the Trustee by some other Person, (iii) such bearer security is surrendered in exchange for a registered security or (iv) such bearer security is no longer outstanding. The ownership of bearer
securities may also be proved in any other manner which the Trustee deems sufficient. 
  
 (d) The ownership of registered securities shall be proved by the register maintained by the Registrar. 
  
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of
the same Security and the holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance
thereon, whether or not notation of such action is made upon such Security. 
  
 (f) If the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in
advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If such a record date is fixed, such
request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of 

  

 53 

 
record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion
of outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Securities shall be computed as of such record date;
provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record
date. 
  
 (g) The Depositary, as a Holder, may appoint agents and
otherwise authorize Participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 
  
 SECTION 10.07. Rules by Trustee, Paving Agent and Registrar. The
Trustee may make reasonable rules for action by or a meeting of Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
  
 SECTION 10.08. Legal Holidays. A “Legal Holiday” is a Saturday, Sunday or other day on which banking institutions in New York
State are authorized or required by law to close. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a record date is a
Legal Holiday, the record date shall not be affected. 
  
 SECTION
10.09. Governing Law. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
  
 SECTION 10.10. No Recourse Against Others. A director, officer, employee or shareholder, as such, of any Company shall not have any liability for
any obligations of the Company under the Securities or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder shall waive and release all such liability. This
waiver and release shall be part of the consideration for the issuance of the Securities. 
  
 SECTION 10.11. Successors. All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 
  

 54 

 SECTION 10.12. Multiple Originals. The parties may sign any number of copies of this Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy of the Indenture is enough to prove this Indenture. 
  
 SECTION 10.13. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles
and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
  
 SECTION 10.14. Severability. If any provision in this Indenture is
deemed unenforceable, it shall not affect the validity or enforceability of any other provision set forth herein, or of the Indenture as a whole. 
  
 SECTION 10.15. 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 of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 
  

 55 

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

			
	 LAZARD LLC, 

		
	By:	 	 /s/ Scott D. Hoffman

	 	 	 Name: Scott D. Hoffman

	 	 	 Title: Authorized Person

  

			
	THE BANK OF NEW YORK, as Trustee
		
	By:	 	 /s/ Julie Salovitch-Miller

	 	 	 Name: Julie Salovitch-Miller

	 	 	 Title: Vice President

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