Document:

Form of Amended and Restated Limited Liability Company Operating Agreement

 Exhibit 10.51 
 FRONTIER TRADING COMPANY [    ] LLC 
 AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
 Table of Contents 
  

					
	Article I	  	Organization	  	1
			
	Article II	  	Manager	  	5
			
	Article III	  	Liability and Indemnification	  	7
			
	Article IV	  	Members	  	8
			
	Article V	  	Capital Contributions; Capital Accounts; Allocations; Distributions	  	8
			
	Article VI	  	Accounting Matters and Reports	  	12
			
	Article VII	  	Withdrawals	  	12
			
	Article VIII	  	Dissolution	  	14
			
	Article IX	  	Miscellaneous	  	14

 FRONTIER TRADING COMPANY [    ] LLC 
 AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
 This amended and restated limited liability company agreement
(“Agreement”), is made and entered into effective as of the [            ] day of [            ,
20    ], by and among the undersigned parties hereto. The term “Manager” shall refer to any party who executes this Agreement as a Manager, including The Bornhoft Group Corporation, a Colorado corporation. The
term “Member” shall refer to any party that has executed or in the future executes this Agreement as a Member but excludes any party that ceases to be a Member of the Company (as hereinafter defined) pursuant to Article VII
of this Agreement. 
 WHEREAS, Equinox Fund Management, LLC, a Delaware limited liability company (“Equinox”)
and the initial Member originally entered into a limited liability company agreement dated as of [            , 20    ] (the “Existing Agreement”),
which set forth the operative terms of the Company and pursuant to which Equinox was named the Manager of the Company; and 
 WHEREAS, Equinox wishes to withdraw as Manager of the Company and desires to admit The Bornhoft Group Corporation, a Colorado corporation, as a substitute Manager pursuant to Section 10.4 of the Existing Agreement, and The
Bornhoft Group Corporation wishes to accept such an appointment; and 
 WHEREAS, the Company has operated under the name
“[            ]” until the date hereof; and 
 WHEREAS,
the parties to this Agreement wish to amend this Agreement to change the name of the Company to “[            ]”; and 
 WHEREAS, the parties to this Agreement desire to amend and restate the Existing Agreement in its entirety. 
 NOW THEREFORE, in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the
receipt and sufficiency of all of which are hereby acknowledged and confirmed, the parties hereto do hereby agree as follows: 
 Article I 
 Organization 
 Section 1.1 Name and Principal Office. The parties to the Existing Agreement formed a limited liability company under the name “Frontier Trading Company [    ]
LLC” which has subsequently been changed to “[        ]” (the “Company”) under the provisions of the Delaware Limited Liability Company Act, as amended (the “Limited
Liability Company Act”). The Manager, in its sole and absolute discretion, may choose to conduct the business of the Company under any other name upon written notice to the Members. The principal place of business of the Company shall be
located at 1660 Lincoln Street, Suite 100, Denver, Colorado 80264, or at such other locations as may from time to time be determined by the Manager. 
 Section 1.2 Purpose. The Company’s business and purpose is to seek capital appreciation directly or indirectly through the leveraged speculative trading of commodities, futures contracts,
forward contracts, swaps, options on the foregoing, exchange of futures for physical transactions, exchange of physical for futures transactions, exchange of swap for future

  

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transactions, exchange of futures for swap transactions, other derivative instruments and hybrid instruments, and other instruments and investments, non-margin assets in U.S. government
securities which include any security issued or guaranteed as to principal or interest by the United States, or by a person controlled by or supervised by and acting as an instrumentality of the government of the United States pursuant to authority
granted by the Congress of the United States or any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the United States government, and certain cash items such as money
market funds, certificates of deposit (under nine months) and time deposits and other cash equivalents as may be approved by the Manager from time to time, in each case of every kind and character, traded on United States and non-United States
markets (including over-the-counter markets) and exchanges (collectively, “Futures”) and to engage in such other Futures-related activities or transactions as determined in good faith by the Manager from time to time in its sole and
absolute discretion. The Manager and the Members acknowledge that it is not the intention of the Company to operate as an “investment company” as such term is defined in Section 3(a)(1) of the Investment Company Act of 1940, as
amended (the “Investment Company Act”) or as an entity excluded from such definition of an investment company by virtue of Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act. 
 Section 1.3 Term. The Company was organized on the date that the certificate of formation of the Company was filed as provided
in Section 18-206(b) of the Limited Liability Company Act, and shall terminate on December 31, [        ], unless terminated earlier pursuant to the terms of this Agreement or by operation of law.

 Section 1.4 Registered Agent and Registered Office. The address of the registered office of the Company in the
State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, DE 19808. Such registered agent and such registered office may be changed from time to time by the Manager in its sole and
absolute discretion. 
 Section 1.5 Power of Attorney. 
 (a) Each Member, by the execution of this Agreement, whether in counterpart, by separate instrument, by attorney-in-fact or otherwise, does
hereby irrevocably constitute and appoint the Manager with full power of substitution, as its true and lawful attorney-in-fact and agent, with full power and authority in its name, place and stead, to file, prosecute, defend, settle or compromise
any and all actions at law or suits in equity for or on behalf of the Company with respect to any claim, demand or liability asserted or threatened by or against the Company, and to execute, acknowledge, deliver, file and record on behalf of the
Company and each Member in the appropriate public offices: (i) all certificates and other instruments (including, without limitation, all counterparts of this Agreement, all amendments hereto, the certificate of formation of the Company and all
amendments thereto) which the Manager deems appropriate to qualify or continue the Company as a limited liability company in the jurisdictions in which the Company may conduct business or which may be required to be filed by the Company or any
Member under the laws of any jurisdiction; (ii) all instruments which the Manager deems appropriate to reflect a change in or modification or amendment of the Company or this Agreement adopted or effected in accordance with the terms of this
Agreement; (iii) all conveyances and other instruments which the Manager deems appropriate to reflect the

  

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dissolution and termination of the Company; (iv) certificates of assumed name; and (v) any brokerage, administrative, selling, custodial, advisory, investment management, subscription,
stock purchase and swap agreement, including, without limitation, any, ISDA master agreements, the schedules thereto, the credit support annexes to the ISDA master agreements, paragraph 13 thereof and any confirmations issued thereunder and other
agreements which the Manager deems necessary, advisable or desirable in connection with the Company’s business. 
 (b) The
Power of Attorney granted herein shall be irrevocable and be deemed to be a power coupled with an interest and shall survive the bankruptcy, insolvency, termination, incapacity or death of a Member. Each Member hereby agrees to be bound by any
representation made by the Manager and by any successor thereto acting in good faith pursuant to such Power of Attorney, and each Member hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of the
Manager and any successor thereto taken in good faith under such Power of Attorney. In the event of any conflict between this Agreement and any instruments filed by such attorney pursuant to the Power of Attorney granted in this
Section 1.5, this Agreement shall control. 
 Section 1.6 Offering of Interests. The Manager shall have
the authority, in its sole and absolute discretion, to cause the Company from time to time, at the expense of the Company or otherwise, to offer Interests to any person. The term “Interest” as used in this Agreement is defined as an
interest in the Company acquired upon the making of a capital contribution to the Company (“Capital Contribution”) by a Member. Interests may be issued by the Company in such classes or series (each being referred to herein as a
“Series”) established in accordance with Section 18-215 of the Limited Liability Company Act, with each such Series bearing such rights, obligations, liabilities, privileges, designations and preferences and having different
trading strategies and other terms (including without limitation different trading strategies, underlying trading advisors, management fees, incentive fees, degrees of leverage, brokerage commissions and other differences) as the Manager shall
determine in its sole and absolute discretion upon the issuance of such Interests. 
 Section 1.7 Series Liability;
Member Liability. 
 (a) Subject to the right of the Manager in its discretion to allocate general liabilities, expenses,
costs, charges or reserves as herein provided, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not
against the assets (i) of the Company generally or (ii) of any other Series, and, except as otherwise provided in this Agreement, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with
respect to the Company generally or any other Series thereof shall be enforceable against the assets of such Series. The statutory provisions of Section 18-215 of the Limited Liability Company Act relating to limitations on interseries
liabilities shall apply to the Company and each Series. 
 (b) Notwithstanding any other provision of this Agreement, the
Manager shall have the right, in its sole discretion, to cause one Series to advance or loan funds to another Series, on such terms and conditions as the Manager deems are reasonable to compensate the lender Series for such advance or loan.
Notwithstanding any other provision of this Agreement, the Manager may elect to hold funds or other assets owned by more than one Series in a single account. 
  

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 (c) Except as otherwise provided in the Limited Liability Company Act, a Member of any
Series shall not have any personal liability whatsoever to the Company or any of the creditors of the Company for the debts, liabilities, or other obligations of such Series beyond the Member’s Capital Contributions allocated to such Series and
any allocated and undistributed profits relating to such Series. 
 Section 1.8 Transfer. No Member may pledge,
transfer or assign its Interest in the Company, in whole or in part, to any person except with the prior written consent of the Manager or by operation of law. Any attempted pledge, transfer, or assignment not made in accordance with this
Section 1.8 shall be void. 
 Section 1.9 Net Asset Value. The “Net Asset Value” of the
Company shall mean the total assets of the Company including, but not limited to, all cash and cash equivalents (valued at cost plus accrued interest and amortization of original issue discount), less the total liabilities of the Company, each
determined using generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting as a guideline (“GAAP”), except as set forth below or elsewhere in this Agreement. The
“Net Asset Value” of each Series shall mean the total assets of the Company allocable to such Series including, but not limited to, all cash and cash equivalents (valued at cost plus accrued interest and amortization of original issue
discount), less the total liabilities of the Company allocable to such Series, each determined using GAAP, except as set forth below or elsewhere in this Agreement: 
 (a) Net Asset Value shall include any unrealized profit or loss on open commodities and swap positions, and any other credit or debit accruing to the Company but unpaid or not received by the Company.

 (b) All open commodity futures contracts and options traded on a United States exchange shall be calculated at their then
current market value, which shall be based upon the settlement price for that particular commodity futures contract or option traded on the applicable United States exchange on the date with respect to which Net Asset Value is being determined;
provided, that if a commodity futures contract or option traded on a United States exchange could not be liquidated on such day, due to the operation of daily limits or other rules of the exchange upon which that position is traded or otherwise, the
settlement price on the first subsequent day on which the position could be liquidated shall be the basis for determining the market value of such position for such day. The current market value of all open commodity futures contracts and options
traded on a non-United States exchange shall be based upon the liquidating value for that particular commodity futures contract or option traded on the applicable non-United States exchange on the date with respect to which Net Asset Value is being
determined; provided, that if a commodity futures contract or option traded on a non- United States exchange could not be liquidated on such day, due to the operation of rules of the exchange upon which that position is traded or otherwise, the
liquidating value on the first subsequent day on which the position could be liquidated shall be the basis for determining the market value of such position for such day. The current market value of all open forward contracts entered into by the
Company shall be the mean between the last bid and last asked

  

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prices quoted by the bank or financial institution which is a party to the contract on the date with respect to which Net Asset Value is being determined; provided, that if such quotations are
not available on such date, the mean between the last bid and asked prices on the first subsequent day on which such quotations are available shall be the basis for determining the market value of such forward contract for such day. The Manager may
in its discretion value any of the Company’s assets pursuant to such other principles as it may deem fair and equitable in its sole and absolute discretion. 
 (c) Swap transactions shall be valued pursuant to the terms of each such swap transaction agreement. 
 (d) Interest earned shall be accrued at least daily. 
 (e) The amount of any
distribution made pursuant to Article V hereof shall be a liability of the Company from the day when the distribution is declared until it is paid. 
 (f) Any reserves shall be accrued as a liability from the date when the reserve is created. 
 Article II 
 Manager 
 Section 2.1 Management. Subject to the limitations of this Agreement, the Manager shall have full, exclusive and complete
control of the management, operations and policies of the Company and the Company’s affairs for the purposes herein stated and shall make all decisions affecting Company affairs. Subject to the Manager’s fiduciary obligations, these
services also may be performed by the Manager or its Affiliates at rates which may exceed the lowest rates that might otherwise be available to the Company. The validity of any transaction, agreement or payment involving the Company and the Manager
or any of its Affiliates otherwise permitted by this Agreement shall not be affected by reason of the relationship between the Manager and such Affiliate. The Manager may take such other actions as it deems to be in the best interests of the Company
or necessary or desirable to manage or promote the business of the Company, including, without limitation, the power: (i) to purchase, repurchase, hold, sell (including short selling), loan, possess, transfer, mortgage, borrow, pledge,
repledge, acquire, dispose of and exercise all rights, powers, privileges and other incidents of ownership or possession with respect to, Futures, securities, cash equivalents, other instruments and investments, and other Company assets;
(ii) to enter into swap agreements; (iii) to lend and borrow money and cash equivalents on a secured or unsecured basis from banks, brokers, dealers, financial institutions or other persons; (iv) to conduct margin accounts with
brokers, dealers and other financial institutions; (v) to open, maintain and close bank, depository, brokerage and custodial accounts; (vi) to sign checks and other documents on behalf of the Company; (vii) to pay or authorize the
payment of distributions to the Members and of the liabilities of the Company (including tax liabilities and withholdings); (viii) to exercise such powers as may be necessary or desirable to act as an investor, trader, arbitrageur, principal
and counterparty; (ix) to prepare and file all Company tax returns and the making of such tax elections and determinations as appear to it appropriate; (x) to invest from time to time in one or more investment vehicles (including
affiliated investment vehicles) for the investment of the Company’s or one or more Series’ assets, to cause the Company from time to time to become a

  

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partner in such partnerships, a member in such limited liability companies, a shareholder in such companies, or a unit holder in such statutory trusts, and to acquire indicia of ownership in such
other entities as the Manager may deem necessary or advisable from time to time, (xi) to enter into contracts with third parties with or otherwise engage third parties (including Affiliates (as hereinafter defined) of the Manager) for contracts
for trading advisory, investment management, brokerage, swap counterparty, custodial, banking, investment banking, accounting, legal, administrative, clearing and consulting services, (xii) to engage personnel, whether part-time or full-time,
attorneys and independent accountants or such other persons as the Manager may deem necessary or advisable, (xiii) to admit new Members to the Company pursuant to Section 4.1, (xiv) to require the withdrawal of any Member of
the Company pursuant to Section 7.2, (xv) to suspend withdrawals from the Company pursuant to Section 7.6(b), and (xvi) generally, to act for the Company in all matters incidental to the foregoing. 
 Section 2.2 Other Business. (a) Nothing in this Agreement shall be deemed to preclude the Manager or its Affiliates from
directly or indirectly purchasing, selling or holding investments, whether as principal, agent, broker or dealer, or engaging in any other activities or transactions for the account of any other person or enterprise or for their own account,
regardless of whether the Company also has purchased or sold such investments or has engaged in similar transactions. The Members shall not have the right, by reason of their status as such, to participate in any manner in any profits or income
earned or derived by or accruing to the Manager or its Affiliates from any transaction effected by any such person or from the conduct of any business other than that of the Company. 
 (b) The activities and services of the Manager under this Agreement are not exclusive, and nothing contained in this Agreement shall be
deemed or construed to preclude the Manager or any of its Affiliates from engaging in any other business activities or in any way limit or circumscribe their respective abilities to engage in such other business activities, except as provided by the
Limited Liability Company Act. The Manager shall devote such time to the Company’s business as the Manager, in its sole and absolute discretion, shall deem to be necessary to manage and supervise the Company’s business and affairs.

 Section 2.3 No Liability for Return of Capital. Except as provided in the Limited Liability Company Act, the
Manager shall not be liable for the return or repayment of all or any portion of the Capital Contributions or profits of the Members (or assignees). Any return or repayment of capital or profits made pursuant to this Agreement shall be made solely
from the assets of the Company (which shall not include any right of contribution from the Manager). 
 Section 2.4
Expenses of the Company. 
 (a) The Company shall be responsible for all expenses incurred by the Company in the ordinary
course of its business, including, without limitation, management fees, incentive fees, administration fees and expenses, brokerage commissions and other investment and trading fees and expenses, dealer spreads and related transaction fees and
expenses, swap spreads, licensing fees, financing charges, fees and expenses incurred in connection with any action, arbitration, claim, demand, dispute, investigation, lawsuit or other proceeding, indemnification payments, and custodial fees. The
Company also shall be obligated to pay all of its extraordinary fees and expenses, if any. 
  

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 (b) All Company fees and expenses which are specific to a particular Series shall be
allocated to such Series. All general expenses of the Company shall be allocated pro-rata among all the Series according to their respective Net Asset Values and taking into account the timing of Capital Contributions and withdrawals. 
 Section 2.5 Appointment of Brokers. Subject to applicable law, the Manager may designate from time to time one or more brokers,
dealers, swap counterparties, banks, clearing associations, depositories, or other financial institutions, including Affiliates to execute transactions with or on behalf of the Company and to perform such other services for the Company as such party
and the Manager may agree upon from time to time. 
 Section 2.6 Compensation of the Manager. In connection with the
services of the Manager to be provided under the terms of this Agreement, the Manager shall be paid one dollar (U.S.$1) per annum. 
 Article III 
 Liability and Indemnification 
 Section 3.1 Standard of Liability. The Manager and its Affiliates shall not be liable to the Company or to the Members for any
act or failure to act taken or omitted by it in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Company if such act or failure to act did not constitute negligence, willful misconduct or a breach
of fiduciary obligations. 
 Section 3.2 Indemnification of the Manager and its Affiliates. 
 (a) In any threatened, pending or completed action, arbitration, claim, demand, dispute, investigation, lawsuit or other proceeding (each a
“Proceeding”) to which the Manager and/or any of its Affiliates (each, an “Indemnified Party) was or is a party or is threatened to be made a party by reason of the fact that it is or was the Manager of the Company, or
is or was affiliated with the Manager, the Company shall indemnify, defend, and hold harmless such Indemnified Party from and against any loss, liability, damage, cost, expense (including, without limitation, attorneys’ and accountants’
fees and expenses incurred in defense of any Proceedings), judgments and amounts paid in settlement (collectively, “Losses”), incurred by it if such Indemnified Party acted in good faith and in a manner it reasonably believed to be
in, or not opposed to, the best interests of the Company and, provided that the omission, act or conduct that was the basis for such Losses did not constitute willful misconduct, negligence or a breach of fiduciary obligations on the part of the
Indemnified Party. The termination of any Proceeding by judgment, order or settlement shall not create, of itself, a presumption that the Indemnified Party did not act in good faith and in a manner it reasonably believed to be in or not opposed to,
the best interests of the Company. 
 (b) The Company shall make advances to an Indemnified Party hereunder only if (i) the
Proceeding relates to the performance of duties or services by such Indemnified Party to the Company and (ii) the Indemnified Party receiving such advance agrees to repay the advance if such Indemnified Party is ultimately found not to be
entitled to indemnification hereunder. 
  

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 (c) As used in this Agreement, the term “Affiliate” of the Manager shall mean:
(i) any natural person, partnership, corporation, limited liability company, association or other legal entity directly or indirectly owning, controlling, or holding with power to vote 10.0% or more of the outstanding voting interest of the
Manager; (ii) any partnership, corporation, limited liability company, association or other legal entity 10.0% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote by the
Manager; (iii) any natural person, partnership, corporation, limited liability company, association or other legal entity directly or indirectly controlling, controlled by, or under common control with, the Manager; or (iv) any officer,
manager, director, shareholder, employee, partner or member of the Manager. 
 Section 3.3 Indemnification by
Members. In the event that the Company, the Manager and/or any of its Affiliates is made a party to any Proceeding or otherwise incurs any Losses as a result of, or in connection with, (a) a Member’s (or its assignee’s)
activities, obligations or liabilities unrelated to the Company’s business or (b) any failure or alleged failure on the part of the Company or the Manager to withhold from income or gains allocated or deemed to be allocated to a Member (or
its assignees), whether or not distributed, any amounts with respect to which Federal income tax withholding was required or alleged to have been required, the Member (or its assignees cumulatively) shall indemnify, defend, hold harmless, and
reimburse the Company, the Manager and its Affiliates for such Losses to which they shall become subject. 
 Article IV 

 Members 
 Section 4.1 Members. 
 (a) The Manager may admit Members to the
Company from time to time and upon such terms as the Manager may decide in its sole and absolute discretion. 
 (b) A transferee
of a Member’s Interest will not become a Member of the Company unless: (i) the transferee accepts and agrees to be bound by the terms and provisions of this Agreement, (ii) a counterpart of this Agreement and such other documents or
instruments as the Manager may require are executed by the transferee to evidence such acceptance and agreement, (iii) the transferor and transferee of any Interest shall be jointly and severally obligated to reimburse the Company for all
reasonable expenses (including attorneys’ fees and expenses) of any transfer or proposed transfer of such Interest, whether or not consummated, (iv) the Manager has consented to the admission of such transferee as a Member; and (v) if
the transferee is not an individual, the transferee provides the Company with evidence satisfactory to counsel for the Company of the authority of such transferee to become a Member under the terms and provisions of this Agreement. 
 Article V 
 Capital Contributions; Capital Accounts; Allocations; Distributions 
 Section 5.1 Capital
Contributions. Each Member has made (or shall make) an initial Capital Contribution to the Company in an amount determined by the Manager in its sole and absolute discretion. The Manager shall have the right, in its sole and absolute discretion,
to

  

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accept a Members’ Capital Contributions in cash, securities or other property, in whole or in part, which will be valued at fair market value, which is to be determined by the Manager in its
sole and absolute discretion. The Manager may, in its sole and absolute discretion, permit a Member to make Capital Contributions to the Company as of the close of business (as determined by the Manager) on each Business Day (as hereinafter defined)
and at such other times as the Manager may determine in its sole and absolute discretion. The Manager shall have the right to refuse any Capital Contribution in whole or in part in its sole and absolute discretion. 
 Section 5.2 Capital Accounts. A separate capital account shall be established on the books of the Company for each Member with
respect to each Series of Interests held by such Member (each, a “Capital Account”). 
 Section 5.3
General Allocations. As of the close of business (as determined by the Manager) on each Business Day during each Fiscal Year (as hereinafter defined) of the Company, a Member’s Capital Account with respect to each Series shall be
(a) credited with the amount of any Capital Contributions to the Company made by such Member relating to such Series, (ii) debited by the amount of any withdrawals made by the Member related to such Series pursuant to Article VII
and the amount of any distributions made to such Member relating to such Series pursuant to Section 5.6, and (c) credited or debited pro rata (based on the Capital Account balance of such Capital Account as a percentage of
the total Capital Account balances of such Series) by any increase or decrease in the Net Asset Value of such Series as of such date as compared with the Net Asset Value of such Series on the immediately preceding determination date. 
 Section 5.4 Tax Matters Partner. The initial “Tax Matters Partner” of the Company, as defined in Section 6231 of
the Code shall be the Frontier Fund. Each Member hereby consents to such designation and agrees to take any further action as may be required by regulation or otherwise to effectuate such designation. The Manager shall have the authority to
designate any successor Tax Matters Partner for the Company and may designate a successor Tax Matters Partner for the Company, in its sole and absolute discretion, upon written notice to the Members. The Tax Matters Partner, in its sole and absolute
discretion, may cause the Company to make, refrain from making and, once having made, revoke the election referred to in Section 754 of the Code or any other election affecting the computation of partnership income required to be made by the
Company pursuant to Section 703(b) of the Code, and any similar or different elections provided by Federal, state or local law or any similar provision enacted in lieu thereof. The Tax Matters Partner, in its sole and absolute discretion, may
delegate some or all of its management responsibilities to Affiliates, and it also may hire third parties to perform such services, either at its own expense or at the expense of the Company. 
 Section 5.5 Tax Allocations. 
 (a) Allocations pursuant to this Section 5.5 are solely for tax purposes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account balance,
share of profits, losses, or other items, or distributions pursuant to any provision of this Agreement. 
  

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 (b) For each Fiscal Year of the Company, items of income, deduction, gain, loss or credit
shall be allocated for income tax purposes among the Members in such manner as to reflect equitably amounts credited or debited to each Member’s Capital Account for the relevant accounting periods. Allocations under this Section 5.5
shall be made pursuant to the principles of Sections 704(b) and 704(c) of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), 1.704-1(b)(4)(i) and 1.704-3(e)
promulgated there under, as applicable, or the successor provisions to such Section and Treasury Regulations. 
 (c)
Notwithstanding anything to the contrary in this Agreement, there shall be allocated to the Members such gains or income as shall be necessary to satisfy the “qualified income offset” requirements of Treasury Regulations
Section 1.704-1(b)(2)(ii)(d) 
 (d) If the Company realizes ordinary income and/or capital gains (including short-term
capital gains) for Federal income tax purposes (collectively, “income”), the Manager may elect to allocate such income as follows: (i) to allocate such income among such Positive Basis Members (as hereinafter defined), pro
rata in proportion to the respective Positive Basis (as hereinafter defined) of each such Positive Basis Member, until either the full amount of such income shall have been so allocated or the Positive Basis of each such Positive Basis Member
shall have been eliminated and (ii) to allocate any income not so allocated to Positive Basis Members to the other Members in such manner as shall equitably reflect the amounts allocated to such Members’ Capital Accounts pursuant to
Section 5.3. 
 (e) If the Company realizes deductions, ordinary losses and/or capital losses (including long-term
capital losses) for Federal income tax purposes (collectively, “losses”), the Manager may elect to allocate such losses as follows: (i) to allocate such losses among such Negative Basis Members (as hereinafter defined), pro
rata in proportion to the respective Negative Basis (as hereinafter defined) of each such Negative Basis Member, until either the full amount of such losses shall have been so allocated or the Negative Basis of each such Negative Basis Member
shall have been eliminated and (ii) to allocate any losses not so allocated to Negative Basis Members to the other Members in such manner as shall equitably reflect the amounts allocated to such Members’ Capital Accounts pursuant to
Section 5.3. 
 (f) As used herein, (i) the term “Positive Basis” shall mean, with respect to
any Member and as of any time of calculation, the amount by which (x) its Interest in the Company as of such time plus an amount equal to any deemed distributions to such Member for Federal income tax purposes pursuant to Section 752(b) of
the Code resulting from its withdrawal exceeds (y) its “adjusted tax basis”, for Federal income tax purposes, in its Interest in the Company as of such time, and (ii) the term “Positive Basis Member” shall mean
any Member who withdraws from the Company and who has Positive Basis as of the effective date of its withdrawal (determined prior to any allocations made pursuant to this Section 5.4). 
 (g) As used herein, (i) the term “Negative Basis” shall mean, with respect to any Member and as of any time of
calculation, the amount by which (x) its Interest in the Company as of such time plus an amount equal to any deemed distributions to such Member for Federal income tax purposes pursuant to Section 752(b) of the Code resulting from its
withdrawal is less than (y) its “adjusted tax basis”, for Federal income tax purposes, in its

  

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Interest in the Company as of such time, and (ii) the term “Negative Basis Member” shall mean any Member who withdraws from the Company and who has Negative Basis as of the
effective date of its withdrawal (determined prior to any allocations made pursuant to this Section 5.4). 
 (h) If
the Code or regulations promulgated thereunder require a withholding or other adjustment to a Member’s Capital Account or some other event occurs necessitating in the Manager’s judgment an equitable adjustment, the Manager shall make such
adjustments in the determination and allocation among the Members of such items of income, deduction, gain, loss, credit or withholding for tax purposes, accounting procedures or such other financial or tax items as shall equitably take into account
such event and applicable provisions of law, and the determination thereof in the discretion of the Manager shall be final and conclusive as to all of the Members. 
 Section 5.6 Distributions. 
 (a) The Members recognize that the
profitability of the Company depends upon long-term, uninterrupted investment of capital. The Members acknowledge, therefore, that the Manager generally will not make distributions of any items of income or gain to the Members except as required or
permitted by this Agreement. The Manager shall have sole discretion in determining the amount and frequency of distributions to be made to the Members. The Manager may, in its sole discretion, make distributions in cash or in kind, or partly in cash
and partly in kind to the Members. 
 (b) The Manager may withhold and pay over to the U.S. Internal Revenue Service (or any
other relevant taxing authority) such amounts as the Company is required to withhold or pay over, pursuant to the Code or any other applicable law, on account of a Member’s distributive share of the Company’s items of income or gain.

 (c) For purposes of this Agreement, any taxes so withheld or paid over by the Company with respect to a Member’s
distributive share of the Company’s income or gain shall be deemed to be a distribution or payment to such Member, reducing the amount otherwise distributable to such Member pursuant to this Agreement and reducing the Capital Account of such
Member. If the amount of such taxes is greater than any such distributable amounts, then such Member and any successor to such Member’s Interest shall pay the amount of such excess to the Company, as a contribution to the capital of the
Company. 
 Section 5.7 Determination by the Manager of Certain Matters. All matters concerning the valuation of
securities and other assets and liabilities of the Company, the allocation of income, deductions, gains and losses among the Members, including taxes thereon, and accounting procedures not expressly provided for by the terms of this Agreement shall
be determined by the Manager, whose determination shall be final and conclusive as to all of the Members. 
 Section 5.8
Tax Returns. The Manager or its designated agent shall prepare and file, or cause the accountants of the Company to prepare and file, a Federal information tax return in compliance with Section 6031 of the Code, and any required state
and local income tax and information returns for each tax year of the Company. 
  

 11 

 Article VI 
 Accounting Matters and Reports 
 Section 6.1
Books of Account; Fiscal Year. Proper books of account shall be kept under the accrual method of accounting, and there shall be entered therein all transactions, matters and things relating to the Company’s business as are required by
all applicable laws and using GAAP, except as otherwise expressly provided in this Agreement. The books of accounts and records of the Company shall be open for inspection in accordance with and subject to the limitations set forth in the Limited
Liability Company Act. Each “Fiscal Year” of the Company will end on December 31. 
 Section 6.2
Valuation; Reserves. Except as otherwise expressly provided in this Agreement, in determining the value of accounts of the Company for all purposes, the assets and liabilities of the Company shall be valued in accordance with
Section 1.9; The Manager, in its sole and absolute discretion may provide reserves or holdbacks for estimated accrued expenses, assets that are difficult to value, and liabilities or contingencies, including general reserves or holdbacks
for unspecified contingencies (even if such reserves or holdbacks are not required by GAAP). 
 Section 6.3 Effect of
Accounting Determination. Except with respect to the distributive interest of the Members determined in accordance with this Agreement, the value of accounts of the Company, as ascertained and determined at the end of each fiscal year, shall be
conclusive upon each Member, unless it shall make objection to the same in writing, delivered to the Company within 20 days after receipt by a Member of a statement of its account as sent to such Member at the end of each fiscal year. In the absence
of such written objection, the valuation of each account shall not thereafter be questioned by a Member or by its legal representatives. 
 Section 6.4 Reports. The Company shall prepare and deliver to each Member, from time to time, information concerning the Net Asset Value of the Company or a Series, as applicable, and
information with respect to balances of any Capital Accounts established for such Member. 
 (b) The Company shall prepare and
deliver, or cause its accountants to prepare and deliver, to each Member, a report setting forth in sufficient detail such information as shall enable such Member to prepare its Federal income tax return in accordance with the laws, rules and
regulations then prevailing. 
 Article VII 
 Withdrawals 
 Section 7.1 Withdrawals from Capital Accounts.
Subject to the other provisions of this Agreement and in compliance with applicable laws, a Member of a Series may withdraw some or all amounts from its Capital Account relating to a Series as of the close of business on any Business Day (each, a
“Withdrawal Date”) with one Business Day’s prior written notice to the Manager. To be deemed to be given on a Business Day, notice must be

  

 12 

 
received by the Manager no later than 4:00 pm Eastern Time on the preceding Business Day. “Business Day” means a day other than Saturday, Sunday or other day when banks and/or
securities exchanges in the City of New York or the City of Wilmington are authorized or obligated by law or executive order to close. 
 Section 7.2 Mandatory Withdrawals. The Manager may, in its sole and absolute discretion, require a Member to withdraw from the Company. 
 Section 7.3 Other Withdrawals. The withdrawal of a Member shall also be deemed to occur in the event of the death, expulsion, dissolution, legal incapacity, insolvency, or bankruptcy of such
Member. The death, legal disability, incapacity, insolvency, bankruptcy, dissolution or withdrawal of a Member shall not result in the dissolution or termination of the Company. 
 Section 7.4 Timing of Withdrawal. For purposes of computing the withdrawing Member’s distributive interest pursuant to this
Agreement, a withdrawal will be deemed to occur as of 4:00 pm Eastern Time on the applicable Withdrawal Date. 
 Section 7.5 Payment of Withdrawal Proceeds. Subject to the other terms of this Agreement, payment of the amount requested to be withdrawn generally shall be made within seven (7) Business Days following the Withdrawal Date
to the extent reasonably practicable. 
 Section 7.6 Limitations on Payment of Withdrawal Proceeds. 
 (a) Notwithstanding anything contained in this Agreement to the contrary, the payment of withdrawal proceeds will not be made to a
withdrawing Member unless (i) all liabilities, contingent or otherwise, of the Company and the relevant Series have been paid or there remains property of the relevant Series sufficient to pay them, and (ii) any reserves and estimated
accrued expenses and liabilities provided for in accordance with Section 6.2 have been taken. 
 (b) The Manager may
suspend temporarily any withdrawal if the effect of such withdrawal, either alone or in conjunction with other withdrawals, would, in its sole judgment, be to impair the Company’s ability to operate. The Manager may also suspend any withdrawal
in the event of a natural disaster, force majeure, act of war, terrorism, bankruptcies, closure of financial markets, or other events outside of the Company’s control that impair the Company’s ability to operate. 
 (c) The Manager, by written notice to any Member, may suspend payment of some or all withdrawal proceeds to such Member (i) if the
Member reasonably deems it necessary to do so to comply with anti-money laundering laws and regulations applicable to the Company and (ii) under extraordinary circumstances, as determined by the Manager in its sole and absolute discretion
(including, but not limited to, the inability to liquidate portfolio positions as of such Withdrawal Date, or default or delay in payments due the Company from brokers, banks, counterparties, or other persons, or significant administrative
hardship), in which event payment for withdrawal will be made to such Member as soon thereafter as is practicable. 
  

 13 

 Section 7.8 Rights and Obligations Upon Withdrawal. Upon the complete withdrawal
of a Member, all of its rights in specific Company property of every kind whatsoever, including, but not limited to, all books of account, records, and papers of the Company, shall immediately and without further assignment, cease. The withdrawing
Member and its legal representatives shall have only the right to receive the distributions to the withdrawn Member provided for under this Agreement. 
 Article VIII 
 Dissolution 
 Section 8.1 Dissolution. The Company shall cease doing business and shall be dissolved upon the earlier of:
(a) December 31, [        ]; (b) upon the insolvency or bankruptcy of the Company; (c) at the election of the Manager upon 60 days notice to the Members; (d) upon the resignation,
retirement, adjudication of bankruptcy or insolvency, dissolution or withdrawal of the Manager; or (e) at the election by the Members together with the consent of the Manager. The death, legal disability, incapacity, insolvency, bankruptcy,
dissolution or withdrawal of a Member shall not result in the dissolution or termination of the Company. 
 Section 8.2
Final Accounting. Upon the dissolution of and failure to reconstitute the Company, an accounting shall be made of the accounts of the Company and of the Members, and of the Company’s assets, liabilities and changes in financial condition
from the date of the last previous accounting to the date of such dissolution. The Manager, or such person or persons designated by it, shall act as liquidating trustee or trustees and immediately proceed to wind-up and terminate the business and
affairs of the Company and liquidate the property and assets of the Company. In the event the dissolution is caused by the death, legal disability, incapacity, insolvency, bankruptcy, dissolution or withdrawal of the Manager, the liquidating trustee
or trustees shall be designated with the consent of a Majority-in-Interest (as defined below) of the Members. 
 Section 8.3 Distribution. Upon the winding-up and termination of the business and affairs of the Company, its liabilities and obligations to creditors and all expenses incurred in liquidation shall be paid, and its remaining
assets shall be distributed to the Members pursuant to the terms of Section 7.5 of this Agreement. 
 Section 8.4 Use of Firm Name upon Dissolution. At no time during the operation of the Company or upon the termination and dissolution of the Company shall any value be placed upon the firm name, or the right to its use, or to
the goodwill, if any, attached thereto, either for the Members or for the purpose of determining any distributive interest of the Members in accordance with this Agreement. 
 Article IX 
 Miscellaneous 
 Section 9.1 Notices. All notices or other communications required or permitted to be given pursuant to this Agreement shall be
effective only if in writing and shall be considered as properly given or made, if sent by facsimile, if personally delivered, if mailed, postage prepaid, and addressed, if to the Manager, to it at the address of the Company, and if to a Member, to
the address of such Member as reflected in the books and records of the Company

  

 14 

 
from time to time. A Member may change its address by giving notice in writing to the Manager stating its new address, and the Manager may change its address by giving such notice to the Members.
Commencing on the 10th day after the giving of such notice, such newly designated address shall be the Member’s address for the purpose of all notices or other communications required or permitted to be given pursuant to this Agreement.

 Section 9.2 Amendment. 
 (a) The terms and provisions of this Agreement as a whole or in respect of any Series may be modified or amended at any time and from time to time with the written consent of a Majority-in-Interest of
Members of the Company, and the consent of the Manager (which may be given or withheld in its sole and absolute discretion). For purposes of this Section 9.2, a “Majority-in-Interest” shall mean, with respect to the
Company, those Members with aggregate Capital Account balances totaling more than 50% of the aggregate Capital Account balances of all Members of the Company as of the determination date. 
 (b) Notwithstanding the foregoing, the Manager may, without the approval of the Members, make such amendments to this Agreement which
(i) are necessary to add to the representations, duties or obligations of the Manager or surrender any right or power granted to the Manager herein, for the benefit of the Members; (ii) are necessary to cure any ambiguity or to correct or
supplement any provision in this Agreement which may be manifestly inconsistent with any other provision herein; and (iii) are necessary to delete from or add any provision to this Agreement required or deemed necessary to be so deleted or
added by any governmental authority for the benefit or protection of the Members. However, no such amendment shall change the liability of the Members so as to materially, adversely affect the Members or change the Members’ share of the profits
or losses of the Company without the consent of the Members. 
 Section 9.3 Execution. This Agreement may be
executed in more than one counterpart, and all so executed shall constitute one Agreement, binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. Executed facsimile or
electronic copies of this Agreement shall constitute a binding agreement for all purposes. 
 Section 9.4 Successors in
Interest. (a) Each Member of a Series covenants for it, its heirs, executors, administrators, successor, assigns and legal representatives that it will, at any time on demand after its withdrawal from the Company, contribute to the Company
(for the benefit of the relevant Series) its proportionate share of any liability, judgment or cost of any kind (including the reasonable cost of the defense of any suit or action and any sums which may be paid in settlement thereof) that may be
incurred by the Company on behalf of a Series on account of any matters or transactions occurring during the time it was a Member. The amount of such contribution shall not exceed the then balance of its account at the time it ceased to be a Member
plus the amount of distributions theretofore made to it, if any, plus interest thereon. Such proportionate share of liability, judgment or cost of any kind shall be determined from this Agreement as it existed at the time such matter or transaction
occurred. 
 (b) Each Member covenants that neither it nor its heirs, executors, administrators, successors, assigns or legal
representatives, nor any person or persons claiming through or under it, will file a bill for a Company accounting or otherwise proceed adversely in any way whatsoever against the Company, except in an action for fraud. 
  

 15 

 (c) This Agreement and all of its terms and provisions shall be binding upon and shall inure
to the benefit of the Members and their legal representatives, heirs and successors and assigns. Any person subsequently admitted to the Company as a Manager or a Member shall be subject to all of the provisions of this Agreement as if an original
signatory hereto. 
 Section 9.5 Governance. Each Member agrees that if any action shall be taken pursuant to this
Agreement by such Member, it will execute any such writing or instrument as may be necessary to carry out and perfect such action notwithstanding that said party may not have assented thereto or may have objected thereto. Company action covered
within the scope of this clause includes, but is not limited to, the adoption of any certificate of formation of the Company or any amendment thereto, any instrument effecting or evidencing the withdrawal of the Member and any amendment or
supplement to this Agreement. 
 Section 9.6 Ownership of Company Assets. Any assets owned by the Company may be
registered in the Company’s name, or in the name of a nominee, or in a “street name.” 
 Section 9.7
Governing Law. The validity and construction of this Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to
and construed according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof. 
 Section 9.8 Entire Agreement. This Agreement constitutes the entire agreement among the Manager and the Members relative to the formation and operation of the Company. This Agreement supersedes and replaces any and all prior
agreements relative to such matters. 
 Section 9.9 Investment Representation. By executing this Agreement, each
Member hereby represents and warrants to the Manager as follows: 
 (a) it understands that its investment in the Company is a
“security” as defined in the U.S. Securities Act of 1933, as amended (the “1933 Act”) which has not been registered under the 1933 Act or any state securities law and that its investment is being made in reliance upon the
exemption contained in 4(2) of the 1933 Act and similar provisions under state securities laws; 
 (b) its participation in the
Company is being made for its own account for investment purposes and with no present intention of reselling or distributing its Interest in the Company; 
 (c) it is familiar with the types of transactions and activities in which the Company intends to engage and is fully aware that such transactions and activities involve volatility and risk of loss; and

  

 16 

 (d) it is fully capable of evaluating the merits and risks associated with an investment in
the Company, and its net worth is such that it can bear the economic risk of loss of its investment in the Company. 
 Section 9.10 Arbitration. Each party hereto agrees that any dispute, controversy, claim or difference between the parties with respect to any matter related to or arising out of this Agreement shall be settled and determined by
arbitration in the City of New York, State of New York, in accordance with the rules then obtaining of the National Futures Association or, if no such rules are then obtaining or if jurisdiction is declined, then in accordance with the rules then
obtaining of the American Arbitration Association. Without limiting the generality of the foregoing, in any such arbitration, each of the parties hereto agrees to request from the arbitrators that (i) their authority be limited to construing
and enforcing the terms and conditions of the Agreement as expressly set forth herein, (ii) the reasons for their award be stated in a written opinion, (iii) they shall not make any award which shall alter, change, cancel or rescind any
provision of this Agreement, and (iv) their award shall be consistent with the provisions of this Agreement. The award of the arbitrators shall be final and binding, and judgment may be confirmed and entered thereon in any court of competent
jurisdiction. Any notice of such arbitration or for the confirmation of any award in any arbitration shall be sufficient if given in accordance with the provisions of this Agreement. 
  

 17 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year first written above.

  

			
	Manager
	
	THE BORNHOFT GROUP CORPORATION
		
	By:	 	  

		 	Richard E. Bornhoft, President

  

					
	Members
	
	THE FRONTIER FUND
	
	By: Its Managing Owner, Equinox Fund Management, LLC
			
		 	By:	 	  

		 		 	Robert J. Enck, President and CEO

  

					
	
	[MEMBER NAME]
		
	By:	 	[    ]
			
		 	By:	 	  

		 		 	[    ]

  

 18Form of Indenture

 EXHIBIT 4.3 
 CATHAY GENERAL BANCORP, INC. 
 INDENTURE

 Dated as of
                    ,          
                     , as Trustee 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	 ARTICLE I
	 	 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
	 Section 1.1
	 	 Definitions
	  	1
	 Section 1.2
	 	 Other Definitions
	  	5
	 Section 1.3
	 	 Incorporation by Reference of Trust Indenture Act
	  	5
	 Section 1.4
	 	 Rules of Construction
	  	5
			
	 ARTICLE II
	 	 THE SECURITIES
	  	6
	 Section 2.1
	 	 Issuable in Series
	  	6
	 Section 2.2
	 	 Establishment of Terms of Series of Securities
	  	6
	 Section 2.3
	 	 Execution and Authentication
	  	8
	 Section 2.4
	 	 Registrar and Paying Agent
	  	9
	 Section 2.5
	 	 Paying Agent to Hold Money in Trust
	  	10
	 Section 2.6
	 	 Securityholder Lists
	  	10
	 Section 2.7
	 	 Transfer and Exchange
	  	10
	 Section 2.8
	 	 Mutilated, Destroyed, Lost and Stolen Securities
	  	11
	 Section 2.9
	 	 Outstanding Securities
	  	12
	 Section 2.10
	 	 Treasury Securities
	  	12
	 Section 2.11
	 	 Temporary Securities
	  	12
	 Section 2.12
	 	 Cancellation
	  	13
	 Section 2.13
	 	 Defaulted Interest
	  	13
	 Section 2.14
	 	 Global Securities
	  	13
	 Section 2.15
	 	 CUSIP Numbers
	  	14
			
	 ARTICLE III
	 	 REDEMPTION
	  	14
	 Section 3.1
	 	 Notice to Trustee
	  	14
	 Section 3.2
	 	 Selection of Securities to be Redeemed
	  	15
	 Section 3.3
	 	 Notice of Redemption
	  	15
	 Section 3.4
	 	 Effect of Notice of Redemption
	  	16
	 Section 3.5
	 	 Deposit of Redemption Price
	  	16
	 Section 3.6
	 	 Securities Redeemed in Part
	  	16
			
	 ARTICLE IV
	 	 COVENANTS
	  	16
	 Section 4.1
	 	 Payment of Principal and Interest
	  	16
	 Section 4.2
	 	 SEC Reports
	  	16
	 Section 4.3
	 	 Compliance Certificate
	  	16
	 Section 4.4
	 	 Stay, Extension and Usury Laws
	  	17
			
	 ARTICLE V
	 	 SUCCESSOR ENTITY
	  	17
	 Section 5.1
	 	 Company May Consolidate, Etc.
	  	17
	 Section 5.2
	 	 Successor Entity Substituted
	  	18
	 Section 5.3
	 	 Evidence of Consolidation, Etc. to Trustee
	  	18

  

 i 

					
	 	 	 	  	Page
	 ARTICLE VI
	 	 DEFAULTS AND REMEDIES
	  	18
	 Section 6.1
	 	 Events of Default
	  	18
	 Section 6.2
	 	 Acceleration of Maturity; Rescission and Annulment
	  	20
	 Section 6.3
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	21
	 Section 6.4
	 	 Trustee May File Proofs of Claim
	  	21
	 Section 6.5
	 	 Trustee May Enforce Claims Without Possession of Securities
	  	22
	 Section 6.6
	 	 Application of Money Collected
	  	22
	 Section 6.7
	 	 Limitation on Suits
	  	23
	 Section 6.8
	 	 Unconditional Right of Holders to Receive Principal and Interest
	  	23
	 Section 6.9
	 	 Restoration of Rights and Remedies
	  	23
	 Section 6.10
	 	 Rights and Remedies Cumulative
	  	24
	 Section 6.11
	 	 Delay or Omission Not Waiver
	  	24
	 Section 6.12
	 	 Control by Holders
	  	24
	 Section 6.13
	 	 Waiver of Past Defaults
	  	24
	 Section 6.14
	 	 Undertaking for Costs
	  	25
			
	 ARTICLE VII
	 	 TRUSTEE
	  	25
	 Section 7.1
	 	 Duties of Trustee
	  	25
	 Section 7.2
	 	 Rights of Trustee
	  	26
	 Section 7.3
	 	 Individual Rights of Trustee
	  	27
	 Section 7.4
	 	 Trustee’s Disclaimer
	  	27
	 Section 7.5
	 	 Notice of Defaults
	  	27
	 Section 7.6
	 	 Reports by Trustee to Holders
	  	27
	 Section 7.7
	 	 Compensation and Indemnity
	  	28
	 Section 7.8
	 	 Replacement of Trustee
	  	28
	 Section 7.9
	 	 Successor Trustee by Merger, Etc.
	  	29
	 Section 7.10
	 	 Eligibility; Disqualification
	  	29
	 Section 7.11
	 	 Preferential Collection of Claims Against Company
	  	30
			
	 ARTICLE VIII
	 	 SATISFACTION AND DISCHARGE; DEFEASANCE
	  	30
	 Section 8.1
	 	 Satisfaction and Discharge of Indenture
	  	30
	 Section 8.2
	 	 Application of Trust Funds; Indemnification
	  	31
	 Section 8.3
	 	 Legal Defeasance of Securities of Any Series
	  	31
	 Section 8.4
	 	 Covenant Defeasance
	  	33
	 Section 8.5
	 	 Repayment to Company
	  	34
			
	 ARTICLE IX
	 	 AMENDMENTS AND WAIVERS
	  	34
	 Section 9.1
	 	 Without Consent of Holders
	  	34
	 Section 9.2
	 	 With Consent of Holders
	  	35
	 Section 9.3
	 	 Limitations
	  	35
	 Section 9.4
	 	 Compliance with Trust Indenture Act
	  	36
	 Section 9.5
	 	 Revocation and Effect of Consents
	  	36
	 Section 9.6
	 	 Notation on or Exchange of Securities
	  	36
	 Section 9.7
	 	 Trustee Protected
	  	37

  

 ii 

					
	 	 	 	  	Page

					
	 ARTICLE X
	 	 MISCELLANEOUS
	  	37
	 Section 10.1
	 	 Trust Indenture Act Controls
	  	37
	 Section 10.2
	 	 Notices
	  	37
	 Section 10.3
	 	 Communication by Holders with Other Holders
	  	38
	 Section 10.4
	 	 Certificate and Opinion as to Conditions Precedent
	  	38
	 Section 10.5
	 	 Statements Required in Certificate or Opinion
	  	38
	 Section 10.6
	 	 Rules by Trustee and Agents
	  	39
	 Section 10.7
	 	 Legal Holidays
	  	39
	 Section 10.8
	 	 No Recourse Against Others
	  	39
	 Section 10.9
	 	 Counterparts
	  	39
	 Section 10.10
	 	 Governing Laws
	  	39
	 Section 10.11
	 	 No Adverse Interpretation of Other Agreements
	  	39
	 Section 10.12
	 	 Successors
	  	39
	 Section 10.13
	 	 Severability
	  	40
	 Section 10.14
	 	 Table of Contents, Headings, Etc.
	  	40
	 Section 10.15
	 	 Securities in a Foreign Currency
	  	40
	 Section 10.16
	 	 Judgment Currency
	  	40
			
	 ARTICLE XI
	 	 SINKING FUNDS
	  	41
	 Section 11.1
	 	 Applicability of Article
	  	41
	 Section 11.2
	 	 Satisfaction of Sinking Fund Payments with Securities
	  	41
	 Section 11.3
	 	 Redemption of Securities for Sinking Fund
	  	42
	
	 Reconciliation and tie between Trust Indenture Act of 1939 and
 Indenture, dated as of
                    ,         

			
	 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
	 SECTION 311
	 	 (A)
	  	7.11
		 	 (B)
	  	7.11
		 	 (C)
	  	NOT APPLICABLE
	 SECTION 312
	 	 (A)
	  	2.6
		 	 (B)
	  	10.3
		 	 (C)
	  	10.3
	 SECTION 313
	 	 (A)
	  	7.6
		 	 (B)(1)
	  	7.6
		 	 (B)(2)
	  	7.6
		 	 (C)(1)
	  	7.6
		 	 (D)
	  	7.6
	 SECTION 314
	 	 (A)
	  	4.2, 10.5
		 	 (B)
	  	NOT APPLICABLE

  

 iii 

					
	 	 	 	  	Page

					
		 	 (C)(1)
	  	10.4
		 	 (C)(2)
	  	10.4
		 	 (C)(3)
	  	NOT APPLICABLE
		 	 (D)
	  	NOT APPLICABLE
		 	 (E)
	  	10.5
		 	 (F)
	  	NOT APPLICABLE
	 SECTION 315
	 	 (A)
	  	7.1
		 	 (B)
	  	7.5
		 	 (C)
	  	7.1
		 	 (D)
	  	7.1
		 	 (E)
	  	6.14
	 SECTION 316
	 	 (A)
	  	2.10
		 	 (A)(1)(A)
	  	6.12
		 	 (A)(1)(B)
	  	6.13
		 	 (B)
	  	6.8
	 SECTION 317
	 	 (A)(1)
	  	6.3
		 	 (A)(2)
	  	6.4
		 	 (B)
	  	2.5
	 SECTION 318
	 	 (A)
	  	10.1

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

  

 iv 

 INDENTURE 
 Indenture dated as of
                        ,
                     between Cathay General Bancorp., a Delaware corporation (“Company”), and
                    , as trustee (“Trustee”). 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture. 
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.1 Definitions 
 “Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances
specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified therein and which are owing to such Holders. 
 “Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified person. For
the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise. 
 “Agent” means any Registrar, Paying Agent or Service Agent. 
 “Authorized Newspaper” means a newspaper in an official language of the country of publication customarily published at
least once a day for at least five days in each calendar week and of general circulation in the place in connection with which the term is used. If it shall be impractical in the opinion of the Trustee to make any publication of any notice required
hereby in an Authorized Newspaper, any publication or other notice in lieu thereof that is made or given by the Trustee shall constitute a sufficient publication of such notice. 
 “Bearer” means anyone in possession from time to time of a Bearer Security. 
 “Bearer Security” means any Security, including any interest coupon appertaining thereto, that does not provide for the
identification of the Holder thereof. 
 “Board of Directors” means the Board of Directors of the Company or
any duly authorized committee thereof. 
 “Board Resolution” means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant

 
to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee. 
 “Business Day” means, unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture
hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close. 
 “Company” means the party named as such above until a successor replaces it and thereafter means the successor. 

“Company Order” means a written order signed in the name of the Company by two Officers. 
 “Company Request” means a written request signed in the name of the Company by its Chairman of the Board, its Chief
Executive Officer, its President or any Vice President, and by its Chief Financial Officer or its Treasurer, any Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall
be principally administered. 
 “Debt” of any person as of any date means, without duplication, all
indebtedness of such person in respect of borrowed money, including all interest, fees and expenses owed in respect thereto (whether or not the recourse of the lender is to the whole of the assets of such person or only to a portion thereof), or
evidenced by bonds, notes, debentures or similar instruments. 
 “Default” means any event which is, or after
notice or passage of time would be, an Event of Default. 
 “Depository” means, with respect to the Securities
of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act; and
if at any time there is more than one such person, “Depository” as used with respect to the Securities of any Series shall mean the Depository with respect to the Securities of such Series. 
 “Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due
and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2. 
 “Dollars”
means the currency of the United States of America. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
 “Foreign Currency” means any currency or currency unit issued by a government other than
the government of the United States of America. 
  

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 “Foreign Government Obligations” means, with respect to Securities of any
Series that are denominated in a Foreign Currency, (a) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (b) obligations of a
person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clause
(a) or (b), are not callable or redeemable at the option of the issuer thereof. 
 “Global Security” or
“Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depository for such Series or its nominee,
and registered in the name of such Depository or nominee. 
 “Holder” or “Securityholder”
means a person in whose name a Security is registered or the holder of a Bearer Security. 
 “Indenture” means
this Indenture as amended from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder. 
 “interest” with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity. 
 “Maturity,” when used with respect to any Security 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. 
 “Officer” means the Chairman of the Board, the Chief Executive Officer, any President, any
Vice-President, the Chief Financial Officer, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company. 
 “Officers’ Certificate” means a certificate signed by two Officers. 
 “Opinion of Counsel” means a written opinion of legal counsel, which counsel may be an employee of or counsel to the Company. 
 “person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or
any agency or political subdivision thereof. 
 “principal” of a Security means the principal of the Security
plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security. 
 “Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of
and familiarity with a particular subject. 
  

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 “SEC” means the Securities and Exchange Commission. 
 “Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered
under this Indenture. 
 “Series” or “Series of Securities” means each series of debentures,
notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 
 “Stated
Maturity” when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of
principal or interest is due and payable. 
 “Subsidiary” of any specified person means any corporation of
which an amount of outstanding stock representing by the terms thereof at least a majority of the ordinary voting power for the election of directors of such corporation (irrespective of whether or not at the time stock of any other class or classes
of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned by such person, or by one or more other Subsidiaries, or by such person and one or more other
Subsidiaries. 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb (1939)) as in
effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so amended.

 “Trustee” means the person named as the “Trustee” in the first paragraph of this instrument until
a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee hereunder, and if at any time there is more than one such
person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series. 
 “U.S. Government Obligations” means securities which are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or
(b) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of
America, and which in the case of (a) and (b) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S.
Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository receipt. 
  

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 Section 1.2 Other Definitions. 
  

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

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

 “indenture securities” means the Securities. 
 “indenture security holder” means a Securityholder. 
 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means the Company and any successor obligor upon the Securities. 
 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined. 
 Section 1.4 Rules of Construction. 

Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 
  

 5 

 (b) an accounting term not otherwise defined has the meaning assigned to it
in accordance with generally accepted accounting principles; 
 (c) references to “generally accepted
accounting principles” shall mean generally accepted accounting principles in effect as of the time when and for the period as to which such accounting principles are to be applied; 
 (d) “or” is not exclusive; 
 (e) words in the singular include the plural, and in the plural include the singular; and 
 (f) provisions apply to successive events and transactions. 
 ARTICLE II 
 THE SECURITIES 
 Section 2.1 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, Officers’ Certificate or supplemental indenture may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from
which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture. 
 Section 2.2 Establishment of Terms of Series of Securities. 
 At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case
of Subsection 2.2.1, and, either as to such Securities within the Series or as to the Series generally, in the case of Subsections 2.2.2 through 2.2.21) by a Board Resolution, a supplemental indenture or an Officers’ Certificate pursuant to
authority granted under a Board Resolution: 
 2.2.1 the title of the Series (which shall distinguish the Securities of that
particular Series from the Securities of any other Series); 
 2.2.2 the price or prices (expressed as a percentage of the
principal amount thereof) at which the Securities of the Series will be issued; 
 2.2.3 any limit upon the aggregate principal
amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities

  

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authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6); 

2.2.4 the date or dates on which the principal of the Securities of the Series is payable; 
 2.2.5 the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates
(including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or
dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 
 2.2.6 the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, or the method of such payment, if by wire transfer, mail or other means;

 2.2.7 if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which
the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 
 2.2.8 the obligation, if
any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 2.2.9 the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 2.2.10 if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of
the Series shall be issuable; 
 2.2.11 the forms of the Securities of the Series in bearer or fully registered form (and, if in
fully registered form, whether the Securities will be issuable as Global Securities); 
 2.2.12 if other than the principal
amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2; 
 2.2.13 the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency; 
 2.2.14 the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the
Securities of the Series will be made; 
  

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 2.2.15 if payments of principal of or interest, if any, on the Securities of the Series are
to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined; 
 2.2.16 the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined,
if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 
 2.2.17 the provisions, if any, relating to any security provided for the Securities of the Series; 
 2.2.18 any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the
Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; 
 2.2.19 the ranking of the Securities of the Series, including the relative degree, if any, to which the Securities of such Series shall be subordinated to one or more other Series of Securities or other
obligations of the Company in right of payment, whether outstanding or not; 
 2.2.20 any addition to or change in the covenants
set forth in Article IV or V which applies to Securities of the Series; 
 2.2.21 any other terms of the Securities of the
Series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 9.1, but which may modify or delete any provision of this Indenture insofar as it applies to such Series); and 
 2.2.22 any depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of
such Series if other than those appointed herein. 
 2.2.23 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 2.3 Execution and Authentication. 
 Two 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. 
  

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 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 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 2.2, except as provided in Section 2.8. 
 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully
protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that
Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4 and (c) an Opinion of Counsel complying with Section 10.4. 
 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. 
 Section 2.4 Registrar and Paying Agent. 
 The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant
to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange
(“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served (“Service Agent”). The Registrar shall keep a register with respect to
each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Service Agent. If at any time
the Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee 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. 
  

 9 

 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 2.2 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of
any change in the name or address of any such co-registrar, additional paying agent or additional service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and
the term “Service Agent” includes any additional service agent. 
 The Company hereby appoints the Trustee the initial
Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. 
 Section 2.5 Paying Agent to Hold Money in Trust. 
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities, or the
Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee
may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a
Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it
as Paying Agent. 
 Section 2.6 Securityholder Lists. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of Securityholders of each Series of Securities and shall otherwise comply with TIA Section 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 Securityholders of each Series of Securities. 
 Section 2.7 Transfer and Exchange. 
 Where Securities of a Series are presented to the Registrar or a co-registrar with a 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

  

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governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Section 2.11, 3.6 or 9.6). 

Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series
for the period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such mailing or
(b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.

 Section 2.8 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 (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon 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. 
 Upon the issuance of any new
Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee)
connected therewith. 
 Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or
stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder. 
 The provisions
of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
  

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 Section 2.9 Outstanding Securities. 
 The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered
to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. 
 If a Security is replaced pursuant to Section 2.8, 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 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 shall cease to be outstanding if the Company or any of its Subsidiaries or Affiliates holds the Security.

 In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as
of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2. 
 Section 2.10 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 shall be disregarded, except that for the purposes of determining whether
the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that the Trustee knows are so owned shall be so disregarded. 
 Section 2.11 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. 
  

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 Section 2.12 Cancellation. 
 The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the
Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities
(subject to the record retention requirement of the Exchange Act) and deliver a certificate of such destruction to the Company, unless the Company otherwise directs. The Company may not issue new Securities to replace Securities that it has paid or
delivered to the Trustee for cancellation. 
 Section 2.13 Defaulted Interest. 
 If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent
permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 30 days before the record
date, the Company shall mail to the Trustee and to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 Section 2.14 Global Securities. 
 2.14.1 Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole or in
part in the form of one or more Global Securities and the Depository for such Global Security or Securities. 
 2.14.2
Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for
Securities registered in the names of Holders other than the Depository for such Security or its nominee only if (a) such Depository notifies the Company that it is unwilling or unable to continue as Depository for such Global Security or if at
any time such Depository ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository within 90 days of such event, or (b) the Company executes and delivers to the
Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the
Depository 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 2.14.2, a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a
nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository. 
  

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 2.14.3 Legend. Any Global Security issued hereunder shall bear a legend in
substantially the following form: 
 “This Security is a Global Security within the meaning of the Indenture hereinafter
referred to and is registered in the name of the Depository or a nominee of the Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances
described in the Indenture, and may not be transferred except as a whole by the Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee
to a successor Depository or a nominee of such a successor Depository.” 
 2.14.4 Acts of Holders. The Depository,
as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 

2.14.5 Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by
Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 
 2.14.6 Consents, Declaration and Directions. Except as provided in Section 2.14.5, 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 2.15 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 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. 
 ARTICLE III 
 REDEMPTION 
 Section 3.1 Notice to Trustee. 
 The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to
redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company

  

 14 

 
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 Series of Securities to be redeemed. The Company shall give the notice at least 30 days before the redemption date (or such shorter notice as may be acceptable to the Trustee). 
 Section 3.2 Selection of Securities to be Redeemed. 
 Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all the Securities of a Series are to be redeemed, the
Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and appropriate. The Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption. The
Trustee may select for redemption portions of the principal of Securities of the Series that have denominations larger than $1,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000
or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities of
a Series called for redemption also apply to portions of Securities of that Series called for redemption. 
 Section 3.3
Notice of Redemption. 
 Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture
hereto or an Officers’ Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed and if any Bearer
Securities are outstanding, publish on one occasion a notice in an Authorized Newspaper. 
 The notice shall identify the
Securities of the Series to be redeemed and shall state: 
 (a) the redemption date; 
 (b) the redemption price; 
 (c) the name and address of the Paying Agent; 
 (d) that Securities
of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
 (e) that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date; and 
 (f) any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed. 
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense. 
  

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 Section 3.4 Effect of Notice of Redemption. 
 Once notice of redemption is mailed or published as provided in Section 3.3, Securities of a Series called for redemption become due
and payable on the redemption date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date.

 Section 3.5 Deposit of Redemption Price. 
 On or before the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and
accrued interest, if any, on all Securities to be redeemed on that date. 
 Section 3.6 Securities Redeemed in Part.

 Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the
same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered. 
 ARTICLE
IV 
 COVENANTS 
 Section 4.1 Payment of Principal and Interest. 
 The Company covenants and
agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture.

 Section 4.2 SEC Reports. 
 The Company shall deliver to the Trustee within 45 days after it files them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of
any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. Notwithstanding the foregoing, the Company will be deemed to have
delivered such reports to the Trustee if the Company has filed such reports with the SEC via the EDGAR filing system and such reports are publicly available. The Company also shall comply with the other provisions of TIA Section 314(a).

 Section 4.3 Compliance Certificate. 
 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate as to the signer’s knowledge of the Company’s compliance
with all conditions and covenants under this Indenture (determined without regard to any period of grace or requirement of notice provided herein) and if the

  

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Company shall not be in compliance, specifying such non-compliance and the nature and status thereof. 
 The Company will, so long as any of the Securities are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such
Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 
 Section 4.4
Stay, Extension and Usury Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at
any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this
Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of
any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 
 ARTICLE V 
 SUCCESSOR ENTITY 
 Section 5.1 Company May Consolidate, Etc. 
 Except as otherwise provided as contemplated by Section 2.2 for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, nothing contained in this
Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a
party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other Person (whether or not affiliated with
the Company or its successor or successors) authorized to acquire and operate the same; provided, however, (a) the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is
not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities in accordance with the terms of each Series, according
to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each Series or established with respect to such Series pursuant to Section 2.2 to be kept or performed by
the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) executed and delivered to the Trustee by the entity formed by such consolidation, or into which
the Company shall have been merged, or by the entity which shall have acquired such property and (b) in the event that the Securities of any Series then outstanding are convertible into or exchangeable for shares of common stock or other
securities of the Company, such entity shall, by such supplemental indenture, make provision so that the Holders of Securities of that Series shall thereafter be entitled to receive upon conversion

  

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or exchange of such Securities the number of securities or property to which a holder of the number of shares of common stock or other securities of the Company deliverable upon conversion or
exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to such consolidation, merger, sale, conveyance, transfer or other disposition. 
 Section 5.2 Successor Entity Substituted. 
 (a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture, executed and delivered to the
Trustee, of the obligations set forth under Section 5.1 on all of the Securities of all Series outstanding, such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company
herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities. 
 (b) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology 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 Article (including, without limitation, Section 5.3) shall
require any action by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the
property of any other Person (whether or not affiliated with the Company). 
 Section 5.3 Evidence of Consolidation, Etc. to
Trustee. 
 The Trustee may receive an Officers’ Certificate or an Opinion of Counsel as conclusive evidence that any
such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions of this Article. 
 ARTICLE VI 
 DEFAULTS AND REMEDIES 
 Section 6.1 Events of Default. 
 “Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental
indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 
 (a) default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment
is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); or 
  

 18 

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

 (g) any other Event of Default provided with respect to Securities of that Series, which is specified in a
Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2.18. 
 The term “Bankruptcy Law” means Title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official
under any Bankruptcy Law. 
  

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 Section 6.2 Acceleration of Maturity; Rescission and Annulment. 
 If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of
Default referred to in Section 6.1(e) or (f)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of
that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by
a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of
Default specified in Section 6.1(e) or (f) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any Holder. 
 At any time after such a declaration
of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the
outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 
 (a) the Company has paid or deposited with the Trustee a sum sufficient to pay: 
 (i) all overdue interest, if any, on all Securities of that Series, 
 (ii) the principal of any Securities of that Series which have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities, 
 (iii) to the extent that payment of such interest is lawful, interest upon any overdue principal and overdue interest at the
rate or rates prescribed therefor in such Securities, and 
 (iv) all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
 (b) all Events of Default with respect to Securities of that Series, other than the non-payment of the principal of Securities of that Series which have become due solely by such declaration of
acceleration, have been cured or waived as provided in Section 6.13. 
 No such rescission shall affect any subsequent
Default or impair any right consequent thereon. 
  

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 Section 6.3 Collection of Indebtedness and Suits for Enforcement by Trustee.

 The Company covenants that if: 
 (a) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or 
 (b) default is made in the payment of principal of any Security at the Maturity thereof, or 
 (c) default is made in the deposit of any sinking fund payment when and as due by the terms of a Security, 
 then the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on
such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal or any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in
addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys
adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 
 If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of
Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy. 
 Section 6.4 Trustee May File Proofs of
Claim. 
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of
the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled
and empowered, by intervention in such proceeding or otherwise: 
  

 21 

 (a) to file and prove a claim for the whole amount of principal and interest
owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding; and 
 (b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent 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 counsel, and any other amounts due the Trustee under Section 7.7. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.5 Trustee May Enforce Claims Without Possession of Securities. 
 All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such
proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
 Section 6.6 Application of Money Collected. 
 Any money collected by the
Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or interest, upon presentation of the Securities and the
notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 First: to the payment
of all amounts due the Trustee under Section 7.7; and 
 Second: to the payment of the amounts then due and unpaid
for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for
principal and interest, respectively; and 
 Third: to the Company. 
  

 22 

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

 23 

 Section 6.10 Rights and Remedies Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in
Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
 Section 6.11 Delay or Omission Not Waiver. 
 No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 6.12 Control by
Holders. 
 The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right
to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that: 
 (a) such direction shall not be in conflict with any rule of law or with this Indenture; 
 (b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and

 (c) subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any
such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability. 
 Section 6.13 Waiver of Past Defaults. 
 The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder
with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of
any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured, for every purpose of this

  

 24 

 
Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
 Section 6.14 Undertaking for Costs. 
 All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the
outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such Security (or, in
the case of redemption, on the redemption date). 
 ARTICLE VII 
 TRUSTEE 
 Section 7.1 Duties of Trustee.

 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by
this Indenture and use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (i) The Trustee need perform only those duties that are specifically set forth in this Indenture and no others. 

(ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officers’ Certificates or
Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions of Counsel to determine whether or not they conform to the
requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that: 
  

 25 

 (i) This paragraph does not limit the effect of paragraph (b) of this
Section. 
 (ii) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 
 (iii) The
Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the
outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the
Securities of such Series. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to
paragraph (a), (b) and (c) of this Section. 
 (e) The Trustee may refuse to perform any duty or exercise any right or
power unless it receives indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee shall not be
liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 (g) No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the
performance of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk is not reasonably assured to it. 

(h) The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care as
are set forth in paragraphs (a), (b) and (c) of this Section with respect to the Trustee. 
 Section 7.2 Rights of
Trustee. 
 (a) The Trustee may rely on and shall be protected in acting or refraining from acting upon any document
believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an 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 such Officers’ Certificate or Opinion of Counsel. 
 (c) The Trustee may act through agents and shall
not be responsible for the misconduct or negligence of any agent appointed with due care. No Depository shall be deemed

  

 26 

 
an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depository. 
 (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. 
 (e) The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (f)
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee reasonable security
or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 
 Section 7.3 Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the
owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11.

 Section 7.4 Trustee’s Disclaimer. 
 The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it
shall not be responsible for any statement in the Securities other than its authentication. 
 Section 7.5 Notice of
Defaults. 
 If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if
it is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series and, if any Bearer Securities are outstanding, publish on one occasion in an Authorized Newspaper, notice of a
Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or
interest on any Security of any Series, the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of
Securityholders of that Series. 
 Section 7.6 Reports by Trustee to Holders. 
 Within 60 days after May 15 in each year, the Trustee shall transmit by mail to all Securityholders, as their names and addresses
appear on the register kept by the Registrar and, if

  

 27 

 
any Bearer Securities are outstanding, publish in an Authorized Newspaper, a brief report dated as of such May 15, in accordance with, and to the extent required under, TIA Section 313.

 A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each stock
exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange. 
 Section 7.7 Compensation and Indemnity. 
 The Company shall pay to the
Trustee from time to time reasonable compensation for its services in amounts agreed to by the Company and the Trustee. 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 by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. 
 The Company shall indemnify the Trustee (including the cost of defending itself) against any loss, liability or expense incurred by it
except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim and
the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent
shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee. 
 The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through negligence
or bad faith. 
 To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the
Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities of that Series. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(e) or (f) occurs, the
expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
 Section 7.8 Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 
 The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company. The Holders of a majority in principal amount of the Securities of any

  

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Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series if:

 (a) the Trustee fails to comply with Section 7.10; 
 (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law; 
 (c) a Custodian or public officer takes charge of the Trustee or its property; or

 (d) the Trustee becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10%
in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee with respect to the Securities of any one or more Series fails to comply with Section 7.10, any Securityholder of the applicable Series may petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7,
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this
Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series and, if any Bearer Securities are outstanding, publish such notice on one occasion in an Authorized Newspaper. Notwithstanding
replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it prior to such
replacement. 
 Section 7.9 Successor Trustee by Merger, Etc. 
 If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee. 
 Section 7.10 Eligibility;
Disqualification. 
 This Indenture shall always have a Trustee who satisfies the requirements of TIA
Section 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA
Section 310(b). 
  

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 Section 7.11 Preferential Collection of Claims Against Company. 
 The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has
resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 
 ARTICLE VIII 

SATISFACTION AND DISCHARGE; DEFEASANCE 
 Section 8.1 Satisfaction and Discharge of Indenture. 
 This Indenture shall
upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture,
when: 
 (a) either: 
 (i) all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen
and that have been replaced or paid) have been delivered to the Trustee for cancellation; or 
 (ii) all such
Securities not theretofore delivered to the Trustee for cancellation: 
 (1) have become due and payable, or

 (2) will become due and payable at their Stated Maturity within one year, or 
 (3) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of the Company, or 
 (4) are deemed paid and
discharged pursuant to Section 8.3, as applicable; 
 and the Company, in the case of (1), (2) or (3) above, has
deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for
principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be; 
 (b) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 
  

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 (c) the Company has delivered to the Trustee an Officers’ Certificate
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee pursuant to
clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1 8.2 and 8.5 shall survive. 
 Section 8.2
Application of Trust Funds; Indemnification. 
 (a) Subject to the provisions of Section 8.5, all money deposited
with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received by the Trustee in respect of U.S.
Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited
with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4. 
 (b) The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited
pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders. 
 (c) The Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3
or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been
required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations
or Foreign Government Obligations held under this Indenture. 
 Section 8.3 Legal Defeasance of Securities of Any Series.

 Unless this Section 8.3 is otherwise specified pursuant to Section 2.2.20 to be inapplicable to Securities of any
Series (and notwithstanding whether the Company has previously satisfied the conditions set forth in clause (a) through (f) of Section 8.4, the Company shall be deemed to have paid and discharged the entire indebtedness on all the
outstanding Securities of such Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of

  

 31 

 
such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments acknowledging the same), except as to: 

(a) the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph
(d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or interest and (ii) the
benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series; 
 (b) the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and 
 (c) the rights, powers, trust and immunities of the Trustee hereunder; 
 provided that, the following conditions shall have been satisfied: 
 (d) the Company shall have deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities, (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such
other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or
Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later
than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay
and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on all the Securities of such Series on the dates such installments of interest or principal are due; 
 (e) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Company is a party or by which it is bound; 
 (f) no Default or Event of
Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 
 (g) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect
that the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount and in the
same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; 
  

 32 

 (h) the Company shall have delivered to the Trustee an Officers’
Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding
any other creditors of the Company; 
 (i) such deposit shall not result in the trust arising from such deposit
constituting an investment company (as defined in the Investment Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder; and 
 (j) the Company shall have delivered to the Trustee an Officers’ Certificate stating that all conditions precedent
provided for relating to the defeasance contemplated by this Section have been complied with. 
 Section 8.4 Covenant
Defeasance. 
 Unless this Section 8.4 is otherwise specified pursuant to Section 2.2.20 to be inapplicable to
Securities of any Series, on and after the 91st day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, and 5.1 as
well as any additional covenants contained in a supplemental indenture hereto for a particular Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.20 (and the failure to comply with any
such covenants shall not constitute a Default or Event of Default under Section 6.1), with respect to the Securities of such Series, provided that the following conditions shall have been satisfied: 
 (a) with reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as
provided in Section 8.2(c)) with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (i) in the case of Securities of such Series denominated in
Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a
composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be
imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written
certification thereof delivered to the Trustee, to pay principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such Series on the dates such installments of interest or principal are due; 
 (b) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture; 
  

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 (c) no Default or Event of Default with respect to the Securities of such
Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 
 (d) the Company shall have delivered to the Trustee an Opinion of Counsel confirming that Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes
as a result of such deposit and defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; 
 (e) the Company shall have delivered to the Trustee an Officers’ Certificate stating the deposit was not made by the
Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 
 (f) the Company shall have delivered to the Trustee an Officers’ Certificate stating that all conditions precedent
herein provided for relating to the defeasance contemplated by this Section have been complied with. 
 Section 8.5 Repayment
to Company. 
 The Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment
of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person.

 ARTICLE IX 
 AMENDMENTS AND WAIVERS 
 Section 9.1 Without Consent of Holders.

 The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the
consent of any Securityholder: 
 (a) to cure any ambiguity, defect or inconsistency; 
 (b) to comply with Article V; 
 (c) to provide for uncertificated Securities in addition to or in place of certificated Securities; 
 (d) to make any change that does not adversely affect the rights of any Securityholder; 
 (e) to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture; 
  

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 (f) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee; or 
 (g) to comply with requirements of the SEC in order to effect or maintain the qualification of
this Indenture under the TIA. 
 Section 9.2 With Consent of Holders. 
 The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in
principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in
Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such waiver by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer
for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series. 
 It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be
sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby and, if any Bearer Securities affected
thereby are outstanding, publish on one occasion in an Authorized Newspaper, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such supplemental indenture or waiver. 
 Section 9.3 Limitations.

 Without the consent of each Securityholder affected, an amendment or waiver may not: 
 (a) change the amount of Securities whose Holders must consent to an amendment, supplement or waiver; 
 (b) reduce the rate of or extend the time for payment of interest (including default interest) on any Security; 

(c) reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed
for, the payment of any sinking fund or analogous obligation; 
  

 35 

 (d) reduce the principal amount of Discount Securities payable upon
acceleration of the maturity thereof; 
 (e) waive a Default or Event of Default in the payment of the principal
of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default
that resulted from such acceleration); 
 (f) make the principal of or interest, if any, on any Security payable
in any currency other than that stated in the Security; 
 (g) make any change in Section 6.8, 6.13, 9.3
(this sentence), 10.15 or 10.16; or 
 (h) waive a redemption payment with respect to any Security or change any
of the provisions with respect to the redemption of any Securities. 
 Section 9.4 Compliance with Trust Indenture Act.

 Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture
hereto that complies with the TIA as then in effect. 
 Section 9.5 Revocation and Effect of Consents. 
 Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the
consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective. 
 Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (g) of
Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s
Security. 
 Section 9.6 Notation on or Exchange of Securities. 
 The Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The
Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the amendment or waiver. 
  

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 Section 9.7 Trustee Protected. 
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects its rights. 
 ARTICLE X 
 MISCELLANEOUS 
 Section 10.1 Trust Indenture Act. 
 The provisions of TIA Sections 310 through 317 that impose duties on any person (including the provisions automatically deemed included
herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not expressly set forth herein. If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or
deemed to be included in this Indenture by the TIA, such required or deemed provision shall control. If any provision of this Indenture modifies or excludes any provision of the TIA that may be so modified or excluded, the latter provision shall be
deemed to apply to this Indenture as so modified or excluded, as the case may be. 
 Section 10.2 Notices. 
 Any notice or communication by the Company or the Trustee to the other is duly given if in writing and delivered in person or mailed by
first-class mail: 
 if to the Company: 
 Cathay General Bancorp 
 777 North Broadway 
 Los Angeles, California 90012 
 Attention: General Counsel 
 if to the Trustee: 
 _____________ 
 _____________ 
 _____________ 
 The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 
  

 37 

 Any notice or communication to a Securityholder shall be mailed by first-class mail to his
address shown on the register kept by the Registrar and, if any Bearer Securities are outstanding, published in an Authorized Newspaper. Failure to mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect
its sufficiency with respect to other Securityholders of that or any other Series. 
 If a notice or communication is mailed or
published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it. 
 If the Company mails a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time. 
 Section 10.3 Communication by Holders with Other Holders. 
 Securityholders
of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the
Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c). 
 Section 10.4 Certificate and
Opinion as to Conditions Precedent. 
 Upon any request or application by the Company to the Trustee to take any action
under this Indenture, the Company shall furnish to the Trustee or an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been
complied with. 
 Section 10.5 Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include: 
 (a) a statement that the person making such certificate or opinion has read such covenant or condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 
  

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 Section 10.6 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable
rules and set reasonable requirements for its functions. 
 Section 10.7 Legal Holidays. 
 Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture for a particular Series, a
“Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall
accrue for the intervening period. 
 Section 10.8 No Recourse Against Others. 
 A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under
the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Securities. 
 Section 10.9 Counterparts. 
 This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 Section 10.10 Governing Laws. 
 THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF. 
 Section 10.11 No Adverse Interpretation of
Other Agreements. 
 This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or
a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 10.12
Successors. 
 All agreements of the Company in this Indenture and the Securities shall bind its successor. All
agreements of the Trustee in this Indenture shall bind its successor. 
  

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 Section 10.13 Severability. 
 In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 10.14 Table of
Contents, Headings, Etc. 
 The Table of Contents, Cross-Reference Table, and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
 Section 10.15 Securities in a Foreign Currency. 
 Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular
Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time
outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the
purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon
Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York. If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its
sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations or rates of exchange from one or more major banks in the City of New York or in the country
of issue of the currency in question or such other quotations or rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal
amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 
 All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the
preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders. 
 Section 10.16 Judgment Currency. 
 The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in
respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange
used shall be the rate at which in accordance with

  

 40 

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

 ARTICLE XI 
 SINKING FUNDS 
 Section 11.1 Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as
otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture. 
 The minimum amount
of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein
referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund
payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series. 
 Section 11.2 Satisfaction of Sinking Fund Payments with Securities. 
 The Company may, in satisfaction of all
or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities, (a) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other
than any of such Securities previously called for mandatory sinking fund redemption) and (b) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been redeemed either at the election of the
Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional

  

 41 

 
redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an
Officers’ Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in
such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this
Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt
of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to
time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an
unpaid principal amount equal to the cash payment required to be released to the Company. 
 Section 11.3 Redemption of
Securities for Sinking Fund. 
 Not less than 40 days (unless otherwise indicated in the Board Resolution, supplemental
indenture hereto or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying
the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the
amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the
Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner
provided in Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6. 
 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.

  

			
	CATHAY GENERAL BANCORP
		
	By:	 	 
		 	 Name:
 Title:

	  
 [TRUSTEE]

		
	By:	 	 
		 	 Name:
 Title:

  

 42

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