Document:

Exhibit 10.5

 

ASSET REPRESENTATIONS REVIEW AGREEMENT

 

among

 

HONDA AUTO RECEIVABLES 2020-3 OWNER TRUST,

as Issuer,

 

AMERICAN HONDA FINANCE CORPORATION,

as Sponsor and Servicer

 

and

 

CLAYTON FIXED INCOME SERVICES LLC,

 

as Asset Representations Reviewer

 

Dated as of September 29, 2020

 

     

     

    

 

Table
of Contents

 

Page

 

	ARTICLE I	USAGE AND DEFINITIONS	1
	 	 	 
	Section 1.1.	Usage and Definitions	1
	Section 1.2.	Additional Definitions	2
	 	 	 
	ARTICLE II	ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	2
	 	 	 
	Section 2.1.	Engagement; Acceptance	2
	Section 2.2.	Confirmation of Scope	2
	 	 	 
	ARTICLE III	ASSET REPRESENTATIONS REVIEW PROCESS	3
	 	 	 
	Section 3.1.	Review Notices	3
	Section 3.2.	Identification of Subject Receivables	3
	Section 3.3.	Review Materials	3
	Section 3.4.	Performance of Reviews	3
	Section 3.5.	Review Reports	4
	Section 3.6.	Limitations on Review Obligations	5
	 	 	 
	ARTICLE IV	ASSET REPRESENTATIONS REVIEWER	5
	 	 	 
	Section 4.1.	Representations and Warranties	5
	Section 4.2.	Covenants	6
	Section 4.3.	Fees, Expenses and Indemnities	7
	Section 4.4.	Limitation on Liability	8
	Section 4.5.	Indemnification by Asset Representations Reviewer	8
	Section 4.6.	Indemnification of Asset Representations Reviewer	8
	Section 4.7.	Inspections of Asset Representations Reviewer	9
	Section 4.8.	Delegation of Obligations	9
	Section 4.9.	Confidential Information	9
	Section 4.10.	Personally Identifiable Information	11
	 	 	 
	ARTICLE V	RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER	13
	 	 	 
	Section 5.1.	Eligibility Requirements for Asset Representations Reviewer	13
	Section 5.2.	Resignation and Removal of Asset Representations Reviewer	13
	Section 5.3.	Successor Asset Representations Reviewer	13
	Section 5.4.	Merger, Consolidation or Succession	14

 

    	 	i	 

     

    

 

Table
of Contents

(continued)

 

Page

 

	ARTICLE VI	OTHER AGREEMENTS	14
	 	 	 
	Section 6.1.	Independence of Asset Representations Reviewer	14
	Section 6.2.	No Petition	14
	Section 6.3.	Limitation of Liability of Owner Trustee	15
	Section 6.4.	Termination of Agreement	15
	 	 	 
	ARTICLE VII	MISCELLANEOUS PROVISIONS	15
	 	 	 
	Section 7.1.	Amendments	15
	Section 7.2.	Assignment; Benefit of Agreement; Third Party Beneficiaries	15
	Section 7.3.	Notices	16
	Section 7.4.	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	16
	Section 7.5.	No Waiver; Remedies	17
	Section 7.6.	Severability	17
	Section 7.7.	Headings	17
	Section 7.8.	Counterparts; Electronic Transmission	17
	 	 	 
	Schedule A	Representations and Warranties, Review Materials and Tests	 

 

    	 	ii	 

     

    

  

ASSET REPRESENTATIONS REVIEW AGREEMENT,
dated as of September 29, 2020 (this “Agreement”), among HONDA AUTO RECEIVABLES 2020-3 OWNER TRUST, a Delaware
statutory trust, as Issuer (the “Issuer”), AMERICAN HONDA FINANCE CORPORATION, a California Corporation (“AHFC”),
as Sponsor and Servicer, and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations
Reviewer (the “Asset Representations Reviewer”).

 

BACKGROUND

 

WHEREAS, in the regular course of its business,
AHFC acquires certain motor vehicle retail installment sale contracts secured by new and used automobiles (including light-duty
trucks) from motor vehicle dealers.

 

WHEREAS, in connection with a securitization
transaction sponsored by AHFC, AHFC sold a pool of Receivables consisting of retail installment sale contracts to American Honda
Receivables, LLC (the “Depositor”), who sold them to the Issuer.

 

WHEREAS, the Issuer has granted a security
interest in the pool of Receivables to the Indenture Trustee, for the benefit of the Holders of Notes, as security for the Notes
issued by the Issuer under the Indenture.

 

WHEREAS, the Issuer desires to engage the
Asset Representations Reviewer to perform reviews of certain Receivables for compliance with the representations and warranties
made by AHFC about the Receivables in the pool.

 

NOW, THEREFORE, in consideration of the
foregoing, other good and valuable consideration, and the mutual terms and conditions contained herein, the parties hereto agree
as follows.

 

ARTICLE I

USAGE AND DEFINITIONS

 

Section 1.1.            Usage
and Definitions. (a) Except as otherwise specified herein or if the context may otherwise require, capitalized terms not
defined in this Agreement shall have the respective meanings assigned such terms set forth in Appendix A to the Sale and Servicing
Agreement, dated as of the date hereof (the “Sale and Servicing Agreement”), by and among the Depositor, as
seller, AHFC, as servicer, RPA seller and sponsor, and Honda Auto Receivables 2020-3 Owner Trust, as issuer.

 

(b)            With
respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any gender
include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing
words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments
and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited
by this Agreement; references to Persons include their permitted successors and assigns; references to laws include their amendments
and supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including
without limitation;” and the term “or” is not exclusive.

 

    	 	 	 

     

    

 

Section 1.2.            Additional
Definitions. The following terms have the meanings given below:

 

“Asset Review” means
the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Subject Receivable according
to Section 3.4.

 

“Confidential Information”
has the meaning stated in Section 4.9(b).

 

“Information Recipients”
has the meaning stated in Section 4.9(a).

 

“Issuer PII” has the
meaning stated in Section 4.10(a).

 

“Personally Identifiable Information”
or “PII” has the meaning stated in Section 4.10(a).

 

“Review Fee” has the
meaning stated in Section 4.3(b).

 

“Review Materials” means,
for an Asset Review and a Subject Receivable, the documents and other materials for each Test listed under “Review Materials”
in Schedule A.

 

“Review Report” means,
for an Asset Review, the report of the Asset Representations Reviewer prepared according to Section 3.5.

 

“Test” has the meaning
stated in Section 3.4(a).

 

“Test Complete” has the
meaning stated in Section 3.4(c).

 

“Test Fail” has the meaning
stated in Section 3.4(a).

 

“Test Incomplete” has
the meaning stated in Section 3.4(a).

 

“Test Pass” has the meaning
stated in Section 3.4(a).

 

ARTICLE II

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

 

Section 2.1.            Engagement;
Acceptance. The Issuer engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuer.
Clayton Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer
on the terms in this Agreement.

 

Section 2.2.            Confirmation
of Scope. The parties confirm that the Asset Representations Reviewer is not responsible for determining whether noncompliance
with the representations or warranties constitutes a breach of the Basic Documents.

 

    	 	2	 

     

    

 

ARTICLE III

ASSET REPRESENTATIONS REVIEW PROCESS

 

Section 3.1.            Review
Notices. On receipt of a review notice from the Indenture Trustee in accordance with Section 7.05 of the Indenture, the
Asset Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will have no obligation to start
an Asset Review until a review notice is received.

 

Section 3.2.            Identification
of Subject Receivables. Within ten (10) Business Days after receipt of a review notice, the Servicer will deliver to the
Asset Representations Reviewer a list of the Subject Receivables.

 

Section 3.3.            Review
Materials.

 

(a)            Access
to Review Materials. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the
Subject Receivables within sixty (60) calendar days after receipt of the review notice in one or more of the following ways in
the Servicer’s reasonable discretion: (i) by electronic posting of Review Materials to a password-protected website
to which the Asset Representations Reviewer has access, (ii) by providing originals or photocopies of documents relating to
the Subject Receivables at one of the properties of the Servicer or (iii) in another manner agreed by the Servicer and the
Asset Representations Reviewer. The Servicer may redact or remove PII from the Review Materials so long as all information in the
Review Materials necessary for the Asset Representations Reviewer to complete the Asset Review remains intact and unchanged.

 

(b)            Missing
or Insufficient Review Materials. The Asset Representations Reviewer will review the Review Materials to determine if any Review
Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations
Reviewer reasonably determines that any of the Review Materials are missing or insufficient for the Asset Representations Reviewer
to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty
(20) calendar days before completing the Review, and the Servicer will use reasonable efforts to provide the Asset Representations
Reviewer access to such missing Review Materials or other documents or information to correct the insufficiency within fifteen
(15) calendar days. If the missing or insufficient Review Materials have not been provided by the Servicer within sixty (60) calendar
days, the parties agree that the Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report
will indicate the reason for the Test Incomplete.

 

Section 3.4.            Performance
of Reviews.

 

(a)            Test
Procedures. For an Asset Review, the Asset Representations Reviewer will perform for each Subject Receivable the procedures
listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”),
using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations
Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), or if the
Test has not been satisfied (a “Test Fail”), or if the Test could not be concluded as a result of missing or
incomplete Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination
for all Subject Receivables that are subject to the same Test.

 

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(b)            Review
Period. The Asset Representations Reviewer will complete the Review of all of the Subject Receivables within sixty (60) calendar
days after receiving access to the Review Materials under Section 3.3(a). However, if missing or additional Review
Materials are provided to the Asset Representations Reviewer under Section 3.3(b), the review period will be extended
for an additional thirty (30) calendar days.

 

(c)            Completion
of Review for Certain Subject Receivables. Following the delivery of the list of the Subject Receivables and before the delivery
of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject
Receivable is paid in full by the Obligor or purchased from the Issuer by the Sponsor, the Depositor or the Servicer according
to the applicable Basic Document. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests
of such Receivables and the Review of such Receivables will be considered complete (a “Test Complete”). In this
case, the Review Report will indicate a Test Complete for the Receivables and the related reason.

 

(d)            Previously
Reviewed Receivable: Duplicative Tests. If any Subject Receivable was included in a prior Asset Review, the Asset Representations
Reviewer will not perform the same Tests on it, but will include the results of the previous Tests in the Review Report for the
current Asset Review.

 

(e)            Duplicative
Tests. If the same Test is required for more than one representation or warranty listed on Schedule A, the Asset Representations
Reviewer will only perform the Test once for each Review Receivable but will report the results of the Test for each applicable
representation or warranty on the Review Report.

 

(f)            Termination
of Review. If an Asset Review is in process and the Notes will be paid in full on the next Distribution Date, the Servicer
will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) calendar days before that Distribution
Date. On receipt of notice, the Asset Representations Reviewer will terminate the Asset Review immediately and will have no obligation
to deliver a Review Report.

 

Section 3.5.            Review
Reports. (a) Within ten (10) calendar days after the end of the Asset Review period under Section 3.4(b),
the Asset Representations Reviewer will deliver to the Issuer, the Sponsor, the Servicer and the Indenture Trustee a Review Report
indicating for each Subject Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Subject Receivable
was a Test Complete and the related reason. The Review Report will contain a summary of the findings and conclusions of the Asset
Representations Reviewer with respect to the Asset Review to be included in the Issuer’s Form 10-D report for the Collection
Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain
any Issuer PII. On the reasonable request of the Servicer or the Indenture Trustee, acting solely on behalf of the Noteholders,
the Asset Representations Reviewer will provide additional details on the Test results.

 

(b)            Questions
About Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written
questions or requests for clarification of any Review Report from the Servicer or the Indenture Trustee, acting solely on behalf
of the Noteholders, until the earlier of (i) payment in full of the Notes and (ii) one year after the delivery of the
Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification
from Noteholders or any Person other than the Servicer or the Indenture Trustee, acting solely on behalf of the Noteholders, and
will direct such Persons to submit written requests to the Servicer.

 

    	 	4	 

     

    

 

Section 3.6.            Limitations
on Review Obligations.

 

(a)            Review
Process Limitations. The Asset Representations Reviewer will have no obligation:

 

(i)            to
determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct an Asset
Review under the Indenture, and may rely on the information in any review notice delivered by the Indenture Trustee;

 

(ii)           to
determine which Receivables are subject to an Asset Review, and may rely on the lists of Subject Receivables provided by the Servicer;

 

(iii)          to
obtain or confirm the validity of the Review Materials and no liability for any errors in the Review Materials and may rely on
the accuracy and completeness of the Review Materials;

 

(iv)          to
obtain missing or insufficient Review Materials from any party or any other source; or

 

(v)           to
take any action or cause any other party to take any action under any of the Basic Documents or otherwise to enforce any remedies
against any Person for breaches of representations or warranties about the Subject Receivables.

 

ARTICLE IV

ASSET REPRESENTATIONS REVIEWER

 

Section 4.1.            Representations
and Warranties. The Asset Representations Reviewer represents and warrants to the Issuer as of the Closing Date:

 

(a)            Organization
and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a limited liability company
in good standing under the laws of the State of Delaware. The Asset Representations Reviewer is qualified as a foreign limited
liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership
or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure
to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset
Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(b)            Power,
Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform
its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance
of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable
against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating
to the enforcement of creditors’ rights or by general equitable principles.

 

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(c)            No
Conflicts and No Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset
Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under,
any indenture, loan agreement, guarantee or other agreement or instrument under which the Asset Representations Reviewer is a debtor
or guarantor, (B) result in the creation or imposition of any Lien on any of the properties or assets of the Asset Representations
Reviewer under the terms of any indenture, loan agreement, guarantee or other agreement or instrument, (C) violate the organizational
documents of the Asset Representations Reviewer or (D) violate any law or any order, rule or regulation of a federal
or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset
Representations Reviewer or its properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably
be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations
under this Agreement.

 

(d)            No
Proceedings. There are no proceedings or investigations pending or, to the knowledge of the Asset Representations Reviewer,
threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Asset Representations Reviewer or its properties (A) asserting the invalidity of this Agreement,
(B) seeking to prevent the completion of the transactions contemplated by this Agreement or (C) seeking any determination
or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability
to perform its obligations under, or the validity or enforceability of, this Agreement.

 

(e)            Eligibility.
The Asset Representations Reviewer meets the eligibility requirements in Section 5.1 and will notify the Issuer and
the Servicer promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in
Section 5.1.

 

Section 4.2.            Covenants.
The Asset Representations Reviewer covenants and agrees that:

 

(a)            Eligibility.
It will notify the Issuer and the Servicer promptly if it no longer meets the eligibility requirements in Section 5.1.

 

(b)            Review
Systems; Personnel. It will maintain business process management and/or other systems necessary to ensure that it can perform
each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will
ensure that these systems allow for each Subject Receivable and the related Review Materials to be individually tracked and stored
as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to
conduct Asset Reviews as required by this Agreement.

 

(c)            Maintenance
of Review Materials. It will maintain copies of any Review Materials, Review Reports and other documents relating to an Asset
Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement or
repayment of the Notes in full, whichever comes first.

 

    	 	6	 

     

    

 

Section 4.3.            Fees,
Expenses and Indemnities.

 

(a)            Annual
Fee. The Sponsor will pay the Asset Representations Reviewer, as compensation for agreeing to act as the Asset Representations
Reviewer under this Agreement, an annual fee equal to $5,000. The annual fee will be paid as agreed in Section 4.3(d) by
the Sponsor until this Agreement is terminated; provided, that in the year in which all Notes are paid in full, the annual
fee shall be reduced pro rata by an amount equal to the days of the year in which the Notes are no longer outstanding.

 

(b)            Review
Fee. Following the completion of an Asset Review and the delivery to the Indenture Trustee, the Sponsor and the Servicer of
the Review Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Sponsor
of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of up to $250 for each Account containing a
Subject Receivable (the “Review Fee”). However, no Review Fee will be charged for any Tests that were performed
in a prior Asset Representations Review or for any Asset Representations Review in which no Tests were completed prior to the Asset
Representations Reviewer being notified of a termination of the Asset Representations Review in accordance with Section 3.4(e).
The Sponsor will pay the Review Fee to the Asset Representations Reviewer in accordance with the terms of Section 4.3(d) of
this Agreement. If an Asset Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must
submit its invoice for the Review Fee for the terminated Asset Review no later than five Business Days before the final Payment
Date to be reimbursed no later than the final Payment Date.

 

(c)            Reimbursement
of Travel Expenses. If the Servicer provides access to the Review Materials at one of its properties, the Sponsor will reimburse
the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Review upon receipt
of a detailed invoice.

 

(d)            Payment
of Fees and Indemnities. The Asset Representations Reviewer shall submit reasonably detailed invoices to the Sponsor for any
amounts owed to it under this Agreement. To the extent not paid by the Sponsor within sixty (60) calendar days following the receipt
of a detailed invoice, the fees provided for in this Section 4.3 and the indemnities provided for in Section 4.6(a) shall
be paid by the Issuer pursuant to Section 4.06(c) of the Sale and Servicing Agreement; provided, that prior to
any such payment pursuant to the Sale and Servicing Agreement, the Asset Representations Reviewer shall notify the Sponsor in writing
that such payments have been outstanding for at least sixty (60) calendar days. For the avoidance of doubt, to the extent that
such owed amounts are not paid in full by the Sponsor or any other party, upon receipt of a detailed invoice, the Asset Representations
Reviewer shall be entitled to payment by the Sponsor of incurred but otherwise unpaid amounts.

 

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Section 4.4.            Limitation
on Liability. The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good
faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful
misconduct, bad faith, breach of this Agreement or negligence in performing its obligations under this Agreement. In no event will
the Asset Representations Reviewer be liable for special, indirect or consequential losses or damages (including lost profit),
even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form
of action.

 

Section 4.5.            Indemnification
by Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer, the Depositor, the
Servicer, the Sponsor, the Owner Trustee and the Indenture Trustee (each, an “Indemnified Party”) and their
respective directors, officers, employees and agents for all costs, expenses, losses, damages and liabilities (including any reasonable
legal fees and expenses incurred by an Indemnified Party in connection with the enforcement of any indemnification or other obligation
of the Asset Representations Reviewer) resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations
Reviewer in performing its obligations under this Agreement, (b) the Asset Representations Reviewer’s failure to comply
with the requirements of applicable federal, state or local laws and regulations in the performance of its duties hereunder or
(c) the Asset Representations Reviewer’s breach of any of its representations, warranties, covenants or other obligations
in this Agreement. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination
of this Agreement, the termination of the Issuer and the permitted resignation or removal of the Asset Representations Reviewer.

 

Section 4.6.            Indemnification
of Asset Representations Reviewer.

 

(a)            Indemnification.
The Sponsor will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified
Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of the Asset Representations
Reviewer’s obligations under this Agreement (including the costs and expenses of defending itself against any loss, damage
or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s
willful misconduct, bad faith or negligence, (ii) the Asset Representations Reviewer’s failure to comply with the requirements
of applicable federal, state and local laws and regulations in the performance of its duties hereunder or (iii) the Asset
Representations Reviewer’s breach of any of its representations, warranties, covenants or other obligations in this Agreement.

 

(b)            Proceedings.
Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to
be made under Section 4.6(a), notify the Sponsor of the Proceeding. The Sponsor may participate in and assume the defense
and settlement of a Proceeding at its expense. If the Sponsor notifies the Indemnified Person of its intention to assume the defense
of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and the Sponsor will not be liable for legal
expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Sponsor, and an Indemnified
Person. If there is a conflict, the Sponsor will pay for the reasonable fees and expenses of separate counsel to the Indemnified
Person. No settlement of a Proceeding may be made without the approval of the Sponsor and the Indemnified Person, which approval
will not be unreasonably withheld.

 

    	 	8	 

     

    

 

(c)            Survival
of Obligations. The Issuer’s obligations under this Section 4.6 will survive the permitted resignation or
removal of the Asset Representations Reviewer and the termination of this Agreement.

 

(d)            Repayment.
If the Sponsor makes any payment under this Section 4.6 and the Indemnified Person later collects any of the amounts
for which the payments were made to it from others, the Indemnified Person will promptly repay the amounts to the Sponsor.

 

Section 4.7.            Inspections
of Asset Representations Reviewer. The Asset Representations Reviewer agrees that, with reasonable prior notice not more than
once during any year, it will permit authorized representatives of the Issuer, the Servicer or the Sponsor, during the Asset Representations
Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials
of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations
under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a
claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit
the Issuer’s, the Servicer’s or the Sponsor’s representatives to make copies and extracts of any of those documents
and to discuss them with the Asset Representations Reviewer’s officers and employees. Each of the Issuer, the Servicer and
the Sponsor will, and will cause its authorized representatives to, hold in confidence any proprietary confidential information
of the Asset Representations Reviewer except if disclosure may be required by law or if the Issuer, the Servicer or the Sponsor
reasonably determines that it is required to make the disclosure under this Agreement or the other Basic Documents. Except as described
in Section 4.2(c), the Asset Representations Reviewer will maintain all relevant books, records, reports and other
documents and materials for a period of at least two years after the termination of its obligations under this Agreement.

 

Section 4.8.            Delegation
of Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to
any Person without the consent of the parties to this Agreement.

 

Section 4.9.            Confidential
Information.

 

(a)            Treatment.
The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence
and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure
the confidentiality of the Confidential Information. The Confidential Information will not, without the prior consent of the Issuer,
the Sponsor and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees,
agents, representatives or affiliates, including legal counsel (collectively, the “Information Recipients”)
other than for the purposes of performing Asset Reviews of Subject Receivables or performing its obligations under this Agreement.
The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities
issued by AHFC or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential
Information for the preparation of research reports, newsletters or other publications or similar communications.

 

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(b)            Definition.
 “Confidential Information” means oral, written and electronic materials (irrespective of its source or form
of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes
contemplated by this Agreement, including:

 

(i)            lists
of Subject Receivables and any related Review Materials;

 

(ii)           origination
and servicing guidelines, policies and procedures and form contracts; and

 

(iii)          notes,
analyses, compilations, studies or other documents or records prepared by the Sponsor or the Servicer, which contain information
supplied by or on behalf of the Sponsor or the Servicer or their representatives.

 

However, Confidential Information will not include information
that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients,
(B) was available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity
other than the Issuer, the Sponsor or the Servicer before its disclosure to the Information Recipients who, to the knowledge of
the Information Recipient is not bound by a confidentiality agreement with the Issuer, the Sponsor or the Servicer and is not prohibited
from transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients
without the use of the Confidential Information, as shown by the Information Recipients’ files and records or other evidence
in the Information Recipients’ possession or (D) the Issuer, the Sponsor or the Servicer provides permission to the
applicable Information Recipients to release.

 

(c)            Protection.
The Asset Representations Reviewer will use reasonable measures to protect the secrecy of and avoid disclosure and unauthorized
use of Confidential Information, including those measures that it takes to protect its own confidential information and not less
than a reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is
also subject to the additional requirements in Section 4.9.

 

(d)            Disclosure.
If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative,
governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential
Information. However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or
order, will use its reasonable efforts to provide the Issuer, the Sponsor and the Servicer with notice of the requirement and will
cooperate, at the Sponsor’s expense, in the Issuer’s and the Sponsor’s pursuit of a proper protective order or
other relief for the disclosure of the Confidential Information. If the Issuer or the Sponsor is unable to obtain a protective
order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will
disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose.

 

(e)            Responsibility
for Information Recipients. The Asset Representations Reviewer will be responsible for a breach of this Section 4.9
by its Information Recipients.

 

    	 	10	 

     

    

 

(f)            Violation.
The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer, the Sponsor
and the Servicer and the Issuer, the Sponsor and the Servicer may seek injunctive relief in addition to legal remedies. If an action
is initiated by the Issuer or the Servicer to enforce this Section 4.9, the prevailing party will be reimbursed for
its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement.

 

Section 4.10.            Personally
Identifiable Information.

 

(a)            Definitions.
 “Personally Identifiable Information” or “PII” means information in any format about an identifiable
individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), vehicle identification
number(s) or “VIN(s)”, any other actual or assigned attribute associated with or identifiable to an individual
and any information that when used separately or in combination with other information could identify an individual. “Issuer
PII” means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII
developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

 

(b)            Use
of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII. None of the Issuer, the
Sponsor or the Servicer intend to share, provide or supply any Issuer PII to the Asset Representations Reviewer. However, if the
Asset Representations Reviewer receives any Issuer PII, the Asset Representations Reviewer will promptly (i) notify the Servicer
and (ii) delete and destroy such Issuer PII in accordance with Section 4.10(c). Notwithstanding the foregoing,
the Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s
business, including any legally required codes of conduct, including those relating to privacy, security and data protection. The
Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including
administrative, technical and physical safeguards designed to (i) protect the security, confidentiality and integrity of Issuer
PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against
unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards
include a written data security plan, employee training, information access controls, restricted disclosures, systems protections
(e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures.

 

(c)            Additional
Limitations. In addition to the use and protection requirements described in Section 4.10(b), the Asset Representations
Reviewer’s disclosure of Issuer PII is also subject to the following requirements:

 

(i)            The
Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except
(A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Review, (B) with the
prior consent of the Issuer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuer PII
will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations
Reviewer will inform personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel
with access to Issuer PII on the proper use and protection of Issuer PII.

 

    	 	11	 

     

    

 

(ii)           The
Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party without the prior
consent of the Issuer.

 

(d)            Notice
of Breach. The Asset Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably suspected
security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer
PII and, where applicable, immediately take action to prevent any further breach.

 

(e)            Return
or Disposal of Issuer PII. Except where return or disposal is prohibited by applicable law, promptly on the earlier of the
completion of the Asset Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations Reviewer’s
possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if
so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable
copies, in both cases, without charge to the Issuer. Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations
Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer PII to that required by applicable
law.

 

(f)            Compliance;
Modification. The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the Asset
Representations Reviewer’s compliance with this Section 4.10. The Asset Representations Reviewer and the Issuer
agree to modify this Section 4.10 as necessary from time to time for either party to comply with applicable law.

 

(g)            Affiliates
and Third Parties. If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party
when performing an Asset Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such
Affiliate or third party is an intended third-party beneficiary of this Section 4.10, and this Agreement is intended
to benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII related terms of this
Section 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement.

 

(h)            Audit
of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuer and its authorized representatives
to audit the Asset Representations Reviewer’s compliance with this Agreement during the Asset Representations Reviewer’s
normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year
unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described
in this Section 4.10 with the inspections described in Section 4.7. The Asset Representations Reviewer
will also permit the Issuer and its authorized representatives during normal business hours on reasonable advance written notice
to audit any service providers used by the Asset Representations Reviewer with the Sponsor’s prior written consent to fulfill
the Asset Representations Reviewer’s obligations under this Agreement.

 

    	 	12	 

     

    

 

 

ARTICLE V

RESIGNATION AND REMOVAL;

SUCCESSOR ASSET REPRESENTATIONS REVIEWER

 

Section 5.1.        Eligibility
Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be a Person who (a) is not Affiliated
with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was
not, and is not Affiliated with a Person that was, engaged by the Sponsor or any Underwriter to perform any due diligence on the
Receivables prior to the Closing Date.

 

Section 5.2.        Resignation
and Removal of Asset Representations Reviewer.

 

(a)          No
Resignation of Asset Representations Reviewer. The Asset Representations Reviewer will not resign as Asset Representations
Reviewer unless (a) the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1
or (b) upon determination that the performance of its duties under this Agreement is no longer permissible under applicable
law. The Asset Representations Reviewer will notify the Issuer and the Servicer of its resignation as soon as practicable after
it determines it is required to resign and stating the resignation date and including an Opinion of Counsel supporting its determination.

 

(b)          Removal
of Asset Representations Reviewer. If any of the following events occur, the Sponsor, by notice to the Asset Representations
Reviewer, may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement:

 

(i)         the
Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1;

 

(ii)        the
Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement;
or

 

(iii)       an
Insolvency Event of the Asset Representations Reviewer occurs.

 

(c)          Notice
of Resignation or Removal. The Sponsor will notify the Issuer, the Owner Trustee and the Indenture Trustee of any resignation
or removal of the Asset Representations Reviewer.

 

(d)          Continue
to Perform After Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective,
and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations
Reviewer has accepted its engagement according to Section 5.3(b).

 

Section 5.3.        Successor
Asset Representations Reviewer.

 

(a)           Engagement
of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer, the
Sponsor will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1.

 

    	 	13	 

     

    

 

(b)          Effectiveness
of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until the successor
Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement
and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entered into a new agreement
with the Issuer on substantially the same terms as this Agreement.

 

(c)          Transition
and Expenses. If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate
with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations
Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations
Reviewer will pay the reasonable expenses (including the fees and expenses of counsel) of transitioning the Asset Representations
Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on such obligations
on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer.

 

Section 5.4.        Merger,
Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting
from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business
of the Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.1, will be the
successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the
Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption
happens by operation of law).

 

ARTICLE VI

OTHER AGREEMENTS

 

Section 6.1.        Independence
of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor and will not be subject
to the supervision of the Issuer, the Owner Trustee or the Indenture Trustee for the manner in which it accomplishes the performance
of its obligations under this Agreement. Unless authorized by the Issuer, the Owner Trustee, or the Indenture Trustee, respectively,
the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Owner Trustee or the Indenture
Trustee and will not be considered an agent of the Issuer, the Owner Trustee or the Indenture Trustee. None of the Issuer, the
Owner Trustee or the Indenture Trustee will be responsible for monitoring the performance of the Asset Representations Reviewer
or liable to any Person for the failure of the Asset Representations Reviewer to perform its obligations hereunder. Nothing in
this Agreement will make the Asset Representations Reviewer and any of the Issuer, the Owner Trustee or the Indenture Trustee members
of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

 

Section 6.2.        No
Petition. Each of the parties, by entering into this Agreement, agrees that, before the date that is one year and one day (or,
if longer, any applicable preference period) after payment in full of (a) all securities issued by the Depositor or by a trust
for which the Depositor was a depositor (including, without limitation, the Issuer) or (b) the Notes, it will not start or
pursue against, or join any other Person in starting or pursuing against (i) the Depositor or (ii) the Issuer, respectively,
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or
similar law. This Section 6.2 will survive the termination of this Agreement.

 

    	 	14	 

     

    

 

Section 6.3.        Limitation
of Liability of Owner Trustee. This Agreement has been signed on behalf of the Issuer by The Bank of New York Mellon not in
its individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will The Bank of New York Mellon
in its individual capacity be liable for the Issuer’s obligations under this Agreement. For all purposes under this Agreement,
the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement.

 

Section 6.4.        Termination
of Agreement. This Agreement will terminate, except for the obligations under Section 4.5 or as otherwise stated
in this Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of
the Indenture and (b) the date the Issuer is terminated under the Trust Agreement.

 

ARTICLE VII

MISCELLANEOUS PROVISIONS

 

Section 7.1.        Amendments.

 

(a)          This
Agreement can be modified in a written document executed by the parties hereto without the consent of the Noteholders or any other
Person; provided, that, except with respect to amendments (i) to clarify an ambiguity, correct an error or correct or supplement
any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate
the acceptance of this Agreement by, a successor Asset Representations Reviewer or (ii) to convert or supplement any provision
in a manner consistent with the intent of this Agreement, either (a) such amendment shall not, as evidenced by an opinion
of counsel or officer’s certificate, materially and adversely affect the interests of the holders of any outstanding Note
or (b) the Rating Agency Condition is satisfied with respect to such amendment. With respect to any amendment for which clauses
(a) or (b) of the immediately preceding sentence cannot be satisfied, this Agreement can be amended with the consent
of the Noteholders of a majority of the Outstanding Principal Balance of the Notes of each adversely affected Series.

 

(b)          Notice
of Amendments. The Servicer will notify the Rating Agencies in advance of any amendment. Promptly after the execution of an
amendment, the Servicer will deliver a copy of the amendment to the Rating Agencies and the Indenture Trustee.

 

Section 7.2.        Assignment;
Benefit of Agreement; Third Party Beneficiaries.

 

(a)          Assignment.
Except as stated in Section 5.4, this Agreement may not be assigned by the Asset Representations Reviewer without the
consent of the parties to this Agreement.

 

(b)          Benefit
of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their
permitted successors and assigns. The Owner Trustee and the Indenture Trustee, for the benefit of the Noteholders, will be third-party
beneficiaries of this Agreement and entitled to enforce this Agreement against the Asset Representations Reviewer. No other Person
will have any right or obligation under this Agreement.

 

    	 	15	 

     

    

 

Section 7.3.        Notices.

 

(a)          Delivery
of Notices. All notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing
and will be considered given:

 

(i)         For
overnight mail, on delivery or, for a letter mailed by registered first class mail, postage prepaid, three days after deposit in
the mail;

 

(ii)        for
a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(iii)       for
an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)       for
an electronic posting to a password-protected website to which the recipient has access, on delivery (without the requirement of
confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred.

 

(b)          Notice
Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed to: (i) (a) in
the case of the Sponsor and the Servicer, to American Honda Finance Corporation, 1919 Torrance Blvd. 5th Floor, Torrance,
CA 90501, Attention: Treasury Capital Markets, (b) in the case of the Issuer or the Owner Trustee, to Honda Auto Receivables
2020-3 Owner Trust, c/o The Bank of New York Mellon, 240 Greenwich Street, Floor 7 West, New York, NY 10286, Attention: Asset Backed
Securities Unit – Honda Auto Receivables 2020-3, (c) in the case of the Indenture Trustee, to U.S. Bank National Association,
190 South LaSalle Street, 7th Floor, Chicago, Illinois, 60603, Attention: Corporate Trust Services Honda Auto Receivables
2020-3 and (d) in the case of the Asset Representations Reviewer via electronic mail to ARRNotices@clayton.com, and to Clayton
Fixed Income Services LLC, 2638 South Falkenburg Road, Riverview, FL 33578, Attention: SVP; with a copy to Covius Services, LLC,
720 S. Colorado Blvd, Suite 200, Glendale, CO 80246, Attention: Legal Department or, (ii) as to each party, at such other
address or email as shall be designated by such party in a written notice to each other party.

 

Section 7.4.        Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Each
of the parties hereto hereby submits to the exclusive jurisdiction of the United States District Court for the Southern District
of New York and of any New York State court sitting in New York City for purposes of all legal proceedings arising out of or relating
to this Agreement or the transactions contemplated hereby. Each of the parties hereto hereby further irrevocably waives any claim
that any such courts lack jurisdiction over such party, and agrees not to plead or claim, in any legal action or proceeding with
respect to this Agreement in any of the aforesaid courts, that any such court lacks jurisdiction over such party. Each of the parties
hereto irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying
of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has
been brought in an inconvenient forum.

 

    	 	16	 

     

    

 

Each
party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect
of any litigation directly or indirectly arising out of, under or in connection with this agreement.

 

Section 7.5.        No
Waiver; Remedies. No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate
as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power,
right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in
addition to any powers, rights and remedies under law.

 

Section 7.6.        Severability.
If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement
and will not affect the validity, legality or enforceability of the remaining Agreement.

 

Section 7.7.        Headings.
The headings in this Agreement are included for convenience and will not affect the meaning or
interpretation of this Agreement.

 

Section 7.8.        Counterparts;
Electronic Transmission.

 

(a)          This
Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be
one document. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed .pdf or any
other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a
manually executed counterpart of this Agreement. The words “execution,” “signed,” “signature,”
 “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement
and the transactions contemplated hereby shall be deemed to include electronic signatures, deliveries or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for
in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act or any other similar state
laws based on the Uniform Electronic Transactions Act.

 

    	 	17	 

     

    

 

(b)          The
Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Issuer are authorized to accept written instructions, directions,
reports, notices or other communications signed manually, by way of faxed signatures, or delivered by Electronic Transmission.
In the absence of bad faith or negligence on its part, each of the Indenture Trustee, the Owner Trustee, the Delaware Trustee and
the Issuer may conclusively rely on the fact that the Person sending instructions, directions, reports, notices or other communications
or information by Electronic Transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices
or other communications or information on behalf of the party purporting to send such Electronic Transmission and, in the absence
of bad faith or negligence, shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by
any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications
or information to the Indenture Trustee, the Owner Trustee, the Delaware Trustee or the Issuer, including, without limitation,
the risk of either the Indenture Trustee, the Owner Trustee, the Delaware Trustee or the Issuer acting on unauthorized instructions,
notices, reports or other communications or information, and the risk of interception and misuse by third parties.

 

[Remainder of Page Left
Blank]

 

    	 	18	 

     

    

 

EXECUTED BY:

 

	 	HONDA
    AUTO RECEIVABLES 2020-3 OWNER TRUST, as Issuer
	 	 
	 	By:	The
    Bank of New York Mellon, not in its individual
    capacity, but solely as Owner Trustee
	 	 
	 	 
	 	By:	/s/ Rita Duggan
	 	 	Name:  Rita Duggan
	 	 	Title:    Vice President 
	 	 
	 	 
	 	AMERICAN
    HONDA FINANCE CORPORATION, as Sponsor and Servicer
	 	 
	 	 
	 	By:	/s/  Paul C. Honda
	 	 	Name:  Paul C. Honda
	 	 	Title:    Vice President and Assistant Secretary
	 	 
	 	 
	 	CLAYTON
    FIXED INCOME SERVICES LLC, as
    Asset Representations Reviewer
	 	 
	 	 
	 	By:	/s/ Adam D. Nichols
	 	 	Name:  Adam D. Nichols
	 	 	Title:    CAO

 

HAROT 2020-3

ARR Agreement

 

    	 	S-1	 

     

    

 

Schedule A

 

Representations and Warranties, Review Materials
and Tests

 

	Representations and Warranty	 	Review Materials and Tests
	
        (i)         Characteristics
        of Receivables. Each Receivable

         

        (a)   was originated
        by a Dealer located in the United States for the sale of the related Financed Vehicle, fully executed or electronically authenticated
        by the Obligor thereto, purchased by AHFC from such Dealer under an existing agreement with AHFC, assigned by such Dealer to the
        RPA Seller and subsequently sold by the RPA Seller to the Purchaser pursuant to the Receivables Purchase Agreement,

         

        (b)   has created
        or shall create a first priority security interest in favor of the RPA Seller in the related Financed Vehicle, which security interest
        has been assigned by the RPA Seller to the Purchaser and shall be assignable, and shall be so assigned, by the Purchaser to the
        Issuer,

         

        (c)   contains
        provisions that permit the repossession and sale of the Financed Vehicle upon a default under the Receivable by the Obligor,

         

        (d)   except
        as otherwise provided in this Agreement, provides, at the time of origination, for level Monthly Payments (provided that the first
        and last payments in the life of the Receivable may be different from but in no event more than two times the level payment) that
        fully amortize the Amount Financed over its original term,

         

        (e)   allows
        for prepayment,

         

        (f)    is
        not listed on the Servicer’s records as a federal, state or local governmental entity and

         

        (g)   is a retail
        installment sales contract.

         
	 	
        Review Materials:

        (a)   Title
documents

        (b)   Installment
sales contract

        (c)   Receivable
Files

        (d)   Servicer’s
Records/Data file

        Tests:

        (a)   Origination

        i.     Review
the contract and confirm that the Dealer address is a United States address.

        ii.    Review
the contract and confirm that it was signed by the Obligor.

        iii.   Review
the contract and confirm that AHFC (or an acceptable variation of the name) is listed as an assignee within the assignment section.

        iv.   Review
the contract and confirm the Vehicle Identification Number (VIN) on the contract matches the VIN on the Certificate of Title or
Application for Title.

        v.    Confirm
the Dealer signed the assignment section of the contract.

        (b)   Security
Interest Enforcement

        i.     Review
the Receivable File and confirm that the security interest has not been subordinated and the Receivable maintains an enforceable
security interest in favor of AHFC for the Financed Vehicle.

        (c)   Repossession

        i.     Review
the contract and confirm that it contains language permitting the repossession and sale of the Financed Vehicle upon default by
the Obligor.

        (d)   Fully
Amortizing Payment Schedule

        i.     Review
the contract and confirm that all payments are equivalent with the possible exception of the first and last payments, which may
be two times the level payment.

        ii.    Review
the Truth-in-Lending section of the contract and calculate the product of the Amount of Payments with the Number of Payments and
confirm that this amount is equal to the Total of Payments.

        (e)   Prepayments

        i.     Review
the contract and confirm that the terms conform to the representation.

        (f)    No
governmental obligors

        i.     Review
the contract and confirm that the Obligor does not appear to be a governmental entity and that the Servicer’s records do
not otherwise indicate that the Obligor is a governmental entity.

  

    	 	 	 

     

    

 

	 	 	
        (g)   Retail
        installment sale contract

        i.     Review
        the contract and confirm that the contract terms conform to the representation.

        (h)   If (a) through
        (g) are confirmed, then Test Pass.

	(ii)        Compliance with Law.  At the time it was originated, the Receivable complied in all material respects with all requirements of law in effect at the time and applicable to such Receivable.	 	
        Review Materials:

        (a)   Installment
        sales contract

        (b)   AHFC’s
        list of approved contract forms.

        Tests:

        (a)   Review
        the contract form number and revision date and confirm that they are both on AHFC’s list of approved contract forms.

        (b)   If
        (a) is confirmed, then Test Pass.

	(iii)        Binding Obligation.  Each Receivable is on a form contract that includes the legal and binding payment obligation in writing of the related Obligor, enforceable by the holder thereof, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation or other laws affecting the enforcement of creditors’ rights and by general principles of equity, consumer protection laws and the Servicemembers Civil Relief Act.	 	
        Review Materials:

        (a)   Installment
        sales contract

        (b)   AHFC’s
        list of approved contract forms.

        Tests:

        (a)   Review
        the contract form number and revision date and confirm that they are both on AHFC’s list of approved contract forms.

        (b)   Confirm
        the Obligor signed the contract.

        (c)   If
        (a) and (b) are confirmed, then Test Pass.

	(iv)       Receivables
in Force.  According to the Servicer’s Receivables system, the Receivable shall not have been satisfied, subordinated
or rescinded, nor shall the Financed Vehicle have been released in whole or in part from the lien granted by the related Receivable
on the Cutoff Date.	 	
        Review Materials:

        (a)   Receivable
        Files

        (b)   Title
        documents

        (c)   Servicer’s
        Records/Data file

        Tests:

        (a)   Confirm
        that there is no indication in the Servicer’s Records or Receivable Files that the Receivable was subordinated or rescinded.

        (b)   Confirm
        that there is no indication in the Servicer’s Records or Receivable Files that the Receivable was satisfied prior to the
        Cut-off Date.

        (c)   Confirm
        that there is no indication in the Servicer’s Records or Receivable Files that the Financed Vehicle has been released from
        the lien in whole or in part.

        (d)   If
        (a) through (c) are confirmed, then Test Pass.

	(v)        No
Defenses.  To the RPA Seller’s knowledge, no right of rescission, setoff, counterclaim or defense has been
asserted or threatened in writing by any Obligor against the Receivable.	 	
        Review Materials:

        (a)   Receivable
        Files

        (b)   Receivable
        system

        Tests:

        (a)   Review
        the Receivable Files and confirm that there is no indication the Receivable is subject to rescission, setoff, counterclaim or defense
        that would cause the Receivable to become invalid, or, if so, confirm such indications were not present as of the Cut-off Date.

        (b)   If
        (a) is confirmed, then Test Pass.

	(vi)       No Defaults.  Except for payment delinquencies that, as of the Cutoff Date, were not more than thirty (30) days, according to the accounting records of the RPA Seller, no payment default existed under the terms of any Receivable as of the Cutoff Date.	 	
        Review Materials:

        (a)   Servicer’s
        Records/Data file

        Tests:

        (a)   Confirm
        that there is no indication of a payment default, other than payment delinquencies of not more than thirty (30) days, or if so,
        confirm such defaults were not present as of the Cut-off Date.

        (b)   If
        (a) is confirmed, then Test Pass.

 

    	 	 	 

     

    

 

	(vii)      Insurance.  Each Obligor of a Receivable has been required to obtain physical damage insurance covering the related Financed Vehicle and is required under the terms of the related Receivable to maintain such insurance.	 	
        Review Materials:

        (a)   Installment
        sale contract

        Tests:

        (a)   Confirm
        that the contract contains language that requires the Obligor to obtain and maintain insurance against physical damage to the Financed
        Vehicle.

        (b)   If
        (a) is confirmed, then Test Pass.

         

	(viii)     Lawful Assignment.  The terms of the Receivable do not limit the right of the owner of the Receivable to sell the Receivable.	 	
        Review Materials:

        (a)   Installment
        sale contract

        Tests:

        (a)   Review
        the contract and confirm that there is no language present that limits the rights of the owner of the Receivable to sell the Receivable.

        (b)   If
        (a) is confirmed, then Test Pass.

	(ix)        Chattel Paper.  The Receivable is either “tangible chattel paper” or “electronic chattel paper” within the meaning of the applicable UCC and (A) if the Receivable is tangible chattel paper, there is only one executed or otherwise authenticated original of such Receivable or (B) if the Receivable is electronic chattel paper, there is only one authoritative copy of the record or records (as defined in the UCC) comprising such Receivable.  If the Receivable constitutes electronic chattel paper, AHFC has “control” of such electronic chattel paper within the meaning of Section 9-105 of the applicable UCC.	 	
        Review Materials:

        (a)   Installment
        sale contract

        (b)  AHFC’s
        list of approved contract forms

        (c)   Title
        documents

        Tests:

        (a)   Review
        the contract form number and revision date and confirm that it is on AHFC’s list of approved contract forms.

        (b)   Confirm
        there is a signature under the each of the Obligor’s and seller’s name within the contract.

        (c)   Confirm
        there is no indication the contract was voided or is otherwise not the original authenticated copy.

        (d)       If
        (a) through (c) are confirmed, then Test Pass.

	(x)         Security
Interest.  The RPA Seller has, or the Servicer has, started procedures that will result in the RPA Seller having
a perfected, first priority security interest in the Financed Vehicle within then (10) days of the Closing Date, which security
interest was validly created and is assignable by the RPA Seller to the Purchaser.	 	
        Review Materials:

        (a)   Installment
        sales contract

        (b)   Title
        documents

        Tests:

        (a)   Confirm
        the Title documents report AHFC (or an acceptable variation of the name) as the first lien holder.

        (b)   Confirm
        that the Obligor name on the contract matches the name on the title documents.

        (c)   Confirm
        that the Vehicle Identification Number (VIN) on the contract matches the vehicle identification number as reported on the title
        documents.

        (d)   If
        (a) through (c) are confirmed, then Test Pass.

	
        (xi)        Individual
        Characteristics. Each Receivable has the following individual characteristics as of the Cutoff Date:

        (a)   is
        not listed on the Servicer’s records as the subject of a pending bankruptcy proceeding;

        (b)   had
        an original maturity of not greater than 72 payments;

        (c)   provides
        for the payment of a finance charge or shall yield interest calculated on the basis of a Contract Rate of at least 0.50%;

        (d)  has
        a Scheduled Payment that is not more than thirty (30) days past due;

        (e)   the
        Financed Vehicle to which the Receivable relates is a new or used Honda or Acura automobile or light-duty truck; and
	 	
        Review Materials:

        (a)   Installment
        sales contract

        (b)   Servicer’s
        Records/Data file

        (c)   Receivable
        Files

        Tests:

        (a)   Bankruptcy

        i.     Review
        the Servicer’s records and confirm that the Obligor was not the subject of a bankruptcy proceeding as of the Cutoff Date.

        (b)   Original
        Maturity

        i.     Confirm
        that the number of payments as stated within the contract does not exceed 72 payments.

        (c)   Contract
        Rate

        i.     Confirm
        that the Contract Rate stated within the contract is greater than or equal to 0.50% as of the Cutoff Date.

 

    	 	 	 

     

    

 

	(f)   the Obligor under each Receivable had a billing address in the United States or its territories or possessions, according to the records of the Servicer.	 	
        (d)   Past
        Due

        i.     Review
        the Servicer’s records and confirm that the Receivable was not more than thirty (30) days past due as of the Cutoff Date.

        (e)   New
        or Used Honda or Acura

        i.     Confirm
        the Financed Vehicle is a new or used automobile or light-duty truck as stated within the New/Used section of the contract.

        (f)    Billing
        Address

        i.     Confirm
        the Receivable Files indicate that the Obligor’s address is located within the United States or its territories or possessions
        as of the Cutoff Date.

        (g)   If (a) through
        (f) are confirmed, then Test Pass.EX-4.1

 Exhibit 4.1 

PREMIER FINANCIAL CORP. 

Issuer 
 And 

U.S. BANK NATIONAL ASSOCIATION 

Trustee 
 INDENTURE

 Dated as of September 30, 2020 

  

CROSS-REFERENCE TABLE 

CERTAIN SECTIONS OF THIS INDENTURE RELATING TO 

SECTIONS 310 THROUGH 318, INCLUSIVE, OF THE 

TRUST INDENTURE ACT OF 1939 
  

			
	 Trust Indenture Act Section
	  	        Indenture Section        
	 §310(a)(1)
	  	609
	 (a)(2)
	  	609
	 (a)(3)
	  	Not Applicable
	 (a)(4)
	  	Not Applicable
	 (a)(5)
	  	609
	 (b)
	  	608; 610
	 §311(a)
	  	613
	 (b)
	  	613
	 §312(a)
	  	701; 702
	 (b)
	  	702
	 (c)
	  	702
	 §313(a)
	  	703
	 (b)
	  	703
	 (c)
	  	703
	 (d)
	  	703
	 §314(a)
	  	704
	 (a)(1)
	  	704
	 (a)(2)
	  	704
	 (a)(3)
	  	704
	 (a)(4)
	  	1004
	 (b)
	  	Not Applicable
	 (c)(1)
	  	102
	 (c)(2)
	  	102
	 (c)(3)
	  	Not Applicable
	 (d)
	  	Not Applicable
	 (e)
	  	102
	 (f)
	  	Not Applicable
	 §315(a)
	  	601, 603
	 (b)
	  	602
	 (c)
	  	601
	 (d)
	  	601
	 (e)
	  	514
	 §316(a)
	  	101
	 (a)(1)(A)
	  	502; 512
	 (a)(1)(B)
	  	513
	 (a)(2)
	  	Not Applicable
	 (b)
	  	508
	 (c)
	  	104
	 §317(a)(1)
	  	503
	 (a)(2)
	  	504
	 (b)
	  	1003
	 §318(a)
	  	107

 NOTE: This table shall not, for any purpose, be deemed to be a part of the Indenture. 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	 
			
	 Section 101
	 	Definitions	  	 	1	 
	 Section 102
	 	Compliance Certificates and Opinions	  	 	6	 
	 Section 103
	 	Form of Documents Delivered to Trustee	  	 	6	 
	 Section 104
	 	Acts of Holders; Record Dates	  	 	7	 
	 Section 105
	 	Notices, Etc., to Trustee and Company	  	 	8	 
	 Section 106
	 	Notice to Holders; Waiver	  	 	8	 
	 Section 107
	 	Conflict with Trust Indenture Act	  	 	9	 
	 Section 108
	 	Effect of Headings and Table of Contents	  	 	9	 
	 Section 109
	 	Successors and Assigns	  	 	9	 
	 Section 110
	 	Separability Clause	  	 	9	 
	 Section 111
	 	Benefits of Indenture	  	 	9	 
	 Section 112
	 	Governing Law	  	 	9	 
	 Section 113
	 	Legal Holidays	  	 	9	 
	 Section 114
	 	Language of Notices, Etc.	  	 	10	 
	 Section 115
	 	Interest Limitation	  	 	10	 
	 Section 116
	 	No Personal Liability of Officers, Directors, Employees or Shareholders	  	 	10	 
	 Section 117
	 	Applicability of Depositary	  	 	10	 
	 Section 118
	 	Duplicate Originals; Electronic Delivery	  	 	11	 
	 Section 119
	 	U.S.A. Patriot Act	  	 	11	 
		
	 ARTICLE II SECURITY FORMS
	  	 	11	 
			
	 Section 201
	 	Forms Generally	  	 	11	 
	 Section 202
	 	Form of Face of Security	  	 	12	 
	 Section 203
	 	Form of Reverse of Security	  	 	14	 
	 Section 204
	 	Global Securities	  	 	17	 
	 Section 205
	 	Form of Trustee’s Certificate and Authorization	  	 	17	 
		
	 ARTICLE III THE SECURITIES
	  	 	18	 
			
	 Section 301
	 	Amount Unlimited; Issuable in Series	  	 	18	 
	 Section 302
	 	Denominations	  	 	20	 
	 Section 303
	 	Execution, Authentication, Delivery and Dating	  	 	20	 
	 Section 304
	 	Temporary Securities	  	 	22	 
	 Section 305
	 	Registration, Registration of Transfer and Exchange	  	 	22	 
	 Section 306
	 	Mutilated, Destroyed, Lost and Stolen Securities	  	 	23	 
	 Section 307
	 	Payment of Interest; Interest Rights Preserved	  	 	24	 
	 Section 308
	 	Persons Deemed Owners	  	 	25	 
	 Section 309
	 	Cancellation	  	 	25	 
	 Section 310
	 	Computation of Interest	  	 	25	 
	 Section 311
	 	CUSIP Numbers	  	 	26	 
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	26	 
			
	 Section 401
	 	Satisfaction and Discharge of Indenture	  	 	26	 
	 Section 402
	 	Application of Trust Money	  	 	27	 
		
	 ARTICLE V DEFAULTS AND REMEDIES
	  	 	27	 
			
	 Section 501
	 	Events of Default	  	 	27	 
	 Section 502
	 	Acceleration of Maturity; Rescission and Annulment	  	 	28	 
	 Section 503
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	28	 

  
 i 

							
	 Section 504
	 	Trustee May File Proofs of Claim	  	 	29	 
	 Section 505
	 	Trustee May Enforce Claims Without Possession of Securities	  	 	29	 
	 Section 506
	 	Application of Money Collected	  	 	29	 
	 Section 507
	 	Limitation on Suits	  	 	30	 
	 Section 508
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	 	30	 
	 Section 509
	 	Restoration of Rights and Remedies	  	 	30	 
	 Section 510
	 	Rights and Remedies Cumulative	  	 	31	 
	 Section 511
	 	Delay or Omission Not Waiver	  	 	31	 
	 Section 512
	 	Control by Holders	  	 	31	 
	 Section 513
	 	Waiver of Past Defaults	  	 	31	 
	 Section 514
	 	Undertaking for Costs	  	 	31	 
		
	 ARTICLE VI THE TRUSTEE
	  	 	32	 
			
	 Section 601
	 	Certain Duties and Responsibilities	  	 	32	 
	 Section 602
	 	Notice of Defaults	  	 	33	 
	 Section 603
	 	Certain Rights of Trustee	  	 	33	 
	 Section 604
	 	Not Responsible for Recitals or Issuance of Securities	  	 	34	 
	 Section 605
	 	May Hold Securities	  	 	34	 
	 Section 606
	 	Money Held in Trust	  	 	34	 
	 Section 607
	 	Compensation and Reimbursement	  	 	34	 
	 Section 608
	 	Disqualification; Conflicting Interests	  	 	35	 
	 Section 609
	 	Corporate Trustee Required; Eligibility	  	 	35	 
	 Section 610
	 	Resignation and Removal; Appointment of Successor	  	 	36	 
	 Section 611
	 	Acceptance of Appointment by Successor	  	 	37	 
	 Section 612
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	37	 
	 Section 613
	 	Preferential Collection of Claims Against Company	  	 	38	 
	 Section 614
	 	Appointment of Authenticating Agent	  	 	38	 
		
	 ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY
	  	 	40	 
			
	 Section 701
	 	Company to Furnish Trustee Names and Addresses of Holders	  	 	40	 
	 Section 702
	 	Preservation of Information; Communications to Holders	  	 	40	 
	 Section 703
	 	Reports by Trustee	  	 	40	 
	 Section 704
	 	Reports by Company	  	 	40	 
		
	 ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	  	 	41	 
			
	 Section 801
	 	Company May Consolidate, Etc., Only on Certain Terms	  	 	41	 
	 Section 802
	 	Successor Substituted	  	 	41	 
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	42	 
			
	 Section 901
	 	Supplemental Indentures Without Consent of Holders	  	 	42	 
	 Section 902
	 	Supplemental Indentures with Consent of Holders	  	 	43	 
	 Section 903
	 	Execution of Supplemental Indentures	  	 	44	 
	 Section 904
	 	Effect of Supplemental Indentures	  	 	44	 
	 Section 905
	 	Conformity with Trust Indenture Act	  	 	44	 
	 Section 906
	 	Reference in Securities to Supplemental Indentures	  	 	44	 
		
	 ARTICLE X COVENANTS
	  	 	44	 
			
	 Section 1001
	 	Payment of Principal, Premium and Interest	  	 	44	 
	 Section 1002
	 	Maintenance of Office or Agency	  	 	44	 
	 Section 1003
	 	Money for Securities Payments to Be Held in Trust	  	 	45	 
	 Section 1004
	 	Statement by Officers as to Default; Change in Fiscal Year	  	 	46	 
	 Section 1005
	 	Waiver of Certain Covenants	  	 	46	 

  
 ii 

							
		
	 ARTICLE XI REDEMPTION OF SECURITIES
	  	 	46	 
			
	 Section 1101
	 	Applicability of Article	  	 	46	 
	 Section 1102
	 	Election to Redeem; Notice to Trustee	  	 	46	 
	 Section 1103
	 	Selection by Trustee of Securities to be Redeemed	  	 	47	 
	 Section 1104
	 	Notice of Redemption	  	 	47	 
	 Section 1105
	 	Deposit of Redemption Price	  	 	47	 
	 Section 1106
	 	Securities Payable on Redemption Date	  	 	48	 
	 Section 1107
	 	Securities Redeemed in Part	  	 	48	 
		
	 ARTICLE XII SINKING FUNDS
	  	 	48	 
			
	 Section 1201
	 	Applicability of Article	  	 	48	 
	 Section 1202
	 	Satisfaction of Sinking Fund Payments with Securities	  	 	48	 
	 Section 1203
	 	Redemption of Securities for Sinking Fund	  	 	49	 
		
	 ARTICLE XIII DEFEASANCE
	  	 	49	 
			
	 Section 1301
	 	Applicability of Article	  	 	49	 
	 Section 1302
	 	Legal Defeasance	  	 	49	 
	 Section 1303
	 	Covenant Defeasance	  	 	50	 
	 Section 1304
	 	Application by Trustee of Funds Deposited for Payment of Securities	  	 	52	 
	 Section 1305
	 	Repayment to Company	  	 	52	 
	 Section 1306
	 	Reinstatement	  	 	52	 
		
	 ARTICLE XIV SUBORDINATION OF SECURITIES
	  	 	52	 
			
	 Section 1401
	 	Securities Subordinated to Senior Debt	  	 	52	 

  
 iii 

 INDENTURE dated as of September 30, 2020, between PREMIER FINANCIAL CORP., an Ohio
corporation (the “Company”), having its principal office at 601 Clinton Street, Defiance, Ohio 43512, and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America
(the “Trustee”), having a designated corporate trust office at 10 West Broad Street, 12th Floor, Columbus, Ohio 43215, Attn: Global Corporate Trust. 

RECITALS OF THE COMPANY 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured
subordinated debentures, notes or other evidences of indebtedness (to the extent authenticated and delivered under this Indenture, the “Securities”), to be issued in one or more series as provided in this Indenture. 

All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 

This Indenture is subject to the provisions of the Trust Indenture Act that are required to be a part of this Indenture and, to the extent
applicable, shall be governed by such provisions. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and
proportionate benefit of all Holders of the Securities or of any series thereof, as follows: 
 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 101. Definitions 
 For all purposes of this
Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(1)	 the terms defined in this Article have the meanings assigned to them in this Article and include the
plural as well as the singular; 

  

	 	(2)	 all other terms used herein which are defined in the Trust Indenture Act, either directly, or by reference
therein, have the meanings assigned to them therein; 

  

	 	(3)	 all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

  

	 	(4)	 the word “including” means “including without limitation”; 

 

	 	(5)	 the words “hereby,” “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 

 

	 	(6)	 the words “Article” and “Section” refer to an Article and Section,
respectively, of this Indenture. 

 “Act”, when used with respect to any Holder, has the meaning
specified in Section 104. 
 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to
the foregoing. 

  
 1 

 “Authenticating Agent” means any Person authorized by the Trustee pursuant
to Section 614 to act on behalf of the Trustee to authenticate Securities of one or more series. The initial Authenticating Agent shall be the Trustee. 

“Authorized Newspaper” means a newspaper, in the English language or in an official language of the country of publication,
customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the term is used or in the financial community of such place. 

“Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors or the protection
of creditors. 
 “Board of Directors” means: 
  

	 	(1)	 with respect to a corporation, the board of directors of the corporation or any committee thereof duly
authorized to act on behalf of such board; 

  

	 	(2)	 with respect to a partnership, the Board of Directors of the general partner of the partnership;

  

	 	(3)	 with respect to a limited liability company, the managing member or members or any controlling committee of
managing members thereof; and 

  

	 	(4)	 with respect to any other Person (including a business trust), the board of trustees or committee of such
Person serving a similar function. 

 “Board Resolution” means a copy of a resolution certified by the
Secretary of the Company, the principal financial officer of the Company or any other authorized officer of the Company or a Person duly authorized by any of them, to have been duly adopted by the Board of Directors and to be in full force and
effect on the date of such certification, and delivered to the Trustee. Where any provision of this Indenture refers to action to be taken pursuant to a Board Resolution (including the establishment of any series of the Securities and the forms and
terms thereof), such action may be taken by any committee, officer or employee of the Company authorized to take such action by the Board of Directors as evidenced by a Board Resolution. 

“Business Day”, when used with respect to any Place of Payment or other location, means, except as otherwise provided as
contemplated by Section 301 with respect to any series of Securities, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment, the state in which the Corporate Trust
Office is located or other location are authorized or obligated by law, executive order or regulation to close. 

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

“Company” means the Person named as the “Company” in the first paragraph of this Indenture until a successor Person
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

“Company Request” or “Company Order” means a written request or order signed in the name of the Company by
any officer serving as the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer or the Chief Accounting Officer of the Company, and by any one of the Treasurer or the Secretary of the Company, and delivered
to the Trustee. 
 “Corporate Trust Office” means the designated office of the Trustee located at 10 West Broad Street, 12th Floor, Columbus, Ohio 43215, Attn: Global Corporate Trust, or at such other address as the Trustee shall have notified to the Company and the Holders. 

  
 2 

 “Corporation” means a corporation, association, partnership (general or
limited), limited liability company, joint-stock company or business trust. 
 “Covenant Defeasance” has the meaning
specified in Section 1303. 
 “Custodian” means any receiver, trustee, assignee, liquidator or similar official under
any Bankruptcy Law. 
 “Debt” means any debt for money borrowed. 

“Default” means, with respect to a series of Securities, any event which is, or after notice or lapse of time or both would
become, an Event of Default with respect to Securities of such series. 
 “Defaulted Interest” has the meaning specified in
Section 307. 
 “Defeasance” has the meaning specified in Section 1302. 

“Definitive Security” means a Security other than a Global Security or a temporary Security. 

“Depositary” means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global
Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301, until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter shall mean or include each Person which is then a Depositary hereunder, and if at any time there is more than one such Person, shall be a collective reference to such Persons. 

“Dollar” or “$” means such coin or currency of the United States of America as at the time of payment is
legal tender for the payment of public and private debts. 
 “DTC” has the meaning specified in Section 104. 

“Event of Default” has the meaning specified in Section 501. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any statute successor thereto.

 “Fiscal Year” means, with respect to the Company, each 12-month period beginning
on January 1 and ending on December 31. 
 “GAAP” means accounting principles generally accepted in the United
States, consistently applied, as from time to time in effect. 
 “Global Security” means a Security in global form that
evidences all or part of the Securities of any series and is registered in the name of the Depositary for such Securities or a nominee thereof. 

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

“Indenture” means this instrument as originally executed or as it may from time to time be amended, supplemented or otherwise
modified in accordance herewith, including by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, and including, for all purposes of this instrument and any such supplemental indenture, the
provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities
established as contemplated by Section 301. 
 “interest” means, with respect to an Original Issue Discount Security
which by its terms bears interest only after Maturity, interest payable after Maturity. 

  
 3 

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

“Officers’ Certificate” of a Person means a certificate signed by any two of the Chairman of the Board,
the Chief Executive Officer, the President, the Chief Financial Officer, the Chief Accounting Officer, the Treasurer or the Secretary of the Person, or if such Person is a partnership, of its general partner, and delivered to the Trustee. One
of the officers or such other Persons (as applicable) signing an Officers’ Certificate given pursuant to Section 1004 shall be the principal executive, financial or accounting officer of the Person, or if such Person is a partnership, of
its general partner. 
 “Opinion of Counsel” means a written opinion of legal counsel, who may be an employee of or counsel
for the Company, which opinion shall comply with the provisions of Sections 102 and 103. 
 “Original Issue Discount
Security” means any Security which provides for an amount less than the stated principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 

“Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
  

	 	(1)	 Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

  

	 	(2)	 Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with
the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided, however, that if
such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor has been made; 

  

	 	(3)	 Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide
purchaser in whose hands such Securities are valid obligations of the Company; and 

  

	 	(4)	 Securities, except to the extent provided in Sections 1302 and 1303, with respect to which the Company has
effected Defeasance or Covenant Defeasance as provided in Article XIII; 

 provided, however, that in determining
whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (A) the principal amount of an Original Issue Discount Security
that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof on such date pursuant to Section 502, (B) the
principal amount of a Security denominated in one or more currencies or currency units other than Dollars shall be the Dollar equivalent of such currencies or currency units, determined in the manner provided as contemplated by Section 301 on
the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent (as so determined) on the date of original issuance of such Security, of the amount determined as
provided in clause (A) above) of such Security, and (C) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Trust Officer of the Trustee actually knows to be
so 

  
 4 

 
owned shall be so disregarded. Securities so owned as described in clause (C) above which have been pledged in good faith may be regarded as Outstanding if the pledgee certifies to the
Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 

“Paying Agent” means any Person authorized by the Company to pay the principal of or any premium or interest on any
Securities on behalf of the Company. 
 “Periodic Offering” means an offering of Securities of a series from time to time,
the specific terms of which Securities, including the rate or rates of interest or formula for determining the rate or rates of interest thereon, if any, the Stated Maturity or Stated Maturities thereof, the original issue date or dates thereof, the
redemption provisions, if any, with respect thereto, and any other terms specified as contemplated by Section 301 with respect thereto, are to be determined by the Company upon the issuance of such Securities. 

“Person” means any individual, Corporation, joint venture, trust, unincorporated organization or government or any agency or
political subdivision thereof. 
 “Place of Payment”, when used with respect to the Securities of any series, means, unless
otherwise specifically provided for with respect to such series as contemplated by Section 301, the office specified as such in Section 1002 and such other place or places where, subject to the provisions of Section 1002, the
principal of and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 301. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same Debt
as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same Debt as the mutilated, destroyed, lost or stolen Security. 
 “Redemption Date”, when used with respect
to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption
Price”, when used with respect to any Security to be redeemed, means the price at which it is to be redeemed, determined for such Security pursuant to this Indenture, as contemplated by Section 301 and/or by the terms of such Security.

 “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the
date specified for that purpose as contemplated by Section 301. 
 “Securities” has the meaning specified in the first
recital of this Indenture. 
 “Security Register” and “Security Registrar” have the respective meanings
specified in Section 305. 
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 307. 
 “Stated Maturity”, when used with respect to the principal of 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, and does not include any
contingent obligation to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 

“Subsidiary” means, with respect to any Person, any entity of which more than 50% of the total voting power of the equity
interests entitled, without regard to the occurrence of any contingency, to vote in the election of directors, managers or trustees thereof; or any partnership of which more than 50% of the partners’ equity interests, considering all
partners’ equity interests as a single class, is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or combination thereof. 

  
 5 

 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force on
the date as of which this instrument was executed, except as otherwise provided in Section 905; provided, however, that if the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the
extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 
 “Trustee” means the Person named
as the “Trustee” in the first paragraph of this Indenture, until a successor Trustee shall have replaced it pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each Person who is then a
Trustee hereunder. If at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean each Trustee with respect to Securities of that series. 

“Trust Officer” means, when used with respect to the Trustee, any vice president, assistant vice president, any trust officer or any
other officer of the Trustee, who shall have direct responsibility for the administration of this Indenture, and also means any other officer of the Trustee, to whom any corporate trust matter relating to this Indenture is referred because of such
person’s knowledge of and familiarity with the particular subject. 
 “U.S. Government Obligations” means securities which
are (i) direct obligations of the United States for the payment of which its full faith and credit is pledged, or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States, the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, each of which are not callable or redeemable at the option of the issuer thereof. 

Section 102. Compliance Certificates and Opinions 

Upon any application or request by the Company to the Trustee to take or refrain from taking any action under any provision of this Indenture,
the Company shall furnish to the Trustee an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this
Indenture relating to the proposed action have been complied with, and an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied
with. Each such certificate or opinion shall be given in the form of an Officers’ Certificate, if to be given by officers of the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust
Indenture Act and any other requirements set forth in this Indenture. 
 Every Officers’ Certificate or Opinion of Counsel (except for
certificates provided for in Section 1004) shall include: 
  

	 	(1)	 a statement that each individual signing such Officers’ Certificate or Opinion of Counsel has read such
covenants or conditions and the definitions herein relating thereto; 

  

	 	(2)	 a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such Officers’ Certificate or Opinion of Counsel are based; 

  

	 	(3)	 a statement that, in the opinion of each such individual, he or she has made such examination or investigation
as is necessary to enable him or her to express an informed opinion as to whether or not such covenants or conditions have been complied with; and 

  

	 	(4)	 a statement as to whether, in the opinion of each such individual, such conditions or covenants have been
complied with. 

 Section 103. Form of Documents Delivered to Trustee 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

  
 6 

 Any Officers’ Certificate or Opinion of Counsel of an officer of or counsel for the
Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his or her Officers’ Certificate or Opinion of Counsel is based are erroneous. Any such Officers’ Certificate or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company, stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows that the
certificate or opinion or representations with respect to such matters are erroneous. 
 Any Officers’ Certificate or Opinion of
Counsel of an officer of or counsel for the Company may be delivered electronically. 
 Whenever, subsequent to the receipt by the Trustee
of any Board Resolution, Officers’ Certificate, Opinion of Counsel or other document or instrument, a clerical, typographical or other inadvertent or unintentional error or omission shall be discovered therein, a new document or instrument may
be substituted therefor in corrected form with the same force and effect as if originally received in the corrected form and, irrespective of the date or dates of the actual execution and/or delivery thereof, such substitute document or instrument
shall be deemed to have been executed and/or delivered as of the date or dates required with respect to the document or instrument for which it is substituted. Without limiting the generality of the foregoing, any Securities issued under the
authority of such defective document or instrument shall nevertheless be the valid obligations of the Company entitled to the benefits of this Indenture equally and ratably with all other Outstanding Securities. 

Section 104. Acts of Holders; Record Dates 

Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given or
taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed (either physically or by means of a facsimile or an electronic transmission, provided that such electronic transmission is
transmitted through the facilities of a Depositary) by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered (either physically or by means of a facsimile or an electronic transmission, provided that such electronic transmission is transmitted through the facilities of a Depositary) to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee and the Company, if made in the
manner provided in this Section. 
 Without limiting the generality of the foregoing, a Holder, including a Depositary that is a Holder of a
Global Security, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and a
Depositary that is a Holder of a Global Security may provide its proxy or proxies to the beneficial owners of interests in any such Global Security. With respect to any Global Security the Depositary for which is The Depository Trust Company
(“DTC”), any consent or other action given, made or taken by an “agent member” of DTC by electronic means in accordance with applicable procedures of, and pursuant to authorization by, DTC shall be deemed to constitute the
“Act” of the Holder of such Global Security, and such Act shall be deemed to have been delivered to the Company and the Trustee upon the delivery by DTC of an “agent’s message” or other notice of such consent or other
action having been so given, made or taken in accordance with the applicable procedures of DTC. 
 The fact and date of the execution by any
Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to 

  
 7 

 
such Person the execution thereof. Where such execution is by a signer acting in a capacity other than the signer’s individual capacity, such certificate or affidavit shall also constitute
sufficient proof of the signer’s authority. The fact and date of the execution of any such instrument or writing or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

The ownership, principal amount and serial numbers of Securities held by any Person, and the date of commencement of such Person’s
holding the same, shall be proved by the Security Register. 
 Any request, demand, authorization, direction, notice, consent, waiver or
other action of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done,
omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 

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

The Company may set any day as the record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to
give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given or taken by Holders of Securities of such series, but the Company shall have no obligation to do
so. With regard to any record date set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date (or their duly appointed agents), and only such Persons, shall be entitled to give or take the
relevant action, whether or not such Holders remain Holders after such record date. 
 Section 105. Notices, Etc., to Trustee and Company 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with 
  

	 	(1)	 the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made in writing
and actually received by the Trustee at its office the Corporate Trust Office, or at any other address previously furnished in writing by the Trustee, or 

  

	 	(2)	 the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise
herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company, addressed to it at 601 Clinton Street, Defiance, Ohio 43512, Attention: Chief Financial Officer, or at any other address previously furnished in
writing to the Trustee by the Company. 

 Section 106. Notice to Holders; Waiver 

Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid (if international mail, by air mail), to each Holder affected by such event, at its address as it appears in the Security Register, not later than the latest date (if any), and not
earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall
affect the sufficiency of such notice with respect to other Holders. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such
notice. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver. 

  
 8 

 In case of the suspension of regular mail service or by reason of any other cause it shall
be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

Where this Indenture provides for notice or other communication with respect to any event to a Holder of a Global Security, such notice or
other communication shall be sufficiently given if given to the Depositary for such Security (or its designee), pursuant to its applicable procedures, not later than the latest date (if any), and not earlier than the earliest date (if any),
prescribed for the giving of such notice or other communication. 
 Section 107. Conflict with Trust Indenture Act 

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part
of and govern this Indenture, the provision of the Trust Indenture Act shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the Trust
Indenture Act shall be deemed to apply to this Indenture as so modified or excluded, as the case may be. Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this
Indenture. 
 Section 108. Effect of Headings and Table of Contents 

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

Section 109. Successors and Assigns 

All covenants and agreements in this Indenture and the Securities by the Company shall bind its successors and assigns, whether so expressed or
not. All covenants and agreements in this Indenture and the Securities by the Trustee shall bind its successors and assigns, whether so expressed or not. 

Section 110. Separability Clause 
 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 111. Benefits of Indenture 

Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their
successors hereunder, the holders of any designated senior debt and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 112. Governing Law 
 This
Indenture and the Securities shall be governed by and construed in accordance with the law of the state of New York without reference to its principles of conflict of laws (other than Section 5-1401 of
the General Obligations Law). 
 Section 113. Legal Holidays 

In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of the Securities of any series which specifically states that such provision shall apply in lieu of this Section)) payment of interest
or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or
Redemption Date, or at the Stated Maturity, provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be. 

  
 9 

 Section 114. Language of Notices, Etc. 

Any request, demand, authorization, direction, notice, consent, waiver or Act required or permitted under this Indenture shall be in the
English language, except that any published notice may be in an official language of the country of publication. 
 Section 115. Interest
Limitation 
 It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals
or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as
follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the
principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is
accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the
principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a
Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of
such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of
time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as
to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of
determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. 

The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the
date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security. 

Section 116. No Personal Liability of Officers, Directors, Employees or Shareholders 

Obligations of the Company under this Indenture and the Securities hereunder are payable only out of cash flow and assets of the Company. The
Trustee, and each Holder of a Security by its acceptance thereof, will be deemed to have agreed in this Indenture that no director, officer, employee, or shareholder, as such, of the Company, the Trustee, or any Affiliate of any of the foregoing
entities shall have any personal liability in respect of the obligations of the Company under this Indenture or such Securities by reason of his, her or its status. The agreements set forth in this Section are part of the consideration for the
issuance of the Securities. 
 Section 117. Applicability of Depositary 

Notwithstanding any other provision of this Indenture, so long as a series of Securities is a Global Security, the parties hereto will be bound
at all times by the applicable procedures of the Depositary with respect to such series, and the Trustee shall not be deemed to have knowledge, at any time, of the identity of the beneficial owners of the Securities unless it shall have been
provided with a list of the beneficial owners by the Depository as of such time. 

  
 10 

 Section 118. Duplicate Originals; Electronic Delivery 

The parties hereto have caused this Indenture to be duly executed in multiple counterparts, each of which so executed shall be deemed to be an
original, but all of which shall together constitute but one and the same instrument, all as of the day and year first above written. The parties may execute any number of counterparts of this Indenture and of any indenture supplemental hereto. Each
executed copy hereof or thereof shall be an original, but all of such copies together shall represent one and the same instrument. The parties agree that the electronic signature of a party to this Agreement shall be as valid as an original
signature of such party and shall be effective to bind such party to this Agreement. The words “execution,” “signed,” “signature,” and words of like import in this Agreement or in any other certificate, agreement
or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic
signatures (including, without limitation, DocuSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic
means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in
Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.
Without limiting the foregoing, the parties agree that any electronically signed document (including this Indenture) shall be deemed (i) to be “written” or “in writing”, (ii) to have been signed, and (iii) to
constitute a record established and maintained in the ordinary course of business and an original written record when printed from electronic files. Such paper copies or “printouts”, if introduced as evidence in any judicial,
arbitral, mediation or administrative proceeding, will be admissible as between the parties to the same extent and under the same conditions as other original business records created and maintained in documentary form. Neither party shall
contest the admissibility of true and accurate copies of electronically signed documents on the basis of the best evidence rule or as not satisfying the business records exception to the hearsay rule. The Company agrees to assume all risks
(other than as a result of Trustee’s gross negligence or willful misconduct) arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the risk of the Trustee
acting on unauthorized instructions, and the risk of interception and misuse by third parties. 
 Section 119. U.S.A. Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The
parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

ARTICLE II 

SECURITY FORMS 
 Section 201. Forms
Generally 
 The Securities of each series shall be in substantially the form set forth in this Article, or in such other form as shall
be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable laws or the rules of any securities exchange or automated quotation system on which the
Securities of such series may be listed or traded or of any Depositary therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the Securities. If the form of Securities
of any series is established by action taken by or pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by an authorized officer or other authorized Person on behalf of the Company and delivered to the
Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities. Any form of Security approved by or pursuant to a Board Resolution must be acceptable as to form by the
Trustee, such acceptance to be evidenced by the Trustee’s authentication of Securities in that form. 

  
 11 

 The Definitive Securities shall be printed, lithographed or engraved on steel engraved
borders or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 

Section 202. Form of Face of Security 

The form of the Securities shall be as follows: 

[Insert any legend required by the United States Internal Revenue Code and the regulations thereunder.] 

[If a Global Security, insert legend required by Section 204 of the Indenture] 

[If applicable, insert-UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 PREMIER FINANCIAL CORP. 

[TITLE OF SECURITY] 
  

					
	 No.
	  	$	  	
	 [CUSIP No.]
	  		  	

 PREMIER FINANCIAL CORP., an Ohio corporation (together with any successor thereto under the Indenture
hereinafter referred to, the “Company”), for value received, hereby promises to pay to [    ], or registered assigns, the principal sum of [    ] United States Dollars [state other currency] on
[    ] [if the Security is to bear interest prior to Maturity, insert-, and to pay interest thereon from [    ], or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually on [    ] and [    ] in each year, commencing [    ], at the rate of [    ]% per annum, until the principal hereof is paid or made available for
payment [if applicable, insert-, and at the rate of [    ] % per annum on any overdue principal and premium and on any overdue installment of interest]. [If applicable, insert-The amount of
interest payable for any period shall be computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable for any partial period shall be
computed on the basis of a 360-day year of twelve 30-day months and the days elapsed in any partial month. In the event that any date on which interest is payable on
this Security is not a Business Day, then a payment of the interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and
effect as if made on the date the payment was originally payable. A “Business Day” shall mean, when used with respect to any Place of Payment, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in that Place of Payment, and in the state in which the Corporate Trust Office is located, are authorized or obligated by law, executive order or regulation to close.] The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest,

  
 12 

 
which shall be the [    ] or [    ] (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not
so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close
of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Securities of this series may be listed or traded, and upon such notice as may be required by such
exchange or automated quotation system, all as more fully provided in such Indenture]. 
 [If the Security is not to bear interest prior to
Maturity, insert-The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the
overdue principal of this Security shall bear interest at the rate of [    ]% per annum, which shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided for.
Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal that is not so paid on demand shall bear interest at the rate of [    ]% per annum, which shall accrue from the date of such
demand for payment to the date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.] 

[If a Global Security, insert-Payment of the principal of [(and premium, if any)] and [if applicable,
insert-any such] interest on this Security will be made by transfer of immediately available funds to a bank account in [    ] designated by the Holder in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts [state other currency].] 
 [If a
Definitive Security, insert-Payment of the principal of [(and premium, if any)] and [if applicable, insert-any such] interest on this Security will be made at the office or agency of the Company maintained for
that purpose in [    ], [in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts] [state other currency] [or subject to any laws or regulations
applicable thereto and to the right of the Company (as provided in the Indenture) to rescind the designation of any such Paying Agent, at the [main] offices of [    ] in [    ] and [    ]
in [    ], or at such other offices or agencies as the Company may designate, by [United States Dollar] [state other currency] check drawn on, or transfer to a [United States Dollar] account maintained by the payee with, a bank
in [    ] (so long as the applicable Paying Agent has received proper transfer instructions in writing at least [    ] days prior to the payment date)] [if applicable, insert-; provided, however,
that payment of interest may be made at the option of the Company by [United States Dollar] [state other currency] check mailed to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register] [or by transfer
to a [United States Dollar] [state other currency] account maintained by the payee with a bank in [    ] [state other Place of Payment] (so long as the applicable Paying Agent has received proper transfer instructions in writing
by the Record Date prior to the applicable Interest Payment Date)].] 
 Reference is hereby made to the further provisions of this Security
set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed. 
  

									
	Dated:	 	              
	 		 		 	
		 		 		 	PREMIER FINANCIAL CORP.
					
		 		 		 	By:	 	              

		 		 		 	Name:	 	
		 		 		 	Title:	 	

  
 13 

 Section 203. Form of Reverse of Security 

The form of the reverse side of the Securities shall be as follows: 

This Security is one of a duly authorized issue of securities of the Company (the “Securities”), issued and to be issued in one or
more series under an Indenture dated as of September [    ], 2020 (the “Indenture”), between the Company and U.S. BANK NATIONAL ASSOCIATION, as Trustee (together with any successor trustee under the Indenture, the
“Trustee”), to which the Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee,
the holders of any designated senior debt and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series,
which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at different rates, may be subject to different redemption provisions, if any, may be subject to different
sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided or permitted. This Security is one of the series designated on the face hereof [if
applicable, insert-, limited in aggregate principal amount to U.S. $ [    ]]. 
 [If applicable, insert-The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, [if applicable, insert-(1) on in any year commencing with the year
[    ] and ending with the year [    ] through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [if applicable, insert-on or after [    ]], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if
applicable, insert-on or before [    ], [    ]%, and if redeemed] during the 12-month period beginning [    ]
of the years indicated, 
  

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

 and thereafter at a Redemption Price equal to [    ]% of the principal amount, together in the case of any
such redemption [if applicable, insert-(whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable
to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert-The Securities of this series are subject to redemption upon not less than 30
nor more than 60 days’ notice by mail, (1) on [    ] in any year commencing with the year [    ] and ending with the year [    ] through operation of the sinking fund for this
series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [if applicable,
insert-on or after [    ]], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning of the years indicated, 

 

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

  
 14 

 and thereafter at a Redemption Price equal to [    ] % of the principal amount, together
in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to
the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert-The sinking fund for this series provides for the redemption on
[    ] in each year beginning with the year [    ] and ending with the year [    ] of [if applicable,-not less than $[    ]
(“mandatory sinking fund”) and not more than] $[    ] aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Company otherwise than through [if
applicable,-mandatory] sinking fund payments may be credited against subsequent [if applicable,-mandatory] sinking fund payments otherwise required to be made [if applicable,-in the inverse order in which they
become due].] 
 [If the Security is subject to redemption in part of any kind, insert-In the event
of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 

[If applicable, insert-The Securities of this series are not redeemable prior to Stated Maturity.]

 [If the Security is not an Original Issue Discount Security, insert-If an Event of Default with
respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 

[If the Security is an Original Issue Discount Security, insert-If an Event of Default with respect to
Securities of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to-insert formula for determining the amount. Upon payment (1) of the amount of principal so declared due and payable, and (2) of interest on any overdue principal and overdue interest, all of the
Company’s obligations in respect of the payment of the principal of and interest, if any, on the Securities of this series shall terminate.] 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of not less than the Holders of a majority in aggregate principal amount of
the Outstanding Securities of all series to be affected (voting as one class). The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Outstanding Securities of all affected series (voting as
one class), on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture. The Indenture permits, with certain exceptions as therein provided, the Holders of a majority in
principal amount of Securities of any series then Outstanding to waive past defaults under the Indenture with respect to such series and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee, the Trustee shall have been offered indemnity reasonably satisfactory to it against the costs, claims, expenses and liabilities to be incurred in connection with such request, the Trustee shall not have received from the Holders of a
majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and the Trustee shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and
offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

  
 15 

 No reference herein to the Indenture and no provision of this Security or of the Indenture
shall, without the consent of the Holder, alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and [any premium and] interest on this Security at the times, place(s) and rate, and in the
coin or currency, herein prescribed, except for Section 115 of the Indenture (which limits interest to the maximum amount permissible by law), the provisions of which are incorporated herein by reference. 

[If a Global Security, insert — This Global Security or portion hereof may not be exchanged for Definitive Securities of this series
except in the limited circumstances provided in the Indenture. 
 The holders of beneficial interests in this Global Security will not be
entitled to receive physical delivery of Definitive Securities except as described in the Indenture and will not be considered the Holders thereof for any purpose under the Indenture.] 

[If a Definitive Security, insert — As provided in the Indenture and subject to certain limitations therein set forth, the transfer of
this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in [if applicable, insert-any place where the
principal of and any premium and interest on this Security are payable] [if applicable, insert-[    ] [, or, subject to any laws or regulations applicable thereto and to the right of the Company (limited as provided in the
Indenture) to rescind the designation of any such transfer agent, at the [main] offices of [    ] in [    ] and in [    ] or at such other offices or agencies as the Company may
designate]], duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or its attorney duly authorized in writing, and thereupon one or
more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.] 

The Securities of this series are issuable only in registered form without coupons in denominations of U.S. $ [state other currency] and any
integral multiple in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected or incur any liability by notice
to the contrary. 
 This Security is subordinated in right of payment to any designated senior debt, to the extent provided in the
Indenture. 
 Obligations of the Company under the Indenture and the Securities thereunder, including this Security, are payable only out of
cash flow and assets of the Company. The Trustee, and each Holder of a Security by its acceptance hereof, will be deemed to have agreed in the Indenture that no director, officer, employee, or shareholder, as such, of the Company, the Trustee, or
any Affiliate of any of the foregoing entities shall have any personal liability in respect of the obligations of the Company under the Indenture or such Securities by reason of his, her or its status. 

The Indenture contains provisions that relieve the Company from the obligation to comply with certain restrictive covenants in the Indenture
and for satisfaction and discharge at any time of the entire indebtedness upon compliance by the Company with certain conditions set forth in the Indenture. 

This Security shall be governed by and construed in accordance with the laws of the state of New York. 

  
 16 

 All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 [If a Definitive Security, insert as a separate page — FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto [    ] (Please Print or Typewrite Name and Address of Assignee) the within instrument of PREMIER FINANCIAL CORP., and does hereby irrevocably constitute and appoint
[    ] Attorney to transfer said instrument on the books of the within-named Company, with full power of substitution in the premises. 

Please Insert Social Security or Other Identifying Number of Assignee: 
  

							
	Dated:	  	  
	  	  
	  	(Signature)
	Signature Guarantee:	  		  	

 (Participant in a Recognized Signature 

Guaranty Medallion Program) 

NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatever.] 
 Section 204. Global Securities 

Every Global Security authenticated and delivered 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 A DEPOSITARY OR
A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH
LIMITED CIRCUMSTANCES. 
 If Securities of a series are issuable in whole or in part in the form of one or more Global Securities, as
contemplated by Section 301, then, notwithstanding Section 301(9) and Section 302, any Global Security shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall
represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced or increased, as the case may be, to reflect
exchanges. Any endorsement of a Global Security to reflect the amount, or any reduction or increase in the amount, of Outstanding Securities represented thereby shall be made in such manner and upon instructions given by such Person or Persons as
shall be specified therein or in a Company Order. Subject to the provisions of Sections 303, 304 and 305, the Trustee shall deliver and redeliver any Global Security in the manner and upon instructions given by the Person or Persons specified
therein or in the applicable Company Order. Any instructions by the Company with respect to endorsement or delivery or redelivery of a Global Security shall be in a Company Order (which need not comply with Section 102 and need not be
accompanied by an Opinion of Counsel). 
 The provisions of the last sentence of Section 303 shall apply to any Security represented by
a Global Security if such Security was never issued and sold by the Company and the Company delivers to the Trustee the Global Security together with a Company Order (which need not comply with Section 102 and need not be accompanied by an
Opinion of Counsel) with regard to the reduction or increase, as the case may be, in the principal amount of Securities represented thereby. 

Section 205. Form of Trustee’s Certificate and Authorization 

The Trustee’s certificates of authentication shall be in substantially the following form: 

  
 17 

 This is one of the Securities of the series designated and referred to in the
within-mentioned Indenture. 
  

			
	U.S. BANK NATIONAL ASSOCIATION
	As Trustee
		
	By:	 	  

		 	Authorized Signatory

 ARTICLE III 

THE SECURITIES 
 Section 301.
Amount Unlimited; Issuable in Series 
 The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited. 
 The Securities may be issued in one or more series. There shall be established in or pursuant to a Board
Resolution (and, subject to Section 303, to the extent established pursuant to rather than set forth in a Board Resolution, in an Officers’ Certificate or Company Order setting forth, or determining the manner of, such establishment) or
established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series: 
  

	 	(1)	 the form and title of the Securities of the series (which shall distinguish the Securities of the series from
Securities of any other series); 

  

	 	(2)	 any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and
delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906 or 1107 and except for
any Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 

  

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

  

	 	(4)	 the date or dates on which the Securities will be issued and on which the principal of, and premium, if any, on
the Securities of the series is payable or the method of determination thereof; 

  

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

  

	 	(6)	 the place or places where, subject to the provisions of Section 1002, the principal of and any premium and
interest on Securities of the series shall be payable, Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered for exchange and notices, and demands to or upon the Company in respect of
the Securities of the series and this Indenture may be served; 

  

	 	(7)	 the period or periods, if any, within which, the price or prices at which and the terms and conditions upon
which Securities of the series may be redeemed, in whole or in part, at the option of the Company or otherwise, if the Company is to have that option; 

  
 18 

	 	(8)	 the obligation, if any, and the option, if any, of the Company to redeem, purchase or repay Securities of the
series pursuant to any sinking fund or analogous provisions or upon the happening of a specified event 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, purchased or repaid, in whole or in part, pursuant to such obligation; 

  

	 	(9)	 if other than minimum denominations of $1,000 and any integral multiple in excess thereof, the minimum
denominations in which Securities of the series shall be issuable; 

  

	 	(10)	 whether payment of principal of and premium, if any, and interest, if any, on the Securities of the series
shall be without deduction for taxes, assessments or governmental charges paid by Holders of the series; 

  

	 	(11)	 the currency, currencies or currency units in which payment of the principal of and any premium and interest on
any Securities of the series shall be denominated, payable, redeemable or purchasable if other than Dollars and the manner of determining the equivalent thereof in Dollars for purposes of the definition of “Outstanding” in
Section 101; 

  

	 	(12)	 if the amount of payments of principal of or any premium or interest on any Securities of the series may be
determined with reference to an index (including an index based on a currency or currencies other than that in which the Securities of that series are payable), the index, any replacement indices, the manner in which such indices shall be selected
and the manner in which such amounts shall be determined; 

  

	 	(13)	 if the principal of or any premium or interest on any Securities of the series is to be payable, at the
election of the Company or a Holder thereof, in one or more currencies or currency units other than that or those in which the Securities are stated to be payable, the currency, currencies or currency units in which payment of the principal of and
any premium and interest on Securities of such series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made; 

 

	 	(14)	 the right, if any, of the Company to defer payments of interest by extending the interest payment periods and
specify the duration of such extension, the Interest Payment Dates on which such interest shall be payable and whether and under what circumstances additional interest on amounts deferred shall be payable; 

 

	 	(15)	 if other than the principal amount thereof, the portion of the principal amount of Securities of the series
which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502 or provable in bankruptcy pursuant to Section 504 or the method of determination thereof; 

 

	 	(16)	 if and as applicable, that the Securities of the series shall be issuable in whole or in part in the form of
one or more Global Securities (and whether in temporary or permanent global form) and, in such case, the Depositary or Depositaries for such Global Security or Global Securities and any circumstances other than those set forth in Section 305 in
which any such Global Security may be transferred to, and registered and exchanged for Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which any such transfer may be
registered; 

  

	 	(17)	 any deletions from, modifications of or additions to the Events of Default set forth in Section 501 or the
covenants of the Company set forth in Article X pertaining to the Securities of the series; 

  

	 	(18)	 if and the terms and conditions upon which any Securities of the series may be converted into or exchanged for
securities, which may include capital stock, of any class or series of the Company or any other issuer; 

  
 19 

	 	(19)	 if other than as provided in Article IV and Sections 1302 and 1303, the terms and conditions upon which
and the manner in which such series of Securities may be defeased or discharged; 

  

	 	(20)	 if other than the Trustee, the identity of any other trustee, the Security Registrar and any Paying Agent;

  

	 	(21)	 if other than as provided in Section 305, any restrictions or other provisions with respect to the
transfer or exchange of the Securities; and 

  

	 	(22)	 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 901(5)). 

 All Securities of any one series shall be substantially
identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution or Officers’ Certificate referred to above or in any such indenture supplemental hereto. 

Any such Board Resolution or Officers’ Certificate referred to above with respect to Securities of any series filed with the Trustee on
or before the initial issuance of the Securities of such series shall be incorporated herein by reference with respect to Securities of such series and shall thereafter be deemed to be a part of the Indenture for all purposes relating to Securities
of such series as fully as if such Board Resolution or Officers’ Certificate were set forth herein in full. 
 All Securities of any
one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for increases in the aggregate principal amount of such series of Securities and issuances of additional
Securities of such series or for the establishment of additional terms with respect to the Securities of such series. 
 If any of the terms
of the series are established by action taken by or pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by an authorized officer or other authorized Person on behalf of the Company and delivered to the
Trustee at or prior to the delivery of the Officers’ Certificate or Company Order setting forth, or providing the manner for determining, the terms of the series. 

With respect to Securities of a series subject to a Periodic Offering, such Board Resolution or Officers’ Certificate may provide general
terms for Securities of such series and provide either that the specific terms of particular Securities of such series shall be specified in a Company Order, or that such terms shall be determined by the Company, or one or more of the Company’s
agents designated in an Officers’ Certificate, in accordance with a Company Order. 
 Section 302. Denominations 

The Securities of each series shall be issuable only in registered form without coupons in such denominations as shall be specified as
contemplated by Section 301. In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall be issuable in minimum denominations of $1,000 and any integral multiple in excess
thereof. 
 Section 303. Execution, Authentication, Delivery and Dating 

The Securities shall be executed on behalf of the Company by the Chairman of the Board, the Chief Executive Officer, the President, the Chief
Financial Officer, the Chief Accounting Officer, the Treasurer or the Secretary of the Company and need not be attested. The signature of any of these officers on the Securities may be manual or facsimile. 

Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the
Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 

  
 20 

 At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall
authenticate and deliver such Securities; provided, however, that in the case of Securities offered in a Periodic Offering, the Trustee shall authenticate and deliver such Securities from time to time in accordance with such other procedures
(including the receipt by the Trustee of electronic instructions from the Company or its duly authorized agents, thereafter promptly confirmed in writing) acceptable to the Trustee as may be specified by or pursuant to a Company Order delivered to
the Trustee prior to the time of the first authentication of Securities of such series. If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted by Sections 201 and 301,
in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, in addition to any Officers’ Certificate and Opinion of Counsel required to be
furnished to the Trustee pursuant to Section 102, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel to the effect that: 
  

	 	(1)	 if the form (or the manner of determining the form) of such Securities has been established by or pursuant to
Board Resolution as permitted by Section 201, that such form has been established in conformity with the provisions of this Indenture; 

  

	 	(2)	 if the terms of such Securities have been, or in the case of Securities of a series offered in a Periodic
Offering, will be, established by or pursuant to a Board Resolution as permitted by Section 301, that such terms have been, or in the case of Securities of a series offered in a Periodic Offering, will be, established in conformity with the
provisions of this Indenture, subject, in the case of Securities of a series offered in a Periodic Offering, to any conditions specified in such Opinion of Counsel; 

 

	 	(3)	 that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner
and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equitable principles, whether applied in an action at law or in equity, and will be entitled to the benefits of this
Indenture, equally and ratably with all other Securities, if any, of such series Outstanding; and 

  

	 	(4)	 such other matters as the Trustee may reasonably request; 

or, if the authentication and delivery relates to a new series of Securities created by an indenture supplemental hereto, an Opinion of Counsel to the effect
that all conditions precedent to the execution of the supplemental indenture with respect to that series of Securities have been complied with, the Company has the power to execute and deliver any such supplemental indenture and has taken all
necessary action for those purposes and any such supplemental indenture has been executed and delivered and constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its terms (subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equitable principles, whether applied in an action at law or in equity). 

Notwithstanding that such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the
issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities, under the Securities and this Indenture or otherwise, in a manner which is not reasonably acceptable to the Trustee. 

Notwithstanding the provisions of Sections 102, 301 and the preceding paragraph, if all Securities of a series are not to be originally issued
at one time, it shall not be necessary to deliver the Board Resolution, Officers’ Certificate, Company Order, Opinion of Counsel or supplemental indenture otherwise required pursuant thereto at or prior to the time of authentication of each
Security of such series, so long as such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued. 

  
 21 

 With respect to Securities of a series not to be originally issued all at one time, the
Trustee shall be entitled to conclusively rely upon the Opinion of Counsel and the other documents delivered pursuant to Sections 201 and 301 and this Section, as applicable, in connection with the first authentication of Securities of such series
and any subsequent request by the Company to the Trustee to authenticate Securities of such series upon their original issuance shall constitute a representation and warranty by the Company that as of the date of such request, the statements made in
the Officers’ Certificate shall be true and correct as if made on such date. 
 Each Security shall be dated the date of its
authentication. 
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there
appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive evidence, and
the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but
never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 309 for all purposes of this Indenture, such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this Indenture. 
 Section 304. Temporary Securities 

Pending the preparation of Definitive Securities of any series, the Company may execute, and upon receipt of the documents required by Sections
102, 201, 301 and 303, as applicable, together with a Company Order, the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the Definitive Securities of like series in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as
evidenced by their execution of such Securities. 
 If temporary Securities of any series are issued, the Company will cause Definitive
Securities of that series to be prepared without unreasonable delay. After the preparation of Definitive Securities of such series, the temporary Securities of such series shall be exchangeable for Definitive Securities of such series upon surrender
of the temporary Securities of such series at the office or agency of the Company maintained pursuant to Section 1002 for the purpose of exchanges of Securities of such series, without charge to the Holder. Upon surrender for cancellation of
any one or more temporary Securities of any series the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more Definitive Securities of the same series, of any authorized denominations and of a like
aggregate principal amount and tenor. Until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as Definitive Securities of such series and tenor. 

Section 305. Registration, Registration of Transfer and Exchange 

The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or
agency of the Company in a Place of Payment being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of
Securities and of transfers of Securities. The Company hereby appoints the Trustee as the initial Security Registrar for the purpose of registering Securities and transfers of Securities as herein provided. The Company may at any time replace
such Security Registrar, change such office or agency or act as its own Security Registrar. The Company will give prompt written notice to the Trustee of any change of the Security Registrar or of the location of such office or agency. At all
reasonable times the Security Register shall be available for inspection by the Trustee. 
 Upon surrender for registration of transfer of
any Security of any series at the office or agency of the Company maintained pursuant to Section 1002 for such purpose, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor. 

  
 22 

 At the option of the Holder, Securities of any series (except a Global Security) may be
exchanged for other Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing
the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be
duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar, duly executed, by the Holder thereof or its attorney duly authorized in writing. 

No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304 or 1107 not involving any transfer. 

Neither the Trustee nor the Company shall be required (1) to issue, register the transfer of or exchange Securities of any series (or of
any series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of Securities of that series selected for redemption under Section 1103 and
ending at the close of business on the day of such mailing, (2) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part, or
(3) to register the transfer of or exchange any Security between a Regular Record Date and the next succeeding Interest Payment Date. 

Notwithstanding any other provision in this Indenture and except as otherwise specified as contemplated by Section 301, no Global
Security may be transferred to, or registered or exchanged for Securities registered in the name of, any Person other than the Depositary for such Global Security or any nominee thereof, and no such transfer may be registered, except as provided in
this paragraph. Every Security authenticated and delivered upon registration or transfer of, or in exchange for or in lieu of, a Global Security shall be a Global Security, except as provided in this paragraph. If (1) (A) the Depositary
for a Global Security notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or ceases to be a clearing agency registered under the Exchange Act, and (B) a successor Depositary is not appointed by
the Company within 90 days, (2) an Event of Default has occurred and is continuing with respect to the Securities of such series and the Security Registrar has received a request from the Depositary to issue certificated securities in lieu of
all or a portion of the Global Securities of such series (in which case the Company shall deliver certificated securities within 30 days of such request) or (3) the Company determines in its sole discretion that Securities of a series issued in
global form shall no longer be represented by a Global Security, then such Global Security may be exchanged by such Depositary for Definitive Securities of the same series, of any authorized denomination and of a like aggregate principal amount and
tenor, registered in the names of, and the transfer of such Global Security or portion thereof may be registered to, such Persons as such Depositary shall direct. 

Section 306. Mutilated, Destroyed, Lost and Stolen Securities 

If any mutilated Security is surrendered to the Trustee, together with security or indemnity satisfactory to the Company or the Trustee to save
each of them and any agent of either of them harmless, the Company shall execute and upon its request 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. 

  
 23 

 If there shall be delivered to the Company and the Trustee (1) evidence to their
satisfaction of the destruction, loss or theft of any Security and (2) security or indemnity satisfactory to 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 written request the Trustee shall authenticate and deliver, 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. If, after the delivery of such new Security, a bona fide purchaser of the original Security in lieu of which such new Security was issued presents for
payment or registration such original Security, the Trustee shall be entitled to recover such new Security from the party to whom it was delivered or any party taking therefrom, except a bona fide purchaser, and shall be entitled to recover upon the
security or indemnity provided therefor to the extent of any losses, damages, costs, claims or expenses incurred by the Company and the Trustee in connection therewith. 

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 (and, for clarity, Article XI shall not apply to such payment). 
 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 exchange for any mutilated Security or in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual
obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other
Securities of that series duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 Section 307.
Payment of Interest; Interest Rights Preserved 
 Except as otherwise provided as contemplated by Section 301 with respect to any
series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest. 
 Any interest on any Security of any series which is payable, but
is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below: 
  

	 	(1)	 The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of
such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee
in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall
cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at its address as it appears in the Security Register, not
less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the
Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). 

  
 24 

	 	(2)	 The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful
manner not inconsistent with the requirements of any securities exchange or automated quotation system on which such Securities may be listed or traded, and upon such notice as may be required by such exchange, if, after written notice given by the
Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

Subject to the foregoing provisions of this Section and Section 305, each Security delivered under this Indenture upon registration
of transfer of or in exchange for or in lieu of any other Security, shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

For each series of Securities, the Company shall, prior to 11:00 a.m. (New York City time) (or such later time of day to which the
Trustee may agree) on each payment date for principal and premium, if any, and interest, if any, deposit with the Trustee money in immediately available funds sufficient to make cash payments due on the applicable payment date. 

Section 308. Persons Deemed Owners 

Except as otherwise provided as contemplated by Section 301 with respect to any series of Securities, prior to due presentment of a
Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of
principal of and any premium and (subject to Sections 305 and 307) any interest on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and neither the Company, the Trustee nor any agent of the Company or the
Trustee shall be affected by notice to the contrary. 
 No holder of any beneficial interest in any Global Security held on its behalf by a
Depositary shall have any rights under this Indenture with respect to such Global Security, and such Depositary may be conclusively treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner of such Global Security
for all purposes whatsoever. None of the Company, the Trustee nor any agent of the Company or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

Section 309. Cancellation 
 In order
for any Securities to be surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment such Security must be delivered to the Trustee and shall be promptly canceled by it. The Company may at
any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the
Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in
exchange for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of by it in accordance with its then customary procedures, and the
Trustee shall thereafter, from time to time upon written request, deliver to the Company a certificate with respect to such disposition. 

Section 310. Computation of Interest 

Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall
be computed on the basis of a 360-day year of twelve 30-day months and interest on the Securities of each series for any partial period shall be computed on the basis of
a 360-day year of twelve 30-day months and the number of days elapsed in any partial month. 

  
 25 

 Section 311. CUSIP Numbers 

The Company in issuing the Securities may use CUSIP numbers (in addition to the other identification numbers printed on the Securities), and,
if so, the Trustee shall use CUSIP numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such CUSIP 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 identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such CUSIP
numbers. The Company will promptly notify the Trustee in writing of any change in the CUSIP numbers. 
 ARTICLE IV 

SATISFACTION AND DISCHARGE 

Section 401. Satisfaction and Discharge of Indenture 

This Indenture shall upon Company Request cease to be of further effect with respect to Securities of any series (except as to any surviving
rights of registration of transfer or exchange of such Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with
respect to such Securities, when 
  

	 	(1)	 either 

  

	 	(A)	 all such Securities theretofore authenticated and delivered (other than (i) such Securities which have
been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, and (ii) such Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 

  

	 	(B)	 all such Securities not theretofore delivered to the Trustee for cancellation 

 

	 	(i)	 have become due and payable, 

 

	 	(ii)	 will become due and payable at their Stated Maturity within one year, or 

 

	 	(iii)	 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, 

 and, in the case of clause (i),
(ii) or (iii) above, the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for this purpose an amount of money in the currency or currency units in which such Securities are payable
sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become
due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
  

	 	(2)	 the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to such
Securities; and 

  
 26 

	 	(3)	 the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to such Securities have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to Securities of any series, (i) the obligations of the
Company to the Trustee under Section 607, the obligations of the Company to any Authenticating Agent under Section 614 and the right of the Trustee to resign under Section 610 shall survive, and (ii) if money shall have been
deposited with the Trustee pursuant to clause (1)(B) above, the obligations of the Company and/or the Trustee under Sections 402, 606, 701 and 1002 and the last paragraph of Section 1003 shall survive. 

Section 402. Application of Trust Money 

Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 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 any premium and interest for whose payment such money has been deposited with the Trustee, but such money need not be segregated from other funds except to the extent required by law.

 ARTICLE V 

DEFAULTS AND REMEDIES 
 Section 501.
Events of Default 
 “Event of Default”, wherever used herein with respect to Securities of any series, means any one
of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body): 
  

	 	(1)	 default in the payment of any interest upon any Security of that series when it becomes due and payable, and
continuance of such default for a period of 30 days (whether or not such payment is prohibited by the provisions of Article XIV hereof); or 

  

	 	(2)	 default in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity
(whether or not such payment is prohibited by the provisions of Article XIV hereof); or 

  

	 	(3)	 default in the performance, or breach, of any term, covenant or warranty of the Company in this Indenture
(other than a term, covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of Securities
other than that series), and continuance of such default or breach 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 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 

 

	 	(4)	 the Company pursuant to or within the meaning of any Bankruptcy Law (A) commences a voluntary case,
(B) consents to the entry of any order for relief against it in an involuntary case, (C) consents to the appointment of a Custodian of it or for all or substantially all of its property, or (D) makes a general assignment for the
benefit of its creditors; or 

  

	 	(5)	 a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for
relief against the Company in an involuntary case, (B) appoints a Custodian of the Company or for all or substantially all of its property, or (C) orders the liquidation of the Company; and the order or decree remains unstayed and in
effect for 90 days; or 

  

	 	(6)	 any other Event of Default provided as contemplated by Section 301 with respect to Securities of that
series. 

  
 27 

 Section 502. 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, then in every such case the
Trustee or Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount of (or, if any of the Securities of that series are Original Issue Discount Securities, such portion of the
principal amount of such Securities as may be specified in the terms thereof) 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) shall become immediately due and payable. 
 At any time after such declaration of
acceleration with respect to Securities of 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, 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 
  

	 	(1)	 the Company has paid or deposited with the Trustee a sum sufficient to pay 

 

	 	(A)	 all overdue interest on all Securities of that series, 

 

	 	(B)	 the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than
by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities, 

  

	 	(C)	 to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates
prescribed therefor in such Securities, and 

  

	 	(D)	 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 

  

	 	(2)	 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 513. 

No such rescission shall affect any subsequent Default or impair any right consequent thereon. 

Section 503. Collection of Indebtedness and Suits for Enforcement by Trustee 

The Company covenants that if: 
  

	 	(1)	 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 (whether or not such payment is prohibited by the provisions of Article XIV hereof), or 

  

	 	(2)	 default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity
thereof (whether or not such payment is prohibited by the provisions of Article XIV hereof), 

 then the Company will, upon demand of
the Trustee, pay to it, for the benefit of Holders of such Securities, the whole amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in 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 and other amounts due to the Trustee pursuant to Section 607. 

  
 28 

 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 decreed 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 Securities of any series occurs and is continuing, the Trustee may in its reasonable judgment 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 504. Trustee May File Proofs of Claim 

In case of any judicial proceeding relative to the Company, or any other obligor upon the Securities, their property or their creditors, the
Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of Holders and the Trustee allowed in any such proceeding. In
particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any Custodian, 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 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 607. 

No provision of this Indenture 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; provided,
however, that the Trustee may, on behalf of Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

Section 505. 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 and any other amounts due to the Trustee under Section 607, be for the ratable benefit of Holders of the
Securities in respect of which such judgment has been recovered. 
 Section 506. Application of Money Collected 

Any money or property collected or to be applied 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 or property on account of principal or any premium 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 607; 

  
 29 

 SECOND: subject to Article XIV, to the payment of the amounts then due and unpaid for
principal of and any premium 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 any premium and interest, respectively; and 
 THIRD: the balance, if any, to the Company. 

Section 507. 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 a Security, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

  

	 	(1)	 such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to
the Securities of that series; 

  

	 	(2)	 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; 

  

	 	(3)	 such Holder or Holders have offered and, if requested, provided to the Trustee security or indemnity reasonably
acceptable to the Trustee against the costs, claims, expenses and liabilities that may be incurred in compliance with such request; 

  

	 	(4)	 the Trustee for 60 days after its receipt of such notice, request and offer and, if requested, provision of
such security or indemnity has failed to institute any such proceeding; and 

  

	 	(5)	 no direction inconsistent with such written request has been given to the Trustee during such 60-day period by 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 of such Holders, it being understood that the Trustee shall not have an affirmative duty to ascertain whether such action is prejudicial. 

Section 508. Unconditional Right of Holders to Receive Principal, Premium 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 any premium and (subject to Sections 305 and 307) interest on such Security on the respective Stated Maturity 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 509. 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 in every such case, subject to any determination in such proceeding, the Company, the Trustee and Holders
shall be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and Holders shall continue as though no such proceeding had been instituted. 

  
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 Section 510. Rights and Remedies Cumulative 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last
paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to 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 511. 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 512. Control by Holders 

Subject to the provisions of Sections 507 and 603, Holders of a majority in aggregate 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, however, that 
  

	 	(1)	 such direction shall not be in conflict with any rule of law or with this Indenture;

  

	 	(2)	 the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such
direction; and 

  

	 	(3)	 subject to the provisions of Section 601, the Trustee shall have the right to decline to follow any such
direction if the Trustee in good faith shall determine that the proceeding so directed would involve the Trustee in personal liability or would otherwise be contrary to applicable law. 

Section 513. Waiver of Past Defaults 

Holders of a majority in aggregate principal amount of the Outstanding Securities of any series may on behalf of Holders of all the Securities
of such series waive any past default hereunder with respect to such series and its consequences, except 
  

	 	(1)	 a continuing default in the payment of the principal of or any premium or interest on any Security of such
series, or 

  

	 	(2)	 a default in respect of a covenant or provision hereof which under Article IX cannot be modified or
amended without the consent of the Holder of each Outstanding Security of such series affected. 

 Upon any such waiver,
such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other default or impair any right consequent
thereon. 
 Section 514. Undertaking for Costs 

In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered
or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs (including reasonable legal fees and expenses) against any such party litigant, in the manner
and to the extent provided in the Trust Indenture Act; 

  
 31 

 
provided, however, that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any
suit instituted by the Trustee or the Company, in 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 to which the suit relates, or in any
suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security on or after the respective Stated Maturity expressed by such Security (or, in the case of redemption or repayment,
on or after the Redemption Date). 
 ARTICLE VI 

THE TRUSTEE 
 Section 601. Certain
Duties and Responsibilities 
 (a) Except during the continuance of an Event of Default with respect to any series of Securities: 

 

	 	(1)	 the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture with respect to the Securities of such series, and no implied covenants or obligations shall read into this Indenture against the Trustee; and 

  

	 	(2)	 in the absence of gross negligence or willful misconduct, the Trustee may, with respect to Securities of such
series, conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee conforming to the requirements of this Indenture; but in the case of any such
certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform on their face to the requirements of this
Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

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

	 	(1)	 this Subsection shall not be construed to limit the effect of clause (a) above; 

 

	 	(2)	 the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it
shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts; 

  

	 	(3)	 the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Holders or a majority in principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 

  

	 	(4)	 no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers. 

(d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section. 

  
 32 

 Section 602. Notice of Defaults 

Subject to the following paragraph, if a Default occurs and is continuing with respect to the Securities of any series of which a Trust Officer
has knowledge, the Trustee shall, within 90 days obtaining knowledge thereof, transmit, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, notice of all uncured or unwaived Defaults known to it;
provided, however, that, except in the case of a Default in payment on the Securities of any series, the Trustee shall be protected in withholding the notice if and so long as it determines in good faith that withholding such notice is in the
interests of Holders of Securities of such series; provided, further, however, that, in the case of any Default specified in Section 501(3) with respect to the Securities of such series, no such notice to Holders shall be given
until at least 90 days after the occurrence thereof. 
 The Trustee shall not be deemed to have notice or be charged with knowledge of any
Default, except a Default under Sections 501(1) or 501(2) herein, unless the a Trust Officer shall have received from the Company or from any Holder written notice thereof at the Corporate Trust Office, and such notice references the
Securities in this Indenture. In the absence of any such notice, the Trustee may conclusively assume that no such Default exists. 
 Section 603.
Certain Rights of Trustee 
 Subject to the provisions of Section 601: 

 

	 	(1)	 the Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties; 

  

	 	(2)	 any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a
Company Request or Company Order (or in the case of a Periodic Offering, as agreed in procedures set forth in a Company Order pursuant to Section 303) and any resolution of the Board of Directors shall be sufficiently evidenced by a Board
Resolution; 

  

	 	(3)	 whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of gross negligence or willful misconduct on its part, conclusively rely upon an
Officers’ Certificate; 

  

	 	(4)	 the Trustee may consult with counsel of its selection and the advice or written opinion 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; 

 

	 	(5)	 the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture
at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, claims, expenses and liabilities which might be incurred
by it in compliance with such request or direction; 

  

	 	(6)	 the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee may, without obligation to do so, make such further
inquiry or investigation into such facts or matters as it may see fit; and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or
by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; 

  
 33 

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

 

	 	(8)	 the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person
specified as so authorized in any such certificate previously delivered and not superseded; 

  

	 	(9)	 the rights, privileges, protections, indemnities, immunities and benefits given to the Trustee, including its
right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; and 

 

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

Section 604. Not Responsible for Recitals or Issuance of Securities 

The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements
of the Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. Neither the Trustee nor any Authenticating Agent makes any representations as to the validity or sufficiency of this Indenture or of the
Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof. 

Section 605. May Hold Securities 

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any
other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar
or such other agent. 
 Section 606. Money Held in Trust 

Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be
under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company. 
 Section 607.
Compensation and Reimbursement 
 The Company agrees: 
  

	 	(1)	 to pay to the Trustee from time to time such compensation for all services rendered by it hereunder as shall be
mutually agreed upon by the Company and the Trustee in writing (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

 

	 	(2)	 to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or
made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to
its gross negligence or bad willful misconduct; and 

  
 34 

	 	(3)	 to indemnify, defend, protect and hold each of the Trustee acting in any capacity or any predecessor Trustee
and their agents, accountants, consultants, counsel and other experts employed by it in the exercise and performance of its powers and duties as Trustee harmless from and against any and all losses, claims, liabilities, damages, costs or expenses
suffered or incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company and defending itself against any
claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability, damage, cost or expense may
be attributable to its gross negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent jurisdiction, and the reasonable fees, expenses and disbursements of the
Trustee’s agents, legal counsel, accountants and experts and including taxes (other than taxes based upon, measured by or determined by the income of the Trustee). The Trustee will notify the Company promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Company will not relieve the Company of its obligations hereunder. The Company will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the
Company will pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. Notwithstanding the foregoing, in no event shall the Company
have the right, without the Trustee’s consent, to settle any such claim if such settlement (i) arises from or is part of any criminal action, suit or proceeding, (ii) contains a stipulation to, confession of judgment with respect to,
or admission or acknowledgement of, any liability or wrongdoing on the part of the Trustee, (iii) provides for injunctive relief, or other relief other than monetary damages, or (iv) does not contain an unconditional release of the Trustee
from all liability on all claims that are the subject matter of the related dispute or proceeding. 

 The obligations of
the Company under this Section to compensate the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder. 

The Trustee shall have a lien prior to the Securities upon all property and funds held or collected by it as such for any amount owing to it
pursuant to this Section 607, except with respect to funds held in trust for the benefit of the Holders. 
 Without limiting any rights
available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 501(4) or Section 501(5), the expenses (including the reasonable charges
and expenses of its counsel) and the compensation for such services are intended to constitute expenses of administration under any applicable Bankruptcy Law. 

The provisions of this Section shall survive the satisfaction and discharge of this Indenture and the Defeasance or Covenant Defeasance
of the Securities and the resignation or removal of the Trustee. 
 Section 608. Disqualification; Conflicting Interests 

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

Section 609. Corporate Trustee Required; Eligibility 

There shall at all times be one or more Trustees hereunder with respect to the Securities of each series, at least one of which shall be a
Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus required by the Trust Indenture Act. If such Person publishes reports of condition at least annually, pursuant to law or to the
requirements of a supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign promptly in the manner and with the effect hereinafter specified in this Article. 

  
 35 

 Section 610. Resignation and Removal; Appointment of Successor 

No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until
the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611. 
 The Trustee
may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the
Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may, at the sole cost and expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to
the Securities of such series. 
 The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders
of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the
giving of such notice of removal, the removed Trustee may, at the sole cost and expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If at any time: 
  

	 	(1)	 the Trustee shall fail to comply with Section 608 after written request therefor by the Company or by any
Holder who has been a bona fide Holder of a Security for at least six months, or 

  

	 	(2)	 the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request
therefor by the Company or by any such Holder, or 

  

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

then, in any such case, (A) the Company, acting pursuant to the authority of a Board Resolution, may remove the Trustee with respect to all Securities,
or (B) subject to Section 514, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
 If the Trustee shall
resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be
only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy,
a successor Trustee with respect to the Securities of any series shall be appointed by Act of Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor
Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede
the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or Holders and accepted appointment in the manner required by Section 611, any
Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities of such series. 

  
 36 

 The Company shall give notice of each resignation and each removal of the Trustee with
respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice shall include the
name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
 Section 611.
Acceptance of Appointment by Successor 
 (a) In case of the appointment hereunder of a successor Trustee with respect to all
Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall
become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee, and all property and money held by such retiring Trustee hereunder;
but, on the written request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges and expenses and subject to any claim provided for in Section 607, execute and deliver an instrument transferring to
such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 

(b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which
(i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or
change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees as co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any
other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, but, on written request
of the Company, or any successor Trustee, such retiring Trustee shall, upon payment of its charges and expenses and subject to any claim provided for in Section 607, duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 

(c) Upon the reasonable request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in clause (a) or (b) above. 

(d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under this Article. 
 Section 612. Merger, Conversion, Consolidation or Succession to Business 

Any Corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any Corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any Corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such
Corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee shall adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor
Trustee had itself authenticated such Securities. 

  
 37 

 Section 613. Preferential Collection of Claims Against Company 

If and when the Trustee shall be or become a creditor of the Company, or any other obligor upon the Securities, the Trustee shall be subject to
the provisions of the Trust Indenture Act regarding the collection of claims against the Company or any such other obligor. 
 Section 614.
Appointment of Authenticating Agent 
 The Trustee (upon notice to the Company) may appoint an Authenticating Agent or Agents with
respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue (in accordance with procedures acceptable to the Trustee) and upon exchange,
registration of transfer or partial redemption thereof or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a
Corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 

Any Corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Corporation succeeding to all or substantially all of the corporate agency or corporate trust business of such Authenticating Agent,
shall continue to be an Authenticating Agent, provided such Corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or such Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible
under the provisions of this Section. 
 The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation
for its services under this Section. 

  
 38 

 If an appointment with respect to one or more series is made pursuant to this Section, the
Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

							
		 		 	U.S. BANK NATIONAL ASSOCIATION
		 		 	As Trustee
				
	Date:
                                        
	 		 	By:	 	              

			
		 		 	As Authenticating Agent
				
		 		 	By:	 	              

			
		 		 	Authorized Signatory

  
 39 

 ARTICLE VII 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY 

Section 701. Company to Furnish Trustee Names and Addresses of Holders 

The Company will furnish or cause to be furnished to the Trustee: 
  

	 	(1)	 semi-annually, not later than each Interest Payment Date in each year (or, if interest is payable quarterly,
then quarterly, not later than every second Interest Payment Date in each year), a list for each series of Securities, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of
the preceding Regular Record Date, and 

  

	 	(2)	 at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of
any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 

provided, however, that if and so long as the Trustee shall be the Security Registrar for Securities of a series, no such list need be furnished with
respect to such series of Securities. 
 Section 702. Preservation of Information; Communications to Holders 

The Trustee shall comply with the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act. 

The rights of the Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the
corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 
 Every Holder of Securities, by
receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to the names and addresses of
Holders made pursuant to the Trust Indenture Act. 
 Section 703. Reports by Trustee 

As promptly as practicable after each May 15 beginning with the May 15 following the date of this Indenture, and in any event prior
to July 15 in each year, the Trustee shall mail to each Holder a brief report dated as of May 15 that complies with Trust Indenture Act Section 313(a). The Trustee shall also comply with Trust Indenture Act Section 313(b). Prior
to delivery to the Holders, the Trustee shall deliver to the Company a copy of any report it delivers to Holders pursuant to this Section 703; provided, however, that no recourse may be taken against the Trustee for its failure to
deliver a copy of such report to the Company prior to its delivery of the report to the Holders. 
 A copy of each such report shall, at the
time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee promptly in writing when any Securities are
listed on any stock exchange and of any delisting thereof. 
 Section 704. Reports by Company 

The Company shall file with the Trustee and the Commission, and transmit to Holders, in accordance with Trust Indenture Act
Section 314(a) and the rules and regulations prescribed from time to time by the Commission, such information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may
be required from time to time by Trust Indenture Act Section 314(a) and such rules and regulations. 

  
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 ARTICLE VIII 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 

Section 801. Company May Consolidate, Etc., Only on Certain Terms 

The Company shall not, in a single transaction or a series of related transactions, consolidate with or merge into any other Person, or sell,
convey, transfer, lease or otherwise dispose of all or substantially all of its and its Subsidiaries’ properties and assets, taken as a whole, to any other Person, unless: 

 

	 	(1)	 the Person formed by such consolidation or into which the Company is merged or the Person which acquires by
sale, conveyance or transfer or other disposition, or which leases, all or substantially all of such properties and assets shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of
Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities
and the performance or observance of every other covenant of this Indenture on the part of the Company to be performed or observed; 

  

	 	(2)	 immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation
of the Company or a Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Default or Event of Default shall have occurred and be continuing; 

 

	 	(3)	 if, as a result of any such consolidation or merger or such conveyance, transfer or lease, such properties or
assets would become subject to a mortgage, pledge, lien, security interest or other encumbrance which would not be permitted by this Indenture, the Company or such successor Person, as the case may be, shall take such steps as shall be necessary
effectively to secure the Securities equally and ratably with (or prior to) all indebtedness secured thereby and such encumbrances shall be deemed to be permitted by this Indenture; and 

 

	 	(4)	 the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating
that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.

 For clarity, this Section and Section 802 shall not apply to the merger or consolidation of any Person into the Company or
Premier Bank, provided that the Company or Premier Bank is the surviving or continuting entity of such merger or consolidation. 
 Notwithstanding
the foregoing, the Company may transfer all of its property and assets to another Person if, immediately after giving effect to the transfer, such Person is the Company’s wholly-owned subsidiary. The term “wholly-owned subsidiary”
means any subsidiary in which the Company and/or its other wholly-owned subsidiaries own all of the outstanding capital stock. 
 Section 802.
Successor Substituted 
 Upon any consolidation of the Company with, or merger of the Company into, any other Person or any sale,
conveyance, transfer, lease or other disposition of all or substantially all of the properties and assets of the Company in accordance with Section 801, the successor Person formed by such consolidation or into which the Company is merged or to
which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company
herein and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities and may liquidate and dissolve. 

  
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 ARTICLE IX 

SUPPLEMENTAL INDENTURES 
 Section 901.
Supplemental Indentures Without Consent of Holders 
 Without the consent of any Holder, the Company and the Trustee, at any time and
from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
  

	 	(1)	 to evidence the succession of another Person to the Company or successive successions under this Indenture and
the Securities and the assumption by such successor Person of the covenants, agreements and obligations of the Company under this Indenture and the Securities; 

 

	 	(2)	 to add to the Events of Default such further Events of Default for the protection of the Holders of all or any
series of such Securities; provided, that, in respect of any such additional Events of Default, such supplemental indenture may provide for a particular grace period after default (which period may be shorter or longer than that allowed in
the case of other defaults) or may provide for an immediate enforcement upon such an event of default or may limit the remedies available to the trustee upon such an event of default or may limit the rights of the Holders of all or any series of
such Securities upon such an Event of Default; 

  

	 	(3)	 to add to the covenants of the Company such further covenants for the protection of the Holders of all or any
series of such Securities, or to surrender any right or power conferred by this Indenture upon the Company with regard to all or any series of such Securities; 

 

	 	(4)	 to provide for additional Securities of any series; 

 

	 	(5)	 to add to, change or eliminate any of the provisions of this Indenture, provided that any such addition,
change or elimination shall become effective only after there are no such Securities of any series entitled to the benefit of such provision Outstanding; 

  

	 	(6)	 to establish the form, terms and conditions of the Securities of any series issued hereunder;

  

	 	(7)	 to cure any ambiguity or to correct or supplement in this Indenture or in any supplemental indenture which may
be defective or inconsistent with any other provision contained in this Indenture or in any supplemental indenture; or to make such other provisions in regard to matters or questions arising under this Indenture or under any supplemental indenture,
provided that any such other provision shall not materially and adversely affect the interests of the Holders of any Securities as determined in good faith by the Company; 

 

	 	(8)	 to conform the text of any provision of this Indenture, any supplemental indenture or the Securities to the
description thereof in the prospectus or prospectus supplement relating thereto, as set forth in an Officer’ Certificate; 

  

	 	(9)	 to evidence and provide for the acceptance of appointment by a successor Trustee under this Indenture with
respect to one or more series of Securities or otherwise 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 under this Indenture by more than one
trustee; 

  

	 	(10)	 to amend or supplement any provision contained in this Indenture, which was required to be contained in this
Indenture in order for this Indenture to be qualified under the Trust Indenture Act, if the Trust Indenture Act or regulations thereunder change what is so required to be included in qualified indentures, in any manner not inconsistent with what
then may be required for such qualification; 

  
 42 

	 	(11)	 to provide for uncertificated Securities in addition to certificated Securities, or otherwise to alter the
provisions of Articles II and III, including to facilitate the issuance, legending or transfer of the Securities, in a manner that does not materially adversely affect any Holder and does not result in any violation of applicable securities law;

  

	 	(12)	 to supplement any provisions of this Indenture necessary to permit or facilitate the Defeasance, Covenant
Defeasance or discharge of any series of Securities, provided that such action does not adversely affect the interests of the Holders of Securities of such series or any other series; and 

 

	 	(13)	 to comply with the rules or regulations of any securities exchange or automated quotation system on which
any of the Securities may be listed or traded. 

 Section 902. Supplemental Indentures with Consent of Holders 

With the consent of the Holders of not less than a majority in aggregate principal amount of all Outstanding Securities affected by such
supplemental indenture (voting as one class), the Company and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of,
this Indenture, or modifying in any manner the rights of Holders of Securities of such series under this Indenture; provided that the Company and the Trustee may not, without the consent of the Holder of each Outstanding Security affected
thereby: 
  

	 	(1)	 change the Stated Maturity of the principal of, or any installment of principal of or interest, if any, on, any
Security, or reduce the principal amount thereof or premium, if any, on or the rate of interest thereon, or adversely affect any right to convert or exchange any Security into any other security, or alter the method of computation of interest, or
make any Security payable in money other than that stated in such Security; 

  

	 	(2)	 reduce the percentage in principal amount of Securities required for any such supplemental indenture or for any
waiver provided for in this Indenture; 

  

	 	(3)	 change the Company’s obligation to maintain an office or agency for payment of Securities and the other
matters specified herein; 

  

	 	(4)	 impair the right to institute suit for the enforcement of any payment of principal of, premium, if any, or
interest on, any Security; 

  

	 	(5)	 modify the provisions of this Indenture with respect to the subordination of any Security in a manner adverse
to the Holder thereof; or 

  

	 	(6)	 modify any of the provisions of this Indenture relating to the execution of supplemental indentures with the
consent of Holders of Securities which are discussed in this Section or modify any provisions relating to the waiver by Holders of Securities of past defaults and covenants, except to increase any required percentage or to provide that other
provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby. 

A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included
solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of Holders under this Section to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

  
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 Section 903. Execution of Supplemental Indentures 

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 receive, and (subject to Section 601) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture. The Trustee shall enter into any supplemental indenture which does not adversely affect the Trustee’s own rights, duties, privileges, indemnities or immunities under this
Indenture or otherwise. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which adversely affects the Trustee’s own rights, duties, privileges, indemnities or immunities under this Indenture or
otherwise. 
 Section 904. Effect of Supplemental Indentures 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

Section 905. Conformity with Trust Indenture Act 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in
effect. 
 Section 906. Reference in Securities to Supplemental Indentures 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and
shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion
of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. Failure to make a notation or issue
a new Security shall not affect the validity and effect of any amendment, supplement or waiver. 
 ARTICLE X 

COVENANTS 
 Section 1001. Payment
of Principal, Premium and Interest 
 The Company covenants and agrees for the benefit of each series of Securities that it will duly and
punctually pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. 

Section 1002. Maintenance of Office or Agency 

The Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be
presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may
be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Company hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands. 

  
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 The Company may also from time to time designate one or more other offices or agencies where
the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency in each Place of Payment 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 location of any such other office or agency. 
 Except as otherwise specified with respect to a series of Securities as contemplated by
Section 301, the Company hereby initially designates as the Place of Payment for each series of Securities the Corporate Trust Office, and initially appoints the Trustee at its Corporate Trust Office as the Paying Agent, as the Company’s
office or agency for each such purpose. 
 With respect to any Global Security, and except as otherwise may be specified for such Global
Security as contemplated by Section 301, the Corporate Trust Office shall be the Place of Payment where such Global Security may be presented or surrendered for payment or for registration of transfer or exchange, or where successor Securities
may be delivered in exchange therefor; provided, however, that any such payment, presentation, surrender or delivery effected pursuant to the applicable procedures of the Depositary for such Global Security shall be deemed to have been
effected at the Place of Payment for such Global Security in accordance with the provisions of this Indenture. 
 Section 1003. Money for Securities
Payments to Be Held in Trust 
 If the Company or any of its Subsidiaries shall at any time act as Paying Agent with respect to any
series of Securities, it will, on or before each due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the
principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 

Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, on or prior to each due date of the principal
of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company
will promptly notify the Trustee in writing of its action or failure so to act. 
 The Company will cause each Paying Agent for any series
of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) hold all sums held by
it for the payment of the principal of (and premium, if any) or interest, if any, on Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein
provided; (2) give the Trustee written notice of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment of principal (and premium, if any) or interest, if any, on the Securities of that
series; and (3) during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series. 

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Trustee or any Paying Agent in trust for the payment of the principal of or any premium or interest on any
Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company pursuant to a Company Request and the Trustee or any Paying Agent shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the state whose escheat laws control for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such payment, may at the expense of the Company cause to be
published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining
will be paid to the state whose escheat laws control. 

  
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 Section 1004. Statement by Officers as to Default; Change in Fiscal Year 

The Company will deliver to the Trustee, within 150 days after the end of each Fiscal Year of the Company ending after the date hereof, an
Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any
period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such Defaults and the nature and status thereof of which they may have knowledge. 

The Company will promptly notify the Trustee in writing of any change in the Company’s Fiscal Year. 

Section 1005. Waiver of Certain Covenants 

The Company may omit in any particular instance to comply with any term, provision or condition set forth in Sections 1002 through 1004 with
respect to the Securities of any series if before the time for such compliance Holders of at least a majority in aggregate principal amount of the Outstanding Securities of all affected series (voting as one class) shall, by Act of such Holders,
either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until
such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

A waiver which changes or eliminates any term, provision or condition of this Indenture which has expressly been included solely for the
benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such term, provision or condition, shall be deemed not to affect the rights under this Indenture of the
Holders of Securities of any other series. 
 ARTICLE XI 

REDEMPTION OF SECURITIES 

Section 1101. Applicability of Article 

Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article. 
 Section 1102. Election to
Redeem; Notice to Trustee 
 The election of the Company to redeem any Securities shall be evidenced by a Board Resolution. In case of
any redemption at the election of the Company of the Securities of any series, the Company shall, not less than 40 nor more than 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be agreed to by the Trustee),
notify the Trustee in writing of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities (1) prior
to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, or (2) pursuant to an election of the Company which is subject to a condition specified in the terms of such
Securities, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition. 

  
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 Section 1103. Selection by Trustee of Securities to be Redeemed 

If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be
redeemed), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, on a pro rata
basis or by such other method of selection, if any, that the trustee deems fair and appropriate and that complies with any securities exchange or other applicable requirements for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple in excess thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series. 

The Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected
for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.

 Section 1104. Notice of Redemption 

Notice of redemption shall be given by first-class mail (if international mail, by air mail), postage prepaid, mailed not less than 30 nor more
than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at its address appearing in the Security Register, provided that notice of redemption may be mailed more than 60 days prior to the Redemption Date in the
case of a Defeasance or Covenant Defeasance or a discharge pursuant to Article IV. 
 All notices of redemption shall identify the
securities to be redeemed (including CUSIP number(s)) and shall state: 
  

	 	(1)	 the Redemption Date, 

 

	 	(2)	 the Redemption Price or, if the Redemption Price is not determinable prior to the giving of such notice, the
method for calculating the Redemption Price, 

  

	 	(3)	 if less than all the Outstanding Securities of any series and of a specified tenor are to be redeemed, the
identification (and, in the case of partial redemption of any Securities, the principal amounts) of the particular Securities to be redeemed, 

  

	 	(4)	 that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be
redeemed and that, unless the Company defaults in the payment of the Redemption Price, interest on such Security will cease to accrue on and after said date, 

  

	 	(5)	 the place or places where such Securities are to be surrendered for payment of the Redemption Price, and

  

	 	(6)	 that the redemption is for a sinking fund, if such is the case. 

Notice of redemption of Securities to be redeemed shall be given by the Company or, at the Company’s request made at least five Business
Days prior to the date on which notice is to be given, by the Trustee in the name and at the expense of the Company. 
 Section 1105. Deposit of
Redemption Price 
 On or prior to 11:00 a.m. (New York City time) on any Redemption Date (or such later time of day to which the
Trustee may agree), the Company shall irrevocably deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to
pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date. The Trustee shall not be required to make any such deposit in the event
that the Company fails to do so. The contemplated redemption shall be conditioned on the deposit by the Company of the required moneys thereby. The Trustee and any Paying Agent promptly shall pay or return to the Company upon Company Request any
money held by them that has been deposited pursuant to this Section in excess of the amounts required to pay such Redemption Price. 

  
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 Section 1106. Securities Payable on Redemption Date 

Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at
the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for
redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by
Section 301, installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the
relevant Record Dates according to their terms and the provisions of Section 307. 
 If any Security called for redemption shall not be
so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 

Section 1107. Securities Redeemed in Part 

Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or its attorney duly authorized in writing), and the Company shall execute, and the Trustee
shall authenticate and deliver to the Holder of such Security without service charge to such Holder, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate
principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 
 ARTICLE XII

 SINKING FUNDS 
 Section 1201.
Applicability of Article 
 The provisions of this Article shall be applicable to any sinking fund for the retirement of
Securities of a series except as otherwise specified as contemplated by Section 301 for Securities of such series. 
 The minimum
amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of
Securities of any series is herein referred to as an “optional sinking fund payment.” 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 1202. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 

Section 1202. Satisfaction of Sinking Fund Payments with Securities 

The Company (1) may deliver Outstanding Securities of a series (other than any previously called for redemption), and (2) may apply
as a credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series;
provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption 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. 

  
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 Section 1203. Redemption of Securities for Sinking Fund 

Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to
the Trustee), the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing 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 Securities of that series pursuant to Section 1202 and stating the basis for such credit and that such Securities have not been
previously so credited, and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days 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 1103 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 1104. Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in Sections 1105, 1106 and 1107. 
 ARTICLE XIII 

DEFEASANCE 
 Section 1301.
Applicability of Article 
 The provisions of this Article shall be applicable to each series of Securities except as otherwise
specified as contemplated by Section 301 for Securities of such series. 
 Section 1302. Legal Defeasance 

In addition to discharge of the Indenture pursuant to Section 401, the Company shall be deemed to have paid and discharged the entire
indebtedness on all the Securities of a series on the 91st day after the date of the deposit referred to in clause (1) below, and the provisions of this Indenture with respect to the Securities of such series shall no longer be in effect
(except as to (i) rights of registration of transfer and exchange of Securities of such series and the Company’s right of optional redemption, if any, (ii) substitution of mutilated, destroyed, lost or stolen Securities,
(iii) rights of Holders of Securities to receive payments of principal thereof and interest thereon, upon the original stated due dates therefor or on the specified redemption dates therefor (but not upon acceleration), and remaining rights of
the Holders to receive mandatory sinking fund payments, if any, (iv) the rights, obligations, duties, privileges, indemnities and immunities of the Trustee hereunder, and the Company’s obligations in connection therewith (including,
but not limited to, Section 607), (v) the rights, if any, to convert or exchange the Securities of such series, (vi) the rights of Holders of Securities of such series as beneficiaries hereof with respect to the property so deposited
with the Trustee payable to all or any of them, and (vii) the obligations of the Company under Section 1002), and the Trustee, at the expense of the Company, shall, upon a Company Request, execute proper instruments acknowledging the same,
if the conditions set forth below are satisfied (“Defeasance”): 
  

	 	(1)	 the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust, for
the purposes of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of Holders of the Securities of such series (A) cash in an amount, or (B) in the case of any series of Securities the
payments on which may only be made in legal coin or currency of the United States, U.S. Government Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of cash, or (C) a
combination thereof, in each case 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 (i) the principal and interest and
premium, if any, on all Securities of such series on each date that such principal, interest or premium, if any, is due and payable or on any Redemption Date established pursuant to clause (3) below, and (ii) any mandatory sinking fund
payments on the dates on which such payments are due and payable in accordance with the terms of the Indenture and the Securities of such series; 

  
 49 

	 	(2)	 the Company has delivered to the Trustee an Opinion of Counsel based on the fact that (A) the Company has
received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the date hereof, there has been a change in the applicable federal income tax law, in either case to the effect that, and such opinion shall
confirm 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, 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; 

  

	 	(3)	 if the Securities are to be redeemed prior to Stated Maturity (other than from mandatory sinking fund payments
or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made; 

 

	 	(4)	 no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than
any Default or Event of Default resulting from the incurrence of Debt the proceeds of which are to be applied to such deposit, and the granting of any liens in connection therewith); 

 

	 	(5)	 such Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust
Indenture Act (assuming all Securities are in default within the meaning of such Act); 

  

	 	(6)	 such Defeasance shall not result in a breach or violation of, or constitute a default under, any other
agreement or instrument to which the Company is a party or by which it is bound; 

  

	 	(7)	 such Defeasance shall not result in the trust arising from such deposit constituting an investment company
within the meaning of the Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder; 

 

	 	(8)	 the Company shall have obtained the prior approval of the holders of the debt of the Company to which the
Securities of such series shall be subordinated as contemplated by Section 1401 hereof and of the Federal Reserve and any additional requirements that the holders of the debt of the Company to which the Securities of such series shall be
subordinated as contemplated by Section 1401 hereof or the Federal Reserve may impose with respect to such Defeasance. Notwithstanding the foregoing as to the Federal Reserve, if, due to a change in law, regulation or policy subsequent to the
issue date of the Securities of such series, the Federal Reserve does not require that Defeasance with respect to such Securities be subject to Federal Reserve approval in order for such Securities to qualify as Tier 2 Capital, then no such
approval of the Federal Reserve will be required for such Defeasance; and 

  

	 	(9)	 the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent provided for relating to the Defeasance contemplated by this provision have been complied with. 

For this purpose, such Defeasance means that the Company and any other obligor upon the Securities of such series shall be deemed to have paid
and discharged the entire debt represented by the Securities of such series, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 1304 and the rights and obligations referred to in clause
(i) through (vii), inclusive, of the first paragraph of this Section, and to have satisfied all its other obligations under the Securities of such series and this Indenture insofar as the Securities of such series are concerned. 

Section 1303. Covenant Defeasance 

The Company and any other obligor shall be released on the 91st day after the date of the deposit referred to in clause (1) below from its
obligations under Section 704 and Article VIII with respect to the Securities of any series on and after the date the conditions set forth below are satisfied (“Covenant Defeasance”), and the Securities of such series
shall thereafter be deemed to be not “Outstanding” for the purposes of any request, demand, authorization, direction, notice, waiver, consent or declaration or other action or Act of Holders (and the consequences of any thereof) in
connection with such covenants, but shall continue to be deemed Outstanding for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with respect to the Securities of 

  
 50 

 
such series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section, whether directly or indirectly by
reason of any reference elsewhere herein to such Section or by reason of any reference in such Section to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default
under Section 501, but, except as specified above, the remainder of this Indenture and the Securities of such series shall be unaffected thereby. The following shall be the conditions to Covenant Defeasance: 

 

	 	(1)	 the Company has irrevocably deposited or caused to be deposited 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 Holders of the Securities of such series (A) cash in an amount, or (B) in the case of any Series of Securities the
payments on which may only be made in legal coin or currency of the United States, U.S. Government Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of cash, or (C) a
combination thereof, in each case 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 (i) the principal and interest and
premium, if any, on all Securities of such series on each date that such principal, interest or premium, if any, is due and payable or on any Redemption Date established pursuant to clause (3) below, and (ii) any mandatory sinking fund
payments on the day on which such payments are due and payable in accordance with the terms of the Indenture and the Securities of such series; 

  

	 	(2)	 the Company has delivered to the Trustee an Opinion of Counsel which shall confirm that Holders of the
Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and Covenant Defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same
time as would have been the case if such deposit and Covenant Defeasance had not occurred; 

  

	 	(3)	 if the Securities are to be redeemed prior to Stated Maturity (other than from mandatory sinking fund payments
or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made; 

 

	 	(4)	 no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than
any Default or Event of Default resulting from the incurrence of Debt the proceeds of which are to be applied to such deposit, and the granting of any liens in connection therewith); 

 

	 	(5)	 such Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the
Trust Indenture Act (assuming all Securities are in default within the meaning of such Act); 

  

	 	(6)	 such Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other
agreement or instrument to which the Company is a party or by which it is bound; 

  

	 	(7)	 such Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment
company within the meaning of the Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder; and 

 

	 	(8)	 the Company shall have obtained the prior approval of the holders of the debt of the Company to which the
Securities of such series shall be subordinated as contemplated by Section 1401 hereof and of the Federal Reserve and any additional requirements that the holders of the debt of the Company to which the Securities of such series shall be
subordinated as contemplated by Section 1401 hereof or the Federal Reserve may impose with respect to such Covenant Defeasance. Notwithstanding the foregoing as to the Federal Reserve, if, due to a change in law, regulation or policy subsequent
to the issue date of the Securities of such series, the Federal Reserve does not require that Covenant Defeasance with respect to such Securities be subject to Federal Reserve approval in order for such Securities to qualify as Tier 2 Capital,
then no such approval of the Federal Reserve will be required for such Covenant Defeasance; and 

  
 51 

	 	(9)	 the Company has delivered to the Trustee an Officers’ Certificate and Opinion of Counsel stating that all
conditions precedent provided for relating to the Covenant Defeasance contemplated by this provision have been complied with. 

Section 1304. Application by Trustee of Funds Deposited for Payment of Securities 

Subject to the provisions of the last paragraph of Section 1003, all moneys or U.S. Government Obligations deposited with the Trustee
pursuant to Section 1302 or 1303 (and all funds earned on such moneys or U.S. Government Obligations) shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Company acting as its own
Paying Agent), to Holders of the particular Securities of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such money need
not be segregated from other funds except to the extent required by law. 
 Section 1305. Repayment to Company 

The Trustee and any Paying Agent promptly shall pay or return to the Company upon Company Request any money and U.S. Government Obligations
held by them at any time that have been deposited pursuant to Section 1302 or 1303, which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification delivered to the Trustee, are in
excess of the amounts required to effect the Defeasance or Covenant Defeasance with respect to the Outstanding Securities in question. 

The provisions of the last paragraph of Section 1003 shall apply to any money held by the Trustee or any Paying Agent under this
Article that remains unclaimed for two years after the Maturity of any series of Securities for which money or U.S. Government Obligations have been deposited pursuant to Section 1302 or 1303. 

Section 1306. Reinstatement 
 If the
Trustee or the Paying Agent is unable to apply any money or U. S. Government Obligations in accordance with this Article by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture and the Securities of the applicable series shall be revived and reinstated as though no deposit had occurred pursuant to this Indenture until
such time as the Trustee or the Paying Agent is permitted to apply all such money or U. S. Government Obligations in accordance with this Article; provided, however, that if the Company has made any payment of principal of or interest on any
Securities of such series because of the reinstatement of its obligations, the Company shall be subrogated to the rights of Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or the
Paying Agent. 
 ARTICLE XIV 

SUBORDINATION OF SECURITIES 

Section 1401. Securities Subordinated to Senior Debt 

The payment by the Company of the principal of, premium, if any, and interest, if any, on any series of Securities issued hereunder shall be
subordinated to the extent set forth in an indenture supplemental hereto relating to such Securities. 
 [Signature
page follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed in
multiple counterparts, each of which so executed shall be deemed to be an original, but all of which shall together constitute but one and the same instrument, all as of the day and year first above written. 

 

			
	PREMIER FINANCIAL CORP.
		
	By:	 	 /s/ Paul D. Nungester, Jr.

	Name:	 	Paul D. Nungester, Jr.
	Title:	 	Executive Vice President and Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Katherine Esber

	Name:	 	Katherine Esber
	Title:	 	Vice President

 Signature Page to Indenture

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