Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

FIFTH SUPPLEMENTAL INDENTURE 

Dated as of 

July 6, 2017 

Between 
 BAIDU, INC.

 as Company 

and 
 THE BANK OF NEW
YORK MELLON 
 as Trustee 
  

 
 2.875% NOTES
DUE 2022 
 3.625% NOTES DUE 2027 
  

 
  

 FIFTH SUPPLEMENTAL INDENTURE dated as of July 6, 2017 between Baidu, Inc., an exempted
company incorporated in the Cayman Islands (the “Company”), and The Bank of New York Mellon, as trustee (the “Trustee”). 

WITNESSETH: 
 WHEREAS, the
Company and the Trustee executed and delivered an Indenture dated as of November 28, 2012 (the “Base Indenture”) to provide for the issuance of debentures, notes, bonds or other evidences of indebtedness in an unlimited
aggregate principal amount to be issued from time to time in one or more series (such Base Indenture, as supplemented and amended by this Fifth Supplemental Indenture, herein referred to as the “Indenture”); 

WHEREAS, the Company has duly authorized the issuance of US$900,000,000 aggregate principal amount of 2.875% Notes due 2022 (the “2022
Notes”), and US$600,000,000 aggregate principal amount of 3.625% Notes due 2027 (the “2027 Notes” and, together with the 2022 Notes, the “Notes”); 

WHEREAS, the Company has duly authorized the execution and delivery of this Fifth Supplemental Indenture pursuant to Section 14.01 of the
Base Indenture to establish the terms and the form of the Notes in accordance with Sections 2.01, 3.01 and 3.03 of the Base Indenture; 

WHEREAS, all things necessary to make this Fifth Supplemental Indenture a valid and legally binding agreement of the Company, in accordance
with its terms, have been done. 
 NOW, THEREFORE, THIS FIFTH SUPPLEMENTAL INDENTURE WITNESSETH: 

That, in consideration of the premises and the purchase of the Notes by the Holders thereof for the equal and proportionate benefit of all of
the present and future Holders of the Notes, each party agrees and covenants as follows: 
 ARTICLE I 

SCOPE AND DEFINITIONS 

Section 1.01    Scope. The changes, modifications and supplements to the Base Indenture effected by this Fifth
Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes and shall not apply to any other series of Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to
such other series of Securities specifically incorporates such changes, modifications and supplements. 

Section 1.02    Definitions. 

(a)    Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Base
Indenture. 

 (b)    As used herein, the following additional defined terms shall have the
following meanings with respect to the Notes only and be equally applicable to both the singular and the plural forms of any of the terms herein defined: 

“2022 Notes” has the meaning provided in the recitals. 

“2027 Notes” has the meaning provided in the recitals. 

“Additional 2022 Notes” has the meaning provided in Section 2.01(c). 

“Additional 2027 Notes” has the meaning provided in Section 2.02(c). 

“Base Indenture” has the meaning provided in the recitals hereof. 

“BNY Mellon Group” has the meaning provided in Section 3.07. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker that would
be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the 2022 Notes or the 2027 Notes, as the case may be, to be
redeemed. 
 “Comparable Treasury Price” means, with respect to any Redemption Date pursuant to Section 2.02, (1) the
average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than three such Reference Treasury Dealer
Quotations, the average of all quotations obtained. 
 “DTC” means The Depository Trust Company, New York, New York. 

“Fifth Supplemental Indenture” means this instrument. 

“Group” means the Company and its Controlled Entities. 

“Independent Financial Advisor” means an accounting, appraisal, investment banking firm or consultant of nationally
recognized standing that is reasonably acceptable to the Trustee. 
 “Independent Investment Banker” means one of the
Reference Treasury Dealers appointed by the Company. 
 “Initial 2022 Notes” has the meaning provided in
Section 2.01(c). 
 “Initial 2027 Notes” has the meaning provided in Section 2.01(c). 

“Lien” means any mortgage, charge, pledge, lien or other form of encumbrance or security interest. 

  
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 “Make Whole Amount” means an amount determined on the fifth Business Day before
the Redemption Date pursuant to Section 2.03 that is equal to the sum of (i) the present value of the principal amount of the Notes to be redeemed, assuming a scheduled repayment thereof on the date of Stated Maturity for payment of
principal on such Notes plus (ii) the present value of the remaining scheduled payments of interest to and including such date of Stated Maturity for payment of principal on such Notes discounted to such Redemption Date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months and, in the case of an incomplete month, the actual number of days elapsed) at the Treasury Yield plus 20
basis points in the case of the 2022 Notes and 25 basis points in the case of the 2027 Notes. 
 “Notes” has the meaning
provided in the recitals hereof and Section 2.01(c). 
 “PRC Business Day” means a day other than a Saturday, Sunday or a day
on which banking institutions in the PRC are authorized or obligated by law, regulation or executive order to remain closed. 

“Prospectus Supplement” means the preliminary prospectus supplement, dated June 26, 2017, or the prospectus supplement,
dated June 28, 2017, relating to the offering of the Notes. 
 “Reference Treasury Dealer” means each of any three
investment banks of recognized standing that is a primary U.S. government securities dealer in the United States, selected by the Company in good faith. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date pursuant
to Section 2.03, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference
Treasury Dealer as of 5:00 p.m., New York City time, on the fifth Business Day before such Redemption Date. 
 “Relevant
Indebtedness” means any indebtedness which is in the form of, or represented or evidenced by, bonds, notes, debentures, loan stock or other securities which for the time being are, or are intended to be or are commonly, quoted, listed or
dealt in or traded on any stock exchange or over-the-counter or other securities market. 

“Treasury Yield” means, with respect to any Redemption Date pursuant to Section 2.03, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the fifth Business Day before such Redemption Date) of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such Redemption Date. 

  
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 “Triggering Event” means (A) any change in or amendment to the laws,
regulations and rules of the PRC or the official interpretation or official application thereof (“Change in Law”) that results in (1) the Group (as in existence immediately subsequent to such Change in Law), as a whole, being
legally prohibited from operating substantially all of the business operations conducted by the Group (as in existence immediately prior to such Change in Law) as of the last date of the period described in the consolidated financial statements of
the Company for the most recent fiscal quarter and (2) the Company being unable to continue to derive substantially all of the economic benefits from the business operations conducted by the Group (as in existence immediately prior to such
Change in Law) in the same manner as reflected in the consolidated financial statements of the Company for the most recent fiscal quarter and (B) the Company has not furnished to the Trustee, prior to the date that is twelve months after the
date of the Change in Law, an opinion from an Independent Financial Advisor or an Independent Legal Counsel stating either (1) the Company is able to continue to derive substantially all of the economic benefits from the business operations
conducted by the Group (as in existence immediately prior to such Change in Law), taken as a whole, as reflected in the consolidated financial statements of the Company for the most recent fiscal quarter (including after giving effect to any
corporate restructuring or reorganization plan of the Company) or (2) such Change in Law would not materially adversely affect the Company’s ability to make principal and interest payments on the Notes when due. 

“Triggering Event Offer” has the meaning set forth in Section 2.05(a). 

“Triggering Event Payment” has the meaning set forth in Section 2.05(a). 

“Triggering Event Payment Date” has the meaning set forth in Section 2.05(a). 

Section 1.03    Rules of Construction. For all purposes of this Fifth Supplemental Indenture, except as
otherwise expressly provided or unless the context otherwise requires: 
 (a)    The words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Fifth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 

(b)    References to “Article” or “Section” or other subdivision herein are references
to an Article, Section or other subdivision of this Fifth Supplemental Indenture, unless the context otherwise requires. 

(c)    References to any agreement, instrument, statute or regulation defined or referred to herein or in any instrument
establishing the terms of the Notes (or executed in connection therewith) are references to such agreement, instrument, statute or regulation as from time to time amended, modified, supplemented or replaced, including (in the case of agreements or
instruments) by waiver or consent and by succession of comparable successor agreements, instruments, statutes or regulations. 

  
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 ARTICLE II 

THE NOTES 

Section 2.01    Terms of the 2022 Notes. The 2022 Notes are hereby created and designated as a separate series
of Securities under the Base Indenture. The following terms relate to the 2022 Notes: 
 (a)    The 2022 Notes shall
constitute a separate series of Securities under the Base Indenture having the title “2.875% Notes due 2022.” 

(b)    The 2022 Notes shall be issued at a price of 99.470% of the principal amount thereof, other than any offering
discounts pursuant to the initial offering and resale of the 2022 Notes. 
 (c)    The aggregate principal amount
of the 2022 Notes (the “Initial 2022 Notes”) that may be initially authenticated and delivered under the Indenture shall be US$900,000,000. The Company may from time to time, without the consent of the Holders of the Notes, issue
additional Notes (in any such case “Additional 2022 Notes”) having the same terms and conditions as the Initial 2022 Notes in all respects (or in all respects except for the Issue Date, the issue price or the first Interest Payment
Date). Any Additional 2022 Notes and the Initial 2022 Notes shall constitute a single series under the Indenture, provided that if such Additional 2022 Notes are not fungible with the Initial 2022 Notes for U.S. federal income tax purposes,
such Additional 2022 Notes shall not have the same CUSIP, ISIN or other identifying number as the Initial 2022 Notes. All references to the “2022 Notes” shall include the Initial 2022 Notes and any Additional 2022 Notes unless the
context otherwise requires. The aggregate principal amount of each of the Additional 2022 Notes shall be unlimited. 

(d)    The entire outstanding principal of the 2022 Notes shall be payable on July 6, 2022. 

(e)    The rate at which the 2022 Notes shall bear interest shall be 2.875% per year. The date from which interest shall
accrue on the 2022 Notes shall be July 6, 2017, or the most recent Interest Payment Date to which interest has been paid or provided for. The Interest Payment Dates for the 2022 Notes shall be January 6 and July 6 of each year,
beginning January 6, 2018. Interest shall be payable on each Interest Payment Date to the Holders of record at the close of business on the June 21 and December 21 prior to each Interest Payment Date. The basis upon which interest
shall be calculated shall be that of a 360-day year consisting of twelve 30-day months. 

(f)    The 2022 Notes shall be issuable in whole in the form of one or more registered Global Securities, and the
Depositary for such Global Securities shall be DTC. The 2022 Notes shall be substantially in the form attached hereto as Exhibit A, the terms of which are herein incorporated by reference. The 2022 Notes shall be denominated in U.S. Dollars and
shall be issuable in minimum denominations of US$200,000 or any integral multiples of US$1,000 in excess thereof. 

(g)    The 2022 Notes may be redeemed at the option of the Company prior to the date of Stated Maturity for payment of
principal on the Notes, as provided in Section 2.03. 
 (h)    The 2022 Notes will not have the benefit of any
sinking fund. 
 (i)    Except as provided herein, the Holders of the 2022 Notes shall have no special rights in
addition to those provided in the Base Indenture upon the occurrence of any particular events. 

  
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 (j)    The 2022 Notes will be senior unsecured obligations of the Company and
will rank at least equal in right of payment to all of the Company’s other existing and future unsecured and unsubordinated obligations (subject to any priority rights pursuant to applicable law). 

(k)    The restrictive covenants set forth in Sections 2.04 and 2.05 shall be applicable to the 2022 Notes. 

Section 2.02    Terms of the 2027 Notes. The 2027 Notes are hereby created and designated as a separate series
of Securities under the Base Indenture. The following terms relate to the 2027 Notes: 
 (a)    The 2027 Notes shall
constitute a separate series of Securities under the Base Indenture having the title “3.625% Notes due 2027.” 

(b)    The 2027 Notes shall be issued at a price of 99.576% of the principal amount thereof, other than any offering
discounts pursuant to the initial offering and resale of the 2027 Notes. 
 (c)    The aggregate principal amount of the
2027 Notes (the “Initial 2027 Notes”) that may be initially authenticated and delivered under the Indenture shall be US$600,000,000. The Company may from time to time, without the consent of the Holders of the Notes, issue
additional Notes (in any such case “Additional 2027 Notes”) having the same terms and conditions as the Initial 2027 Notes in all respects (or in all respects except for the Issue Date, the issue price or the first Interest Payment
Date). Any Additional 2027 Notes and the Initial 2027 Notes shall constitute a single series under the Indenture, provided that if such Additional 2027 Notes are not fungible with the Initial 2027 Notes for U.S. federal income tax purposes,
such Additional 2027 Notes shall not have the same CUSIP, ISIN or other identifying number as the Initial 2027 Notes. All references to the “2027 Notes” shall include the Initial 2027 Notes and any Additional 2027 Notes unless the
context otherwise requires. The aggregate principal amount of each of the Additional 2027 Notes shall be unlimited. 

(d)    The entire outstanding principal of the 2027 Notes shall be payable on July 6, 2027. 

(e)    The rate at which the 2027 Notes shall bear interest shall be 3.625% per year. The date from which interest shall
accrue on the 2027 Notes shall be July 6, 2017, or the most recent Interest Payment Date to which interest has been paid or provided for. The Interest Payment Dates for the 2027 Notes shall be January 6 and July 6 of each year,
beginning January 6, 2018. Interest shall be payable on each Interest Payment Date to the Holders of record at the close of business on the June 21 and December 21 prior to each Interest Payment Date. The basis upon which interest
shall be calculated shall be that of a 360-day year consisting of twelve 30-day months. 

(f)    The 2027 Notes shall be issuable in whole in the form of one or more registered Global Securities, and the
Depositary for such Global Securities shall be DTC. The 2027 Notes shall be substantially in the form attached hereto as Exhibit B, the terms of which are herein incorporated by reference. The 2027 Notes shall be denominated in U.S. Dollars and
shall be issuable in minimum denominations of US$200,000 or any integral multiples of US$1,000 in excess thereof. 

  
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 (g)    The 2027 Notes may be redeemed at the option of the Company prior to
the date of Stated Maturity for payment of principal on the 2027 Notes, as provided in Section 2.03. 
 (h)    The
2027 Notes will not have the benefit of any sinking fund. 
 (i)    Except as provided herein, the Holders of the 2027
Notes shall have no special rights in addition to those provided in the Base Indenture upon the occurrence of any particular events. 

(j)    The 2027 Notes will be senior unsecured obligations of the Company and will rank at least equal in right of payment
to all of the Company’s other existing and future unsecured and unsubordinated obligations (subject to any priority rights pursuant to applicable law). 

(k)    The restrictive covenants set forth in Sections 2.04 and 2.05 shall be applicable to the 2027 Notes. 

Section 2.03    Optional Redemption. 

(a)    The provisions of Article IV of the Base Indenture, as amended by the provisions of this Fifth Supplemental
Indenture, shall apply to the Notes. 
 (b)    The Company may, at any time upon giving not less than 30 nor more than
60 days’ notice to Holders of the 2022 Notes or the 2027 Notes, as the case may be (which notice shall be irrevocable), redeem the 2022 Notes or the 2027 Notes, in whole or in part, at a redemption amount equal to the greater of (x) 100% of the
principal amount of such Notes to be redeemed and (y) the Make Whole Amount, plus, in each case, accrued and unpaid interest, if any, to, but not including, the Redemption Date (subject to the right of Holders of record on the relevant Record
Date to receive interest due on the relevant Interest Payment Date); provided that the principal amount of a Note remaining outstanding after redemption in part shall be US$200,000 or an integral multiple of US$1,000 in excess thereof. 

(c)    If the Redemption Date pursuant to this Section 2.03 is on or after the relevant Record Date and on or before
the related Interest Payment Date, any accrued and unpaid interest to the Redemption Date pursuant to this Section 2.03 shall be paid on such Interest Payment Date to the Person in whose name a Note is registered at the close of business on
such Record Date. 
 (d)    The Company or any of its Controlled Entities may, in accordance with all applicable laws
and regulations, at any time purchase the Notes in the open market or otherwise at any price, so long as such purchase does not otherwise violate the terms of the Indenture. The Notes that the Company or its Affiliates purchase may, in the
discretion of the Company, be held, resold or canceled, but will only be resold in compliance with applicable requirements or exemptions under the relevant securities laws. 

  
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 Section 2.04    Limitation on Liens. The following additional
covenant shall apply with respect to the 2022 Notes and the 2027 Notes so long as any of the 2022 Notes or the 2027 Notes, as the case may be, remain outstanding: 

(a)    Subject to the exceptions set forth in Section 2.04(b) below, the Company will not create or have outstanding,
and the Company will ensure that none of its Principal Controlled Entities will create or have outstanding, any Lien upon the whole or any part of their respective present or future undertaking, assets or revenues (including any uncalled capital)
securing any Relevant Indebtedness, or any guarantee or indemnity in respect of any Relevant Indebtedness either of the Company or of any of its Principal Controlled Entities, without (x) at the same time or prior thereto securing the 2022
Notes or the 2027 Notes, as the case may be, equally and ratably therewith or (y) providing such other security for the 2022 Notes or the 2027 Notes, as the case may be, as shall be approved by an act of the Holders of such series of Notes
holding at least a majority of the principal amount of such series of Notes then Outstanding. 
 (b)    The restriction
set forth in Section 2.04(a) above will not apply to: 
 (i)    any Lien arising or already arisen
automatically by operation of law which is timely discharged or disputed in good faith by appropriate proceedings; 

(ii)    any Lien in respect of the obligations of any Person which becomes a Principal Controlled Entity or
which merges with or into the Company or a Principal Controlled Entity after the date hereof which is in existence at the date on which it becomes a Principal Controlled Entity or merges with or into the Company or a Principal Controlled Entity;
provided that any such Lien was not incurred in anticipation of such acquisition or of such Person becoming a Principal Controlled Entity or being merged with or into the Company or a Principal Controlled Entity; 

(iii)    any Lien created or outstanding in favor of the Company; 

(iv)    any Lien in respect of Relevant Indebtedness of the Company or any Principal Controlled Entity with
respect to which the Company or such Principal Controlled Entity has paid money or deposited money or securities with a fiscal agent, trustee or depositary to pay or discharge in full the obligations of the Company or such Principal Controlled
Entity in respect thereof (other than the obligation that such money or securities so paid or deposited, and the proceeds therefrom, be sufficient to pay or discharge such obligations in full); or 

(v)    any Lien arising out of the refinancing, extension, renewal or refunding of any Relevant
Indebtedness secured by any Lien permitted by the foregoing clause (ii) of this Section 2.04(b); provided that such Relevant Indebtedness is not increased beyond the principal amount thereof (together with the costs of such
refinancing, extension, renewal or refunding) and is not secured by any additional property or assets. 

  
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 Section 2.05    Repurchase Upon Triggering Event. The following
additional covenant shall apply with respect to the Notes so long as any of the Notes remain outstanding: 
 (a)    If a
Triggering Event occurs, unless the Company has exercised its right to redeem all of the Notes pursuant to Section 2.03 hereof or Section 4.07 of the Base Indenture, the Company shall make an offer to repurchase all or, at the
Holder’s option, any part (equal to US$200,000 or multiples of US$1,000 in excess thereof) of each Holder’s Notes pursuant to the offer described below (the “Triggering Event Offer”), at a purchase price in cash equal to
101% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased to, but not including, the date of purchase (the “Triggering Event Payment”) (subject to the right of
Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). Within 30 days following a Triggering Event, unless the Company has exercised its right to redeem all of the Notes pursuant to
Section 2.03 hereof or Section 4.07 of the Base Indenture, the Company will mail a notice of such Triggering Event Offer to each Holder or otherwise give notice in accordance with the applicable procedures of DTC, with a copy to the
Trustee, stating: 
 (i)    that a Triggering Event Offer is being made pursuant to this
Section 2.05, including a description of the transaction or transactions that constitute the Triggering Event, and that all Notes properly tendered pursuant to such Triggering Event Offer will be accepted for purchase by the Company at a
purchase price in cash equal to 101% of the aggregate principal amount of such Notes plus accrued and unpaid interest, if any, on such Notes to the date of purchase (subject to the right of Holders of record on the relevant Record Date to receive
interest due on the relevant Interest Payment Date); 
 (ii)    the purchase date (which shall be no
earlier than 30 days and no later than 60 days from the date such notice is mailed) (the “Triggering Event Payment Date”); 

(iii)    that Notes must be tendered in amounts of US$200,000 or multiples of US$1,000 in excess thereof,
and any Note not properly tendered will remain outstanding and continue to accrue interest; 

(iv)    that, unless the Company defaults in the payment of the Triggering Event Payment, any Note accepted
for payment pursuant to the Triggering Event Offer will cease to accrue interest on and after the Triggering Event Payment Date; 

(v)    that Holders electing to have any Notes purchased pursuant to a Triggering Event Offer will be
required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified in the notice at the address specified in the notice prior to the close of
business on the third Business Day preceding the Triggering Event Payment Date; 

  
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 (vi)    that Holders shall be entitled to withdraw their
tendered Notes and their election to require the Company to purchase such Notes; provided that the Paying Agent receives at the address specified in the notice, not later than the close of business on the 30th day following the date of the
Triggering Event notice, a telegram, facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its
election to have such Notes purchased; 
 (vii)    that if a Holder is tendering less than all of its
Notes, such Holder will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (the unpurchased portion of the Notes must be equal to US$200,000 or an integral multiple of US$1,000 in excess thereof); and

 (viii)    the other instructions, as determined by the Company consistent with this Section 2.05,
that a Holder must follow. 
 The notice, if sent in a manner herein provided, shall be conclusively presumed to have been given, whether or
not the Holder receives such notice. If (A) the notice is sent in a manner herein provided and (B) any Holder fails to receive such notice or a Holder receives such notice but it is defective, such Holder’s failure to receive such
notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without defect. 

(b)    On the Triggering Event Payment Date, the Company will, to the extent lawful: 

(i)    accept for payment all Notes or portions of Notes (of US$200,000 or integral multiples of US$1,000
in excess thereof) properly tendered pursuant to the Triggering Event Offer; 
 (ii)    deposit with the
Paying Agent, one Business Day prior to the Triggering Event Payment Date, an amount equal to the Triggering Event Payment in respect of all Notes or portions of Notes properly tendered; and 

(iii)    deliver or cause to be delivered to the Trustee for cancellation the Notes properly accepted
together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company in accordance with the terms of this Section 2.05. 

(c)    The Paying Agent shall promptly mail, to each Holder who properly tendered Notes, the purchase price for such Notes
properly tendered, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book-entry) to each such Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided
that each new Note will be in a principal amount of US$200,000 or a multiple of US$1,000 in excess thereof. 

  
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 (d)    If the Triggering Event Payment Date is on or after the relevant
Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest to the Triggering Event Payment Date shall be paid on such Interest Payment Date to the Person in whose name a Note is registered at the close of
business on such Record Date. 
 (e)    The Company will not be required to make a Triggering Event Offer upon a
Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under
its offer. In the event that such third party terminates or defaults its offer, the Company will be required to make a Triggering Event Offer treating the date of such termination or default as though it were the date of the Triggering Event. 

(f)    The Company shall comply with the requirements of Rule 14e-1 under the
Exchange Act, to the extent applicable, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Triggering Event. To the extent
that the provision of any such securities laws or regulations conflicts with the Triggering Event Offer provisions of the Notes, the Company will comply with those securities laws and regulations and will not be deemed to have breached its
obligations under the Triggering Event Offer provisions of the Notes by virtue of any such conflict. 

Section 2.06    NDRC Post-issue Filing. The Company will notify the Trustee if it does not file or cause to be
filed with the NDRC the requisite information and documents required to be filed with the NDRC within 10 PRC Business Days after the completion of the Notes issuance in accordance with the Circular on Promoting the Reform of the Administrative
System on the Issuance by Enterprises of Foreign Debt Filings and Registrations (

(

[2015]2044

)) issued by the NDRC and which came into effect on September 14, 2015 and any implementation rules as issued by the NDRC as in effect at such time (the “Post-Issuance Filing”). Such notification to the
Trustee shall be made within 10 PRC Business Days after such failure to complete the Post-Issuance Filing. 

Section 2.07    Covenant Defeasance. Upon the Company’s exercise under Section 12.03(a) of the Base
Indenture of the option applicable to Section 12.03(c) thereof, the Company shall, subject to the satisfaction of the conditions set forth in Section 12.03(d) thereof, be released from its obligations under the covenants contained in
Section 6.04 and Section 6.06 thereof and from its obligations under the covenants contained in Section 2.04 and Section 2.05 of this Fifth Supplemental Indenture, on and after the date the conditions set forth in
Section 12.03(d) thereof are satisfied. 

  
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 Section 2.08    Supplemental Indentures. 

(a)    Section 4.02(a) of the Base Indenture shall be replaced in its entirety by the following with respect to the Notes
only: 
 “If the Company shall at any time elect to redeem all or any portion of the Securities of a series then Outstanding, it shall
at least 15 calendar days (or such shorter period acceptable to the Trustee) prior to the date the notice of redemption is to be mailed, notify the Trustee of such Redemption Date and of the principal amount of Securities to be redeemed, and the
Notes to be redeemed will be selected (i) if listed on a national securities exchange or held through the clearing systems then in compliance with the requirements of such national securities exchange or the clearing system, and (ii) if
the Notes are not listed on any securities exchange and are not held through the clearing systems then pro rata, by lot or in such other manner as the trustee deems appropriate in its sole discretion, unless otherwise required by law and which may
provide for the selection for redemption of a portion of the principal amount of any Security of such series; provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be
less than the minimum authorized denomination) for such Security. In any case where more than one Security of such series is registered in the same name, the Trustee may treat the aggregate principal amount so registered as if it were represented by
one Security of such series. If the Notes are in definitive form, the Trustee shall, as soon as practicable, notify the Company in writing of the Securities and portions of Securities so selected.” 

(b)    Section 6.05(a) of the Base Indenture shall be replaced in its entirety by the following with respect to the Notes
only: 
 “All payments of principal, premium, if any, and interest made by the Company in respect of any Security shall be made without
withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (collectively, “Taxes”) imposed or levied by or within the British Virgin Islands, the
Cayman Islands, the PRC or any jurisdiction where the Company is otherwise considered by a taxing authority to be a resident for tax purposes (in each case, including any political subdivision or any authority therein or thereof having power to tax)
(the “Relevant Jurisdiction”), unless such withholding or deduction of such Taxes is required by law. If the Company is required to make such withholding or deduction, the Company shall pay such additional amounts
(“Additional Amounts”) as will result in receipt by each Holder of Securities of such amounts as would have been received by such Holder had no such withholding or deduction of such Taxes been required, except that no such
Additional Amounts shall be payable: 
 (i)    in respect of any such Taxes that would not have been
imposed, deducted or withheld but for the existence of any connection (whether present or former) between the Holder or beneficial owner of a Security and the Relevant Jurisdiction other than merely holding such Security or receiving principal,
premium, if any, or interest in respect thereof (including such Holder or beneficial owner being or having been a national, domiciliary or resident of such Relevant Jurisdiction or treated as a resident thereof or being or having been physically
present or engaged in a trade or business therein or having or having had a permanent establishment therein); 

  
 12 

 (ii)    in respect of any Security presented for payment
(where presentation is required) more than 30 days after the relevant date, except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting the same for payment on the last day of such 30-day period. For this purpose, the “relevant date” in relation to any Security means the later of (a) the due date for such payment or (b) the date such payment was made or duly provided
for; 
 (iii)    in respect of any Taxes that would not have been imposed, deducted or withheld but for a
failure of the Holder or beneficial owner of a Security to comply with a timely request by the Company addressed to the Holder or beneficial owner to provide information concerning such Holder’s or beneficial owner’s nationality,
residence, identity or connection with any Relevant Jurisdiction, if and to the extent that due and timely compliance with such request is required under the tax laws of such jurisdiction in order to reduce or eliminate any withholding or deduction
as to which Additional Amounts would have otherwise been payable to such Holder; 
 (iv)    in respect of
any Taxes imposed as a result of a Security being presented for payment (where presentation is required) in the Relevant Jurisdiction, unless such Security could not have been presented for payment elsewhere; 

(v)    in respect of any estate, inheritance, gift, sales, transfer, personal property or similar Taxes;

 (vi)    to any Holder of a Security that is a fiduciary, partnership or person other than the sole
beneficial owner of any payment to the extent that such payment would be required to be included in the income under the laws of a Relevant Jurisdiction, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, or a member of
that partnership or a beneficial owner who would not have been entitled to such Additional Amounts had that beneficiary, settlor, partner or beneficial owner been the Holder thereof; 

(vii)    with respect to any withholding or deduction that is imposed in connection with Sections 1471-1474
of the U.S. Internal Revenue Code and U.S. Treasury regulations thereunder (“FATCA”), any intergovernmental agreement between the United States and any other jurisdiction implementing or relating to FATCA or any non-U.S. law, regulation or guidance enacted or issued with respect thereto; 

(viii)    any such Taxes payable otherwise than by deduction or withholding from payments under or with
respect to any Security; or 
 (ix)    any combination of Taxes referred to in the preceding clauses
(i) through (viii) above.” 

  
 13 

 (c)    Section 14.01(h) of the Base Indenture shall be replaced in its
entirety by the following with respect to the Notes only: 
 “to conform the text of this Indenture or any series of the Securities to
any provision of the section entitled “Description of Debt Securities” in the Prospectus or of the section entitled “Description of the Notes” in the Prospectus Supplement to the extent that such provision in the Prospectus or
the Prospectus Supplement, as the case may be, was intended to be a verbatim recitation of a provision of this Indenture or such series of the Securities as evidenced by an Officers’ Certificate;” 

(d)    Clause (xi) of Section 14.02(a) of the Base Indenture shall be replaced in its entirety by the following
with respect to the Notes only: 
 “reduce the amount of the premium payable upon the redemption or repurchase of any Security or
change the time at which any Security may be redeemed or repurchased as described in Section 4.07 of the Base Indenture or as described in Section 2.03 or 2.05 of the Fifth Supplemental Indenture, whether through an amendment or waiver of
provisions in the covenants, definitions or otherwise (except through amendments to the definition of “Triggering Event” if applicable).” 

ARTICLE III 

MISCELLANEOUS PROVISIONS 

Section 3.01    Confirmation of Indenture. The Base Indenture, as supplemented and amended by this Fifth
Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture, this Fifth Supplemental Indenture and all indentures supplemental thereto with respect to the Notes shall be read, taken and construed as one and the same
instrument. 
 Section 3.02    Severability. If any provision in this Fifth Supplemental Indenture or in the
Notes shall be held to be invalid, illegal or unenforceable under applicable law, then the remaining provisions in this Fifth Supplemental Indenture or in the Notes shall be construed as though such invalid, illegal or unenforceable provision were
not contained herein. 
 Section 3.03    Conflicts with Base Indenture. In the event that any provision of
this Fifth Supplemental Indenture limits, qualifies or conflicts with a provision of the Base Indenture, such provision of the Fifth Supplemental Indenture shall prevail. 

Section 3.04    Benefits of Indenture. Nothing in this Fifth Supplemental Indenture expressed and nothing that
may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or to give to, any Person other than the parties hereto and their successors and the Holders of the Notes any benefit or any right, remedy or claim
under or by reason of this Fifth Supplement Indenture or the Base Indenture or any covenant, condition, stipulation, promise or agreement hereof or thereof, and all covenants, conditions, stipulations, promises and agreements contained herein or
therein shall be for the sole and exclusive benefit of the parties hereto and their successors and of the Holders of the Notes. 

  
 14 

 Section 3.05    Counterparts. This Fifth Supplemental Indenture
may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 3.06    Governing Law; Waiver of Trial by Jury. This Fifth Supplemental Indenture and the Notes
shall be deemed to be contracts made under the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State (without regard to conflicts of laws principles thereof that would permit
the application of the laws of another jurisdiction). 
 Section 3.07    Information Sharing. The
Company understands that The Bank of New York Mellon is a global financial organization that operates in and provides services and products to clients through affiliates and subsidiaries located in multiple jurisdictions (the “BNY Mellon
Group”). The Company also understands that the BNY Mellon Group may centralize in one or more affiliates, subsidiaries or unaffiliated service providers certain activities, including audit, accounting, administration, risk management,
legal, compliance, sales, marketing, relationship management, and the storage, maintenance, aggregation, processing and analysis of information and data regarding the Company and any accounts maintained by it with the BNY Mellon
Group. Consequently, the Company hereby consents and authorizes The Bank of New York Mellon to disclose to other members of the BNY Mellon Group (and their respective officers, directors and employees) on a need-to-know basis information and data regarding the Company and any accounts established pursuant to this Fifth Supplemental Indenture in connection with the foregoing activities. To the extent that
information and data includes personal data encompassed by relevant data protection legislation applicable to the Company, the Company represents and warrants that it is authorized to provide the foregoing consents and authorizations and that the
disclosure to The Bank of New York Mellon will comply with the relevant data protection legislation. The Company acknowledges and agrees that information concerning the Company may be disclosed to unaffiliated service providers that the Trustee,
where practicable, has previously identified in writing to the Company and who are required in writing to maintain the same level of confidentiality of such information, or when required by law to governmental and regulatory authorities in
jurisdictions where the BNY Mellon Group operates. 
 EACH OF THE COMPANY AND THE TRUSTEE 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 FIFTH SUPPLEMENTAL INDENTURE. 

[Signatures on following page] 

  
 15 

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

			
	 BAIDU, INC.,
 as
Issuer

		
	By:	 	 /s/ Robin Yanhong Li

	 Name:
 Title:
	 	 Robin Yanhong Li
 Chief Executive
Officer

	
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	 /s/ Eva Tam

	Name:	 	Eva Tam
	Title:	 	Vice President

 EXHIBIT A 

FORM OF 2.875% NOTES DUE 2022 

FACE OF NOTE 
 [For Inclusion in a Global
Security only — UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY
A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 

BAIDU, INC. 
 2.875% Note Due 2022

 PRINCIPAL AMOUNT: US$                     

CUSIP: 056752 AH1 
 No.:
                 
 Baidu, Inc., an exempted company
incorporated in the Cayman Islands (the “Company,” which term includes any successor thereto under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co, or registered
assigns, the principal sum of
                                        
U.S. DOLLARS (US$        ) (or such other principal amount as shall be set forth in the Schedule of Increases or Decreases in Note attached hereto) on July 6, 2022, or on such earlier date as the
principal hereof may become due in accordance with the provisions of this Note. 
 Interest Rate: 2.875% per annum. 

Interest Payment Dates: January 6 and July 6 of each year, commencing on January 6, 2018. 

Record Dates: June 21 and December 21. 

Reference is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have
the same effect as though fully set forth at this place. 

  
 A-1 

 This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been manually signed by the Trustee under the Indenture referred to on the reverse hereof. 

  
 A-2 

 IN WITNESS WHEREOF, Baidu, Inc. has caused this Note to be duly executed. 

 

			
	BAIDU, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-3 

 CERTIFICATE OF AUTHENTICATION 

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

Date of authentication: 
  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 A-4 

 REVERSE OF NOTE 

BAIDU, INC. 
 2.875% Note Due 2022

 This Note is one of a duly authorized issue of debt securities of the Company of the series designated as the “2.875% Notes due
2022” (the “Notes”), all issued or to be issued under and pursuant to an Indenture, dated as of November 28, 2012 (the “Base Indenture”), duly executed and delivered by and between the Company and The Bank
of New York Mellon, as trustee (the “Trustee,” which term includes any successor trustee), as supplemented by the Fifth Supplemental Indenture, dated as of July 6, 2017 (the “Fifth Supplemental Indenture”),
duly executed and delivered by and between the Company and the Trustee. The Base Indenture as supplemented and amended by the Fifth Supplemental Indenture is referred to herein as the “Indenture”. Capitalized terms used herein and
not otherwise defined shall have the meanings given them in the Indenture. 
 1. Interest. The Company promises to pay interest on
the principal amount of this Note at a rate of 2.875% per annum. The Company will pay interest semi-annually in arrears on January 6 and July 6 of each year. If a payment date is not a Business Day as defined in the Indenture at a Place of
Payment, payment may be made at that place on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period. Interest shall be computed on the basis of a 360-day year
of twelve 30-day months and, in the case of an incomplete month, the actual number of days elapsed. 

2. Method of Payment. The Company shall pay interest on the Notes (except Defaulted Interest), if any, to the Persons in whose name
such Notes are registered at the close of business on the Record Date referred to on the face of this Note immediately preceding the related Interest Payment Date, even if any Notes are canceled, repurchased or redeemed on or after such Record Date
and on or before such Interest Payment Date. Payment of interest on the Notes shall be made, in the currency of the United States of America that at the time is legal tender for payment of public and private debts, at the specified office of the
Paying Agent or, at the option of the Company, by check mailed to the address of the Person entitled thereto as such address shall appear in the Register or, in accordance with arrangements satisfactory to the Trustee, by wire transfer to an account
designated by the Holder. 
 3. Paying Agent, Authenticating Agent and Registrar. Initially, The Bank of New York Mellon, the
Trustee, will act as Paying Agent, Authenticating Agent and Registrar. The Company may change or appoint any Paying Agent or Registrar without notice to any Noteholder. The Company may act in any such capacity. 

4. Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939 (“TIA”) as in effect on the date the Indenture is qualified. The Notes are subject to all such terms, and Noteholders are referred to the Indenture and TIA for a statement of such terms. The Notes are
unsecured general obligations of the Company and constitute the series designated on the face of this Note as the “2.875% Notes due 2022,” initially limited to US$900,000,000 in aggregate principal amount. The Company will furnish to any
Noteholder upon written request and without charge a copy of the Base Indenture and the Fifth Supplemental Indenture. Requests may be made to: Baidu, Inc., Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 100085,
People’s Republic of China, Attention: Legal Department. 

  
 A-5 

 5. Redemption and Repurchase. The Notes are subject to optional redemption, and may be the
subject of a Triggering Event Offer, as further described in the Indenture. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

6. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in the denominations of US$200,000 or any
integral multiple of US$1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Notes may be presented for exchange or for registration of transfer (duly endorsed or with the form
of transfer endorsed thereon duly executed if so required by the Company or the Registrar) at the office of the Registrar or at the office of any transfer agent designated by the Company for such purpose. The Company need not exchange or register
the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. 

7. Persons Deemed Owners. The registered Noteholder may be treated as its owner for all purposes. 

8. Amendments, Supplements and Waivers. The Indenture and the Notes may be amended or supplemented as provided in the Indenture. Any
consent or waiver by the Noteholders as provided in the Indenture shall be conclusive and binding upon such Holders and upon all future Noteholders and holders 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 the Notes. 
 9. Defaults and Remedies. The Events of
Default relating to the Notes are defined in Section 7.01 of the Base Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Company, the Trustee and the Noteholders shall be as set forth in the applicable
provisions of the Indenture. 
 10. No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement
contained in the Indenture or the Notes, or because of any indebtedness evidenced thereby, shall be had against any incorporator as such, or against any past, present or future stockholder, officer, director or employee, as such, of the Company or
of any successor, either directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability
being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 
 11.
Authentication. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee. 

  
 A-6 

 12. Governing Law. The Base Indenture, the Fifth Supplemental Indenture and this Note
shall be deemed to be contracts made under the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State (without regard to conflicts of laws principles thereof that would permit
the application of the laws of another jurisdiction). 

  
 A-7 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE] 
  

 
  

 
 [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING
ZIP CODE, OF ASSIGNEE] 
  
  

the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                                         
                       
                                         
                        Attorney to transfer such Note on the books of the Issuer, with full power of substitution in the premises.

  

							
		 		 		 	Signature:
				
	
Dated:                  
                              
	 		 		 	  

		 		 		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.

 SIGNATURE GUARANTEE 

[Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.] 

  
 A-8 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 2.05 of the Fifth Supplemental Indenture, check the
box below: 
 ☐ Section 2.05 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 2.05 of the Fifth Supplemental Indenture,
state the amount you elect to have purchased: 

US$                     

 

							
	Date:                                     
   	 		 	Your Signature:	 	  

		 		 		 	(Sign exactly as your name appears
on the face of this Note)
				
		 		 	Tax Identification No:	 	  

				
		 		 		 	 Signature Guarantee:

		 		 		 	  

  
 A-9 

 SCHEDULE OF INCREASES OR DECREASES IN NOTE*

 The initial principal amount of this Note is
US$                    . The following increases or decreases in a part of this Note have been made: 

 

									
	 Date
	 	 Amount of

decrease in

principal
 amount of
this
 Note
	 	 Amount of

increase in

principal
 amount of
this
 Note
	 	 Principal

amount of this
 Note
following
 such decrease

(or increase)
	 	 Signature of

authorized
 signatory
of
 Trustee

		 		 		 		 	

  

	* 	Insert in Global Notes. 

  
 A-10 

 EXHIBIT B 

FORM OF 3.625% NOTES DUE 2027 

FACE OF NOTE 
 [For Inclusion in a Global
Security only — UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY
A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 

BAIDU, INC. 
 3.625% Note Due 2027

 PRINCIPAL AMOUNT: US$                     

CUSIP: 056752 AJ7 
 No.:
                     
 Baidu,
Inc., an exempted company incorporated in the Cayman Islands (the “Company,” which term includes any successor thereto under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
Cede & Co, or registered assigns, the principal sum of
                                        
U.S. DOLLARS (US$            ) (or such other principal amount as shall be set forth in the Schedule of Increases or Decreases in Note attached hereto) on July 6, 2027, or on
such earlier date as the principal hereof may become due in accordance with the provisions of this Note. 
 Interest Rate: 3.625% per annum.

 Interest Payment Dates: January 6 and July 6 of each year, commencing on January 6, 2018. 

Record Dates: June 21 and December 21. 

Reference is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have
the same effect as though fully set forth at this place. 

  
 B-1 

 This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been manually signed by the Trustee under the Indenture referred to on the reverse hereof. 

  
 B-2 

 IN WITNESS WHEREOF, Baidu, Inc. has caused this Note to be duly executed. 

 

			
	BAIDU, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 B-3 

 CERTIFICATE OF AUTHENTICATION 

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

Date of authentication: 
  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 B-4 

 REVERSE OF NOTE 

BAIDU, INC. 
 3.625% Note Due 2027

 This Note is one of a duly authorized issue of debt securities of the Company of the series designated as the “3.625% Notes due
2027” (the “Notes”), all issued or to be issued under and pursuant to an Indenture, dated as of November 28, 2012 (the “Base Indenture”), duly executed and delivered by and between the Company and The Bank
of New York Mellon, as trustee (the “Trustee,” which term includes any successor trustee), as supplemented by the Fifth Supplemental Indenture, dated as of July 6, 2017 (the “Fifth Supplemental Indenture”),
duly executed and delivered by and between the Company and the Trustee. The Base Indenture as supplemented and amended by the Fifth Supplemental Indenture is referred to herein as the “Indenture”. Capitalized terms used herein and
not otherwise defined shall have the meanings given them in the Indenture. 
 1. Interest. The Company promises to pay interest on
the principal amount of this Note at a rate of 3.625% per annum. The Company will pay interest semi-annually in arrears on January 6 and July 6 of each year. If a payment date is not a Business Day as defined in the Indenture at a Place of
Payment, payment may be made at that place on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period. Interest shall be computed on the basis of a 360-day year
of twelve 30-day months and, in the case of an incomplete month, the actual number of days elapsed. 

2. Method of Payment. The Company shall pay interest on the Notes (except Defaulted Interest), if any, to the Persons in whose name
such Notes are registered at the close of business on the Record Date referred to on the face of this Note immediately preceding the related Interest Payment Date, even if any Notes are canceled, repurchased or redeemed on or after such Record Date
and on or before such Interest Payment Date. Payment of interest on the Notes shall be made, in the currency of the United States of America that at the time is legal tender for payment of public and private debts, at the specified office of the
Paying Agent or, at the option of the Company, by check mailed to the address of the Person entitled thereto as such address shall appear in the Register or, in accordance with arrangements satisfactory to the Trustee, by wire transfer to an account
designated by the Holder. 
 3. Paying Agent, Authenticating Agent and Registrar. Initially, The Bank of New York Mellon, the
Trustee, will act as Paying Agent, Authenticating Agent and Registrar. The Company may change or appoint any Paying Agent or Registrar without notice to any Noteholder. The Company may act in any such capacity. 

4. Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939 (“TIA”) as in effect on the date the Indenture is qualified. The Notes are subject to all such terms, and Noteholders are referred to the Indenture and TIA for a statement of such terms. The Notes are
unsecured general obligations of the Company and constitute the series designated on the face of this Note as the “3.625% Notes due 2027,” initially limited to US$600,000,000 in aggregate principal amount. The Company will furnish to any
Noteholder upon written request and without charge a copy of the Base Indenture and the Fifth Supplemental Indenture. Requests may be made to: Baidu, Inc., Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 100085,
People’s Republic of China, Attention: Legal Department. 

  
 B-5 

 5. Redemption and Repurchase. The Notes are subject to optional redemption, and may be the
subject of a Triggering Event Offer, as further described in the Indenture. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

6. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in the denominations of US$200,000 or any
integral multiple of US$1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Notes may be presented for exchange or for registration of transfer (duly endorsed or with the form
of transfer endorsed thereon duly executed if so required by the Company or the Registrar) at the office of the Registrar or at the office of any transfer agent designated by the Company for such purpose. The Company need not exchange or register
the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. 

7. Persons Deemed Owners. The registered Noteholder may be treated as its owner for all purposes. 

8. Amendments, Supplements and Waivers. The Indenture and the Notes may be amended or supplemented as provided in the Indenture. Any
consent or waiver by the Noteholders as provided in the Indenture shall be conclusive and binding upon such Holders and upon all future Noteholders and holders 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 the Notes. 
 9. Defaults and Remedies. The Events of
Default relating to the Notes are defined in Section 7.01 of the Base Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Company, the Trustee and the Noteholders shall be as set forth in the applicable
provisions of the Indenture. 
 10. No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement
contained in the Indenture or the Notes, or because of any indebtedness evidenced thereby, shall be had against any incorporator as such, or against any past, present or future stockholder, officer, director or employee, as such, of the Company or
of any successor, either directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability
being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 
 11.
Authentication. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee. 

  
 B-6 

 12. Governing Law. The Base Indenture, the Fifth Supplemental Indenture and this Note
shall be deemed to be contracts made under the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State (without regard to conflicts of laws principles thereof that would permit
the application of the laws of another jurisdiction). 

  
 B-7 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE] 
  

 
  

 
 [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING
ZIP CODE, OF ASSIGNEE] 
  
  

the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                                         
                       
                                         
                        Attorney to transfer such Note on the books of the Issuer, with full power of substitution in the premises.

  

							
		 		 		 	      Signature:
				
	Dated:
                                        
	 		 		 	  

		 		 		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.

 SIGNATURE GUARANTEE 

[Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.] 

  
 B-8 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 2.05 of the Fifth Supplemental Indenture, check the
box below: 
 ☐ Section 2.05 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 2.05 of the Fifth Supplemental Indenture,
state the amount you elect to have purchased: 

US$                     

 

					
	Date:
                                        
	  	Your Signature:	  	  

		  		  	(Sign exactly as your name appears
on the face of this Note)
			
		  	Tax Identification No:	  	  

			
		  		  	 Signature Guarantee:
  

  
 B-9 

 SCHEDULE OF INCREASES OR DECREASES IN NOTE*

 The initial principal amount of this Note is
US$                    . The following increases or decreases in a part of this Note have been made: 

 

									
	 Date
	 	 Amount of

decrease in

principal

amount of this

Note
	 	 Amount of

increase in

principal

amount of this

Note
	  	 Principal

amount of this

Note following

such decrease

(or increase)
	  	 Signature of

authorized

signatory of

Trustee

		 		 		  		  	

  

	* 	Insert in Global Notes. 

  
 B-10Form of senior indenture

 Exhibit 4.1 

 
  

 
  
 ORIX CORPORATION 
 and 

THE BANK OF NEW YORK MELLON 
 as Trustee 
 SENIOR INDENTURE 

Dated as of [    ], 2017 
  

 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	ARTICLE 1	 
	DEFINITIONS	 
		
	 Section 1.01  Certain Terms Defined
	  	 	1	 
	
	ARTICLE 2	 
	SECURITIES	 
		
	 Section 2.01  Forms Generally
	  	 	6	 
	 Section 2.02  Form of Trustee’s Certification of Authentication
	  	 	6	 
	 Section 2.03  Amount Unlimited; Issuable in Series
	  	 	6	 
	 Section 2.04  Authentication and Delivery of Securities
	  	 	8	 
	 Section 2.05  Execution of Securities
	  	 	9	 
	 Section 2.06  Certificate of Authentication
	  	 	9	 
	 Section 2.07  Form, Denomination and Date of Securities; Payments of Interest
	  	 	9	 
	 Section 2.08  Registration, Transfer and Exchange
	  	 	10	 
	 Section 2.09  Mutilated, Defaced, Destroyed, Lost and Stolen Securities
	  	 	11	 
	 Section 2.10  Cancellation of Securities
	  	 	12	 
	 Section 2.11  Temporary Securities
	  	 	12	 
	 Section 2.12  Japanese Withholding Tax
	  	 	12	 
	 Section 2.13  CUSIP, ISIN Numbers and Common Codes
	  	 	13	 
	
	ARTICLE 3	 
	COVENANTS OF THE ISSUER AND THE TRUSTEE	 
		
	 Section 3.01  Payment of Principal and Interest
	  	 	13	 
	 Section 3.02  Offices for Payments, etc.
	  	 	13	 
	 Section 3.03  Appointment to Fill a Vacancy in Office of Trustee
	  	 	14	 
	 Section 3.04  Paying Agents
	  	 	14	 
	 Section 3.05  Certificate of the Issuer
	  	 	15	 
	 Section 3.06  Securityholders Lists
	  	 	15	 
	 Section 3.07  Reports by the Issuer
	  	 	15	 
	 Section 3.08  Reports by the Trustee
	  	 	15	 
	 Section 3.09  Negative Pledge
	  	 	15	 
	 Section 3.10  Statement by Officers as to Default
	  	 	15	 
	 Section 3.11  Information Reporting and Withholding Under FATCA
	  	 	16	 
	 Section 3.12  Notice of Possible Withholding Under FATCA
	  	 	16	 
	 Section 3.13  Right to Withhold
	  	 	16	 
	 Section 3.14  Issuer Right to Redirect
	  	 	16	 
	
	ARTICLE 4	 
	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	 
		
	 Section 4.01  Event of Default, Acceleration of Maturity, Waiver of Default
	  	 	17	 
	 Section 4.02  Collection of Indebtedness by Trustee; Trustee May Prove Debt
	  	 	18	 
	 Section 4.03  Application of Proceeds
	  	 	20	 
	 Section 4.04  Suits for Enforcement
	  	 	21	 
	 Section 4.05  Restoration of Rights on Abandonment of Proceeding
	  	 	21	 
	 Section 4.06  Limitations on Suits by Securityholder
	  	 	21	 
	 Section 4.07  Unconditional Right of Securityholders to Institute Certain Suits
	  	 	22	 
	 Section 4.08  Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default
	  	 	22	 
	 Section 4.09  Control by Securityholders
	  	 	22	 
	 Section 4.10  Waiver of Past Defaults
	  	 	22	 

  
 i 

					
	 	  	Page	 
	 Section 4.11  Trustee to Give Notice of Default
	  	 	23	 
	 Section 4.12  Right of Court to Require Filing of Undertaking to Pay Costs
	  	 	23	 
	 Section 4.13  Judgment Currency
	  	 	23	 
	
	ARTICLE 5	 
	CONCERNING THE TRUSTEE	 
		
	 Section 5.01  Duties and Responsibilities of the Trustee; During Default; Prior to Default
	  	 	24	 
	 Section 5.02  Certain Rights of the Trustee
	  	 	25	 
	 Section 5.03  Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds
Thereof
	  	 	26	 
	 Section 5.04  Trustee and Agents May Hold Securities; Collections, etc
	  	 	26	 
	 Section 5.05  Moneys Held by Trustee
	  	 	27	 
	 Section 5.06  Compensation and Indemnification of Trustee and its Prior Claim
	  	 	27	 
	 Section 5.07  Right of Trustee to Rely on Officer’s Certificate, etc.
	  	 	27	 
	 Section 5.08  Persons Eligible for Appointment as Trustee
	  	 	27	 
	 Section 5.09  Resignation and Removal; Appointment of Successor Trustee
	  	 	28	 
	 Section 5.10  Acceptance of Appointment By Successor Trustee
	  	 	29	 
	 Section 5.11  Merger, Conversion, Consolidation or Succession to Business of Trustee
	  	 	29	 
	 Section 5.12  Conflicting Interests
	  	 	30	 
	 Section 5.13  Appointment of Authenticating Agent
	  	 	30	 
	
	ARTICLE 6	 
	CONCERNING THE SECURITYHOLDERS	 
		
	 Section 6.01  Evidence of Action Taken by Securityholders
	  	 	31	 
	 Section 6.02  Proof of Execution of Instruments and of Holding of Securities; Record Date
	  	 	31	 
	 Section 6.03  Holders to be Treated as Owners
	  	 	31	 
	 Section 6.04  Securities Owned by Issuer Deemed Not Outstanding
	  	 	32	 
	 Section 6.05  Right of Revocation of Action Taken
	  	 	32	 
	
	ARTICLE 7	 
	SUPPLEMENTAL INDENTURES	 
		
	 Section 7.01  Supplemental Indentures Without Consent of Securityholders
	  	 	32	 
	 Section 7.02  Supplemental Indentures With Consent of Securityholders
	  	 	33	 
	 Section 7.03  Effect of Supplemental Indenture
	  	 	34	 
	 Section 7.04  Documents to be Given to Trustee
	  	 	34	 
	 Section 7.05  Notation on Securities in Respect of Supplemental Indentures
	  	 	35	 
	 Section 7.06  Conformity with the Trust Indenture Act of 1939
	  	 	35	 
	
	ARTICLE 8	 
	CONSOLIDATION, MERGER, SALE OR CONVEYANCE	 
		
	 Section 8.01  Issuer May Consolidate, etc., on Certain Terms
	  	 	35	 
	 Section 8.02  Successor Substituted
	  	 	35	 
	 Section 8.03  Opinion of Counsel to Trustee
	  	 	36	 
	
	ARTICLE 9	 
	SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS	 
		
	 Section 9.01  Satisfaction and Discharge of Indenture
	  	 	36	 
	 Section 9.02  Application by Trustee of Funds Deposited for Payment of Securities
	  	 	38	 
	 Section 9.03  Repayment of Moneys Held by Paying Agent
	  	 	38	 
	 Section 9.04  Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years
	  	 	39	 

  
 ii 

					
	 	  	Page	 
	ARTICLE 10	 
	MISCELLANEOUS PROVISIONS	 
		
	 Section 10.01  Incorporators, Stockholders, Officers and Directors of Issuer Exempt from
Individual
Liability
	  	 	39	 
	 Section 10.02  Provisions of Indenture for the Sole Benefit of Parties and Securityholders
	  	 	39	 
	 Section 10.03  Successors and Assigns of Issuer Bound by Indenture
	  	 	39	 
	 Section 10.04  Notices and Demands on Issuer, Trustee and Securityholders
	  	 	39	 
	 Section 10.05  Officer’s Certificates and Opinions of Counsel; Statements to be Contained
Therein
	  	 	40	 
	 Section 10.06  Conflict of any Provision of Indenture with Trust Indenture Act of 1939
	  	 	41	 
	 Section 10.07  New York Law to Govern
	  	 	41	 
	 Section 10.08  Counterparts
	  	 	41	 
	 Section 10.09  Effect of Headings
	  	 	41	 
	 Section 10.10  Submission To Jurisdiction
	  	 	41	 
	 Section 10.11  Non-Business Day
	  	 	42	 
	 Section 10.12  Waiver of Jury Trial
	  	 	42	 
	
	ARTICLE 11	 
	REDEMPTION OF SECURITIES AND SINKING FUNDS	 
		
	 Section 11.01  Applicability of Article
	  	 	42	 
	 Section 11.02  Notice of Redemption; Partial Redemptions
	  	 	42	 
	 Section 11.03  Payment of Securities Called for Redemption
	  	 	43	 
	 Section 11.04  Exclusion of Certain Securities from Eligibility for Selection for Redemption
	  	 	43	 
	 Section 11.05  Mandatory and Optional Sinking Funds
	  	 	44	 

  
 iii

 CROSS REFERENCE SHEET 

Cross-reference sheet of provisions of the Trust Indenture Act of 1939 and this indenture: 

 

			
	 Section of the Act
	  	 Section of Indenture

	 310(a)(1) and (2)
	  	5.08
	 310(a)(3) and (4)
	  	Inapplicable
	 310(a)(5)
	  	Incorporated by Section 318(c)
	 310(b)
	  	5.09
	 311(a) and (b)
	  	Incorporated by Section 318(c)
	 312(a)
	  	3.06
	 312(b)
	  	Incorporated by Section 318(c)
	 312(c)
	  	Incorporated by Section 318(c)
	 313(a)
	  	3.08
	 313(b)(1)
	  	Inapplicable
	 313(b)(2)
	  	Incorporated by Section 318(c)
	 313(c)
	  	Incorporated by Section 318(c)
	 313(d)
	  	Incorporated by Section 318(c)
	 314(a)
	  	3.07
	 314(b)
	  	Inapplicable
	 314(c)(1) and (2)
	  	10.05
	 314(c)(3)
	  	Inapplicable
	 314(d)
	  	Inapplicable
	 314(e)
	  	10.05
	 315(a), (c) and (d)
	  	5.01
	 315(b)
	  	4.11
	 315(e)
	  	4.12
	 316(a)(1)
	  	4.09
	 316(a)(2)
	  	Inapplicable
	 316(b)
	  	4.07
	 316(c)
	  	Incorporated by Section 318(c)
	 317(a)
	  	4.02
	 317(b)
	  	3.04
	 318(a)
	  	10.07

 Notes: 
 This cross-reference sheet shall not, for any purpose, be deemed to be a part of this indenture. 

Attention should also be directed to Section 318(c) of the Trust Indenture Act of 1939, which provides that the provisions of Sections 310 to and
including 317 of the 1939 Act are a part of and govern every qualified indenture, whether or not physically contained therein. Sections designated in the cross-reference sheet above as “Incorporated by Section 318(c)” are not
physically contained herein but are incorporated in this indenture automatically by Section 318(c) of the Trust Indenture Act of 1939. 

  
 iv 

 THIS INDENTURE, dated as of [    ], 2017 between ORIX Corporation, a
joint stock company (kabushiki kaisha) organized under the laws of Japan (the “Issuer”), and The Bank of New York Mellon (the “Trustee”), 

W I T N E S S E T H: 
 WHEREAS, the Issuer has duly authorized the issue from time to time of its unsecured debentures, notes or other evidences of indebtedness to be issued in one or more series (the
“Securities”) up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture and to provide, among other things, for the authentication, delivery and administration
thereof, the Issuer has duly authorized the execution and delivery of this Indenture; and 
 WHEREAS, all things necessary to
make this Indenture a valid indenture and agreement according to its terms have been done; 
 NOW, THEREFORE: 

In consideration of the premises and the purchases of the Securities by the holders thereof, the Issuer and the Trustee mutually covenant
and agree for the equal and proportionate benefit of the respective holders from time to time of the Securities as follows: 

ARTICLE 1 

DEFINITIONS 
 Section 1.01 Certain Terms Defined. The following terms (except as otherwise expressly provided herein or in the form of Security or any indenture supplemental hereto, or unless the context
otherwise clearly requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section. All other terms used in this Indenture that are defined in the Trust Indenture Act
of 1939 or the definitions of which in the Securities Act of 1933 are referred to in the Trust Indenture Act of 1939, including terms defined therein by reference to the Securities Act of 1933 (except as herein otherwise expressly provided or unless
the context otherwise clearly requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of this Indenture. All accounting terms used herein and not expressly defined
shall have the meanings assigned to such terms in accordance with generally accepted accounting principles, and the term “generally accepted accounting principles” means such accounting principles as are generally accepted in the
United States at the time of any computation. The words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article,
Section or other subdivision. The terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular. 
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 5.13 to act on behalf of the Trustee to authenticate Securities. 

“Authorized Agent” shall have the meaning set forth in Section 10.11. 

“Board” means the Board of Directors of the Issuer or any committee of such Board or an authorized executive officer
(shikkou-yaku) duly authorized to act hereunder. 
 “Board Resolution” means one or more resolutions to
have been duly adopted or consented to by the Board or an authorized committee of the Board or an authorized executive officer (shikkou-yaku) and to be in full force and effect. 

“Business Day” means, with respect to any Security, a day that in Tokyo, Japan and in the city (or in any of the cities,
if more than one) in which amounts are payable, as specified in the form of such Security, and in any other city specified in an indenture supplemental hereto or in the form of such Security, is not a day on which banking institutions are authorized
by law or regulation to close. 

 “Clearing Organization” means, with respect to the Securities of any series
issuable or issued in the form of one or more Registered Global Securities, DTC or such other Person designated as Clearing Organization by the Issuer pursuant to Section 2.03 or the last sentence of Section 2.07(a) until a successor
Clearing Organization shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Clearing Organization” shall mean or include each Person who is then a Clearing Organization hereunder, and if at any
time there is more than one such Person, “Clearing Organization” as used with respect to the Securities of any such series shall mean the Clearing Organization with respect to the Registered Global Securities of that series. 

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

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the
Securities Exchange Act of 1934, or if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act of 1939, then the body performing such
duties on such date. 
 “Corporate Trust Office” means the office of the Trustee at which the corporate trust
business of the Trustee in the United States shall, at any particular time, be principally administered, which office is, at the date as of which this Indenture is dated, located at 101 Barclay Street, New York, NY 10286, United States of America,
Attention: Global Corporate Trust—ORIX Corporation, with a copy to The Bank of New York Mellon, Hong Kong Branch located at Level 24, Three Pacific Place, 1 Queen’s Road East, Hong Kong or such other address as the Trustee may
designate from time to time by notice to the Holders and the Issuer, or the principal corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the
Issuer). 
 “Covenant Defeasance” shall have the meaning set forth in Section 9.01. 

“Dollar” means the coin or currency of the United States of America that at the time of payment is legal tender for the
payment of public and private debts. 
 “DTC” means the Depository Trust Corporation. 

“DTC Procedures” shall have the meaning set forth in Section 2.12. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 

“External Indebtedness” means any indebtedness of the Issuer or any of its consolidated subsidiaries (with a stated
maturity of more than one year from the creation thereof) which is represented by bonds, debentures, notes or any other similar debt securities which are quoted, listed or ordinarily dealt in, or are intended to be quoted, listed or ordinarily dealt
in, on a stock exchange or on any over-the-counter or any other similar securities market outside Japan and which are by their terms repayable or confer a right to
receive repayment in any currency other than Yen or are denominated in Yen if a majority of the aggregate nominal amount thereof is initially distributed outside Japan by or with the authorization of the Issuer (or guarantees, indemnities or other
like obligations (in each case granted or undertaken for the benefit of the holders of such securities to secure the payment of such indebtedness) in respect of such indebtedness). 

“Event of Default” means any event or condition specified as such in Section 4.01. 

“Holder”, “holder of Securities”, “Securityholder” or other similar terms mean the
holder of any Security. 
 “Incorporated Provision” shall have the meaning set forth in Section 10.07.

 “Indenture” means this instrument as originally executed and delivered or, if amended or supplemented as
herein provided, as so amended or supplemented or both, and shall include the forms and terms of particular series of Securities established as contemplated hereunder. 

  
 2 

 “interest” means, when used with respect to
non-interest bearing Securities, interest payable after maturity. 

“Issuer” means (except as otherwise provided in Article 5) ORIX Corporation, a joint stock corporation incorporated
under the laws of Japan, and, subject to Article 8, its successors and assigns. 
 “Judgment Currency” shall
have the meaning set forth in Section 4.13. 
 “Mandatory Sinking Fund Payment” shall have the meaning set
forth in Section 11.05. 
 “New York Banking Day” shall have the meaning set forth in Section 4.13.

 “Notice of Default” shall have the meaning set forth in Section 4.01. 

“Officer’s Certificate” means a certificate (i) signed by any one Responsible Officer of the Issuer authorized
by the Board to execute any such certificate and (ii) delivered to the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements provided for in Section 10.05.

 “Opinion of Counsel” means an opinion in writing signed by legal counsel who may be a counsel to the Issuer
and who shall be reasonably satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements provided for in Section 10.05, if and to the extent required hereby.

 “Optional Sinking Fund Payment” shall have the meaning set forth in Section 11.05. 

“Original Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof
to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01. 

“Outstanding”, when used with reference to Securities, shall, subject to the provisions of Section 6.04, mean, as
of any particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except: 
 (a)
Securities theretofore cancelled by the Paying Agent or delivered to the Paying Agent for cancellation; 
 (b) Securities, or
portions thereof, for the payment or redemption of which moneys in the necessary amount shall have been deposited with the Trustee (in trust) or with any Paying Agent (other than the Issuer) or shall have been set aside, segregated and held in trust
by the Issuer for the holders of such Securities (if the Issuer shall act as its own Paying Agent), provided that if such Securities, or portions thereof, are to be redeemed prior to the maturity thereof, notice of such redemption shall have been
given as herein provided, or provision satisfactory to the Trustee shall have been made for giving such notice; and 
 (c)
Securities in substitution for which other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant to the terms of Section 2.09 (except with respect to any such Security as to which proof satisfactory to
the Trustee is presented that such Security is held by a Person in whose hands such Security is a legal, valid and binding obligation of the Issuer). 
 In determining whether the holders of the requisite principal amount of Outstanding Securities of any or all series have given any request, demand, authorization, direction, notice, consent or waiver
hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a
declaration of acceleration of the maturity thereof pursuant to Section 4.01. 

  
 3 

 “Paying Agent” means (i) the paying agent and transfer agent for the
Securities appointed pursuant to this Indenture, which initially shall be The Bank of New York Mellon, or (ii) such other paying agent and/or transfer agent as the Issuer shall specify to the Trustee as paying agent and/or transfer agent for
the Securities or any series thereof. 
 “Person” means any individual, corporation, partnership, joint
venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of Payment” when used with respect to the Securities of any particular series, means the place or places where the principal of and interest, if any, on the Securities of that
series are payable, as contemplated in Section 2.03. 
 “principal” whenever used with reference to the
Securities or any Security or any portion thereof, shall be deemed to include “and premium, if any”. For the avoidance of doubt, “premium” referred to in the previous sentence means amounts exceeding the face value of a Security
payable by the Issuer to the Holders upon redemption or such other event provided for in a supplemental indenture or in a form of Security. 
 “Registered Global Security” means a Security evidencing all or a part of a series of Registered Securities, issued to the Clearing Organization for such series in accordance with
Section 2.03, and bearing the legend prescribed by the applicable supplemental indenture. 
 “Registered
Security” means any Security registered on the Security register of the Issuer. 
 “Registrar” shall
have the meaning set forth in Section 2.08. 
 “Required Currency” shall have the meaning set forth in
Section 4.13. 
 “Responsible Officer” when used with respect to the Trustee means any managing director,
vice president, trust associate, relationship manager, transaction manager, client service manager, any trust officer or any other officer located at the Specified Corporate Trust Office of the Trustee who customarily performs functions similar to
those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of his knowledge of and familiarity with the particular subject and who shall have direct responsibility
for the administration of this Indenture. When used with respect to the Issuer, “Responsible Officer” means the chairman, representative executive officer, daihyou shikkou-yaku, chief executive officer, president, chief operating
officer, vice chairman, deputy president, chief financial officer, corporate executive vice president, corporate senior vice president, executive officer, shikkou-yaku, group executive, general manager, manager, vice president, or any other
officer or assistant officer of the Issuer customarily performing functions similar to those performed by the persons who at the time shall be such officers. 
 “Security” or “Securities” has the meaning stated in the first recital of this Indenture, or, as the case may be, Securities that have been authenticated and delivered
under this Indenture. If the Securities of any series incorporate stock acquisition rights, then the terms “Security” and “Securities” shall be deemed to include such stock acquisition rights. 

“Sinking Fund Payment Date” shall have the meaning set forth in Section 11.05. 

“Specified Corporate Trust Office” means The Bank of New York Mellon, located at The Bank of New York Mellon, Hong Kong
Branch, Level 24, Three Pacific Place, 1 Queen’s Road East, Hong Kong, attention: Corporate Trust—ORIX Corporation, facsimile: +852 2295 3283. 
 “Tax Documentation” shall have the meaning set forth in Section 2.12. 
 “Trust Indenture Act of 1939” (except as otherwise provided in Article 7) means the Trust Indenture Act of 1939 as in force at the date as of which this Indenture was originally executed.

  
 4 

 “Trustee” means the Person identified as “Trustee” in the first
paragraph hereof and, subject to the provisions of Article 5, shall also include any successor trustee. 
 “U.S.
Government Obligations” shall have the meaning set forth in Section 9.01. 
 “vice president”
when used with respect to the Issuer or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title of “vice president”. 

“Yen” means the coin or currency of Japan that at the time of payment is legal tender for the payment of public and
private debts. 
 “Yield to Maturity” means the yield to maturity on a series of securities, calculated at the
time of issuance of such series, or, if applicable, at the most recent redetermination of interest on such series, and calculated in accordance with accepted financial practice. 

  
 5 

 ARTICLE 2 
 SECURITIES 
 Section 2.01 Forms Generally. The
Securities of each series shall be substantially in such form (not inconsistent with this Indenture) as shall be established by or pursuant to a Board Resolution and set forth in an Officer’s Certificate 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 imprinted or otherwise reproduced thereon such legend or legends, not
inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or to conform to general usage, all as may be determined by
the officer or officers executing such Securities, as evidenced by their execution of the Securities. 
 The definitive
Securities shall be printed or lithographed on security printed paper or may be produced in any other manner, all as determined by the officer or officers executing such Securities, as evidenced by his or their execution of such Securities.

 Section 2.02 Form of Trustee’s Certification of Authentication. Subject to the provisions of
Section 5.13, the Trustee’s certificate of authentication on all Securities shall be in substantially the following form: 
 Certificate of Authentication: 
 This is one of the Securities of the
series designated herein and referred to in the within-mentioned Indenture. 
 Date:
                     
  

					
	 The Bank of New York Mellon
 as Trustee

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Section 2.03 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, and unless provided for otherwise in the form of Security or in an indenture supplemental hereto, each such series shall rank equally and pari passu with all other unsecured and unsubordinated debt of the Issuer. There shall be
established in or pursuant to a Board Resolution and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 

(a) the issue date of the Securities; 
 (b) the title of the Securities of the series (which shall distinguish the Securities of the series from all other Securities); 
 (c) any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 2.08, 2.09, 2.11, 4.03 or 11.03); 
 (d) if other than Dollars, the coin or currency in which the Securities of that series are denominated; 
 (e) the date or dates on which the principal of the Securities of the series is payable; 

  
 6 

 (f) the rate or rates at which the Securities of the series shall bear interest, if any, or
the method by which such rate shall be determined, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates (in the case of Registered Securities) for the
determination of Holders to whom interest is payable and/or the method by which such rate or rates or date or dates shall be determined; 
 (g) the place or places where the principal of and any interest on Securities of the series shall be payable (subject to the provisions of Section 3.02); 

(h) the price or prices at which, the period or periods within which and the terms and conditions upon which Securities of the series may
be redeemed, in whole or in part, at the option of the Issuer, pursuant to any sinking fund or otherwise; 
 (i) the obligation,
if any, of the Issuer to redeem, purchase or repay Securities of the series pursuant to any mandatory redemption sinking fund or analogous provisions or at the option of a Holder thereof and the price or prices at which and the period or periods
within which and the terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; 
 (j) the denominations in which Securities of the series shall be issuable; 
 (k)
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 4.01 or provable in bankruptcy,
civil rehabilitation, reorganization, insolvency or similar proceedings pursuant to Section 4.02; 
 (l) if other than the
coin or currency in which the Securities of that series are denominated, the coin or currency in which payment of the principal of or interest on the Securities of such series shall be payable; 

(m) if the principal of or interest on the Securities of such series are to be payable, at the election of the Issuer or a Holder
thereof, in a coin or currency other than that in which the Securities are denominated, the period or periods within which, and the terms and conditions upon which, such election may be made; 

(n) if the amount of payments of principal of and interest on the Securities of the series may be determined with reference to an index
based on a coin or currency other than that in which the Securities of the series are denominated, or with reference to any currencies, securities or baskets of securities, commodities or indices, the manner in which such amounts shall be
determined; 
 (o) whether the Securities of the series will be issuable as Registered Securities (and if so, whether such
Securities will be issuable as Registered Global Securities) and any restrictions applicable to the offer, sale, transfer, exchange or delivery of Registered Securities or the payment of interest thereon; 

(p) if the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates, documents or conditions; 

(q) any trustees, authenticating or paying agents, transfer agents or registrars or any other agents with respect to the Securities of
such series; 
 (r) whether and under what circumstances the Issuer will pay additional amounts on the Securities for any tax,
assessment or governmental charge withheld or deducted and, if so, whether it will have the option to redeem those Securities rather than pay the additional amounts; 

  
 7 

 (s) whether certain payments on the Securities will be guaranteed under a financial
insurance guaranty policy and the terms of that guaranty; 
 (t) any applicable selling restrictions; 

(u) any other events of default, modifications or elimination of any acceleration rights, or covenants with respect to the Securities of
such series and any terms required by or advisable under applicable laws or regulations, including laws and regulations relating attributes required for the Securities to be afforded certain capital treatment for regulatory or other purposes;

 (v) whether a series of Securities may be reopened in a manner consistent with the terms of this Indenture, without the
consent of the Holders of the Securities of such series, for increases in the aggregate principal amount of such series or for the establishment of additional terms with respect to the Securities of such series; 

(w) whether the Securities of a series shall be excluded from participation with the Securities of other series or otherwise
differentiated from the Securities of other series in relation to any matter in respect of which the Securities generally or Securities of more than one series are contemplated by this Indenture to act together or otherwise be treated or affected
collectively; and 
 (x) any other terms of the series (which terms shall not be inconsistent with the provisions of this
Indenture). 
 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 such Board Resolution and set forth in an Officer’s Certificate or in an indenture supplemental hereto, as referenced above. Securities of any one series need not be issued at the same time, and unless
otherwise provided, a series may be reopened for issuance of additional Securities of such series without the consent of any Holder; provided that such additional Securities must be fungible with the other Securities of the same series for U.S.
federal income tax purposes. 
 Section 2.04 Authentication and Delivery of Securities. At any time and from time to
time after the execution and delivery of this Indenture, the Issuer may deliver Securities of any series executed by the Issuer to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver such Securities to or upon
the written order of the Issuer, signed by any one Responsible Officer of the Issuer authorized by the Board to execute any such order, without any further action by the Issuer. In authenticating such Securities and accepting the additional
responsibilities under this Indenture in relation to such Securities the Trustee shall be entitled to receive, and (subject to Section 5.01) shall be fully protected in relying upon: 

(a) a copy of any Board Resolution relating to such series certified by a Responsible Officer of the Issuer; 

(b) an executed supplemental indenture, if any; 
 (c) an Officer’s Certificate setting forth the form and terms of the Securities as required pursuant to Section 2.01 and Section 2.03, respectively and prepared in accordance with
Section 10.05; 
 (d) an Opinion of Counsel, prepared in accordance with Section 10.05, to the effect that 

(i) the form or forms and terms of such Securities have been established by or pursuant to a Board Resolution or by a
supplemental indenture as permitted by Section 2.01 and 2.03 in conformity with the provisions of this Indenture; 
 (ii) such Securities, when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and
binding obligations of the Issuer; 

  
 8 

 (iii) all laws and requirements in respect of the execution and delivery by
the Issuer of the Securities have been complied with; and 
 (iv) covers such other matters as the Trustee may
reasonably request. 
 The Trustee shall have the right to decline to authenticate and deliver any Securities under this Section
if the Trustee, being advised by counsel, determines that such action may not lawfully be taken by the Issuer or if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to existing Holders.

 Section 2.05 Execution of Securities. The Securities shall be signed on behalf of the Issuer by one (or, if so
specified in the indenture supplemental hereto or Board Resolution establishing the terms thereof, more than one) Responsible Officer of the Issuer, which Securities may, but need not, be attested. Such signatures may be the manual or facsimile
signatures of the present or any future such officers. Typographical and other minor errors or defects in any such reproduction of any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated
and delivered by the Trustee. 
 In case any officer of the Issuer who shall have signed any of the Securities shall cease to be
such officer before the Security so signed shall be authenticated and delivered by the Trustee or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed of as though the person who signed such Security
had not ceased to be such officer of the Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual date of the execution of such Security, shall be the proper officers of the Issuer, although at the date of the
execution and delivery of this Indenture any such person was not such an officer. 
 Section 2.06 Certificate of
Authentication. Only such Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, executed by the Trustee by the manual signature of one of its authorized officers, shall be entitled to
the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the Issuer shall be conclusive evidence that the Security so authenticated has been duly authenticated and
delivered hereunder and that the holder is entitled to the benefits of this Indenture. 
 Section 2.07 Form,
Denomination and Date of Securities; Payments of Interest. 
 (a) The Securities shall be issuable as Registered Securities
and in denominations as shall be specified as contemplated by Section 2.03. The Securities of any series shall be issuable in denominations of U.S.$1,000, 1,000,000 Yen, or such other denominations, integral multiples and currencies as the
Issuer may designate in a form of Security or an indenture supplemental hereto or Board Resolution establishing the terms thereof, and any multiple thereof. The Securities shall be numbered, lettered, or otherwise distinguished in such manner or in
accordance with such plan as the officer or officers of the Issuer executing the same may determine with the approval of the Trustee as evidenced by the execution and authentication thereof. 

Any of the Securities may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or
otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto, or with the rules of the Clearing Organization
or any securities market in which the Securities are admitted to trading, or to conform to general usage, or as the Issuer may determine appropriate to provide notice of any provision of Japanese law or regulation relating to taxation. 

Each Registered Global Security shall be delivered by the Trustee to and deposited with the Clearing Organization or pursuant to the
Clearing Organization’s instructions (or if the Clearing Organization names the Trustee as its custodian, each Registered Global Security shall be returned by the Trustee), and in any case shall

  
 9 

 
be registered in such name as the Clearing Organization shall specify. Registered Global Securities may be deposited with such other Clearing Organization that is a clearing agency registered
under the Exchange Act as the Issuer may from time to time designate in writing to the Trustee, and shall bear such legend as may be appropriate. 
 (b) Each Security shall be dated the date of its authentication, shall bear interest, if any, from the date and shall be payable on the dates, in each case, which shall be specified as contemplated by
Section 2.03. 
 (c) The person in whose name any Registered Security of any series is registered at the close of business
on any record date applicable to a particular series with respect to any interest payment date for such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding any transfer or exchange of such
Security subsequent to the record date and prior to such interest payment date, except if and to the extent the Issuer shall default in the payment of the interest due on such interest payment date for such series, in which case such defaulted
interest shall be paid to the persons in whose names Outstanding Securities for such series are registered at the close of business on a subsequent record date (which shall be not less than five Business Days prior to the date of payment of such
defaulted interest) established by notice given by mail by or on behalf of the Issuer to the holders of Securities not less than 15 days preceding such subsequent record date. The term “record date” as used with respect to any interest
payment date (except a date for payment of defaulted interest) shall mean the date specified as such in the terms of the Securities of any particular series, or, if no such date is so specified, if such interest payment date is the first day of a
calendar month, the fifteenth day of the next preceding calendar month or, if such interest payment date is the fifteenth day of a calendar month, the first day of such calendar month, whether or not such record date is a Business Day. 

Section 2.08 Registration, Transfer and Exchange. The Bank of New York Mellon, acting as the Issuer’s agent for such
purposes (the “Registrar”), will keep books for the registration, transfer and exchange of the Securities at the Specified Corporate Trust Office of the Registrar. The Registrar shall also act as the transfer agent with respect to
the transfer or exchange of the Securities or a beneficial interest in the Securities. The Bank of New York Mellon is hereby appointed by the Issuer, and accepts such appointment, as initial Registrar. The Registrar will keep a record of all
Securities (the “Register”) at said office. The Register will show the amount of the Securities, the date of issue, all subsequent transfers and changes of ownership in respect thereof and the names, tax identifying numbers (if
relevant to a specific holder), addresses of the registered holders of the Securities and any payment instructions with respect thereto (if different from a holder’s registered address). The Registrar will also maintain a record which will
include notations as to whether the Securities have been paid or cancelled, and, in the case of mutilated, destroyed, stolen or lost Securities, whether such Securities have been replaced. In the case of the replacement of any of the Securities,
such records will include notations of each Security so replaced, and the Security issued in replacement thereof. In the case of the cancellation of any of the Securities, such records will include notations of each Security so cancelled and the
date on which such Security was cancelled. The Registrar shall upon prior written request make the Register and such records available during normal office hours to the Issuer, or any Person authorized by the Issuer in writing, for inspection and
for the taking of copies thereof or extracts therefrom, and, at the expense of the Issuer, the Registrar shall deliver to such Persons all lists of Securityholders, their addresses and amounts of such holdings as they may request. 

The respective principal amounts of each Registered Global Security may be increased or decreased by endorsement on the Register by the
Registrar of appropriate notations evidencing the dates and amounts of such increases and decreases in connection with transactions contemplated or permitted hereby. 
 The Register and the records referred to above shall be in written form in the English language or in any other form capable of being converted into such form within a reasonable time. 

Upon due presentation for registration of transfer of any Registered Security of any series at any such office or agency to be maintained
for the purpose as provided in Section 3.02, the Issuer shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Security or Securities of the same series in authorized denominations for a
like aggregate principal amount. 

  
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 Any Security or Securities of any series may be exchanged for a Security or Securities of
the same series in other authorized denominations, in an equal aggregate principal amount. Securities of any series to be exchanged shall be surrendered at any office or agency to be maintained by the Issuer for the purpose as provided in
Section 3.02, and the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor the Security or Securities of the same series which the Securityholder making the exchange shall be entitled to receive, bearing
numbers not contemporaneously outstanding. 
 All Securities presented for registration of transfer, exchange, redemption or
payment shall (if so required by the Issuer or the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder or his attorney
duly authorized in writing. 
 The Issuer may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any exchange or registration of transfer of Securities. No service charge shall be made for any such transaction. 
 The Issuer shall not be required to exchange or register a transfer of (a) any Securities of any series for a period of 15 days next preceding the first mailing of notice of redemption of Securities
of such series to be redeemed, or (b) any Securities selected, called or being called for redemption except, in the case of any Security where public notice has been given that such Security is to be redeemed in part, the portion thereof not so
to be redeemed. 
 All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Issuer,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. 
 Section 2.09 Mutilated, Defaced, Destroyed, Lost and Stolen Securities. In case any temporary or definitive Security shall become mutilated, defaced or be destroyed, lost or stolen, the Issuer
in its discretion may execute, and upon the written request of any officer of the Issuer, the Trustee shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution
for the mutilated or defaced Security, or in lieu of and substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substitute Security shall furnish to the Issuer and to the Trustee and any agent of the Issuer or
the Trustee such security or indemnity as may be required by them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or theft of such
Security and of the ownership thereof and in the case of mutilation or defacement the applicant shall surrender the Security to the Trustee or such agent. 
 Upon the issuance of any substitute Security, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee or its agent) connected therewith. In case any Security which has matured or is about to mature or has been called for redemption in full shall become mutilated or defaced or be destroyed,
lost or stolen, the Issuer may instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such payment shall furnish to
the Issuer and the Trustee and any agent of the Issuer or the Trustee such security or indemnity as any of them may require to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the
Issuer and the Trustee and any agent of the Issuer or the Trustee evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof. 

Every substitute Security of any series issued pursuant to the provisions of this section by virtue of the fact that any such Security is
destroyed, lost or stolen shall constitute an additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone and shall be entitled to all the benefits of (but shall
be subject to all the limitations of rights set forth in) this Indenture 

  
 11 

 
equally and proportionately with any and all other Securities of such series duly authenticated and delivered hereunder. All Securities shall be held and owned upon the express condition that, to
the extent permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, defaced or destroyed, lost or stolen Securities and shall preclude any and all other rights or remedies notwithstanding any
law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 
 Section 2.10 Cancellation of Securities. All Securities surrendered for payment, redemption, registration of transfer or exchange, or for credit against any payment in respect of a sinking or
analogous fund, if surrendered to the Issuer or any agent of the Issuer or the Paying Agent, shall be delivered to the Paying Agent for cancellation or, if surrendered to the Paying Agent, shall be cancelled by it; and no Securities shall be issued
in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Paying Agent shall dispose of canceled Securities held by it in accordance with the Paying Agent’s procedures for the disposition of cancelled
securities in effect as of the date of such disposition and, upon prior written request, deliver a certificate of disposition to the Issuer. If the Issuer shall acquire any of the Securities, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Paying Agent for cancellation. 
 Section 2.11 Temporary Securities. Pending the preparation of definitive Securities for any series, the Issuer may execute and the Trustee shall authenticate and deliver temporary Securities
for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to the Trustee). Temporary Securities of any series shall be issuable as Registered Securities without coupons, of any authorized
denomination, and substantially in the form of the definitive Securities of such series but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Issuer with the concurrence of
the Trustee. Temporary Securities may contain such reference to any provisions of this Indenture as may be appropriate. Every temporary Security shall be executed by the Issuer and be authenticated by the Trustee upon the same conditions and in
substantially the same manner, and with like effect, as the definitive Securities. Without unreasonable delay the Issuer shall execute and shall furnish definitive Securities of such series and thereupon temporary Securities of such series may be
surrendered in exchange therefor without charge at each office or agency to be maintained by the Issuer for that purpose pursuant to Section 3.02, and the Trustee shall authenticate and deliver in exchange for such temporary Securities of such
series a like aggregate principal amount of definitive Securities of the same series of authorized denominations. Until so exchanged, the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive
Securities of such series unless otherwise established pursuant to Section 2.03. 
 Section 2.12 Japanese
Withholding Tax. 
 (a) In compliance with Japanese tax laws and the practices of tax authorities in Japan, in respect of
any interest payment on a series of Securities issued in global or book-entry form pursuant to this Indenture or any supplemental indenture hereto, any Paying Agent shall act in accordance with the Operating Manual—Japanese Withholding Tax on
Certain International Issues Held Through DTC (as may be amended from time to time by notice from the International Capital Market Association, the “DTC Procedures”), if DTC is acting as Clearing Organization with respect to such
series or with respect to depositary interests representing the Securities of such series, or in accordance with such other similar procedures as may be established by another Clearing Organization. Except as otherwise provided in this Indenture,
any such Paying Agent shall be responsible only for performing such services as are specifically provided for in the DTC Procedures or such other procedures actually known by the Paying Agent, as applicable and as may be amended or modified and
communicated to the Paying Agent from time to time. If any interest payment on a series of Securities is due to be made hereunder and if and so long as payments of interest (if any) by the Issuer to any Paying Agent may be made without deduction or
withholding for or on account of Japanese tax only upon receipt of certifications, claims for exemption, notifications or other documentation in compliance with Japanese tax law requirements (“Tax Documentation”), the relevant
Paying Agent at the direction of the Issuer shall (i) collect the required Tax Documentation from the 

  
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Clearing Organization (or Holders of the Securities if certificated notes representing such series have been issued); (ii) provide any required confirmations of information available to it;
and (iii) promptly deliver such Tax Documentation so received to the Issuer for filing with the relevant tax office. Any such Paying Agent and the Issuer may rely on the information provided in Tax Documentation (including where relevant,
supporting documentation) in the absence of actual knowledge that such information is incorrect. Neither the Issuer nor the Paying Agent shall have any liability for any withholding of tax arising as a result of a late delivery of the required Tax
Documentation or incorrectly completed Tax Documentation. 
 (b) If a Holder of the Securities or the holder of a depositary
interest representing the Securities satisfies the requirements for claiming an exemption from Japanese withholding tax after the date on which an amount in respect of such tax is withheld and before the date on which the tax is actually paid to the
Japanese tax authorities, then the Issuer or the Paying Agent acting at the direction of the Issuer may, to the extent reasonably practicable, repay the amount withheld (after deduction of reasonable costs, including amounts in respect of changes in
foreign exchange rates) to the Holder. 
 (c) The Paying Agent shall furnish forms of certifications to Holders upon request,
and shall use reasonable efforts to assist Holders in claiming available exemptions, but shall not be liable for a Holder’s failure to qualify for such an exemption. Based on the Tax Documentation received, the Paying Agent will make the
appropriate calculations of interest payable after making the relevant deductions in accordance with this Section 2.12. Any Japanese tax to be deducted with respect to Securities for which the appropriate Tax Documentation was not received will
be calculated at the rate specified in the Registered Global Security for the relevant security unless and until the Issuer informs the Paying Agent otherwise. The Paying Agent will remit all amounts of tax withheld under this Section 2.12 to
or to the written order of the Issuer as soon as reasonably practicable in order to enable the Issuer to make the necessary payments to the relevant tax office in accordance with applicable laws and regulations. The Paying Agent shall retain copies
of Tax Documentation for a period of five years from the date of receipt and shall make such documentation available for inspection by the Issuer and any relevant tax authorities in Japan upon written request given in reasonable notice from the
Issuer. 
 Section 2.13 CUSIP, ISIN Numbers and Common Codes. The Issuer in issuing the Securities may use CUSIP,
ISIN numbers and Common Codes if then generally in use, and, if so, the Trustee shall use CUSIP, ISIN numbers and Common Codes in notices of redemption as a convenience to Holders; provided, that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and
any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee in writing of any change in the CUSIP, ISIN numbers and Common Codes. 

ARTICLE 3 

COVENANTS OF THE ISSUER AND THE
TRUSTEE 
 Section 3.01 Payment of Principal and Interest. The Issuer covenants and agrees for the
benefit of each series of Securities that it will duly and punctually pay or cause to be paid the principal of, and interest on, each of the Securities of such series (together with any additional amounts payable pursuant to the terms of such
Securities) at the place or places, at the respective times and in the manner provided in such Securities. Subject to any other provisions that may be established pursuant to Section 2.03, the interest on Securities (together with any
additional amounts payable pursuant to the terms of such Securities) shall be payable only to or upon the written order of the Holders thereof and, at the option of the Issuer, may be paid by wire transfer. 

Section 3.02 Offices for Payments, etc. So long as any of the Securities remain outstanding, the Issuer will maintain
in each Place of Payment the following for each series: an office or agency (a) where the Securities may be presented or surrendered for payment, (b) where Registered Securities may be presented or surrendered for registration of transfer
and for exchange as provided in this Indenture and (c) where notices and demands to or 

  
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upon the Issuer in respect of the Securities or of this Indenture may be served. The Issuer will give to the Trustee written notice of the location of any such office or agency and of any change
of location thereof. Unless otherwise specified in accordance with Section 2.03, the Issuer hereby initially designates the Corporate Trust Office of the Trustee as the office to be maintained by it for each such purpose in relation to
Registered Securities. In case the Issuer shall fail to so designate or maintain any such office or agency or shall fail to give such notice of the location or of any change in the location thereof, presentations, surrenders and demands may be made
and notices may be served at the Corporate Trust Office. 
 The Issuer may from time to time designate one or more offices or
agencies (in addition to or in lieu of the office or agency established pursuant to the preceding paragraph) where the Securities of a series may be presented or surrendered for payment and where Registered Securities of that series may be presented
or surrendered for registration of transfer or for exchange as provided in this Indenture, and the Issuer may from time to time rescind any such designation, as the Issuer may deem desirable or expedient; provided, however, that no such designation
or rescission shall in any manner relieve the Issuer of its obligation to maintain the agencies provided for in this Section. The Issuer will give to the Trustee prompt written notice of any such designation or rescission thereof. 

Section 3.03 Appointment to Fill a Vacancy in Office of Trustee. The Issuer, whenever necessary to avoid or fill a vacancy in
the office of Trustee, will appoint, in the manner provided in Section 5.09, a Trustee, so that there shall at all times be a Trustee with respect to each series of Securities hereunder. 

Section 3.04 Paying Agents. The Bank of New York Mellon is hereby appointed by the Issuer, and accepts such appointment, as
initial Paying Agent. The initial Paying Agent hereby agrees, and whenever the Issuer shall appoint a Paying Agent other than the Trustee, it will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall
agree with the Trustee, subject to the provisions of this Section, 
 (a) that it will hold all sums received by it as such
agent for the payment of the principal of or interest on the Securities of such series (whether such sums have been paid to it by the Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the Holders of the
Securities of such series or of the Trustee, and that it will pay the principal of, and interest on, each series of Securities as provided in this Indenture, 
 (b) that (unless such Paying Agent is the same bank as the Trustee) it will give the Trustee notice of any failure by the Issuer (or by any other obligor on the Securities of such series) to make any
payment of the principal of or interest on the Securities of such series when the same shall be due and payable, and 
 (c) that
(unless such Paying Agent is the same bank as the Trustee) it will pay any such sums so held in trust by it to the Trustee upon the Trustee’s written request at any time during the continuance of the failure referred to in clause 3.04(b) above.

 The Issuer will, on or prior to 10:00 a.m., New York City time, on each due date of the principal of or interest on the
Securities of such series, deposit with the Paying Agent a sum sufficient to pay such principal or interest so becoming due, and (unless such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee of any failure to take such
action. The Paying Agent shall not be bound to make any payment until it has received in immediately available and cleared funds the full amount due to be paid to it pursuant to this Section. 

If the Issuer shall act as its own Paying Agent with respect to the Securities of any Series, it will, on or before each due date of the
principal of or interest on the Securities of such series, set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such series a sum sufficient to pay such principal or interest so becoming due. The Issuer will
promptly notify the Trustee of any failure to take such action. 
 Anything in this section to the contrary notwithstanding, the
Issuer may at any time, for the purpose of obtaining a satisfaction and discharge with respect to one or more or all series of Securities hereunder, or for any 

  
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other reason, pay or cause to be paid to the Trustee all sums held in trust for any such series by the Issuer or any Paying Agent hereunder, as required by this Section, such sums to be held by
the Trustee upon the trusts herein contained. 
 Anything in this section to the contrary notwithstanding, the agreement to hold
sums in trust as provided in this section is subject to the provisions of Section 9.03 and 9.04. 
 Section 3.05
Certificate of the Issuer. So long as any Securities are Outstanding under this Indenture, the Issuer will furnish to the Trustee within 180 days of the end of the Issuer’s fiscal year each year (beginning with the year following the
first issuance of any Securities pursuant to this Indenture) a brief certificate (which need not comply with Section 10.05) from the principal executive, financial or accounting officer of the Issuer as to his or her knowledge of the
Issuer’s compliance with all conditions and covenants under the Indenture (such compliance to be determined without regard to any period of grace or requirement of notice provided under the Indenture). 

Section 3.06 Securityholders Lists. If and so long as the Trustee shall not be the Security registrar for the
Securities of any series, the Issuer will furnish or cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of the holders of the Securities of such series pursuant to
Section 312 of the Trust Indenture Act of 1939 (a) semi-annually not more than 15 days after each record date for the payment of interest on such Securities, as hereinabove specified, as of such record date and on dates to be determined
pursuant to Section 2.03 for non-interest bearing securities in each year, and (b) at such other times as the Trustee may request in writing, within thirty days after receipt by the Issuer of any
such request as of a date not more than 15 days prior to the time such information is furnished. 
 Section 3.07 Reports
by the Issuer. The Issuer covenants to file with the Trustee, within 30 days after the Issuer files the same with the Commission, copies of the annual reports and of the information, documents, and other reports that the Issuer may be required
to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such reports shall not constitute actual or constructive notice or knowledge of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificate). 
 Section 3.08
Reports by the Trustee. Any Trustee’s report required under Section 313(a) of the Trust Indenture Act of 1939 shall be transmitted on or before July 15 in each year following the date hereof, so long as any Securities are
outstanding hereunder, and shall be dated as of a date convenient to the Trustee no more than 60 nor less than 45 days prior thereto. 
 Section 3.09 Negative Pledge. Unless otherwise established in accordance with Section 2.03 or by any applicable supplemental indenture, so long as any of the Securities remain outstanding
the Issuer shall not create or permit to subsist any pledge, lien or other charge upon the whole or any part of its undertaking, assets or revenues present or future to secure, for the benefit of the holders thereof, any External Indebtedness
without according or procuring to be accorded to the Securities (i) the same security as is granted to such External Indebtedness or (ii) such other security or guarantee as shall be satisfactory to Holders representing more than 50% of
the outstanding principal amount of the Securities of all series in respect of which this Section 3.09 is applicable (treated as one class). 
 Section 3.10 Statement by Officers as to Default. The Issuer shall deliver to the Trustee, promptly after the Issuer becomes aware of the occurrence of any Event of Default or an event which,
with notice or the lapse of time or both, would constitute an Event of Default, an Officer’s Certificate setting forth the details of such Event of Default or default and the action which the Issuer proposes to take with respect thereto.

  
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 Section 3.11 Information Reporting and Withholding Under FATCA. In order to
comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time, the Issuer agrees (i) to provide to the Trustee and the Paying
Agent, at the Trustee’s or Paying Agent’s request, sufficient information, to the extent readily available to the Issuer, about holders or other applicable parties and/or transactions (including any modification to the terms of such
transactions) so the Trustee and the Paying Agent can determine whether it is obligated to make any FATCA Withholding, (ii) that the Trustee and the Paying Agent shall be entitled to make any withholding or deduction from payments under this
Indenture and any Securities to the extent necessary to comply with FATCA Withholding for which the Trustee and the Paying Agent shall not have any liability, and (iii) to hold harmless each of the Trustee and the Paying Agent for any losses it
may suffer due to the actions it takes to comply with FATCA Withholding. The terms of this section shall survive the termination of this Indenture, repayment of any Securities and the resignation or removal of the Trustee and the Paying Agent.

 Section 3.12 Notice of Possible Withholding Under FATCA. The Issuer shall notify the Trustee and the Paying Agent in
the event that it determines that any payment to be made by either such party under any Securities is a payment which could be subject to FATCA Withholding if such payment were made to a recipient that is generally unable to receive payments free
from FATCA Withholding, and the extent to which the relevant payment is so treated; provided, however, that the Issuer’s obligation under this Section 3.12 shall apply only to the extent that such payments are so treated by virtue of
characteristics of the Issuer, such Securities, or both. 
 Section 3.13 Right to Withhold. Notwithstanding any
other provision of this Indenture, each of the Trustee and the Paying Agent shall be entitled to make a deduction or withholding from any payment which it makes under any Securities for or on account of any Tax, if and only to the extent so required
by applicable law, in which event such party shall make such payment after such deduction or withholding has been made and shall account to the relevant Authority within the time allowed for the amount so deducted or withheld or, at its option,
shall reasonably promptly after making such payment return to the Issuer the amount so deducted or withheld, in which case, the Issuer shall so account to the relevant Authority for such amount. For the avoidance of doubt, FATCA Withholding is a
deduction or withholding which is deemed to be required by applicable law for the purposes of this Section 3.13. 

Section 3.14 Issuer Right to Redirect. In the event that the Issuer determines in its sole discretion that any deduction or
withholding for or on account of any Tax will be required by applicable law in connection with any payment due to any of the Trustee or the Paying Agent under any Securities, then the Issuer will be entitled to redirect or reorganize any such
payment in any way that it sees fit in order that the payment may be made without such deduction or withholding provided that, any such redirected or reorganized payment is made through a recognized institution of international standing and
otherwise made in accordance with this Indenture. The Issuer will promptly notify the Paying Agent and the Trustee of any such redirection or reorganization as soon as reasonably practicable. For the avoidance of doubt, FATCA Withholding is a
deduction or withholding which is to be required by applicable law for the purposes of this Section 3.14. 
 For the
purposes of Sections 3.11, 3.12, 3.13 and 3.14 above, the term “Authority” means any competent regulatory, prosecuting, Tax or governmental authority in any jurisdiction, the term “FATCA Withholding” means any
withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code, or otherwise imposed pursuant to Sections 1471-1474, any regulations or agreements thereunder, any official interpretations thereof or any intergovernmental
agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law implementing such an intergovernmental agreement), and the term “Tax” means any present or future taxes, duties,
assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of any Authority having power to tax. 

  
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 ARTICLE 4 
 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
DEFAULT 
 Section 4.01 Event of Default, Acceleration of Maturity, Waiver of Default. Unless
otherwise established in accordance with Section 2.03 or by any applicable supplemental indenture, “Event of Default”, with respect to Securities of any series wherever used herein, means each one of the following events which
shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body): 
 (a) default shall be made for more than 15 days in the payment of
principal or for more than 30 days in the payment of interest in respect of any of the Securities of such series; or 
 (b) the
Issuer defaults in the performance or observance of any covenant, condition or provision contained in the Securities of such series or in this Indenture in respect of the Securities of such series for a period of 90 days after written notification
requesting such default to be remedied by the Issuer shall first have been given to the Issuer (and to the Trustee in the case of notice by the Holders referred to below) by the Trustee or Holders of at least 25% in principal amount of the then
outstanding Securities of such series (such notification must specify the Event of Default, demand that it be remedied and state that the notification is a “Notice of Default” hereunder); or 

(c) the Issuer shall have become bound as a consequence of a default by it in its obligations in respect of any indebtedness for borrowed
moneys having a total principal amount then outstanding of at least US$75,000,000 (or its equivalent in any other currency or currencies) contracted or incurred by it prematurely to repay the same, or the Issuer shall have defaulted in the repayment
of any such indebtedness contracted or incurred by it at the later of the maturity thereof or the expiration of any applicable grace period therefor, or the Issuer shall have failed to pay when properly called upon to do so, and after the expiration
of any applicable grace period, any guarantee contracted or incurred by it of any such indebtedness in accordance with the terms of any such guarantee, and in any such case any such acceleration, default or failure to pay, as the case may be, is not
being contested in good faith and not cured or otherwise made good within 15 days after such acceleration, default or failure to pay; or 
 (d) a final and non-appealable order of a court of competent jurisdiction shall be made or an effective resolution of the Issuer shall be passed for the winding-up or dissolution of the Issuer except for the purposes of or pursuant to a consolidation, amalgamation, merger or reconstruction under which the continuing corporation or the corporation formed as a result
thereof effectively assumes the entire obligations of the Issuer under this Indenture in relation to the Securities of such series; or 
 (e) an encumbrancer shall have taken possession, or a trustee or receiver shall have been appointed, in bankruptcy, civil rehabilitation, reorganization or insolvency of the Issuer, of all or
substantially all of its assets and undertakings and such possession or appointment shall have continued undischarged and unstayed for a period of 90 days; or 
 (f) the Issuer shall stop payment (within the meaning of the bankruptcy law of Japan) or (otherwise than for the purposes of such a consolidation, amalgamation, merger or reconstruction as is referred to
in paragraph (d) above) shall cease to carry on business or shall be unable to pay its debts generally as and when they fall due; or 
 (g) a decree or order by any court having jurisdiction shall have been issued adjudging the Issuer bankrupt or insolvent, or approving a petition seeking with respect to the Issuer reorganization or
liquidation under bankruptcy, civil rehabilitation, reorganization or insolvency law of Japan, and such decree or order shall have continued undischarged and unstayed for a period of 90 days; or 

  
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 (h) the Issuer shall initiate or consent to proceedings relating to itself under bankruptcy,
civil rehabilitation, reorganization or insolvency law of Japan or shall make a conveyance or assignment for the benefit of, or shall enter into any composition with, its creditors generally; or 

(i) any other Event of Default provided in the supplemental indenture or Board Resolution (as set forth in an Officer’s Certificate)
under which such series of Securities is issued or in the form of Security for such series. 
 Unless otherwise set forth in any
applicable supplemental indenture, if an Event of Default described in clauses 4.01(a), 4.01(b), 4.01(c), 4.01(f) or 4.01(i) above occurs and is continuing with respect to a series, then, and in each and every such case, unless the principal of all
of the Securities of such series has already become due and payable, either the Trustee (subject to receiving indemnity and/or security to its satisfaction) or the holders of not less than 25% in aggregate principal amount of the Securities of such
series then Outstanding hereunder by notice in writing to the Issuer (and to the Trustee if given by Securityholders), may declare the entire principal (or, if the Securities of any such affected series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of such series) of all Securities of such series, and the interest accrued thereon, to be due and payable immediately, and upon any such declaration the same shall become immediately
due and payable. 
 Unless otherwise set forth in any applicable supplemental indenture, if an Event of Default described in
clauses 4.01(d), 4.01(e), 4.01(g) or 4.01(h) occurs and is continuing, then the principal and accrued and unpaid interest with respect to any Securities then Outstanding shall ipso facto become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder. 
 The foregoing provisions, however, are subject to the
condition that if, at any time after the principal (or, if the Securities are Original Issue Discount Securities, such portion of the principal as may be specified in the terms thereof) of the Securities of any series shall have been so declared due
and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the Issuer shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of
interest upon all the Securities of such series and the principal of any and all Securities of such series which shall have become due otherwise than by acceleration (with interest upon such principal and, to the extent that payment of such interest
is enforceable under applicable law, on overdue installments of interest, at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series to the date of
such payment or deposit) and such amount as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other costs and expenses properly incurred and liabilities incurred, and all advances made,
by the Trustee except as a result of negligence or bad faith, and if any and all Events of Default with respect to such series, other than the non-payment of the principal of Securities which shall have become
due by acceleration, shall have been cured, waived or otherwise remedied as provided herein—then and in every such case the holders of a majority in aggregate principal amount of all the Securities of such series then Outstanding, by written
notice to the Issuer and to the Trustee, may waive all defaults with respect to such series and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent
default or shall impair any right consequent thereon. 
 For all purposes under this Indenture, if a portion of the principal of
any Original Issue Discount Securities shall have been accelerated and declared due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the principal amount
of such Original Issue Discount Securities shall be deemed, for all purposes hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal thereof as
shall be due and payable as a result of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 

Section 4.02 Collection of Indebtedness by Trustee; Trustee May Prove Debt. The Issuer covenants that (a) in case
default shall be made in the payment of any installment of interest on any of the Securities of any 

  
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series when such interest shall have become due and payable, and such default shall have continued for a period of 30 days or (b) in case default shall be made in the payment of all or any
part of the principal of any of the Securities of any series when the same shall have become due and payable, whether upon maturity of the Securities of such series or upon any redemption or by declaration or otherwise, then upon demand of the
Trustee, the Issuer will pay to the Trustee for the benefit of the Holders of the Securities of such series the whole amount that then shall have become due and payable on all Securities of such series for principal or interest, as the case may be
(with interest to the date of such payment upon the overdue principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest, at the same rate as the rate of interest or Yield to
Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series); and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including reasonable
compensation to the Trustee and each predecessor trustee, their respective agents, attorneys and counsel, and any costs and expenses properly incurred and liabilities incurred, and all advances made, by the Trustee and each predecessor trustee
except as a result of its negligence or bad faith. 
 Until such demand is made by the Trustee, the Issuer may pay the principal
of and interest on the Securities of any series to the Holders, whether or not the principal of and interest on the Securities of such series be overdue. 
 In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or
proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against the Issuer or other obligor
upon such Securities and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Securities, wherever situated, the moneys adjudged or decreed to be payable. 

In case there shall be pending proceedings relative to the Issuer or any other obligor upon the Securities under any applicable
bankruptcy, civil rehabilitation, reorganization, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy, civil rehabilitation, reorganization or insolvency, or a liquidator, sequestrator or similar official shall
have been appointed for or taken possession of the Issuer or its property or such other obligor, or in case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Securities of any series, or to the creditors
or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of any Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall
have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise: 
 (a) to file and prove a claim or claims for the whole amount of principal and interest (or, if the Securities of any series are Original Issue Discount Securities, such portion of the principal amount as
may be specified in the terms of such series) owing and unpaid in respect of the Securities of any series, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim
for reasonable compensation to the Trustee and each predecessor trustee, and their respective agents, attorneys and counsel, and for reimbursement of all costs and expenses properly incurred and liabilities incurred, and all advances made, by the
Trustee and each predecessor trustee, except as a result of negligence or bad faith) and of the Securityholders allowed in any judicial proceedings relative to the Issuer or other obligor upon the Securities of any series, or to the creditors or
property of the Issuer or such other obligor, 
 (b) unless prohibited by applicable law and regulations, to
vote on behalf of the holders of the Securities of any series in any election of a trustee or a standby trustee or receiver or standby receiver in arrangement, reorganization, liquidation or other bankruptcy, civil rehabilitation, reorganization or
insolvency proceedings or person performing similar functions in comparable proceedings, and 

  
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 (c) to collect and receive any moneys or other property payable or
deliverable on any such claims, and to distribute all amounts received with respect to the claims of the Securityholders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar official is hereby
authorized by each of the Securityholders to make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Trustee, each predecessor trustee and their respective agents, attorneys and counsel, and all other costs and expenses properly incurred and liabilities incurred, all amounts for which the Trustee and any Agent are
entitled to indemnification under or pursuant to this Indenture, and all advances made, by the Trustee and each predecessor trustee except as a result of negligence or bad faith. 

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

Section 4.03 Application of Proceeds. Any moneys collected by the Trustee pursuant to this Article in respect of any series
shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal or interest, upon presentation of the several Securities in respect of which monies have been
collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of such series in reduced principal amounts in exchange for the presented Securities of like series if only partially paid, or upon surrender thereof if fully
paid: 
 FIRST: To the payment of fees, costs and expenses applicable to such series in respect of which monies
have been collected, including reasonable compensation to the Trustee, the Registrar, any Paying Agent and their respective agents and attorneys and of all expenses and costs properly incurred (including any amounts to which the Trustee, each
predecessor trustee or any agent are entitled to indemnification by the Issuer pursuant to this Indenture and fees and properly incurred expenses of its counsel), and all advances made, by the Trustee, each predecessor trustee and any Paying Agent;

 SECOND: In case the principal of the Securities of such series in respect of which moneys have been collected
shall not have become and be then due and payable, to the payment of interest on the Securities of such series in default in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been
collected by the Trustee) upon the overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in such Securities, such payments to be made ratably to
the persons entitled thereto, without discrimination or preference; 

  
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 THIRD: In case the principal of the Securities of such series in respect of
which moneys have been collected shall have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with interest upon the overdue
principal, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in
the Securities of such series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities of such series, then to the payment of such principal and interest or Yield to Maturity, without
preference or priority of principal over interest or Yield to Maturity, or of interest or Yield to Maturity over principal, or of any installment of interest over any other installment of interest, or of any Security of such series over any other
Security of such series, ratably to the aggregate of such principal and accrued and unpaid interest or Yield to Maturity; and 
 FOURTH: To the payment of the remainder, if any, to the Issuer or any other person lawfully entitled thereto. 
 Section 4.04 Suits for Enforcement. In case an Event of Default has occurred, has not been waived and is continuing, the Trustee may in its discretion proceed to protect and enforce the rights
vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 

Section 4.05 Restoration of Rights on Abandonment of Proceeding. In case the Trustee shall have proceeded to enforce any
right under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and in every such case the Issuer and the Trustee shall be restored respectively
to their former positions and rights hereunder, and all rights, remedies and powers of the Issuer, the Trustee and the Securityholders shall continue as though no such proceedings had been taken. 

Section 4.06 Limitations on Suits by Securityholder. No Holder of any Security of any series shall have any right by
virtue or by availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to this Indenture, or for the appointment of a trustee, receiver,
liquidator, custodian or other similar official or for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof, as hereinbefore provided, and unless also the
Holders of not less than 25% in aggregate principal amount of the Securities of each affected series then Outstanding (treated as a single class) shall have made written request upon the Trustee to institute such action or proceedings in its own
name as trustee hereunder and shall have offered to the Trustee such indemnity and/or security to its satisfaction as the Trustee may require against the costs, expenses and liabilities to be suffered or incurred therein or thereby and the Trustee
for 60 days after its receipt of such notice, request and offer of indemnity and/or security satisfactory to it shall have failed to institute any such action or proceeding and no direction inconsistent with such written request shall have been
given to the Trustee pursuant to Section 4.09; it being understood and intended, and being expressly covenanted by the taker and Holder of every Security with every other taker and Holder and the Trustee, that no one or more Holders of
Securities of any series shall have any right in any manner whatever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holder of Securities, or to obtain or seek to obtain
priority over or preference to any other such Holder or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Securities of the applicable series. For the
protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

  
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 Section 4.07 Unconditional Right of Securityholders to Institute
Certain Suits. Notwithstanding any other provision in this Indenture and any provision of any Security, the right of any Holder of any Security to receive payment of the principal of and interest on such Security on or after the respective due
dates expressed in such Security, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

Section 4.08 Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default. Except as provided in
Section 4.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 No delay or omission of the Trustee or of any
Securityholder to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein;
and, subject to Section 4.06, every power and remedy given by this Indenture or by law to the Trustee or to the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the
Securityholders. 
 Section 4.09 Control by Securityholders. The Holders of a majority in aggregate principal
amount of the Securities of each series affected (with all such series voting as a single class) at the time Outstanding shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred on the Trustee with respect to the Securities of such series by this Indenture; provided that such direction shall be in writing and accompanied by indemnity and/or security satisfactory to the Trustee and
shall not be otherwise than in accordance with law and the provisions of this Indenture and provided further that (subject to the provisions of Section 5.01) the Trustee shall have the right to decline to follow any such direction if the
Trustee shall determine that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors, the executive committee, or a trust committee of directors or Responsible Officers of the Trustee
shall determine that the action or proceedings so directed would involve the Trustee in personal liability or if the Trustee in good faith shall so determine that the actions or forebearances specified in or pursuant to such direction would be
unduly prejudicial to the interests of Holders of the Securities of all series so affected not joining in the giving of said direction, it being understood that (subject to Section 5.01) the Trustee shall have no duty to ascertain whether or
not such actions or forebearances are unduly prejudicial to such Holders. 
 Nothing in this Indenture shall impair the right of
the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction or directions by Securityholders. 
 Section 4.10 Waiver of Past Defaults. Prior to the acceleration of the maturity of any Securities as provided in Section 4.01, the Holders of a majority in aggregate principal amount of
the Securities of all series at the time Outstanding with respect to which an Event of Default shall have occurred and be continuing (voting as a single class) may on behalf of the Holders of all such Securities waive any past default or Event of
Default described in Section 4.01 and its consequences, except a default in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Security affected. In the case of any such
waiver, the Issuer, the Trustee and the Holders of all such Securities shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent
thereon. 
 Upon any such waiver, such default shall cease to exist and be deemed to have been cured and not to have occurred,
and any Event of Default arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right
consequent thereon. 

  
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 Section 4.11 Trustee to Give Notice of Default. The Trustee shall give to the
Securityholders of any series, in the case of Registered Securities as the names and addresses of such Holders appear on the registry books, notice by mail (or by other means provided in a supplemental indenture hereto or the Board Resolution and
set forth in an Officer’s Certificate under which such series of Securities is issued or in the form of Security for such series) of all defaults known to the Trustee which have occurred with respect to such series, such notice to be
transmitted within 90 days after the occurrence thereof or within [15] days from the date of any written notice of default provided to a Responsible Officer of the Trustee, unless such defaults shall have been cured before the giving of such notice
(the term “default” or “defaults” for the purposes of this section being hereby defined to mean any event or condition which is, or with notice or lapse of time or both would become, an Event of Default). 

Section 4.12 Right of Court to Require Filing of Undertaking to Pay Costs. All parties to this Indenture agree, and each
Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Securityholder or group of Securityholders of any series holding in the aggregate more than 10% in aggregate principal amount of the Securities of such series, or, in the case of any suit relating to or arising
under clauses 4.01(b) or 4.01(c) (if the suit relates to Securities of more than one but less than all series), 10% in aggregate principal amount of Securities Outstanding affected thereby, or in the case of any suit relating to or arising under
clauses 4.01(b) or 4.01(c) (if the suit relates to all the Securities then Outstanding), 4.01(g) or 4.01(h), 10% in aggregate principal amount of all Securities Outstanding, or to any suit instituted by any Securityholder for the enforcement of the
payment of the principal of or interest on any Security on or after the due date expressed in such Security. 

Section 4.13 Judgment Currency. The Issuer agrees, to the fullest extent that it may effectively do so under applicable law,
that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest on the Securities of any series (the “Required Currency”) into a currency in which
a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with
the Judgment Currency on the day following the date on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, to the extent permitted by applicable law, the rate of exchange used shall be the rate at which
in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and
(b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)),
in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments,
(ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so
expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a
legal holiday in The City of New York or a day on which banking institutions in The City of New York are authorized or required by law or executive order to close. 

  
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 ARTICLE 5 
 CONCERNING THE TRUSTEE 

Section 5.01 Duties and Responsibilities of the Trustee; During Default; Prior to Default. With respect to the Holders of any
series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a particular series and after the curing or waiving of all Events of Default which may have occurred with respect to
such series, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities of a series has occurred (which has not been cured or waived) the Trustee
shall exercise with respect to such series of Securities such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in
the conduct of his or her own affairs. 
 No provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that 
 (a) prior
to the occurrence of an Event of Default with respect to the Securities of any series and after the curing or waiving of all such Events of Default with respect to such series which may have occurred: 

(i) the duties and obligations of the Trustee with respect to the Securities of such Series shall be determined solely by
the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and 
 (ii) in the absence of bad faith on the part of the Trustee, the Trustee
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming with the requirements of this Indenture; but in the
case of any such statements, certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the same to determine whether or not they conform to the requirements of this
Indenture (but need not confirm or investigate the accuracy of the mathematical calculations therein); 
 (b) the Trustee shall
not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(c) 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 pursuant to Section 4.09 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;
and 
 (d) except as expressly provided in this Indenture, the Trustee shall, in connection with all the trusts, powers,
authorities and discretions vested in the Trustee by this Indenture or by operation of law, have absolute discretion as to the manner, exercise or non-exercise of the Trustee’s functions. 

None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that the repayment of such funds or adequate indemnity and/or security satisfactory to
it in its sole discretion against such liability is not reasonably assured to it. 
 The provisions of this Section 5.01
are in furtherance of and subject to Sections 315 and 316 of the Trust Indenture Act of 1939. 

  
 24 

 Section 5.02 Certain Rights of the Trustee. In furtherance of and subject to the
Trust Indenture Act of 1939, and subject to Section 5.01: 
 (a) in the absence of bad faith on its part, the Trustee
(i) may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond,
debenture, note, coupon, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; (ii) shall be entitled to rely on and assume (without further inquiry) that any
matter purported to be authorized, approved, or ratified by any Board Resolution or Officer’s Certificate is adequate and complete authorization, approval and ratification in respect of the Issuer and its actions under this Indenture; and
(iii) shall be entitled to assume, without inquiry, that the Issuer has acted and performed all of its obligations in accordance with this Indenture and the other agreements to which the Issuer is a party, unless the Trustee is notified in
writing by the Issuer to the contrary; 
 (b) any request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by a Responsible Officer of
the Issuer; 
 (c) the Trustee may consult with counsel and any written advice or Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 

(d) the Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture at the request, order
or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security and/or indemnity satisfactory to it against the costs, expenses and liabilities which
might be suffered or incurred therein or thereby; 
 (e) the Trustee shall not be liable for any action taken or omitted by it
in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture; 
 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
approval, appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Securities of all series affected then
outstanding unless the Trustee has received indemnity and/or security satisfactory to it against such properly incurred expenses or costs the Trustee may require indemnity and/or security satisfactory to it in its sole discretion against such
expenses or liabilities as a condition to proceeding; the properly incurred expenses of every such investigation shall be paid by the Issuer; 
 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys not regularly in its employ and the Trustee shall not
be responsible for any loss, liability, cost, claim, action, demand or expense incurred by reason of omissions, misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder; 

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

(i) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the The Bank of New York 

  
 25 

 
Mellon in each of its capacities hereunder (including, as of the date of this Indenture, the Paying Agent and the Registrar), and each agent, custodian and other Person employed to act hereunder.
The provisions of this Section shall survive the termination and discharge of this Indenture and the resignation or removal of the Trustee; 
 (j) the Trustee may request that the Issuer deliver an Officer’s 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 Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not
superseded; 
 (k) in connection with the exercise by the Trustee of the rights and powers vested in it by this Indenture, the
Trustee shall have regard to the general interests of the holders as a class but shall not have regard to any interests arising from circumstances particular to individual holders (whatever their number) and, in particular but without limitation,
shall not have regard to the consequences of the exercise of such rights and powers for individual holders (whatever their number) resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the
jurisdiction of, any country, state or territory; 
 (l) notwithstanding the satisfaction or discharge of this Indenture or the
resignation, replacement or removal of the Trustee, the Trustee shall under no circumstances be liable for any special, indirect, punitive or consequential loss or damage of any kind, whatsoever (including inter alia, loss of business,
goodwill, opportunity or profit) even if advised of the likelihood of such loss or damages and regardless of the form of action. The provisions of this Section shall survive the termination and discharge of this Indenture and the resignation or
removal of the Trustee; 
 (m) in no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including without limitation, existing or future law or regulation, any existing or future act of governmental authority,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, interruptions, loss or malfunctions of utilities, communications or computers (software and hardware)
services, it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances; 

(n) before the Trustee acts or refrains from acting, it may require an Officer’s Certificate and an Opinion of Counsel conforming to
Section 10.05 and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance on the certificate or opinion unless such action or omission was the result of the Trustee’s negligence or bad faith; and

 (o) no provision herein shall require the Trustee to do anything which the Trustee, being advised by counsel, determines may
be unlawful. 
 Section 5.03 Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds
Thereof. The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for the correctness of the same.
The Trustee makes no representation as to the validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Issuer of any of the Securities or of the proceeds thereof nor for
the action or inaction of any Clearing Organization. 
 Section 5.04 Trustee and Agents May Hold Securities;
Collections, etc. The Trustee or any agent of the Issuer or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not the Trustee or such agent and may
otherwise deal with the Issuer and receive, collect, hold and retain collections from the Issuer with the same rights it would have if it were not the Trustee or such agent. 

  
 26 

 Section 5.05 Moneys Held by Trustee. Subject to the provisions of
Section 9.03 hereof, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required
by mandatory provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under any liability for interest on any moneys received by it hereunder, except as otherwise agreed in writing with the Issuer. 

Section 5.06 Compensation and Indemnification of Trustee and its Prior Claim. The Issuer covenants and agrees to pay to the
Trustee from time to time, and the Trustee shall be entitled to, such reasonable compensation as the Issuer and the Trustee shall from time to time agree in writing (which shall not be limited by any provision of law in regard to the compensation of
a trustee of an express trust) and the Issuer covenants and agrees to pay or reimburse the Trustee and each predecessor trustee upon its request for all properly incurred expenses, disbursements and advances properly incurred or made by or on behalf
of it in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other persons not regularly in its employ) except to the extent any such
expense, disbursement or advance may arise from its negligence or bad faith. The Issuer also covenants to indemnify the Trustee and each predecessor trustee and their respective agents, officers and directors for, and to hold it harmless against,
any loss, liability, damage, claim or expense (including taxes other than taxes based upon, measured by or determined by the income of the Trustee) arising out of or in connection with the acceptance or administration of this Indenture or the trusts
hereunder and the performance of such party’s duties hereunder (including in any agent capacity in which it acts), including the costs and expenses (including the fees and properly incurred expenses of its agents and counsel) of defending
itself against or investigating any claim of liability, and in connection with the exercise or performance of any of its powers or duties hereunder, and the reasonable compensation and properly incurred expenses and disbursements of the
Trustee’s agents and counsel and other persons not regularly within the Trustee’s employ in the premises, except to the extent such loss, liability, damage, claim or expense is due to the negligence or bad faith of the Trustee, its agents,
others, directors or employees or such predecessor trustee. The obligations of the Issuer under this section to compensate and indemnify the Trustee and each predecessor trustee and to pay or reimburse the Trustee and each predecessor trustee for
expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture. Such additional indebtedness shall be a senior claim to that of the Securities upon all
property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities, and the Securities are hereby subordinated to such senior claim. 

When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 4.01(e),
Section 4.01(f), Section 4.01(g) or Section 4.01(h) the expenses (including the properly incurred charges and expenses of its agents and counsel) and the compensation for the services are intended to constitute expenses of
administration under any applicable bankruptcy, insolvency or other similar law. 
 Section 5.07 Right of Trustee to
Rely on Officer’s Certificate, etc. Subject to Sections 5.01 and 5.02, whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or
established prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed
to be conclusively proved and established by an Officer’s Certificate and/or an Opinion of Counsel delivered to the Trustee, and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to
the Trustee for any action taken, suffered or omitted by it under the provisions of this Indenture upon the faith thereof. 

Section 5.08 Persons Eligible for Appointment as Trustee. The Trustee for each series of Securities hereunder shall at all
times be a corporation organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus
of at least $50,000,000, and which is eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act of 1939. If such corporation publishes reports of 

  
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condition at least annually, pursuant to law or to the requirements of a Federal, State or District of Columbia supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee or any trustee hereafter appointed shall cease to be
eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in Section 5.09. 
 Section 5.09 Resignation and Removal; Appointment of Successor Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more
or all series of Securities by giving 90 days’ prior written notice of resignation to the Issuer and by mailing notice thereof by first class mail to Holders of the applicable series of Securities at their last addresses as they shall appear on
the Security register or otherwise providing notice to Holders in the manner applicable to the Securities of each series. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees with respect to
the applicable series by written instrument in duplicate, executed by authority of the Board, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee or trustees. If no successor trustee shall
have been so appointed with respect to any series and have accepted appointment within 30 days after the mailing of such notice of resignation or removal (as the case may be), the resigning trustee may, on behalf of and at the expense of the Issuer,
appoint its successor, or the resigning Trustee or the Issuer may petition any court of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has been a bona fide Holder of a Security or Securities of the
applicable series for at least six months may, subject to the provisions of Section 4.12, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon,
after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 
 (b) In case at any time any of
the following shall occur: 
 (i) the Trustee shall fail to comply with the provisions of Section 310(b) of
the Trust Indenture Act of 1939 with respect to any series of Securities after written request therefor by the Issuer or by any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six months; or

 (ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 310(a) of the
Trust Indenture Act of 1939 and shall fail to resign after written request therefor by the Issuer or by any Securityholder; or 
 (iii) the Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its property
shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
 then, in any such case, the Issuer may remove the Trustee with respect to the applicable series of Securities and appoint a successor trustee for such series by written instrument, in duplicate, executed
by order of the Board of the Issuer, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to Section 315(e) of the Trust Indenture Act of 1939, any Securityholder who has
been a bona fide Holder of a Security or Securities of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor trustee with respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

(c) The Holders of a majority in aggregate principal amount of the Securities of each series at the time outstanding may at any time
remove the Trustee with respect to Securities of such series and appoint a successor trustee with respect to the Securities of such series by delivering to the Trustee so removed, to the successor trustee so appointed and to the Issuer the evidence
provided for in Section 6.01 of the action in that regard taken by the Securityholders. 

  
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 (d) Any resignation or removal of the Trustee with respect to any series and any appointment
of a successor trustee with respect to such series pursuant to any of the provisions of this Section 5.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 5.10. 

Section 5.10 Acceptance of Appointment By Successor Trustee. Any successor trustee appointed as provided in
Section 5.09 shall execute and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to all or any applicable
series shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as
if originally named as trustee for such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to Section 9.03,
pay over to the successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations. Upon request of any such successor
trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a prior claim
upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions of Section 5.06. 
 If a successor trustee is appointed with respect to the Securities of one or more (but not all) series, the Issuer, the predecessor trustee and each successor trustee with respect to the Securities of any
applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor trustee with
respect to the Securities of any series as to which the predecessor trustee is not retiring shall continue to be vested in the predecessor trustee, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such trustees co-trustees of
the same trust and that each such trustee shall be trustee of a trust or trusts under separate indentures. 
 Upon acceptance of
appointment by any successor trustee as provided in this Section 5.10, the Issuer shall mail notice thereof by first-class mail to the Holders of Securities of any series for which such successor trustee is acting as trustee at their last
addresses as they shall appear in the Security register or shall otherwise provide notice thereof to Holders in the manner applicable to the Securities of each series. If the acceptance of appointment is substantially contemporaneous with the
resignation, then the notice called for by the preceding sentence may be combined with the notice called for by Section 5.09. If the Issuer fails to mail or provide such notice within ten days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be mailed or provided at the expense of the Issuer. 

Section 5.11 Merger, Conversion, Consolidation or Succession to Business of Trustee. 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 of the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be eligible under the provisions of Section 5.08, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, anything herein to the contrary notwithstanding. 
 In case at the time such successor to
the Trustee shall succeed to the trusts created by this Indenture and any of the Securities of any series shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee and deliver such Securities so authenticated; and, in case at that time any of the Securities of any series shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of
any predecessor hereunder or in the name of the successor trustee; and in all such cases such certificate shall have the full force which it is anywhere in the Securities of such series or in this Indenture provided that the certificate of the
Trustee shall 

  
 29 

 
have; provided, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Securities of any series in the name of any predecessor trustee shall apply
only to its successor or successors by merger, conversion or consolidation. 
 Section 5.12 Conflicting Interests.
The Trustee for the Securities shall be subject to the provisions of Section 310(b) of the Trust Indenture Act of 1939 during the period of time required thereby. Nothing herein shall prevent the Trustee from filing with the Commission the
application referred to in the penultimate paragraph of Section 310(b) of the Trust Indenture Act of 1939. In determining whether the Trustee has a conflicting interest as defined in Section 310(b) of the Trust Indenture Act of 1939 with
respect to the Securities of any series, there shall be excluded Securities of any particular series of Securities other than that series. 
 Section 5.13 Appointment of Authenticating Agent. The Trustee may appoint an Authenticating Agent or agents with respect to one or more series of Securities which shall be authorized to act on
behalf of the Trustee to authenticate Securities of such series, 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 Issuer 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 the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Issuer. The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Issuer and shall mail written notice of such appointment by first-class
mail, postage prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Security register of the Issuer. 

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 Issuer agrees to pay to each Authenticating Agent from time to time such reasonable compensation and properly incurred costs and
expenses for its services under this Section as may be agreed between the Issuer and such Authenticating Agent. 

  
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 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 alternate certificate of authentication in the following form: 

Trustee’s Certificate of Authentication: 
 This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 
 Date:                      

 

					
	 The Bank of New York Mellon
 as Trustee

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 ARTICLE 6 
 CONCERNING THE SECURITYHOLDERS 

Section 6.01 Evidence of Action Taken by Securityholders. Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all series may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered to the Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Sections 5.01 and 5.02) conclusive in favor of the Trustee and the Issuer,
if made in the manner provided in this Article. 
 Section 6.02 Proof of Execution of Instruments and of Holding of
Securities; Record Date. Subject to Sections 5.01 and 5.02, the execution of any instrument by a Securityholder or his agent or proxy may be proved in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or
in such manner as shall be satisfactory to the Trustee. The holding of Securities shall be proved by the Security register or by a certificate of the registrar thereof. The Issuer may set a record date for purposes of determining the identity of
holders of Securities of any series entitled to vote or consent to any action referred to in Section 6.01, which record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in the case of any
adjournment or reconsideration) not more than 60 days nor less than five days prior to the proposed date of such vote or consent, and thereafter, notwithstanding any other provisions hereof, only holders of Securities of such series of record on
such record date shall be entitled to so vote or give such consent or revoke such vote or consent. 
 Section 6.03
Holders to be Treated as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security register for such series as the
absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the
provisions of this Indenture, interest on such Security and for all other purposes; and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any
such person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security. 

  
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 Section 6.04 Securities Owned by Issuer Deemed Not Outstanding. In determining
whether the Holders of the requisite aggregate principal amount of Outstanding Securities of any or all series have concurred in any direction, consent or waiver under this Indenture, Securities which are owned by the Issuer or any other obligor on
the Securities with respect to which such determination is being made or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the Securities with respect
to which such determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such
direction, consent or waiver only Securities which a Responsible Officer of the Trustee has been notified in writing are so owned shall be so disregarded. Securities held by any depositary or other custodial arrangement established by or on behalf
of the Issuer shall be regarded as Outstanding if the beneficial interest therein is not owned by the Issuer or any other obligor on such Securities or by any Person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Issuer or any other obligor on such Securities. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right
so to act with respect to such Securities and that the pledgee is not the Issuer or any other obligor upon the Securities or any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or
any other obligor on the Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the Issuer shall
furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Securities, if any, known by the Issuer to be owned or held by or for the account of any of the above-described persons; and, subject to Sections 5.01 and
5.02, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any such determination.

 Section 6.05 Right of Revocation of Action Taken. At any time prior to (but not after) the evidencing to the
Trustee, as provided in Section 6.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Indenture in connection with such
action, any Holder of a Security the serial number of which is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have consented to such action may, by filing written notice at the Corporate Trust
Office and upon proof of holding as provided in this Article, revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all
future Holders and owners of such Security and of any Securities issued in exchange or substitution therefor or on registration of transfer thereof, irrespective of whether or not any notation in regard thereto is made upon any such Security. Any
action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Issuer, the
Trustee and the Holders of all the Securities affected by such action. 
 ARTICLE 7 

SUPPLEMENTAL INDENTURES 
 Section 7.01 Supplemental Indentures Without Consent of Securityholders. The Issuer, when authorized by a Board Resolution (as set forth in an Officer’s Certificate)
(which Board Resolution may provide general authorization for such action and may provide that the specific terms of such action may be determined by officers of the Issuer authorized thereby), and the Trustee may, from time to time, and at any time
enter into an indenture or indentures supplemental hereto for one or more of the following purposes: 
 (a) to convey, transfer,
assign, mortgage or pledge to the Trustee as security for the Securities of one or more series any property or assets; 
 (b) to
evidence the succession of another legal entity to the Issuer, or successive successions, and the assumption by the successor legal entity of the covenants, agreements and obligations of the Issuer pursuant to Article 8; 

  
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 (c) to add to the covenants of the Issuer such further covenants, restrictions, conditions
or provisions as the Issuer and the Trustee shall consider to be for the protection of the Holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions
or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth; provided, that in respect of any such additional covenant, restriction, condition or provision such
supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or
may limit the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of the Securities of such series to waive such an Event of Default; 

(d) to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be
defective or inconsistent with any other provision contained herein or in any supplemental indenture; or to make such other provisions in regard to matters or questions arising under this Indenture or under any supplemental indenture as the Board
may deem necessary or desirable and which shall not adversely affect the interests of the Holders of the Securities in any material respect; 
 (e) to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 2.03; and 
 (f) to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Section 5.10. 

The Trustee is hereby authorized to join with the Issuer in the execution of any such supplemental indenture, to make any further
appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such supplemental
indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Any
supplemental indenture authorized by the provisions of this section may be executed without the consent of the Holders of any of the Securities at the time outstanding, notwithstanding any of the provisions of Section 7.02. 

Section 7.02 Supplemental Indentures With Consent of Securityholders. With the consent (evidenced as
provided in Article 6) of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of all series affected by such supplemental indenture (voting as one class), the Issuer, when authorized by a
resolution of its Board (which resolution may provide general authorization for such action and may provide that the specific terms of such action may be determined by officers of the Issuer authorized thereby), and the Trustee may, from time to
time and at any time, 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 of any supplemental indenture or of
modifying in any manner the rights of the Holders of the Securities of each such series; provided, that no such supplemental indenture shall (a) (i) extend the final maturity of any Security or of any installment of principal of any
such Security, (ii) reduce the principal amount thereof, (iii) reduce the rate or extend the time of payment of interest thereon, (iv) reduce any amount payable on redemption thereof, (v) make the principal thereof (including any
amount in respect of original issue discount), or interest thereon, payable in any coin or currency other than that provided in the Securities or in accordance with the terms thereof, (vi) modify or amend any provisions for converting any
currency into any other currency as provided in the Securities or in accordance with the terms of such Securities, (vii) change the Issuer’s obligations to pay additional amounts established pursuant to Section 2.03(r) (if any),
(viii) reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon an acceleration of the maturity of such Security pursuant to Section 4.01 or the amount provable in bankruptcy

  
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pursuant to Section 4.02, or impair or affect the right of any Securityholder to institute suit for the payment thereof or, if the Securities provide therefor, impair or affect any right of
repayment at the option of the Securityholder, or (ix) modify or amend any provisions relating to the conversion or exchange of the Securities for securities of the Issuer of the Securities or of other entities or other property (or the cash
value thereof), including the determination of the amount of securities or other property (or cash) into which the Securities shall be converted or exchanged, other than as provided in the antidilution provisions or other similar adjustment
provisions of the Securities or otherwise in accordance with the terms of such Securities, in each case without the consent of the Holder of each Security so affected, or (x) reduce the aforesaid percentage of Securities of any series or class,
the consent of the Holders of which is required for any such supplemental indenture, without the consent of the Holders of each Security so affected. 
 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 holders of Securities of such series, with respect to such covenant or provision, shall be deemed not to affect the rights under this Indenture of the holders of Securities of any other series. 

Upon the request of the Issuer, accompanied by a copy of the Board Resolution (which Board Resolution may provide general authorization
for such action and may provide that the specific terms of such action may be determined by officers of the Issuer authorized thereby) by a Responsible Officer of the Issuer authorizing the execution of any such supplemental indenture, and upon the
filing with the Trustee of evidence of the consent of Securityholders as aforesaid and other documents, if any, required by Section 6.01, the Trustee shall join with the Issuer in the execution of such supplemental indenture unless such
supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. The
Trustee, at the expense of the Issuer, shall be entitled to receive an Officer’s Certificate and an Opinion of Counsel with regard to any such supplemental indenture, and the Trustee shall be entitled to conclusively rely upon such
Officer’s Certificate and Opinion of Counsel in entering into such supplemental indenture. The Opinion of Counsel shall comply with Section 10.05 and confirm (inter alia) that the supplemental indenture is authorized or permitted under
this Indenture, and that it is legal, valid, binding and enforceable against the Issuer under New York law. 
 It shall not be
necessary for the consent of the Securityholders under this section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

Promptly after the execution by the Issuer and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the
Issuer shall give notice thereof by (a) first class mail to the Holders of Securities of each series affected thereby at their addresses as they shall appear on the registry books of the Issuer or (b) by any other means set forth in such
supplemental indenture, setting forth in general terms the substance of such supplemental indenture. The Trustee shall assist the Issuer with the distribution of the notices to the Holders. Any failure of the Issuer to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 7.03 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions
hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Issuer and the Holders of
Securities of each series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be
and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section 7.04
Documents to be Given to Trustee. The Trustee, subject to the provisions of Sections 5.01 and 5.02, shall be entitled to receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Article 7 complies with the applicable provisions of this Indenture. 

  
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 Section 7.05 Notation on Securities in Respect of Supplemental Indentures.
Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article may bear a notation in form approved by the Trustee for such series as to any matter provided for by
such supplemental indenture or as to any action taken by Securityholders. If the Issuer or the Trustee shall so determine, new Securities of any series so modified as to conform, in the opinion of the Board, to any modification of this Indenture
contained in any such supplemental indenture may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange for the Securities of such series then Outstanding. 

Section 7.06 Conformity with the Trust Indenture Act of 1939. Every supplemental indenture executed pursuant to this Article
7 shall conform to the requirements of the Trust Indenture Act of 1939 as then in effect. 
 ARTICLE 8 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE 

Section 8.01 Issuer May Consolidate, etc., on Certain Terms. The Issuer covenants that it will not merge or consolidate with
or merge into, or sell, assign, transfer, lease or convey all or substantially all of its properties or assets, in one or more related transactions, to another Person, other than consolidation, merger, sale, assignment, transfer, lease or conveyance
which results in the Issuer being the surviving party, unless: 
 (a) the entity formed by such consolidation or into which the
Issuer is merged or the Person which acquires by conveyance or transfer the properties and assets of the Issuer substantially as an entirety shall be a joint stock company (kabushiki kaisha) organized and existing under the laws of Japan and
shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee for each series of Securities, in form satisfactory to the Trustee, the due and punctual payment of the principal of and interest, if any, on all
Securities and the performance of every covenant of this Indenture on the part of the Issuer to be performed or observed; and 

(b) immediately after giving effect to such transaction, no Event of Default shall have occurred and be continuing. 

The Issuer shall deliver to the Trustee before the consummation of the proposed transaction an Officer’s Certificate to the
foregoing effect and an Opinion of Counsel to the effect that (i) such merger, sale, assignment, transfer, lease, conveyance or other disposition and such supplemental indenture, comply with this Indenture, (ii) the surviving Person has
duly executed and delivered the supplemental indenture and (iii) such supplemental indenture constitutes a valid and binding agreement of such Person, enforceable against such Person in accordance with its terms. The Trustee shall be entitled
to rely conclusively upon such Officer’s Certificate and Opinion of Counsel. 
 Section 8.02 Successor
Substituted. In case of any such consolidation, merger, sale or conveyance, and following such an assumption by the successor legal entity, such successor legal entity shall succeed to and be substituted for the Issuer, with the same effect as
if it had been named herein. Such successor legal entity may cause to be signed, and may issue either in its own name or in the name of the Issuer prior to such succession, any or all of the Securities issuable hereunder which theretofore shall not
have been signed by the Issuer and delivered to the Trustee; and, upon the order of such successor legal entity instead of the Issuer and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall
authenticate and shall deliver any Securities which previously shall have been signed and delivered by the officers of the Issuer to the Trustee for authentication, and any Securities which such successor legal entity thereafter shall cause to be
signed and delivered to the Trustee for that purpose. All of the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of
this Indenture as though all of such Securities had been issued at the date of the execution hereof. 
 In case of any such
consolidation, merger, sale, lease or conveyance such changes in phrasing and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 

  
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 In the event of any such sale or conveyance (other than a conveyance by way of lease) the
Issuer or any successor legal entity which shall theretofore have become such in the manner described in this Article shall be discharged from all obligations and covenants under this Indenture and the Securities and may be liquidated and dissolved.

 Section 8.03 Opinion of Counsel to Trustee. The Trustee, subject to the provisions of Sections 5.01 and 5.02,
shall be entitled to receive an Opinion of Counsel, prepared in accordance with Section 10.05, as conclusive evidence that any such consolidation, merger, sale, lease or conveyance, and any such assumption, and any such liquidation or
dissolution, complies with the applicable provisions of this Indenture. 
 ARTICLE 9 

SATISFACTION AND DISCHARGE OF INDENTURE;
UNCLAIMED MONEYS 
 Section 9.01 Satisfaction and Discharge of Indenture.(a) If
at any time (i) the Issuer shall have paid or caused to be paid the principal of and interest on all the Securities of any series outstanding hereunder (other than Securities of such series which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 2.09) as and when the same shall have become due and payable, or (ii) the Issuer shall have delivered to the Paying Agent for cancellation all Securities of any series theretofore
authenticated (other than any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09) or (iii) (A) all the securities of any series not
theretofore delivered to the Paying Agent for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption, and (B) the Issuer shall have irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds the entire amount in cash (other than moneys repaid by the Trustee or any
Paying Agent to the Issuer in accordance with Section 9.03) or, in the case of any series of Securities the payments on which may only be made in U.S. dollars, direct obligations of the United States of America, backed by its full faith and
credit (“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 a combination thereof, sufficient to pay at maturity or upon redemption all
Securities of such series (other than any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09) not theretofore delivered to the Paying Agent for
cancellation, including principal and interest due or to become due on or prior to such date of maturity as the case may be, and if, in any such case, the Issuer shall also pay or cause to be paid all other sums payable hereunder by the Issuer with
respect to Securities of such series, then this Indenture shall cease to be of further effect with respect to Securities of such series (except as to (i) rights of registration of transfer (in the case of Registered Securities) and exchange of
Securities of such series, and the Issuer’s right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (iii) rights of Holders of Securities of such series to receive payments
of principal thereof and interest thereon upon the original stated due dates therefor (but not upon acceleration), and remaining rights of the Holders to receive Mandatory Sinking Fund Payments, if any, (iv) the rights, obligations, duties and
immunities of the Trustee hereunder, and (v) the rights of the 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 the Trustee, on demand of
the Issuer accompanied by an Officer’s Certificate and an Opinion of Counsel and at the cost and expense of the Issuer, shall execute proper instruments acknowledging such satisfaction of and discharging this Indenture with respect to such
series; provided, that the rights of Holders of the Securities to receive amounts in respect of principal of and interest on the Securities held by them shall not be delayed longer than required by then-applicable mandatory rules or policies
of any securities exchange upon which the Securities are listed. The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter properly incurred and provide reasonable compensation to the Trustee for any services thereafter
properly rendered by the Trustee in connection with this Indenture or the Securities of such series. 
 (b) The following
provisions shall apply to the Securities of each series unless specifically otherwise provided in a Board Resolution, Officer’s Certificate or indenture supplemental hereto provided pursuant to Section 2.03. In addition to discharge of the
Indenture pursuant to subsection 9.01(a), in the case of any series of 

  
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Securities the exact amounts (including the currency of payment) of principal of and interest due on which can be determined at the time of making the deposit referred to in clause 9.01(b)(i)
below, the Issuer shall be deemed to have paid and discharged the entire indebtedness on all the Securities of such series on the 91st day after the date of the deposit referred to in clause 9.01(b)(i) below, and the provisions of this Indenture
with respect to the Securities of such series shall no longer be in effect (except as to (1) rights of registration of transfer (in the case of Registered Securities) and exchange of Securities of such series, and the Issuer’s right of
optional redemption, if any, (2) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (3) rights of Holders of Securities of such series to receive payments of principal thereof and interest thereon upon the original
stated due dates therefor (but not upon acceleration), and remaining rights of the Holders to receive Mandatory Sinking Fund Payments, if any, (4) the rights, obligations, duties and immunities of the Trustee hereunder, (5) the rights of
the 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 (6) the obligations of the Issuer under Section 3.02) and the Trustee, at the
expense of the Issuer of the Securities, shall at the Issuer’s request, execute proper instruments acknowledging the same, if 
 (i) with reference to this provision the Issuer has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust, specifically pledged as security for, and
dedicated solely to, the benefit of the 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 Dollars, 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, 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 (1) the principal and interest on all Securities of such series and coupons appertaining thereto on each date that such principal or interest is due and payable and (2) 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; 

(ii) such deposit will not result in a breach or violation of, or constitute a default under, any agreement or instrument
to which the Issuer is a party or by which it is bound; 
 (iii) the Issuer has delivered to the Trustee an
Opinion of Counsel based on the fact that (x) the Issuer has received from, or there has been published by, the U.S. Internal Revenue Service a ruling or (y) since the date hereof, there has been a change in the applicable U.S. federal
income tax law, in either case to the effect that, and such opinion shall confirm that, the beneficial owners of the Securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit,
defeasance and discharge and will be subject to U.S. federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge had not occurred; and 

(iv) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for relating to the defeasance contemplated by this provision have been complied with. 
 (c)
The Issuer of the Securities shall be released from its obligations under Sections 3.09 and Section 8.01 with respect to the Securities of any Series Outstanding on and after the date the conditions set forth below are satisfied (hereinafter,
“Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to the Outstanding Securities of any Series, and under a guarantee in respect thereof, the Issuer of the Securities may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in such Sections, whether directly or indirectly by reason of any reference elsewhere herein to such Sections or by reason of any reference in such Sections to any
other provision herein or in any other document and such omission to comply shall not constitute an Event of Default under Section 4.01, but the remainder of this Indenture and such Securities and coupons and any guarantee shall be unaffected
thereby. The following shall be the conditions to application of this subsection (c) of this Section 9.01: 

  
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 (i) The Issuer 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 the 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 Dollars, 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, 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 (1) the principal and interest on all Securities of
such series and coupons appertaining thereto and (2) 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. 

(ii) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with
respect to the Securities shall have occurred and be continuing on the date of such deposit or, insofar as subsections 4.01(c) and 4.01(d) are concerned, at any time during the period ending on the 91st day after the date of such deposit (it being
understood that this condition shall not be deemed satisfied until the expiration of such period). 
 (iii) Such
Covenant Defeasance shall not cause the Trustee to have a conflicting interest for purposes of the Trust Indenture Act of 1939 with respect to any securities of the Issuer. 

(iv) Such Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture
or any other agreement or instrument to which the Issuer is a party or by which either of them is bound. 
 (v)
Such Covenant Defeasance shall not cause any Securities then listed on any registered national securities exchange under the Securities Exchange Act of 1934, as amended, to be delisted. 

(vi) The Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that the beneficial owners of the
Securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Covenant Defeasance had not occurred. 
 (vii) The Issuer shall have
delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the Covenant Defeasance contemplated by this provision have been complied with. 

Section 9.02 Application by Trustee of Funds Deposited for Payment of Securities. Subject to Section 9.03 and any
subordination provisions applicable to the Securities, all moneys deposited with the Trustee pursuant to Section 9.01 shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Issuer
acting as its own Paying Agent), to the 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 9.03 Repayment
of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to Securities of any series, all moneys then held by any Paying Agent under the provisions of this Indenture with respect to such
series of Securities shall, upon demand of the Issuer, be repaid to it or paid to the Trustee and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 

  
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 Section 9.04 Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two
Years. Any moneys deposited with or paid to the Trustee or any Paying Agent for the payment of the principal of or interest on any Security of any series and not applied but remaining unclaimed for two years after the date upon which such
principal or interest shall have become due and payable, shall, upon the written request of the Issuer and unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the Issuer by the
Trustee for such series or such Paying Agent, and the Holder of the Security of such series shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only to the Issuer
for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any Paying Agent with respect to such moneys shall thereupon cease. 
 ARTICLE 10 
 MISCELLANEOUS PROVISIONS 

Section 10.01 Incorporators, Stockholders, Officers and Directors of Issuer Exempt from Individual Liability. No recourse
under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such, or against any past, present or future
stockholder, member, officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by
any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities by the holders thereof and as part of the consideration for the issue of the Securities. 

Section 10.02 Provisions of Indenture for the Sole Benefit of Parties and Securityholders. Nothing in this Indenture
or in the Securities, expressed or implied, shall give or be construed to give to any Person other than the parties hereto and their successors and the Holders of the Securities, any legal or equitable right, remedy or claim under this Indenture or
under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Securities. 

Section 10.03 Successors and Assigns of Issuer Bound by Indenture. All the covenants, stipulations, promises and agreements
in this Indenture contained by or on behalf of the Issuer shall bind its successors and assigns, whether so expressed or not. 

Section 10.04 Notices and Demands on Issuer, Trustee and Securityholders. Any notice or demand which by any provision
of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Securities to or on the Issuer may be given or served by being deposited postage prepaid, first-class or similar class mail (except as otherwise
specifically provided herein) addressed (until another address of the Issuer is filed by the Issuer with the Trustee) to ORIX Corporation at the following address: 
 ORIX Corporation 
 World Trade Center Building 

2-4-1 Hamamatsu-cho 

Minato-ku 
 Tokyo
105-6135, Japan 
 Attention: Capital Markets Treasury Department, Treasury and
Accounting Headquarters 
 Fax: +81-3-3435-3015

  
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 Any notice, direction, request or demand by the Issuer or any Securityholder to or upon the
Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made to its Corporate Trust Office at: 
 The Bank of New York Mellon 
 101 Barclay Street 

New York, NY 10286 
 United States of America 
 Attention: Global Corporate Trust—ORIX Corporation

 Fax: +1 212 815 5915 
 with a copy to its Specified Corporate Trust Office: 
 The Bank of New York
Mellon, Hong Kong Branch 
 Level 24, Three Pacific Place 

1 Queen’s Road East, Hong Kong 
 Attention: Corporate Trust—ORIX Corporation 
 Fax: +852 2295 3283 

Any such notice, demand or other documents shall be in the English language. Anything herein to the contrary notwithstanding, no such
notice or demand shall be effective as to the Trustee unless it is actually received by the Trustee at its Specified Corporate Trust Office. 
 Where this Indenture provides for notice to Holders of Registered Securities, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to each Holder entitled thereto, at his last address as it appears in the Security register. 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. 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. 
 In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to
mail notice to the Issuer and Holders of Registered Securities when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be reasonably satisfactory to the Trustee shall be
deemed to be a sufficient giving of such notice. 
 Section 10.05 Officer’s Certificates and Opinions
of Counsel; Statements to be Contained Therein. Upon any application or demand by the Issuer to the Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officer’s Certificate
stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with,
except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or
opinion need be furnished. 
 Each certificate or opinion provided for in this Indenture and delivered to the Trustee with
respect to compliance with a condition or covenant provided for in this Indenture shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition, (b) a brief statement as to the nature
and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion of such person, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied
with. 

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

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

Section 10.06 Conflict of any Provision of Indenture with Trust Indenture Act of 1939. If and to the extent that any
provision of this Indenture limits, qualifies or conflicts with another provision included in this Indenture by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act of 1939 (an “Incorporated Provision”), such
Incorporated Provision shall control. 
 Section 10.07 New York Law to Govern. This Indenture and each Security
shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State. 
 Section 10.08 Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the
same instrument. 
 Section 10.09 Effect of Headings. The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof. 
 Section 10.10 Submission
To Jurisdiction. To the fullest extent permitted by applicable law, the Issuer irrevocably submits the non-exclusive jurisdiction of any Federal or state court in the Borough of Manhattan in
The City of New York, Country and State of New York, United States of America, in any suit or proceeding based on or arising under this Indenture and the Securities, and irrevocably agrees that all claims in respect of such suit or proceeding may be
determined in any such court. The Issuer, to the fullest extent permitted by applicable law, irrevocably and fully waives the defense of an inconvenient forum to the maintenance of such suit or proceeding and hereby irrevocably designates and
appoints ORIX USA Corporation, 485 Lexington Avenue, 27th Floor, New York, New York 10017, U.S.A., Attention: Ron K. Barger (the “Authorized Agent”), as its authorized agent upon whom process may be served in any such suit or
proceeding. The Issuer represents that it has notified the Authorized Agent of such designation and appointment and that the Authorized Agent has accepted the same in writing. The Issuer hereby irrevocably authorizes and directs its Authorized Agent
to accept such service. The Issuer further agrees that service of process upon its Authorized Agent and written notice of said service to it mailed by first class mail or delivered to the Issuer shall be deemed in every respect effective service of
process upon it in any such suit or proceeding. Nothing herein shall affect the right of any person to serve process in any other manner permitted by law. The Issuer agrees that a final action in any such suit or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other lawful manner. 

  
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 The Issuer hereby irrevocably waives, to the extent permitted by law, any immunity to
jurisdiction to which it may otherwise be entitled (including, without limitation, immunity to pre-judgment attachment, post-judgment attachment and execution) in any legal suit, action or proceeding against
it arising out of or based on this Indenture, the Securities or the transactions contemplated hereby. 
 The provisions of this
Section 10.11 are intended to be effective upon the execution of this Indenture without any further action by the Issuer or the Trustee and the introduction of a true copy of this Indenture into evidence shall be conclusive and final evidence
as to such matters. 
 Section 10.11 Non-Business Day. In any case where the
date of payment of interest, redemption or stated maturity of a Security established in accordance with Section 2.03 shall not be a Business Day at any Place of Payment with respect to Securities of that series, then (notwithstanding any other
provision of this Indenture or of the Securities) payment of principal of and interest, if any, with respect to such Security 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 date of payment of interest, redemption or stated maturity of a Security established in accordance with Section 2.03, provided that no interest shall accrue for the period from and
after such date of payment of interest, redemption or stated maturity of a Security, as the case may be. 
 Section 10.12
Waiver of Jury Trial. EACH OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 ARTICLE 11 

REDEMPTION OF SECURITIES AND SINKING FUNDS

 Section 11.01 Applicability of Article. The provisions of this Article shall be applicable to the Securities of
any series which are redeemable before their maturity or to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 2.03 for Securities of such series. 

Section 11.02 Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of Securities of any series to
be redeemed as a whole or in part at the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders
of Securities of such series at their last addresses as they shall appear upon the registry books. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives
the notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other
Security of such series. 
 The notice of redemption to each such Holder shall specify the principal amount and CUSIP or ISIN
number (if any) of each Security of such series held by such Holder to be redeemed, the date fixed for redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and surrender of such Securities,
that such redemption is pursuant to the mandatory or optional sinking fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest
thereon or on the portions thereof to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part only the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state
that on and after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 

The notice of redemption of Securities of any series to be redeemed at the option of the Issuer shall be given by the Issuer or, at the
Issuer’s request, by the Trustee in the name and at the expense of the Issuer, in which case the Issuer shall make such request no later than three Business Days prior to the conclusion of the applicable

  
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notice period. Unless otherwise agreed between the Issuer and the Trustee, the Issuer shall provide advance notice to the Trustee three Business Days prior to the date of publication of any
notice of redemption. 
 On or before the redemption date specified in the notice of redemption given as provided in this
Section, the Issuer will deposit with the Trustee or with one or more Paying Agents (or, if the Issuer is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 3.04) an amount of money or other property
sufficient to redeem on the redemption date all the Securities of such series so called for redemption at the appropriate redemption price, together with accrued interest to the date fixed for redemption. If less than all the outstanding Securities
of a series are to be redeemed, the Issuer will deliver to the Trustee at least 70 days prior to the date fixed for redemption an Officer’s Certificate stating the aggregate principal amount of Securities to be redeemed. 

If less than all the Securities of a series are to be redeemed, the Securities of such series shall be redeemed on a pro rata basis based
on the then outstanding principal amount of each such Security, provided however, that if any such pro rated redemption would result in any Security having an authorized principal amount of less than the minimum authorized denomination, all such
Securities shall first be redeemed in full prior to the redemption of any other Securities of such series, except as may be provided in the form of Security or in an indenture supplemental hereto. For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to the redemption of Securities of any series shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has
been or is to be redeemed. 
 Section 11.03 Payment of Securities Called for Redemption. If notice of redemption has
been given as above provided, the Securities or portions of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the
date fixed for redemption, and on and after said date (unless the Issuer shall default in the payment of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities or portions of Securities so
called for redemption shall cease to accrue and, except as provided in Sections 5.05 and 9.03, such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this Indenture, and the Holders
thereof shall have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment specified
in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption; provided that any semiannual
payment of interest becoming due on the date fixed for redemption shall be payable to the Holders of such Securities registered as such on the relevant record date subject to the terms and provisions of Sections 2.03 and 2.04 hereof. 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly
provided for, bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne by such Security. 

Upon presentation of any Security redeemed in part only, the Issuer shall execute and the Trustee shall authenticate and deliver to or on
the order of the Holder thereof, at the expense of the Issuer, a new Security or Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion of the Security so presented. 

Section 11.04 Exclusion of Certain Securities from Eligibility for Selection for Redemption. Securities shall be excluded
from eligibility for selection for redemption if they are identified by registration and certificate number in a written statement signed by an authorized officer of the Issuer and delivered to the Trustee at least 40 days prior to the last date on
which notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such written statement as directly or indirectly
controlling or controlled by or under direct or indirect common control with the Issuer. 

  
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 Section 11.05 Mandatory and Optional Sinking Funds. The minimum amount of any
sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a “Mandatory Sinking Fund Payment”, and any payment in excess of such minimum amount provided for by the terms of Securities of
any series is herein referred to as an “Optional Sinking Fund Payment”. The date on which a sinking fund payment is to be made is herein referred to as the “Sinking Fund Payment Date”. 

In lieu of making all or any part of any Mandatory Sinking Fund Payment with respect to any series of Securities in cash, the Issuer may
at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not
previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the Issuer and delivered to the Paying Agent for cancellation pursuant to Section 2.07, (b) receive credit for Optional Sinking Fund Payments (not
previously so credited) made pursuant to this Section, or (c) receive credit for Securities of such series (not previously so credited) redeemed by the Issuer through any optional redemption provision contained in the terms of such series.
Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. 
 On or before the sixtieth day next preceding each Sinking Fund Payment Date for any series, the Issuer will deliver to the Trustee a written statement (which need not contain the statements required by
Section 10.05) signed by an authorized officer of the Issuer (a) specifying the portion of the Mandatory Sinking Fund Payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series,
(b) stating that none of the Securities of such series has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or
cured) and are continuing and (d) stating whether or not the Issuer intends to exercise its right to make an Optional Sinking Fund Payment with respect to such series and, if so, specifying the amount of such Optional Sinking Fund Payment which
the Issuer intends to pay on or before the next succeeding Sinking Fund Payment Date. Any Securities of such series to be credited and required to be delivered to the Paying Agent in order for the Issuer to be entitled to credit therefor as
aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.10 to the Trustee with such written statement (or at such other time as may be agreed between the Trustee and the
Issuer in writing). Such written statement shall be irrevocable and upon its receipt by the Trustee the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next
succeeding Sinking Fund Payment Date. Failure of the Issuer, on or before any such sixtieth day, to deliver such written statement and Securities specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of
such date, the irrevocable election of the Issuer (i) that the Mandatory Sinking Fund Payment for such series due on the next succeeding Sinking Fund Payment Date shall be paid entirely in cash without the option to deliver or credit Securities
of such series in respect thereof and (ii) that the Issuer will make no Optional Sinking Fund Payment with respect to such series as provided in this Section. 
 If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding Sinking Fund Payment Date plus any unused balance of any preceding sinking fund payments
made in cash shall exceed $50,000 (or a lesser sum if the Issuer shall so request) with respect to the Securities of any particular series, such cash shall be applied on the next succeeding Sinking Fund Payment Date to the redemption of Securities
of such series at the sinking fund redemption price together with accrued interest to the date fixed for redemption. If such amount shall be $50,000 or less and the Issuer makes no such request then it shall be carried over until a sum in excess of
$50,000 is available. The Trustee shall select, in the manner provided in Section 11.02, for redemption on such Sinking Fund Payment Date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and
shall (if requested in writing by the Issuer) inform the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. Securities of any series which are (a) owned by the Issuer or an entity known by the
Trustee to be directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer, as shown by the Security register, and not known to the Trustee to have been pledged or hypothecated by the Issuer or any
such entity or 

  
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(b) identified in an Officer’s Certificate at least 60 days prior to the Sinking Fund Payment Date as being beneficially owned by, and not pledged or hypothecated by, the Issuer or an
entity directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer shall be excluded from Securities of such series eligible for redemption. The Trustee, in the name and at the expense of the Issuer
(or the Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 11.02 (and with the effect provided in
Section 11.03) for the redemption of Securities of such series in part at the option of the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next
cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular
series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of
the principal of, and interest on, the Securities of such series at maturity. 
 On or before each Sinking Fund Payment Date,
the Issuer shall pay to the Paying Agent in cash or shall otherwise provide for the payment of all interest accrued to the date fixed for redemption on Securities to be redeemed on the next following Sinking Fund Payment Date. 

The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption
of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default except that, where the mailing of notice of redemption of any Securities shall
theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Issuer a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such
series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article 4 and
held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 4.09 or the default cured on or before the sixtieth day preceding the Sinking Fund Payment Date in any year, such moneys
shall thereafter be applied on the next succeeding Sinking Fund Payment Date in accordance with this Section to the redemption of such Securities. 
 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of [    ], 2017. 

 

			
	ORIX CORPORATION
		
	 By:
	 	  

		 	Name:
		 	 Title:

	
	 THE BANK OF NEW YORK MELLON,
 as Trustee

		
	 By:
	 	  

		 	Name:
		 	Title:

  
  
 [Signature Page to the Indenture] 

  
 45

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