Document:

Junior Subordinated Indenture

 Exhibit 4.23 
  
  
 Form of 
  
  
 JUNIOR SUBORDINATED INDENTURE 
  
  

  
  
 MELLON FUNDING CORPORATION, ISSUER 
  
  
 and 
  
  
 MELLON FINANCIAL CORPORATION, GUARANTOR 
  
  
 to 
  
  
 JPMORGAN CHASE BANK 
  
  
 Trustee 
  

  
 Dated as of · 

 MELLON FUNDING CORPORATION 
  
 and 
  
 MELLON FINANCIAL CORPORATION 
  
 Reconciliation and tie between the Trust Indenture Act of 1939 (including cross-references to provisions of Sections 310 to and including 317 which,
pursuant to Section 318(c) of the Trust Indenture Act of 1939, as amended by the Trust Reform Act of 1990, are a part of and govern the Indenture whether or not physically contained therein) and the Junior Subordinated Indenture, dated as of
·. 
  

	 Trust Indenture
Act Section

	  	Indenture
Section

	 § 310
	    	(a) (1), (2) and (5)	  	7.9
	 	    	(a) (3)	  	Not Applicable
	 	    	(a) (4)	  	Not Applicable
	 	    	(b)	  	7.8
	 	    	 	  	7.10
	 	    	(c)	  	Not Applicable
	 § 311
	    	(a).	  	7.13(a)
	 	    	(b)	  	7.13(b)
	 	    	(b) (2)	  	8.3(a) (2)
	 	    	 	  	8.3(a) (2)
	 § 312
	    	(a).	  	8.1
	 	    	 	  	8.2(a)
	 	    	(b)	  	8.2(b)
	 	    	(c).	  	8.2(c)
	 § 313
	    	(a).	  	8.3(a)
	 	    	(b)	  	8.3(b)
	 	    	(c)	  	8.3(a), 7.3(b)
	 	    	(d)	  	8.3(c)
	 § 314
	    	(a) (1), (2) and (3).	  	8.4
	 	    	(a) (4).	  	11.8
	 	    	(b)	  	Not Applicable
	 	    	(c) (1)	  	1.2
	 	    	(c) (2)	  	1.2
	 	    	(c) (3)	  	Not Applicable
	 	    	(d)	  	Not Applicable
	 	    	(e)	  	1.2
	 	    	(f)	  	Not Applicable
	 § 315
	    	(a)	  	7.1(a)
	 	    	(b)	  	7.2
	 	    	 	  	8.3(a) (6)
	 	    	(c)	  	7.1(b)

	 Trust Indenture
Act Section

	  	Indenture
Section

	 	    	(d)	  	7.1(c)
	 	    	(d) (1)	  	7.1(a) (1)
	 	    	(d) (2)	  	7.1(c) (2)
	 	    	(d) (3)	  	7.1(c) (3)
	 	    	(e)	  	6.14
	 § 316
	    	(a)	  	1.1
	 	    	(a) (1) (A)	  	6.12
	 	    	(a) (1) (B)	  	6.13
	 	    	(a) (2)	  	Not Applicable
	 	    	(b)	  	6.8
	 	    	(c)	  	1.4(f)
	 § 317
	    	(a) (1)	  	6.3
	 	    	(a) (2)	  	6.4
	 	    	(b)	  	11.3
	 § 318
	    	(a)	  	1.7

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

 JUNIOR SUBORDINATED INDENTURE, dated as of ·, among MELLON FUNDING CORPORATION, a Pennsylvania corporation (hereinafter called the “Company”) having its principal office at One Mellon Bank Center, 500 Grant Street,
Pittsburgh, Pennsylvania 15258, MELLON FINANCIAL CORPORATION, a Pennsylvania corporation (hereinafter called the “Guarantor”) having its principal office at One Mellon Bank Center, 500 Grant Street, Pittsburgh, Pennsylvania 15258, and
JPMORGAN CHASE BANK, as Trustee (hereinafter called the “Trustee”). 
  
 RECITALS OF THE COMPANY 
  
 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured junior subordinated debt securities in series (hereinafter called the “Securities”) of
substantially the tenor hereinafter provided, including, without limitation, Securities issued to evidence loans made to the Company of the proceeds from the issuance from time to time by one or more business trusts (each a “Mellon Trust,”
and, collectively, the “Mellon Trusts”) of preferred trust interests in such Trusts (the “Preferred Securities”) and common interests in such Trusts (the “Common Securities” and, collectively with the Preferred
Securities, the “Trust Securities”), and to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered. 
  

All things necessary to make the Securities, when executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the
valid obligations of the Company, and to make this Indenture a valid agreement of the Company, in accordance with their and its terms, have been done. 
  
 RECITALS OF THE GUARANTOR 
  
 The Guarantor has duly authorized the Guarantees provided for herein, and to provide therefore the Guarantor has duly authorized the execution and
delivery of this Indenture. 
  
 All things necessary to make the
Guarantees, when endorsed on the Securities to which they relate and executed by the Guarantor, the valid obligations of the Guarantor, and to make this Indenture a valid agreement of the Guarantor, in accordance with their and its terms, have been
done. 
  
 NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

 1 

 ARTICLE I 
  

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
  

Section 1.1. Definitions. 
  
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (1) The terms defined in this Article have the meanings assigned to them in
this Article, and include the plural as well as the singular; 
  
 (2) All other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
  
 (3) All accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally
accepted accounting principles, and the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles which are generally accepted at the date or time
of such computation; provided, that when two or more principles are so generally accepted, it shall mean that set of principles consistent with those in use by the Company or the Guarantor; and 
  
 (4) 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. 
  
 “Act” when used with respect to any Holder has the meaning specified in Section 1.4. 
  
 “Additional Interest” means the interest, if any, that shall
accrue on any interest on the Securities of any series the payment of which has not been made on the applicable Interest Payment Date and which shall accrue at the rate per annum specified or determined as specified in such Security. 
  
 “Additional Sums” has the meaning specified in Section 11.9.

  
 “Additional Taxes” means the sum of any
additional taxes, duties and other governmental charges to which a Mellon Trust has become subject from time to time as a result of a Tax Event. 
  
 “Administrative Trustee” means, in respect of any Mellon Trust, each Person identified as an “Administrative Trustee” in the
related Trust Agreement, solely in such Person’s capacity as Administrative Trustee of such Mellon Trust under such Trust Agreement and not in such Person’s individual capacity, or any successor administrative trustee appointed as therein
provided. 
  

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 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person; provided, however, no Mellon Trust to which Securities have been issued shall be deemed to be an Affiliate of the Company. For the purposes of
this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 7.14 to act on behalf of the Trustee to
authenticate Securities of one or more series. 
  
 “Board
of Directors” means either the board of directors of the Company or of the Guarantor, as the case may be, or any committee of that board duly authorized to act hereunder. 
  
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the
Company or the Guarantor, as the case may be, to have been duly adopted by the Board of Directors, or such committee of the Board of Directors or officers of the Company or the Guarantor, as the case may be, to which authority to act on behalf of
the Board of Directors has been delegated, and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
  
 “Business Day” means any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in The City of New York are
authorized or required by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office of the Trustee, or, with respect to the Securities of a series initially issued to a Mellon Trust, the principal office of the
Property Trustee under the related Trust Agreement, is closed for business. 
  
 “Capital Treatment Event,” with respect to a Mellon Trust, means the reasonable determination by the Guarantor that, as a result of any amendment to, or change (including any proposed change) in, the
laws (or any regulations thereunder) of the United States or any political subdivision thereof or therein, or as a result of any official or administrative pronouncement or action or judicial decision interpreting or applying such laws or
regulations, which amendment or change is effective or which proposed change, pronouncement, action or decision is announced on or after the date of issuance of the Preferred Securities of such Mellon Trust, there is more than an insubstantial risk
that the Guarantor will not be entitled to treat an amount equal to the Liquidation Amount (as defined in the Trust Agreement of such Trust) of such Preferred Securities as “Tier I Capital” (or the then equivalent thereof) for purposes of
the capital adequacy guidelines of the Federal Reserve, as then in effect and applicable to the Guarantor. 
  
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or if at any
time after the execution of 
  

 3 

 this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time. 
  
 “Common Securities” has the meaning specified in the first recital of this Indenture. 
  
 “Common Stock” means the common stock, par value $0.01 per share, of the Company. 
  
 “Company” means the Person named as the “Company”
in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 
  
 “Company Request”, “Company Order”,
“Guarantor Request” and “Guarantor Order” mean, respectively, a written request or order signed in the name of the Company or the Guarantor by the Chairman of the Board, a Vice Chairman, the President or a Vice
President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee. 
  
 “Corporate Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business shall be
administered, which office at the time of execution of this Indenture shall be 450 West 33rd Street, 15th Floor, New York, New York 10001. 
  
 “corporation” includes a corporation, association, company, joint-stock company or business trust. 
  
 “Debt” means, with respect to any Person, whether recourse
is to all or a portion of the assets of such Person and whether or not contingent, (i) every obligation of such Person for money borrowed; (ii) every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments,
including obligations incurred in connection with the acquisition of property, assets or businesses; (iii) every reimbursement obligation of such Person with respect to letters of credit, bankers’ acceptances or similar facilities issued for
the account of such Person; (iv) every obligation of such Person issued or assumed as the deferred purchase price of property or services (but excluding trade accounts payable or accrued liabilities arising in the ordinary course of business); (v)
every capital lease obligation of such Person; (vi) every obligation of such Person for claims in respect of derivative products, including interest rate, foreign exchange rate and commodity forward contracts, options, swaps and similar
arrangements; and (vii) every obligation of the type referred to in clauses (i) through (vi) of another Person and all dividends of another Person the payment of which, in either case, such Person has guaranteed or is responsible or liable for,
directly or indirectly, as obligor or otherwise. 
  
 “Defaulted Interest” has the meaning specified in Section 3.7. 
  

 4 

 “Depositary” means, with respect to the Securities of any series issuable or issued in
whole or in part in the form of one or more Global Securities, the Person designated as Depositary by the Company pursuant to Section 3.1 with respect to such series (or any successor thereto). 
  
 “Discount Security” means any security which 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 6.2. 
  
 “Distributions,” with respect to the Trust Securities issued by a Mellon Trust, means amounts payable in respect of such Trust Securities
as provided in the related Trust Agreement and referred to therein as “Distributions.” 
  
 “Dollar” means the currency of the United States of America that, as at the time of payment, is legal tender for the payment of public
and private debts. 
  
 “Event of Default” unless
otherwise specified in the supplemental indenture creating a series of Securities has the meaning specified in Article VI. 
  
 “Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

  
 “Expiration Date” has the meaning specified
in Section 1.4(f). 
  
 “Extension Period” has the
meaning specified in Section 3.11. 
  
 “Federal
Reserve” means the Board of Governors of the Federal Reserve System, as from time to time constituted, or if at any time after the execution of this Indenture the Federal Reserve is not existing and performing the duties now assigned to it,
then the body performing such duties at such time. 
  
 “Global Security” means a Security in the form prescribed in Section 2.4 evidencing all or part of a series of Securities, issued to the Depository or its nominee for such series, and registered in the name of such
Depository or its nominee. 
  
 “Guarantee
Agreement,” with respect to a Mellon Trust, means the Guarantee Agreement substantially in the form attached hereto as Annex C, or substantially in such form as may be specified as contemplated by Section 3.1 with respect to the Securities
of any series, in each case as amended from time to time. 
  
 “Guarantee” means the Guarantor’s unconditional guarantee of the payment of the Securities as more fully described in Article Four. 
  
 “Guarantor” means the Person named as the “Guarantor” in the first paragraph of this instrument
until a successor corporation shall have become such pursuant to the 
  

 5 

 applicable provisions of this Indenture, and thereafter “Guarantor” shall mean such successor corporation.

  
 “Holder” means a Person in whose name a
Security is registered in the Securities Register. 
  
 “Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and
shall include the terms of each particular series of Securities established as contemplated by Section 3.1. 
  
 “Interest Payment Date” means as to each series of Securities the Stated Maturity of an installment of interest on such Securities.

  
 “Junior Subordinated Payment” has the meaning
specified in Section 14.2. 
  
 “Maturity” when
used with respect to any Security means the date on which the principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

  
 “Mellon Guarantee,” with respect to a Mellon
Trust, means the guarantee by the Guarantor of distributions on the Preferred Securities of such Mellon Trust to the extent provided in the Guarantee Agreement with respect to such Mellon Trust. 
  
 “Mellon Trust” has the meaning specified in the first
recital of this Indenture. 
  
 “Moody’s”
means Moody’s Investors Service, Inc. 
  
 “Notice of
Default” means a written notice of the kind specified in Section 6.1(3). 
  
 “Officers’ Certificate” means a certificate signed by the Chairman and Chief Executive Officer, President or a Vice President, and by the Treasurer, an Associate Treasurer, an Assistant
Treasurer, the Controller, the Secretary or an Assistant Secretary, of the Company or the Guarantor, as the case may be, and delivered to the Trustee. 
  
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company or the Guarantor, or who may be other
counsel, acceptable to the Trustee. 
  
 “Original Issue
Date” means the date of issuance specified as such in each Security. 
  
 “Outstanding” means, when used in reference to any Securities, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except: 
  

 6 

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

  
 (ii) Securities for whose payment money in the necessary
amount has been theretofore deposited with the Trustee or any Paying Agent in trust for the Holders of such Securities; and 
  
 (iii) Securities in substitution for or in lieu of which other Securities have been authenticated and delivered or which have been paid pursuant to
Section 3.6, unless proof satisfactory to the Trustee is presented that any such Securities are held by Holders in whose hands such Securities are valid, binding and legal obligations of the Company; 
  
 provided, however, that in determining whether the Holders of the
requisite principal amount of Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Securities owned by the Company, the Guarantor or any other obligor upon the Securities or any
Affiliate of the Company or of the Guarantor or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. 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 Company, the Guarantor or any other obligor upon the Securities or any Affiliate of the
Company, the Guarantor or such other obligor. Upon the written request of the Trustee, the Company shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Securities, if any, known by the Company to be owned
or held by or for the account of the Company, the Guarantor or any other obligor on the Securities or any Affiliate of the Company, the Guarantor or such obligor, and, subject to the provisions of Section 7.1, the Trustee shall be entitled to accept
such Officers’ 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. 
  
 “Paying Agent” means the Trustee or any Person authorized by
the Company to pay the principal of or interest on any Securities on behalf of the Company. 
  
 “Person” means any individual, corporation, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Place of Payment” means, with respect to the Securities of
any series, the place or places where the principal of (and premium, if any) and interest on the Securities of such series are payable pursuant to Sections 3.1 and 3.11. 
  
 “Predecessor Security” of any particular Security means every previous Security evidencing all or a portion
of the same debt as that evidenced by such particular Security; 
  

 7 

 and, for the purposes of this definition, any security authenticated and delivered under Section 3.6 in lieu of a lost,
destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security. 
  
 “Preferred Securities” has the meaning specified in the first recital of this Indenture. 
  
 “Proceeding” has the meaning specified in Section 14.2.

  
 “Property Trustee” means, in respect of any
Mellon Trust, the commercial bank or trust company identified as the “Property Trustee” in the related Trust Agreement, solely in its capacity as Property Trustee of such Mellon Trust under such Trust Agreement and not in its individual
capacity, or its successor in interest in such capacity, or any successor property trustee appointed as therein provided. 
  
 “Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this
Indenture. 
  
 “Redemption Price,” when used with
respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 
  
 “Regular Record Date” for the interest payable on any Interest Payment Date with respect to the Securities of a series means, unless
otherwise provided pursuant to Section 3.1 with respect to Securities of a series, (i) in the case of Securities of a series represented by one or more Global Securities, the Business Day next preceding such Interest Payment Date and (ii) in the
case of Securities of a series not represented by one or more Global Securities, the date which is fifteen days next preceding such Interest Payment Date (whether or not a Business Day). 
  
 “Responsible Officer” means, with respect to the Trustee, any Vice President, any Assistant Vice President,
the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer, any Trust Officer or any other officer of the Corporate Trust Office of the Trustee and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of that officer’s knowledge of and familiarity with the particular subject. 
  
 “Rights Plan” means a plan of the Company providing for the issuance by the Company to all holders of its Common Stock of rights
entitling the holders thereof to subscribe for or purchase shares of Common Stock or any class or series of preferred stock of the Company, which rights (i) are deemed to be transferred with such shares of Common Stock, (ii) are not exercisable and
(iii) are also issued in respect of future issuances of Common Stock, in each case until the occurrence of a specified event or events. 
  
 “S&P” means Standard & Poor’s Ratings Services. 
  

 8 

 “Securities” or “Security” means any debt securities or debt security,
as the case may be, authenticated and delivered under this Indenture. 
  
 “Securities Register” and “Securities Registrar” have the respective meanings specified in Section 3.5. 
  
 “Senior Debt of the Company” means the principal of (and premium, if any) and interest, if any (including interest accruing on or after
the filing of any petition in bankruptcy or for reorganization relating to the Company whether or not such claim for post-petition interest is allowed in such proceeding), on Debt of the Company, whether incurred on or prior to the date of this
Indenture or thereafter incurred, unless, in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such obligations are not superior in right of payment to the Securities or to other Debt
which is pari passu with, or subordinated to, the Securities, provided, however, that Senior Debt of the Company shall not be deemed to include (a) any Debt of the Company which, when incurred and without respect to any election under
Section 1111(b) of the Bankruptcy Reform Act of 1978, was without recourse to the Company, (b) any Debt of the Company to any of its Subsidiaries, (c) Debt to any employee of the Company, (d) Debt that by its terms is subordinated to trade accounts
payable or accrued liabilities arising in the ordinary course of business to the extent that payments made to the holders of such Debt by the holders of the Securities as a result of the subordination provisions of this Indenture would be greater
than such payments otherwise would have been (absent giving effect to this clause (d)) as a result of any obligation of such holders of such Debt to pay amounts over to the obligees on such trade accounts payable or accrued liabilities arising in
the ordinary course of business as a result of subordination provisions to which such Debt is subject and (e) any Securities. 
  
 “Senior Debt of the Guarantor” means the principal of (and premium, if any) and interest, if any (including interest accruing on or after
the filing of any petition in bankruptcy or for reorganization relating to the Guarantor whether or not such claim for post-petition interest is allowed in such proceeding), on Debt of the Guarantor, whether incurred on or prior to the date of this
Indenture or thereafter incurred, unless, in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such obligations are not superior in right of payment to the Securities or to other Debt
which is pari passu with, or subordinated to, the Securities, provided, however, that Senior Debt of the Guarantor shall not be deemed to include (a) any Debt of the Guarantor which, when incurred and without respect to any election
under Section 1111(b) of the Bankruptcy Reform Act of 1978, was without recourse to the Guarantor, (b) any Debt of the Guarantor to any of its Subsidiaries, (c) Debt to any employee of the Guarantor, (d) Debt that by its terms is subordinated to
trade accounts payable or accrued liabilities arising in the ordinary course of business to the extent that payments made to the holders of such Debt by the holders of the Securities as a result of the subordination provisions of this Indenture
would be greater than such payments otherwise would have been (absent giving effect to this clause (d)) as a result of any obligation of such holders of such Debt to pay amounts over to the obligees on such trade accounts payable or 
  

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 accrued liabilities arising in the ordinary course of business as a result of subordination provisions to which such Debt
is subject and (e) any Securities. 
  
 “Special Record
Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7. 
  
 “Stated Maturity” when used with respect to any Security or any installment of principal thereof or interest thereon means the date
specified pursuant to the terms of such Security as the date on which the principal of such Security or such installment of interest is due and payable, in the case of such principal, as such date may be shortened or extended as provided pursuant to
the terms of such Security and this Indenture. 
  
 “Subsidiary” means a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company or the Guarantor, as the case may be, or by one or more other Subsidiaries, or by the
Company or the Guarantor, as the case may be, and one or more other Subsidiaries. For purposes of this definition, “voting stock” means stock which ordinarily has voting power for the election of directors, whether at all times or only so
long as no senior class of stock has such voting power by reason of any contingency. 
  
 “Tax Event” means the receipt by a Mellon Trust of an Opinion of Counsel (as defined in the relevant Trust Agreement) experienced in such matters to the effect that, as a result of any amendment to,
or change (including any announced proposed change) in, the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement or
judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which proposed change, pronouncement or decision is announced on or after the date of issuance of the Preferred Securities of such Mellon
Trust, there is more than an insubstantial risk that (i) such Mellon Trust is, or will be within 90 days of the date of such Opinion of Counsel, subject to United States Federal income tax with respect to income received or accrued on the
corresponding series of Securities issued by the Company to such Mellon Trust, (ii) interest payable by the Company on such corresponding series of Securities is not, or within 90 days of the date of such Opinion of Counsel, will not be, deductible
by the Guarantor, in whole or in part, for United States Federal income tax purposes or (iii) such Mellon Trust is, or will be within 90 days of the date of such Opinion of Counsel, subject to more than a de minimis amount of other taxes,
duties or other governmental charges. 
  
 “Trust
Agreement,” with respect to a Mellon Trust, means a Trust Agreement substantially in the form attached hereto as Annex A, as amended by the form of Amended and Restated Trust Agreement substantially in the form attached hereto as Annex B,
or substantially in such form as may be specified as contemplated by Section 3.1 with respect to the Securities of any series, in each case as amended from time to time. 
  

 10 

 “Trustee” means the Person named as the “Trustee” in the first paragraph of
this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder and, if at any time there
is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbb), as
amended and as in effect on the date as of this Indenture, except as provided in Section 10.5. 
  
 “Trust Securities” has the meaning specified in the first recital of this Indenture. 
  
 “Vice President” when used with respect to the Company or the Guarantor, means any duly appointed vice president, whether or not
designated by a number or a word or words added before or after the title “vice president.” 
  
 “Voting Stock of the Company” means stock of any class or classes, however designated, having ordinary voting power for the election of a
majority of the Board of Directors of the Company, other than stock having such power only by reason of the happening of any contingency. 
  
 Section 1.2. Compliance Certificate and Opinions. 
  
 Upon any application or request by the Company or the Guarantor to the Trustee to take any action under any provision of this Indenture, the Company or
the Guarantor, as the case may be, shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent (including covenants, compliance with which constitutes a condition precedent), if any, 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 (including covenants compliance with which constitute a condition precedent), if
any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no
additional certificate or opinion need be furnished. 
  
 Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than the certificates provided pursuant to Section 11.8) shall include: 
  
 (1) a statement that each individual signing such certificate or opinion has
read such covenant or condition and the definitions herein relating thereto; 
  
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  

 11 

 (3) a statement that, in the opinion of each such individual, he has made or caused to be made such
examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

  
 Section 1.3. Forms of Documents Delivered to Trustee.

  
 In any case where several matters are required to be
certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
  
 Any certificate or opinion of an officer of the Company or the Guarantor may
be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company or the Guarantor, as the case may be, stating that the information with respect to such factual matters is in the possession of the Company or the Guarantor, as the case may be, unless such
counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
  

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions, or other
instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 Section 1.4. Acts of Holders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given to or taken by Holders
may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments is or are delivered to the Trustee, and, where it is hereby expressly required, to the Company and the Guarantor. Such instrument or instruments (and the action embodied therein and evidenced thereby)
are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any 
  

 12 

 purpose of this Indenture and (subject to Section 7.1) conclusive in favor of the Trustee, the Company and the Guarantor,
if made in the manner provided in this Section. 
  
 (b) The fact
and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a Person acting in other than his individual capacity, such certificate or affidavit shall also constitute
sufficient proof of his authority. 
  
 (c) The fact and date of
the execution by any Person of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient and in accordance with such reasonable rules as the Trustee
may determine. 
  
 (d) The ownership of Securities shall be proved
by the Securities Register. 
  
 (e) Any request, demand,
authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Company or the Guarantor in reliance thereon, whether or not notation of such action is made upon such Security. 
  
 (f) The Company may set any day as a record date for the purpose of
determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken
by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction
referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether
or not such Holders remain Holders after such record date, provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon
the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount
of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such 
  

 13 

 record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and
to each Holder of Securities of the relevant series in the manner set forth in Section 1.6. 
  
 The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of Default, (ii) any
declaration of acceleration referred to in Section 6.2, (iii) any request to institute proceedings referred to in Section 6.7(2) or (iv) any direction referred to in Section 6.12, in each case with respect to Securities of such series. If any record
date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain
Holders after such record date, provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such
record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the
relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6. 
  
 With respect to any record date set pursuant to this Section, the party hereto which sets such record date may designate any day as the “Expiration
Date” and from time to time may change the Expiration Date to any earlier or later day, provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and
to each Holder of Securities of the relevant series in the manner set forth in Section 11.9, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the party
hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph.
Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 
  
 (g) Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard
to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 
  

 14 

 Section 1.5. Notices, Etc. to Trustee, Company and Guarantor. 
  
 Any request, demand, authorization, direction, notice, consent, waiver or
Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 
  
 (1) the Trustee by any Holder, any holder of Preferred Securities, the Company or the Guarantor shall be sufficient for every purpose hereunder if made,
given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, or 
  
 (2) the Company or the Guarantor by the Trustee, any Holder or any holder of Preferred Securities shall be sufficient for every purpose (except as otherwise provided in Section 6.1) hereunder if in writing and mailed,
first class, postage prepaid, to the Company or the Guarantor, as the case may be, addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to
the Trustee by the Company or the Guarantor. 
  
 Section 1.6.
Notice to Holders; Waiver. 
  
 Where this Indenture
provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, to each Holder affected by such event, at the address of such
Holder as it appears in the Securities Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. 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. 
  
 Section 1.7. Conflict with Trust Indenture Act. 
  
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by any of Sections 310 to 317, inclusive, of the Trust Indenture Act through operation of Section 318(c) thereof, such imposed duties shall control.

  
 Section 1.8. Effect of Headings and Table of Contents.

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

 15 

 Section 1.9. Successors and Assigns. 
  
 All covenants and agreements in this Indenture by the Company and the
Guarantor shall bind its successors and assigns, whether so expressed or not. 
  
 Section 1.10. Separability Clause. 
  
 In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
impaired thereby. 
  
 Section 1.11. Benefits of Indenture.

  
 Nothing in this Indenture or in the Securities, express or
implied, shall give to any Person, other than the parties hereto and their successors and assigns, the holders of Senior Debt of the Company and the Guarantor, the Holders of the Securities and, to the extent expressly provided in Sections 6.2, 6.8,
6.9, 6.11, 6.13, 10.1 and 10.2, the holders of Preferred Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  
 Section 1.12. Governing Law. 
  
 THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS
OF LAWS PRINCIPLES THEREOF. 
  
 Section 1.13. Non-Business
Days. 
  
 In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security shall not be a Business Day, then (notwithstanding any other provision of this Indenture or the Securities) payment of interest or principal (and premium, if any) need not be made on such date, but
may be made on the next succeeding Business Day (and no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, until such next succeeding Business Day) except that, if
such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day (in each case with the same force and effect as if made on the Interest Payment Date or Redemption Date or at the Stated
Maturity). 
  

 16 

 ARTICLE II 
  

SECURITY FORMS 
  
 Section 2.1. Forms Generally. 
  
 The Securities of each series and the Guarantees relating thereto and the Trustee’s certificate of authentication shall be in substantially the forms
set forth in this Article, or in such other form or forms as shall be established by or pursuant to a Board Resolution of the Company, in the case of Securities, and of the Guarantor, in the case of Guarantees, or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or automated quotation system on which the Securities or the Guarantees may be listed or traded as may, consistently herewith,
be determined by the officers executing such Securities or Guarantees, as conclusively evidenced by their execution of the Securities. If the form of Securities of any series or the Guarantees relating thereto is established by action taken pursuant
to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company or the Guarantor, as the case may be, and delivered to the Trustee at or prior to the delivery of the
Company Order contemplated by Section 3.3 with respect to the authentication and delivery of such Securities. 
  
 The Trustee’s certificates of authentication shall be substantially in the form set forth in this Article. 
  
 The definitive Securities shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods, if required by any securities exchange or automated quotation system on which the Securities may be listed or traded, on a steel engraved border or steel engraved borders or may be produced
in any other manner permitted by the rules of any securities exchange or automated quotation system on which the Securities may be listed or traded, all as determined by the officers executing such Securities, as evidenced by their execution of such
Securities. 
  
 Section 2.2. Form of Face of Security.

  
 MELLON FUNDING CORPORATION 
 (Title of Security) 
  
 No.                    $ 

 
 MELLON FUNDING CORPORATION, a corporation organized and existing under the
laws of Pennsylvania (hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, 
  

 17 

 hereby promises to pay to             , or registered
assigns, the principal sum of Dollars on              ,     ; provided that the Company may, subject to certain conditions specified in Section 3.14 of the Indenture,
(i) shorten the Stated Maturity of the principal of this Security to a date not earlier than             ,     , and (ii) extend the Stated Maturity of the principal of
this Security at any time on one or more occasions, but in no event to a date later than             ,     . The Company further promises to pay interest on said
principal sum from             ,     or from the most recent interest payment date (each such date, an “Interest Payment Date”) on which interest has been paid
or duly provided for, (subject to deferral as set forth herein) in arrears on [specify Interest Payment Dates] of each year, commencing              ,     , at the rate
of % per annum, until the principal hereof shall have become due and payable, plus Additional Interest, until the principal hereof is paid or duly provided for or made available for payment and on any overdue principal and (without duplication and
to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the rate of % per annum, compounded             . The amount of
interest payable for any period shall be computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable for any partial period shall be computed on the basis of the number of days elapsed in a 360-day year of twelve
30-day months. In the event that any date on which interest is payable on this Security is not a Business Day, then a payment of the interest payable on such date will be made on the next succeeding day which is a Business Day (and without any
interest or other payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as
if made on the date the payment was originally payable. A “Business Day” shall mean any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in The City of New York are authorized or required by law or
executive order to remain closed or (iii) a day on which the Corporate Trust Office of the Trustee, or the principal office of the Property Trustee under the Trust Agreement hereinafter referred to for Mellon Capital, is closed for business. The
interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest installment, which shall be the [specify Regular Record Dates] next preceding the applicable Interest Payment Date. Any such interest installment not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Securities of this series may be listed or traded, and upon such notice as may be required by such exchange or automated
quotation system, all as more fully provided in said Indenture. 
  

 18 

 [If applicable, insert—So long as no Event of Default has occurred and is continuing, the
Company shall have the right at any time during the term of this Security to defer payment of interest on this Security, at any time or from time to time, for up to             consecutive
            interest payment periods with respect to each deferral period (each an “Extension Period”), during which Extension Periods the Company shall have the right to
make partial payments of interest on any Interest Payment Date, and at the end of which the Company shall pay all interest then accrued and unpaid (together with Additional Interest thereon to the extent permitted by applicable law); provided,
however, that no Extension Period shall extend beyond the Stated Maturity of the principal of this Security; provided, further, that during any such Extension Period, the Company shall not, and shall not permit any Subsidiary of the
Company to, (i) declare or pay any dividends or distributions or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company’s capital stock or (ii) make any payment of principal of or interest or premium, if
any, on or repay, repurchase or redeem any debt security of the Company that ranks pari passu with or junior in interest to this Security or make any guarantee payments with respect to any guarantee by the Company of the debt securities of
any Subsidiary of the Company if such guarantee ranks pari passu with or junior in interest to this Security (other than (a) dividends or distributions in capital stock of the Company, (b) any declaration of a dividend in connection with the
implementation of a Rights Plan, or the redemption or repurchase of any rights distributed pursuant to a Rights Plan, (c) payments under any Mellon Guarantee and (d) purchases of Common Stock related to the issuance of Common Stock or rights under
any of the Company’s benefit plans for its directors, officers or employees, related to the issuance of Common Stock or rights under a dividend reinvestment and stock purchase plan, or related to the issuance of Common Stock (or securities
convertible into or exchangeable for Common Stock) as consideration in an acquisition transaction that was entered into prior to the commencement of such Extension Period). Prior to the termination of any such Extension Period, the Company may
further defer the payment of interest, provided that no Extension Period shall exceed             consecutive
            or extend beyond the Stated Maturity of the principal of this Security. Upon the termination of any such Extension Period and upon the payment of all accrued and unpaid interest
and any Additional Interest then due, the Company may elect to begin a new Extension Period, subject to the above requirements. No interest shall be due and payable during an Extension Period except at the end thereof. The Company shall give the
Holder of this Security and the Trustee notice of its election to begin any Extension Period at least one Business Day prior to the next succeeding Interest Payment Date on which interest on this Security would be payable but for such deferral or,
with respect to the Securities issued to a Mellon Trust, so long as such Securities are held by such Mellon Trust, prior to the earlier of (i) the next succeeding date on which Distributions on the Preferred Securities would be payable but for such
deferral or (ii) the date the Administrative Trustees are required to give notice to any securities exchange or other applicable self-regulatory organization or to holders of such Preferred Securities of the record date or the date such
Distributions are payable, but in any event not less than one Business Day prior to such record date. 
  

 19 

 Payment of the principal of (and premium, if any) and interest on this Security will be made at the
office or agency of the Company maintained for that purpose in the United States, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that at the option of the Company payment of interest may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Securities Register or (ii) by wire transfer in immediately available funds at
such place and to such account as may be designated by the Person entitled thereto as specified in the Securities Register. 
  
 The indebtedness evidenced by this Security is, to the extent provided in the Indenture, subordinate and subject in right of payment to the prior payment
in full of all Senior Debt of the Company, and this Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b)
authorizes and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee his attorney-in-fact for any and all such purposes. Each Holder hereof,
by his acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Debt of the Company, whether now outstanding or hereafter incurred, and waives reliance by
each such holder upon said provisions. 
  
 Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual
signature, this Security or the Guarantee endorsed hereon shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 
  

	MELLON FUNDING CORPORATION
		
	By:	 	  

	 	 	 Chairman, Vice Chairman,
President or Vice President

  

	
	 Attest:
  

	             Secretary or Assistant Secretary

  

 20 

 Section 2.3. Form of Reverse of Security. 
  
 This Security is one of a duly authorized issue of securities of the Company
(herein called the “Securities”), issued and to be issued in one or more series under a Junior Subordinated Indenture, dated as of · (herein called the “Indenture”), among the Company, the Guarantor and JPMorgan Chase Bank, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Trustee, the Company, the Guarantor and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, limited in aggregate principal amount to
$            . 
  
 All terms used in this Security that are defined in the Indenture or in the Amended and Restated Trust Agreement, dated as of , , as amended (the “Trust Agreement”), for Mellon Capital , among Mellon
Financial Corporation, as Depositor, and the Trustees named therein, shall have the meanings assigned to them in the Indenture or the Trust Agreement, as the case may be. 
  
 The Company may at any time, at its option, on or after , , and subject to the terms and conditions of Article XII of the
Indenture, redeem this Security in whole at any time or in part from time to time, without premium or penalty, at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, including Additional Interest, if
any, to the Redemption Date. 
  
 [If applicable,
insert—Upon the occurrence and during the continuation of a Tax Event or a Capital Treatment Event in respect of a Mellon Trust, the Company may, at its option, at any time within 90 days of the occurrence of such Tax Event or Capital
Treatment Event redeem this Security, in whole but not in part, subject to the provisions of Section 12.7 and the other provisions of Article XII of the Indenture, at a redemption price equal to 100% of the principal amount thereof plus accrued and
unpaid interest, including Additional Interest, if any, to the Redemption Date.] 
  
 In the event of redemption of this Security in part only, a new Security or Securities of this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.

  
 The Indenture contains provisions for satisfaction and
discharge of the entire indebtedness of this Security upon compliance by the Company with certain conditions set forth in the Indenture. 
  
 The Indenture permits, with certain exceptions as therein provided, the Company, the Guarantor and the Trustee at any time to enter into a supplemental
indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company, the Guarantor and of the Holders of the Securities, with the consent of the 

  

 21 

 
Holders of not less than a majority in principal amount of the Outstanding Securities of all series to be affected by such supplemental indenture. The
Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Securities of all series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
or the Guarantor with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
  
 The Guarantor, or a Subsidiary thereof, may directly assume, by a
supplemental indenture, the due and punctual payment of the principal of (and premium, if any) and interest on all the Securities, in which case the Company shall be released from its liability as obligor on the Securities. 
  
 [If the Security is not a Discount Security,—As provided in and
subject to the provisions of the Indenture, if an Event of Default with respect to the Securities of this series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Securities of this series may declare the principal amount of all the Securities of this series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders),
provided that, in the case of the Securities of this series issued to a Mellon Trust, if upon an Event of Default, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of this series fails to
declare the principal of all the Securities of this series to be immediately due and payable, the holders of at least 25% in aggregate Liquidation Amount of the Preferred Securities then outstanding shall have such right by a notice in writing to
the Company and the Trustee; and upon any such declaration the principal amount of and the accrued interest (including any Additional Interest) on all the Securities of this series shall become immediately due and payable, provided that the payment
of principal and interest (including any Additional Interest) on such Securities shall remain subordinated to the extent provided in Article XIV of the Indenture.] 
  
 [If the Security is a Discount Security,—As provided in and subject to the provisions of the Indenture, if an
Event of Default with respect to the Securities of this series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than such portion of the principal amount as may be specified in the
terms of this series may declare an amount of principal of the Securities of this series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), provided that, in the case of the
Securities of this series issued to a Mellon Trust, if upon an Event of Default, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of this series fails to declare the principal of all the Securities of
this series to be immediately due and payable, the holders of at least 25% in aggregate Liquidation Amount of the Preferred Securities 

  

 22 

 
then outstanding shall have such right by a notice in writing to the Company and the Trustee. Such amount shall be equal to—insert formula for
determining the amount. Upon any such declaration, such amount of the principal of and the accrued interest (including any Additional Interest) on all the Securities of this series shall become immediately due and payable, provided that the
payment of principal and interest (including any Additional Interest) on such Securities shall remain subordinated to the extent provided in Article XIV of the Indenture. Upon payment (i) of the amount of principal so declared due and payable and
(ii) of interest on any overdue principal and overdue interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of the principal of and
interest, if any, on this Security shall terminate.] 
  
 No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this
Security at the times, place and rate, and in the coin or currency, herein prescribed. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Securities Register, upon surrender of this Security for registration of transfer
at the office or agency of the Company maintained under Section 11.2 of the Indenture duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  
 Prior to due presentment of this Security for registration of transfer, the
Company, the Guarantor and the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and
neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 
  
 The Securities of this series are issuable only in registered form without coupons in denominations of $25 and any integral multiple thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of such series of a different authorized denomination, as requested by the Holder
surrendering the same. 
  
 The Company and, by its acceptance of
this Security or a beneficial interest therein, the Holder of, and any Person that acquires a beneficial interest in, this Security 

  

 23 

 
agree that for United States Federal, state and local tax purposes it is intended that this Security constitute indebtedness. 
  
 The Company shall withhold from interest payments on this Security any amount
that the Company determines that it is required to withhold pursuant to the Pennsylvania Corporate Loans Tax because this Security is held, directly or indirectly, by any Person who is subject to such tax. The Company shall promptly notify any
Holder of this Security in respect of which it has made such a withholding of the amount thereof, by written notice sent to the address of such Holder as set forth in the Securities Register. In the event that this Security is held by a Mellon Trust
and the Company determines that this Security is subject to such a withholding as a result of the fact that any holder of beneficial interests in such Mellon Trust is a Person subject to such tax, the Company shall promptly notify the Property
Trustee for such Mellon Trust of the identity of each such holder of such beneficial interests and of the amount withheld in respect thereof. 
  
 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF
LAWS PRINCIPLES THEREOF. 
  
 Section 2.4. Additional Provisions
Required in Global Security. 
  
 Any Global Security issued
hereunder shall, in addition to the provisions contained in Sections 2.2 and 2.3, bear a legend in substantially the following form: 
  
 “This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of a Depositary or a
nominee of a Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee only in the limited circumstances described in the Indenture and 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.” 
  
 Section 2.5. Form of Trustee’s Certificate of Authentication. 
  
 This is one of the Securities referred to in the within mentioned Indenture. 
  
 Dated: 
  

	 JPMORGAN CHASE BANK,
 as Trustee

		
	 By:
	 	 
	 	

	 	 	Authorized officer

  

 24 

 Section 2.6. Form of Guarantee. 
  
 The form of Guarantee to be endorsed on all Securities shall be substantially as follows: 
  
 GUARANTEE 
  
 OF 
  
 MELLON FINANCIAL CORPORATION 
  
 For value received, Mellon Financial Corporation, a corporation duly organized and existing under the laws of the Commonwealth of Pennsylvania (herein
called the “Guarantor”), hereby unconditionally guarantees to the Holder of the Security upon which this Guarantee is endorsed the due and punctual payment of the principal of (and premium, if any) and interest on [if the Security upon
which the Guarantee is endorsed is not to bear interest prior to Maturity, insert—any overdue principal of] said Security [if applicable, insert—and the due and punctual payment of the sinking fund payments required with respect to said
Security,] when and as the same shall become due and payable, whether at maturity, by acceleration or redemption or otherwise, according to the terms thereof and of the Indenture referred to therein. In case of the failure of Mellon Funding
Corporation or any successor thereto (the “Company”) punctually to pay any such principal, premium [, —or] interest [or sinking fund payment)], the Guarantor hereby agrees to cause any such payment to be made punctually when and as
the same shall become due and payable, whether at maturity, upon acceleration or redemption or otherwise, and as if such payment were made by the Company. 
  
 The Guarantor hereby agrees that its obligations hereunder shall be as principal and not merely as surety, and shall be absolute and unconditional,
irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of said Security or said Indenture, any failure to enforce the provisions of said Security or said Indenture, or any waiver, modification, consent or
indulgence granted to the Company with respect thereto, by the Holder of said Security or the Trustee under said Indenture, the recovery of any judgment against the Company or any action to enforce the same, or any other circumstances which may
otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger, insolvency or bankruptcy of the Company, any
right to require a proceeding first against the Company, protest or notice with respect to said Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Guarantee will not be discharged except by payment in
full of the principal, premium, if any, [or] interest on [any overdue principal of] [or any sinking fund payment required with respect to] said Security and the complete performance of all other obligations contained in said Security. 
  
 The Guarantor shall be subrogated to all rights of the Holder of said
Security against the Company in respect of any amounts paid to such Holder by the Guarantor 

  

 25 

 
pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out
of or based upon, such right of subrogation until the principal of (and premium, if any) and interest on [any overdue principal of] [and the sinking fund payments required with respect to] all Securities issued under said Indenture shall have been
paid in full. 
  
 Subject to the next following paragraph, the
Guarantor hereby certifies and warrants that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Guarantee and to constitute the same the valid obligation of the
Guarantor have been done and performed and have happened in due compliance with all applicable laws. 
  
 Claims under this Guarantee are, to the extent provided in the Indenture, subordinate and subject in right of payment to the prior payment in full of all
Senior Debt of the Guarantor, and this Guarantee is issued subject to the provisions of the Indenture with respect thereto. Each Holder of a Security upon which this Guarantee is endorsed, by accepting the same, (a) agrees to and shall be bound by
such provisions, (b) authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee his attorney-in-fact for any and all such purposes.

  
 This Guarantee shall not be valid or become obligatory for any
purpose until the certificate of authentication on said Security shall have been signed manually by or on behalf of the Trustee under said Indenture. 
  
 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly executed in facsimile by its duly authorized officer under its corporate seal.

  
 MELLON FINANCIAL CORPORATION [Date of initial issuance of
series] 
  
 By: 
  
 [Authorized Signature] 
  
 Attest: 
  
 [Authorized Signature] 
  

 26 

 ARTICLE III 
  
 THE SECURITIES 
  
 Section 3.1. Title and Terms. 
  
 The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
  
 The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of a series: 
  
 (a) the title of the Securities of such series, which shall distinguish the
Securities of the series from all other Securities; 
  
 (b) the
limit, if any, upon the aggregate principal amount of the Securities of such series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section 3.4, 3.5, 3.6, 10.6 or 12.6 and except for any Securities which, pursuant to Section 3.3, are deemed never to have been authenticated and delivered hereunder); provided,
however, that the authorized aggregate principal amount of such series may be increased above such amount by a Board Resolution to such effect; 
  
 (c) the Stated Maturity or Maturities on which the principal of the Securities of such series is payable or the method of determination thereof;

  
 (d) the rate or rates, if any, at which the Securities of such
series shall bear interest, if any, the rate or rates and extent to which Additional Interest, if any, shall be payable in respect of any Securities of such series, the Interest Payment Dates on which such interest shall be payable, the right,
pursuant to Section 3.11 or as otherwise set forth therein, of the Company to defer or extend an Interest Payment Date, and the Regular Record Date for the interest payable on any Interest Payment Date or the method by which any of the foregoing
shall be determined; 
  
 (e) the place or places where the
principal of (and premium, if any) and interest on the Securities of such series shall be payable, the place or places where the Securities of such series may be presented for registration of transfer or exchange, and the place or places where
notices and demands to or upon the Company in respect of the Securities of such series may be made; 
  
 (f) the period or periods within or the date or dates on which, if any, the price or prices at which and the terms and conditions upon which the
Securities of such series may be redeemed, in whole or in part, at the option of the Company; 
  

 27 

 (g) the obligation or the right, if any, of the Company to redeem, repay or purchase the Securities of
such series pursuant to any sinking fund, amortization or analogous provisions, or at the option of a Holder thereof, and the period or periods within which, the price or prices at which, the currency or currencies (including currency unit or units)
in which and the other terms and conditions upon which Securities of the series shall be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation; 
  
 (h) the denominations in which any Securities of such series shall be issuable, if other than denominations of $25 and any
integral multiple thereof; 
  
 (i) if other than Dollars, the
currency or currencies (including currency unit or units) in which the principal of (and premium, if any) and interest, if any, on the Securities of the series shall be payable, or in which the Securities of the series shall be denominated;

  
 (j) the additions, modifications or deletions, if any, in the
Events of Default or covenants of the Company set forth herein with respect to the Securities of such series; 
  
 (k) if other than the principal amount thereof, the portion of the principal amount of Securities of such series that shall be payable upon declaration of
acceleration of the Maturity thereof; 
  
 (l) the additions or
changes, if any, to this Indenture with respect to the Securities of such series as shall be necessary to permit or facilitate the issuance of the Securities of such series in bearer form, registrable or not registrable as to principal, and with or
without interest coupons; 
  
 (m) any index or indices used to
determine the amount of payments of principal of and premium, if any, on the Securities of such series or the manner in which such amounts will be determined; 
  

(n) whether the Securities of the series, or any portion thereof, shall initially be issuable in the form of a temporary Global Security representing
all or such portion of the Securities of such series and provisions for the exchange of such temporary Global Security for definitive Securities of such series; 
  

(o) if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such
case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 2.4 and any circumstances in addition to or in
lieu of those set forth in Section 3.5 in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons
other than the Depositary for such Global Security or a nominee thereof; 
  

 28 

 (p) the appointment of any Paying Agent or Agents for the Securities of such series; 
  
 (q) the terms of any right to convert or exchange Securities of such series
into any other securities or property of the Company, and the additions or changes, if any, to this Indenture with respect to the Securities of such series to permit or facilitate such conversion or exchange; 
  
 (r) the form or forms of the Trust Agreement, Amended and Restated Trust
Agreement and Guarantee Agreement, if different from the forms attached hereto as Annexes A, B and C, respectively; 
  
 (s) the relative degree, if any, to which the Securities of the series shall be senior to or be subordinated to other series of Securities in right of
payment, whether such other series of Securities are Outstanding or not; and 
  
 (t) any other terms of the Securities of such series (which terms shall not be inconsistent with the provisions of this Indenture). 
  
 The payment of principal and premium, if any, and interest and sinking fund payments, if any, on or relating to the
Securities of each series shall be unconditionally guaranteed by the Guarantor on a subordinated basis as provided herein. 
  
 All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided herein or in or
pursuant to such Board Resolution and set forth in such Officers’ Certificate or in any such indenture supplemental hereto. 
  
 If any of the terms of the Securities of any series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series. 
  
 The Securities and the Guarantees endorsed thereon shall be subordinated in
right of payment to Senior Debt of the Company and the Guarantor, respectively, as provided in Article XIV. 
  
 Section 3.2. Denominations. 
  
 The Securities of each series shall be in registered form without coupons and shall be issuable in denominations of $25 and any integral multiple thereof,
unless otherwise specified as contemplated by Section 3.1. 
  

 29 

 Section 3.3. Execution, Authentication, Delivery and Dating. 
  
 The Securities shall be executed on behalf of the Company and the Guarantees
endorsed thereon shall be executed on behalf of the Guarantor by, respectively, its Chairman, one of its Vice Chairman, its President or one of its Vice Presidents under its corporate seal reproduced or impressed thereon and attested by its
Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities or Guarantees may be manual or facsimile. 
  
 Securities and Guarantees bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company or the
Guarantor, respectively, shall bind the Company and the Guarantor, respectively, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities and Guarantees or did
not hold such offices at the date of such Securities and Guarantees. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company and with Guarantees
endorsed thereon executed by the Guarantor, to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver
such Securities. If the form or terms of the Securities of the series or the form of the Guarantee relating thereto have been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, 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 7.1) shall be fully protected in conclusively relying upon, an Opinion
of Counsel stating, 
  
 (1) if the form of such Securities or
Guarantees has been established by or pursuant to Board Resolution as permitted by Section 2.1, that such form has been established in conformity with the provisions of this Indenture; 
  
 (2) if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.1,
that such terms have been established in conformity with the provisions of this Indenture; and 
  
 (3) that such Securities, when authenticated and delivered by the Trustee and issued by the Company, and such Guarantees when endorsed on such Securities, all in the manner and subject to any conditions specified in
such Opinion of Counsel, will constitute valid and legally binding obligations of the Company and the Guarantor, respectively, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 
  
 If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities or the form of the Guarantees relating
thereto, if the issue of such Securities or Guarantees pursuant to this Indenture will affect the Trustee’s own 

  

 30 

 
rights, duties or immunities under the Securities or Guarantees and this Indenture or otherwise in a manner which is not reasonably acceptable to the
Trustee. 
  
 Notwithstanding the provisions of Section 3.1 and of
the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 3.1 or the Company Order and Opinion of
Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such
series to be issued. 
  
 Each Security shall be dated the date of
its authentication. Each Guarantee shall be dated the date of the initial issuance of Securities of the series to which it pertains. 
  
 No Security or Guarantee endorsed thereon shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there
appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by the manual signature of one of its authorized officers, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.9, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be
entitled to the benefits of this Indenture. 
  
 Section 3.4.
Temporary Securities. 
  
 Pending the preparation of
definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities (having Guarantees duly endorsed thereon) which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any denomination, substantially of the tenor of the definitive Securities of such series in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as
the officers executing such Securities may determine, as evidenced by their execution of such Securities. 
  
 If temporary Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay.
After the preparation of definitive Securities, the temporary Securities shall be exchangeable for definitive Securities upon surrender of the temporary Securities at the office or agency of the Company designated for that purpose without charge to
the Holder. Upon surrender for cancellation of any one or more temporary Securities, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities of the same series, of any
authorized denominations having the same Original Issue Date and Stated Maturity and having the same terms as such temporary Securities. 

  

 31 

 
Until so exchanged, the temporary Securities of any series and the Guarantees endorsed thereon shall in all respects be entitled to the same benefits under
this Indenture as definitive Securities of such series and the Guarantees endorsed thereon. 
  
 Section 3.5. Registration, Transfer and Exchange. 
  
 The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of
Securities and of transfers of Securities. Such register is herein sometimes referred to as the “Securities Register.” The Trustee is hereby appointed “Securities Registrar” for the purpose of registering Securities and transfers
of Securities as herein provided. 
  
 Upon surrender for
registration of transfer of any Security at the office or agency of the Company designated for that purpose the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or
more new Securities of the same series (having Guarantees duly endorsed thereon), of any authorized denominations, of a like aggregate principal amount, of the same Original Issue Date and Stated Maturity and having the same terms. 
  
 At the option of the Holder, Securities may be exchanged for other Securities
of the same series (having Guarantees duly endorsed thereon), of any authorized denominations, of a like aggregate principal amount, of the same Original Issue Date and Stated Maturity and having the same terms, upon surrender of the Securities to
be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive and
the Guarantor shall execute the Guarantees endorsed thereon. 
  
 All Securities and the Guarantees endorsed thereon issued upon any transfer or exchange of Securities shall be the valid obligations, respectively, of the Company and the Guarantor evidencing the same debt, and entitled to the same benefits
under this Indenture, as the Securities and the Guarantees endorsed thereon surrendered upon such transfer or exchange. 
  
 Every Security presented or surrendered for transfer or exchange shall (if so required by the Company or the Securities Registrar) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. 
  
 No service charge shall be made to a Holder for any transfer or exchange of
Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Securities. 
  

 32 

 The provisions of Clauses (1), (2), (3) and (4) below shall apply only to Global Securities: 

 
 (1) Each Global Security authenticated under this Indenture shall be
registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all
purposes of this Indenture. 
  
 (2) Notwithstanding any other
provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such
Global Security or a nominee thereof unless (A) such Depositary (i) has notified the Company that it is unwilling or unable to continue as Depositary for such Global Security or (ii) has ceased to be a clearing agency registered under the Exchange
Act at a time when the Depositary is required to be so registered to act as depositary, in each case unless the Company has approved a successor Depositary within 90 days, (B) there shall have occurred and be continuing an Event of Default with
respect to such Global Security, (C) the Company in its sole discretion determines that such Global Security will be so exchangeable or transferable or (D) there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as
have been specified for this purpose as contemplated by Section 3.1. 
  
 (3) Subject to Clause (2) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as
the Depositary for such Global Security shall direct. 
  
 (4)
Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to this Section, Section 3.4, 3.6, 10.6 or 12.6 or otherwise, shall be
authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such Global Security or a nominee thereof. 
  
 Neither the Company nor the Trustee shall be required, pursuant to the
provisions of this Section, (a) to issue, transfer or exchange any Security of any series during a period beginning at the opening of business 15 days before the day of selection for redemption of Securities pursuant to Article XII and ending at the
close of business on the day of mailing of notice of redemption or (b) to transfer or exchange any Security so selected for redemption in whole or in part, except, in the case of any Security to be redeemed in part, any portion thereof not to be
redeemed. 
  
 Section 3.6. Mutilated, Destroyed, Lost and
Stolen Securities. 
  
 If any mutilated Security is
surrendered to the Trustee together with such security or indemnity as may be required by the Company or the Trustee to save each of them 

  

 33 

 
harmless, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same issue and series, with a
Guarantee duly endorsed thereon, and of like tenor and principal amount, having the same Original Issue Date and Stated Maturity, and bearing a number not contemporaneously outstanding. 
  
 If there shall be delivered to the Company, the Guarantor and to the Trustee (i) evidence to their satisfaction of the
destruction, loss or theft of any Security, and (ii) such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Company, the Guarantor or the Trustee that such Security has been
acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same issue and series, with a Guarantee duly
endorsed thereon by the Guarantor, and of like tenor and principal amount, having the same Original Issue Date and Stated Maturity as such destroyed, lost or stolen Security, and bearing a number not contemporaneously outstanding. 
  
 In case any such mutilated, destroyed, lost or stolen Security has become or
is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
  
 Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee, its agents and counsel) connected therewith. 
  
 Every new Security issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company guaranteed by the Guarantor, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Securities and Guarantees of that series duly issued hereunder. 
  
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities. 
  
 Section 3.7. Payment of Interest; Interest Rights Preserved. 
  
 Interest on any Security of any series which is payable, and is punctually paid or duly provided for, on any Interest Payment Date, shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest in respect of Securities of such series, except that, unless otherwise provided in the Securities of such series, interest payable on the Stated Maturity
of the principal of a Security shall be paid to the Person to whom principal is paid. The initial payment of interest on any Security of any series which is issued between a Regular Record Date and the related Interest Payment Date 

  

 34 

 
shall be payable as provided in such Security or in the Board Resolution pursuant to Section 3.1 with respect to the related series of Securities. At the
option of the Company or the Guarantor, interest on any series of Securities may be paid (i) by check mailed to the address of the Person entitled thereto as it shall appear on the Securities Register of such series or (ii) by wire transfer in
immediately available funds at such place and to such account as designated by the Person entitled thereto as specified in the Securities Register of such series. 
  
 Any interest on any Security which is payable, but is not timely paid or duly provided for, on any Interest Payment Date for
Securities of such series (herein called “Defaulted Interest”), shall forthwith cease to be payable to the registered Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid
by the Company or the Guarantor, at its election in each case, as provided in Clause (1) or (2) below: 
  
 (1) The Company or the Guarantor may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series in
respect of which interest is in default (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The
Company or the Guarantor shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security and the date of the proposed payment, and at the same time the Company or the Guarantor, as the case may be, shall
deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment,
such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall
be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company or the
Guarantor, as the case may be, of such Special Record Date and, in the name and at the expense of the Company or the Guarantor, as the case may be, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first class, postage prepaid, to each Holder of a Security of such series at the address of such Holder as it appears in the Securities Register not less than 10 days prior to such Special Record Date. The Trustee shall, in
the name and at the expense of the Company, cause a similar notice to be published at least once in a newspaper, customarily published in the English language on each Business Day and of general circulation in the Borough of Manhattan, The City of
New York, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such
Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor 

  

 35 

 
Securities) are registered on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). 
  
 (2) The Company or the Guarantor may make payment of any Defaulted Interest
in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Securities of the series in respect of which interest is in default may be listed or traded and, upon such notice
as may be required by such exchange (or by the Trustee if the Securities are not listed), if, after notice given by the Company or the Guarantor to the Trustee of the proposed payment pursuant to this Clause, such payment shall be deemed practicable
by the Trustee. 
  
 Any interest on any Security which is deferred
or extended pursuant to Section 3.11 shall not be Defaulted Interest for the purposes of this Section 3.7. 
  
 Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon transfer of or in exchange for or in lieu of any
other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 
  
 The Company or the Guarantor shall withhold from interest payments on the Securities of any series any amount that the Company or the Guarantor determines
that it is required to withhold pursuant to the Pennsylvania Corporate Loans Tax because such Securities are held, directly or indirectly, by any Person who is subject to such tax. The Company or the Guarantor shall promptly notify any Holder of
Securities in respect of which it has made such a withholding of the amount thereof, by written notice sent to the address of such Holder as set forth in the Securities Register. In the event that Securities are held by a Mellon Trust and the
Company determines that such Securities are subject to such a withholding as a result of the fact that any holder of beneficial interests in such Mellon Trust is a Person subject to such tax, the Company shall promptly notify the Property Trustee
for such Mellon Trust of the identity of each such holder of such beneficial interests and of the amount withheld in respect thereof. 
  
 Section 3.8. Persons Deemed Owners. 
  
 The Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name any Security is
registered as the owner of such Security for the purpose of receiving payment of principal of and (subject to Section 3.7) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the
Company, the Guarantor, the Trustee nor any agent of the Company, the Guarantor or the Trustee shall be affected by notice to the contrary. 
  

 36 

 Section 3.9. Cancellation. 
  
 All Securities surrendered for payment, redemption, transfer or exchange shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee, and any such Securities and Securities surrendered directly to the Trustee for any such purpose shall be promptly canceled by it. The Company or the Guarantor may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder which the Company or the Guarantor may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities
shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities shall be destroyed by the Trustee and the Trustee shall deliver to the
Company a certificate of such destruction. 
  
 Section 3.10.
Computation of Interest. 
  
 Except as otherwise specified
as contemplated by Section 3.1 for Securities of any series, interest on the Securities of each series for any period shall be computed on the basis of a 360-day year of twelve 30-day months and interest on the Securities of each series for any
partial period shall be computed on the basis of the number of days elapsed in a 360-day year of twelve 30-day months. 
  
 Section 3.11. Deferrals of Interest Payment Dates. 
  
 If specified as contemplated by Section 2.1 or Section 3.1 with respect to the Securities of a particular series, so long as no Event of Default has
occurred and is continuing, the Company shall have the right, at any time during the term of such series, from time to time to defer the payment of interest on such Securities for such period or periods as may be specified as contemplated by Section
3.1 (each, an “Extension Period”) during which Extension Periods the Company shall have the right to make partial payments of interest on any Interest Payment Date. No Extension Period shall end on a date other than an Interest
Payment Date. At the end of any such Extension Period the Company shall pay all interest then accrued and unpaid on the Securities (together with Additional Interest thereon, if any, at the rate specified for the Securities of such series to the
extent permitted by applicable law) to the Persons in whose names that Securities are registered at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such Extension Period; provided,
however, that no Extension Period shall extend beyond the Stated Maturity of the principal of the Securities of such series; provided, further, that during any such Extension Period, the Company shall not, and shall not permit any
Subsidiary to, (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company’s capital stock, or (ii) make any payment of principal of or interest or
premium, if any, on or repay, repurchase or redeem any debt security of the Company that ranks pari passu with or junior in interest to the Securities of such series or make any guarantee payments with respect to any guarantee by the 

  

 37 

 
Company of the debt securities of any Subsidiary of the Company that by their terms rank pari passu with or junior in interest to the securities of
such series (other than (a) dividends or distributions in the capital stock of the Company, (b) any declaration of a dividend in connection with the implementation of a Rights Plan, or the redemption or repurchase of any rights distributed pursuant
to a Rights Plan, (c) payments under any Mellon Guarantee and (d) purchases of Common Stock related to the issuance of Common Stock or rights under any of the Company’s benefit plans for its directors, officers or employees, related to the
issuance of Common Stock or rights under a dividend reinvestment and stock purchase plan, or related to the issuance of Common Stock (or securities convertible into or exchangeable for Common Stock) as consideration in an acquisition transaction
that was entered into prior to the commencement of such Extension Period). Prior to the termination of any such Extension Period, the Company may further defer the payment of interest, provided that no Extension Period shall exceed the period
or periods specified in such Securities or extend beyond the Stated Maturity of the principal of such Securities. Upon termination of any Extension Period and upon the payment of all accrued and unpaid interest and any Additional Interest then due
on any Interest Payment Date, the Company may elect to begin a new Extension Period, subject to the above requirements. No interest shall be due and payable during an Extension Period, except at the end thereof. The Company shall give the Holders of
the Securities of such series and the Trustee notice of its election to begin any such Extension Period at least one Business Day prior to the next succeeding Interest Payment Date on which interest on Securities of such series would be payable but
for such deferral or, with respect to the Securities of a series issued to a Mellon Trust, so long as such Securities are held by such Mellon Trust, prior to the earlier of (i) the next succeeding date on which Distributions on the Preferred
Securities of such Mellon Trust would be payable but for such deferral or (ii) the date the Administrative Trustees of such Mellon Trust are required to give notice to any securities exchange or other applicable self-regulatory organization or to
holders of such Preferred Securities of the record date or the date such Distributions are payable, but in any event not less than one Business Day prior to such record date. 
  
 The Trustee shall promptly give notice of the Company’s or the Guarantor’s election to begin any such Extension
Period to the Holders of the Outstanding Securities of such series. 
  
 Section 3.12. Right of Set-Off. 
  
 With respect
to the Securities of a series issued to a Mellon Trust, notwithstanding anything to the contrary in the Indenture, the Company shall have the right to set-off any payment it is otherwise required to make thereunder in respect of any such Security to
the extent the Company has theretofore made, or is concurrently on the date of such payment making, a payment under the Mellon Guarantee relating to such Security or under Section 6.8 of the Indenture. 
  

 38 

 Section 3.13. Agreed Tax Treatment. 
  
 Each Security issued hereunder shall provide that the Company, the Guarantor and, by its acceptance of a Security or a
beneficial interest therein, the Holder of, and any Person that acquires a beneficial interest in, such Security agree that for United States Federal, state and local tax purposes it is intended that such Security constitute indebtedness.

  
 Section 3.14. Shortening or Extension of Stated
Maturity. 
  
 If specified as contemplated by Section 2.1 or
Section 3.1 with respect to the Securities of a particular series, the Company or the Guarantor shall have the right to (i) shorten the Stated Maturity of the principal of the Securities of such series at any time to any date not earlier than the
first date on which the Company or the Guarantor has the right to redeem the Securities of such series, and (ii) extend the Stated Maturity of the principal of the Securities of such series at any time at its election for one or more periods, but in
no event to a date later than the 49th anniversary of the first Interest Payment Date following the Original Issue Date of the Securities of such series; provided that, if the Company of the Guarantor elects to exercise its right to extend
the Stated Maturity of the principal of the Securities of such series pursuant to clause (ii), above, at the time such election is made and at the time of extension (A) the Company or the Guarantor, as the case may be, is not in bankruptcy,
otherwise insolvent or in liquidation, (B) the Company or the Guarantor, as the case may be, is not in default in the payment of any interest or principal on such Securities, (C) in the case of any series of Securities issued to a Mellon Trust, such
Mellon Trust is not in arrears on payments of Distributions on the Preferred Securities issued by such Mellon Trust and no deferred Distributions are accumulated and (D) such Securities are rated not less than BBB- by S&P or Baa3 by Moody’s
or the equivalent by any other nationally recognized statistical rating organization. In the event the Company or the Guarantor elects to shorten or extend the Stated Maturity of the Series A Subordinated Debentures, it shall give notice to the
Trustee, and the Trustee shall give notice of such shortening or extension to the Holders, no less than 30 and no more than 60 days prior to the effectiveness thereof. 
  
 Section 3.15. CUSIP Numbers. 
  
 The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee
shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as
contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. 
  

 39 

 ARTICLE IV 
  

GUARANTEE OF SECURITIES 
  
 Section 4.1. Unconditional Guarantee. 
  
 The Guarantor hereby unconditionally guarantees to each Holder of a Security of any series authenticated and delivered by the Trustee or Authenticating
Agent the due and punctual payment of the principal of and premium, if any, and interest on such Security and the due and punctual payment of the sinking fund payments, if any, provided for pursuant to the terms of such Security, when and as the
same shall become due and payable, whether at maturity, by acceleration or redemption or otherwise, in accordance with the terms of such Security and of this Indenture. In case of the failure of the Company punctually to pay any such principal,
premium, interest or sinking fund payment, the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether at maturity, upon acceleration or redemption or otherwise, and as if
such payment were made by the Company. 
  
 The Guarantor hereby
agrees that its obligations hereunder shall be as principal and not merely as surety, and shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of such Security or this
Indenture, any failure to enforce the provisions of any such Security or this Indenture, or any waiver, modification, consent or indulgence granted to the Company with respect thereto, by the Holder of such Security or the Trustee, the recovery of
any judgment against the Company or any action to enforce the same, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of merger, insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with respect to any such Security or the indebtedness evidenced
thereby and all demands whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of the principal of and premium, if any, and interest on, and any sinking fund payments required with respect to, the Securities
and the complete performance of all other obligations contained in the Securities. 
  
 The Guarantor shall be subrogated to all rights of the Holder of any Security against the Company in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions of this Guarantee; provided,
however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or based upon, such right of subrogation until the principal of and premium, if any, and interest on, and any sinking fund payments required with
respect to, all Securities shall have been paid in full. 
  
 Claims under the Guarantee are, to the extent provided in this Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior Debt 

  

 40 

 
of the Guarantor, and the Guarantee is issued subject to the provisions of this Indenture with respect thereto. Each Holder of a Security upon which the
Guarantee is endorsed, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination so
provided and (c) appoints the Trustee his attorney-in-fact for any and all such purposes. 
  
 Section 4.2. Execution of Guarantees. 
  
 To evidence its Guarantee to the Holders specified in Section 4.1, the Guarantor hereby agrees to execute the Guarantee in substantially the form above recited to be endorsed on each Security authenticated and
delivered by the Trustee or Authenticating Agent. Each such Guarantee shall be executed on behalf of the Guarantor and dated as set forth in Section 3.3 prior to the authentication of the Security on which it is endorsed, and the delivery of such
Security by the Trustee or Authenticating Agent, after the authentication thereof hereunder, shall constitute due delivery of such Guarantee on behalf of the Guarantor. 
  
 The Guarantee set forth in this Article shall not be valid or become obligatory for any purpose with respect to a Security
until the certificate of authentication on such Security shall have been signed by the Trustee or Authenticating Agent. 
  
 ARTICLE V 
  
 SATISFACTION AND DISCHARGE 
  
 Section 5.1. Satisfaction and Discharge of Indenture. 
  
 This Indenture shall cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for and as otherwise provided in this Section 5.1)
and the Trustee, on demand of and at the expense of the Company and the Guarantor, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when 
  
 (1) either 
  
 (A) all Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section 3.6 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as
provided in Section 11.3) have been delivered to the Trustee for cancellation; or 
  
 (B) all such Securities not theretofore delivered to the Trustee for cancellation 
  

 41 

 (i) have become due and payable, or 
  
 (ii) will become due and payable at their Stated Maturity
within one year of the date of deposit, or 
  
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company and the Guarantor, 
  
 and the Company or the Guarantor, in the case of Clause (B) (i), (ii) or
(iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose an amount in the currency or currencies in which the Securities of such series are payable sufficient to pay and discharge the entire
indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest (including any Additional Interest) to the date of such deposit (in the case of Securities which have become
due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
  
 (2) the Company or the Guarantor has paid or caused to be paid all other sums payable hereunder by the Company and the Guarantor; and 
  
 (3) the Company and the Guarantor have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company and the Guarantor to the Trustee under Section 7.7, the
obligations of the Trustee to any Authenticating Agent under Section 7.14 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 5.2 and the last
paragraph of Section 11.3 shall survive. 
  
 Section 5.2.
Application of Trust Money. 
  
 Subject to the provisions
of the last paragraph of Section 11.3, all money deposited with the Trustee pursuant to Section 5.1 shall be held in trust and applied by the Trustee, in accordance with the provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company or the Guarantor acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for the payment of which
such money or obligations have been deposited with or received by the Trustee. 
  

 42 

 ARTICLE VI 
  

REMEDIES 
  
 Section 6.1. Events of Default. 
  
 “Event of Default”, wherever used herein with respect to the Securities of any series, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body): 
  
 (1) default in the payment of any interest upon any
Security of that series, including any Additional Interest in respect thereof, when it becomes due and payable, and continuance of such default for a period of 30 days (subject to the deferral of any interest payment date in the case of an Extension
Period); or 
  
 (2) default in the payment of the principal of (or
premium, if any, on) any Security of that series at its Maturity; or 
  
 (3) default in the performance, or breach, in any material respect, of any covenant or warranty of the Guarantor in this Indenture with respect to that series (other than a covenant or warranty a default in the performance of which or the
breach of which is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Guarantor by the Trustee or to the Guarantor
and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied; or 
  
 (4) the entry of a decree or order by a court having jurisdiction in the
premises adjudging the Guarantor a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Guarantor under any applicable Federal or State bankruptcy,
insolvency, reorganization or other similar law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Guarantor or of any substantial part of its property or ordering the winding up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or 
  
 (5) the institution by the Guarantor of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or
insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law, or the consent by it to the
filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Guarantor or of any substantial part of its property, or the making by it of an assignment for the
benefit for creditors, or the admission by it in writing of its 

  

 43 

 
inability to pay its debts generally as they become due and its willingness to be adjudicated a bankrupt, or the taking of corporate action by the Guarantor
in furtherance of any such action; or 
  
 (6) any other Event of
Default provided with respect to Securities of that series. 
  
 Section 6.2. Acceleration of Maturity; Rescission and Annulment. 
  
 If an Event of Default (other than an Event of Default specified in Section 6.1(4) or 6.1(5)) with respect to Securities of any series at the time Outstanding occurs and is continuing, then and in every such case the
Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount (or, if the Securities of that series are Discount Securities, such portion of the principal amount as may
be specified in the terms of that series) of all the Securities of that series to be due and payable immediately, by a notice in writing to the Company and the Guarantor (and to the Trustee if given by Holders), provided that, in the case of
the Securities of a series issued to a Mellon Trust, if, upon an Event of Default, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series fail to declare the principal amount (or, if the
Securities of that series are Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of all the Securities of that series to be immediately due and payable, the holders of at least 25% in aggregate
liquidation amount of the corresponding series of Preferred Securities then outstanding shall have such right by a notice in writing to the Company and the Trustee; and upon any such declaration such principal amount (or specified portion thereof)
of and the accrued interest (including any Additional Interest) on all the Securities of such series shall become immediately due and payable. Payment of principal and interest (including any Additional Interest) on such Securities shall remain
subordinated to the extent provided in Article XIV notwithstanding that such amount shall become immediately due and payable as herein provided. If an Event of Default specified in Section 6.1(4) or 6.1(5) with respect to Securities of any series at
the time Outstanding occurs, the principal amount of all the Securities of that series (or, if the Securities of that series are Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms of that
series) shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. 
  
 At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of
the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company, the Guarantor and the Trustee, may
rescind and annul such declaration and its consequences if: 
  

 44 

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

  
 (A) all overdue installments of interest (including any
Additional Interest) on all Securities of that series, 
  
 (B) the
principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration and interest thereon at the rate borne by the Securities, and 
  
 (C) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
  
 (2) all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series which has become due solely by such acceleration, have been cured or waived
as provided in Section 6.13. 
  
 In the case of Securities of a
series issued to a Mellon Trust, the holders of a majority in aggregate Liquidation Amount (as defined in the Trust Agreement under which such Mellon Trust is formed) of the related series of Preferred Securities issued by such Mellon Trust shall
also have the right to rescind and annul such declaration and its consequences by written notice to the Company and the Trustee, subject to the satisfaction of the conditions set forth in Clauses (1) and (2) above of this Section 6.2. 
  
 No such rescission shall affect any subsequent default or impair any right
consequent thereon. 
  
 Section 6.3. Collection of Indebtedness
and Suits for Enforcement by Trustee. 
  
 The Company
covenants that if: 
  
 (1) default is made in the payment of any
installment of interest (including any Additional Interest) on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or 
  
 (2) default is made in the payment of the principal of (and premium, if any, on) any Security at the Maturity thereof,

  
 the Company will, upon demand of the Trustee, pay to the Trustee, for the
benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal, including any sinking fund payment or analogous obligations (and premium, if any) and interest (including any Additional Interest);
and, in addition thereto, all amounts owing the Trustee, its agents and counsel under Section 7.7. 
  

 45 

 If the Company or the Guarantor fails to pay such amounts forthwith upon such demand, the Trustee, in its
own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or the
Guarantor or any other obligor upon the Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or the Guarantor or any other obligor upon the Securities, wherever
situated. 
  
 If an Event of Default with respect to Securities of
any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most
effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
  
 Section 6.4. Trustee May File Proofs of Claim. 
  
 In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company, the Guarantor or any other obligor upon the Securities or the property of the Company, the Guarantor or of such other obligor or
their creditors, 
  
 (a) the Trustee (irrespective of whether the
principal of the Securities of any series shall then be due and payable as therein expressed or by declaration of acceleration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company or the Guarantor for the
payment of overdue principal (and premium, if any) or interest (including any Additional Interest)) shall be entitled and empowered, by intervention in such proceeding or otherwise, 
  
 (i) to file and prove a claim for the whole amount of principal (or, if the Securities of that series are
Discount Securities, such portion of the principal amount as may be due and payable pursuant to a declaration in accordance with Section 6.2) (and premium, if any) and interest (including any Additional Interest) owing and unpaid in respect to the
Securities and to file such other papers or documents as may be necessary or advisable and to take any and all actions as are authorized under the Trust Indenture Act in order to have the claims of the Holders and any predecessor to the Trustee
under Section 7.7 allowed in any such judicial proceedings; and 
  
 (ii) in particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same in accordance with Section 6.6; and

  

 46 

 (b) any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in
any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee for distribution in accordance with Section 6.6, and in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due to it and any predecessor Trustee under Section 7.7. 
  
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the
Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 
  
 Section 6.5. Trustee May Enforce Claims Without Possession of Securities. 
  
 All rights of action and claims under this Indenture or the Securities or
the Guarantees may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of all the amounts owing the Trustee and any predecessor Trustee under Section 7.7, its agents and counsel, be for the ratable benefit of the
Holders of the Securities in respect of which such judgment has been recovered. 
  
 Section 6.6. Application of Money Collected. 
  
 Any money or property collected or to be applied by the Trustee with respect to a series of Securities pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money or property on account of principal (or premium, if any) or interest (including any Additional Interest), upon presentation of the Securities and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid: 
  
 FIRST: To the
payment of all amounts due the Trustee, its agents and counsel and any predecessor Trustee, its agents and counsel under Section 7.7; 
  
 SECOND: Subject to Article XIV, to the payment of the amounts then due and unpaid upon such series of Securities for principal (and premium, if any) and
interest (including any Additional Interest), in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such series of Securities
for principal (and premium, if any) and interest (including any Additional Interest), respectively; and 
  
 THIRD: The balance, if any, to the Person or Persons entitled thereto. 
  

 47 

 Section 6.7. Limitation on Suits. 
  
 No Holder of any Securities of any series shall have any right to institute any proceeding, judicial or otherwise, with
respect to this Indenture or for the appointment of a receiver, assignee, trustee, liquidator, sequestrator (or other similar official) or for any other remedy hereunder, unless: 
  
 (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the
Securities of that series; 
  
 (2) the Holders of not less than
25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
  
 (3) such Holder or Holders have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; 
  
 (4) the Trustee for 60 days after its receipt of such notice, request and offer of security or indemnity has failed to institute any such proceeding; and

  
 (5) no direction inconsistent with such written request has
been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 
  
 it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing itself of,
any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Securities, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture,
except in the manner herein provided and for the equal and ratable benefit of all such Holders. 
  
 Section 6.8. Unconditional Right of Holders to Receive Principal, Premium and Interest; Direct Action by Holders of Preferred Securities.

  
 Notwithstanding any other provision in this Indenture, the
Holder of any Security shall have the right which is absolute and unconditional to receive payment of the principal of (and premium, if any) and (subject to Section 3.7) interest (including any Additional Interest) on such Security on the respective
Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. In the case
of Securities of a series issued to a Mellon Trust, any holder of the corresponding series of Preferred Securities issued by such Mellon Trust shall have the right, upon the occurrence of an Event of Default described in Section 6.1(1) or 6.1(2), to
institute a suit directly against the Company for enforcement of payment to such holder of principal of (premium, if any) and (subject to Section 3.7) 

  

 48 

 
interest (including any Additional Interest) on the Securities having a principal amount equal to the aggregate Liquidation Amount (as defined in the Trust
Agreement under which such Mellon Trust is formed) of such Preferred Securities of the corresponding series held by such holder. 
  
 Section 6.9. Restoration of Rights and Remedies. 
  
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee, such Holder, then and in every such case the Company, the Guarantor, the Trustee and the Holders shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
  
 Section 6.10. Rights and Remedies Cumulative. 
  
 Except as otherwise provided in the last paragraph of Section 3.6, no right
or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy. 
  
 Section 6.11. Delay or
Omission Not Waiver. 
  
 No delay or omission of the Trustee,
any Holder of any Security or any holder of any Preferred Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. 
  
 Every right and remedy given by this Article or by
law to the Trustee or to the Holders and the right and remedy given to the holders of Preferred Securities by Section 6.8 may be exercised from time to time, and as often as may be deemed expedient, by the Trustee, the Holders or the holders of
Preferred Securities, as the case may be. 
  
 Section 6.12.
Control by Holders. 
  
 The Holders of a majority in
principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee,
with respect to the Securities of such series, provided that: 
  
 (1) such direction shall not be in conflict with any rule of law or with this Indenture, 
  

 49 

 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction, and 
  
 (3) subject to the provisions of Section
7.1, the Trustee shall have the right to decline to follow such direction if a Responsible Officer or Officers of the Trustee shall, in good faith, determine that the proceeding so directed would involve the Trustee in personal liability or would
otherwise be contrary to applicable law. 
  
 Section 6.13.
Waiver of Past Defaults. 
  
 The Holders of not less than
a majority in principal amount of the Outstanding Securities of any series and, in the case of any Securities of a series issued to a Mellon Trust, the holders of Preferred Securities issued by such Mellon Trust may waive any past default hereunder
and its consequences with respect to such series except a default: 
  
 (1) in the payment of the principal of (or premium, if any) or interest (including any Additional Interest) on any Security of such series, or 
  
 (2) in respect of a covenant or provision hereof which under Article X cannot be modified or amended without the consent of the Holder of each Outstanding
Security of such series affected. 
  
 Any such waiver shall be
deemed to be on behalf of the Holders of all the Securities of such series or, in the case of a waiver by holders of Preferred Securities issued by such Mellon Trust, by all holders of Preferred Securities issued by such Mellon Trust. 
  
 Upon any such waiver, such default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
  
 Section 6.14. Undertaking for Costs. 
  
 All parties to this Indenture agree, and each Holder of any Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken 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 Holder, or group of
Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest
(including 

  

 50 

 
any Additional Interest) on any Security on or after the respective Stated Maturities expressed in such Security. 
  
 Section 6.15. Waiver of Usury, Stay or Extension Laws. 
  
 The Company and the Guarantor covenant (to the extent that it may lawfully
do so) that they will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Company and the Guarantor (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenants that they will not hinder, delay or impede
the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  

ARTICLE VII 
  
 THE TRUSTEE 
  
 Section 7.1. Certain Duties and Responsibilities. 
  
 (a) Except during the continuance of an Event of Default, 
  
 (1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (2) in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or
opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform on their face to the requirements of this Indenture.

  
 (b) In case an Event of Default has occurred and is
continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his
own affairs. 
  
 (c) 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 
  
 (1) this Subsection shall not be construed to limit the effect of Subsection (a) of this Section; 
  

 51 

 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of
Holders pursuant to Section 6.12 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the
Securities of such series. 
  
 (d) No provision of this Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
  
 (e) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section. 
  
 Section 7.2. Notice of Defaults. 
  
 Within 90 days after actual knowledge by a Responsible Officer of the Trustee of the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit by mail to all Holders
of Securities of such series, as their names and addresses appear in the Securities Register, notice of such default, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment
of the principal of (or premium, if any) or interest (including any Additional Interest) on any Security of such series, the Trustee shall be fully protected in withholding such notice if and so long as a committee of Responsible Officers of the
Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of Securities of such series; and provided, further, that, in the case of any default of the character specified in Section 6.1(3), no
such notice to Holders of Securities of such series shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both
would become, an Event of Default with respect to Securities of such series. 
  
 Section 7.3. Certain Rights of Trustee. 
  
 Subject to the provisions of Section 7.1: 
  
 (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, Security or other paper 

  

 52 

 
or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  
 (b) any request or direction of the Company or the Guarantor mentioned herein
shall be sufficiently evidenced by a Company Request or Company Order or Guarantor Request or Guarantor Order, as the case may be, or as otherwise expressly provided herein and any resolution of the Board of Directors shall be sufficiently evidenced
by a Board Resolution; 
  
 (c) whenever in the administration of
this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad
faith on its part, conclusively rely upon an Officers’ Certificate; 
  
 (d) the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon; 
  
 (e) the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
  
 (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, direction, consent, order, bond, indenture, Security or other paper or document, but the Trustee in its discretion may make such inquiry or investigation into such facts or matters as it may see fit, and, if the
Trustee shall determine to make such inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company and the Guarantor, personally or by agent or attorney; and 
  
 (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 and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 
  
 Section 7.4. Not Responsible for Recitals or Issuance of Securities and
Guarantees. 
  
 The recitals contained herein and in the
Securities and Guarantees, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company or the Guarantor, as the case may be, and neither the Trustee nor any Authenticating Agent assumes any
responsibility for their correctness. The Trustee makes no 

  

 53 

 
representations as to the validity or sufficiency of this Indenture or of the Securities or the Guarantees. Neither the Trustee nor any Authenticating Agent
shall be accountable for the use or application by the Company or the Guarantor of the Securities or the proceeds thereof. 
  
 Section 7.5. May Hold Securities. 
  
 The Trustee, any Authenticating Agent, any Paying Agent, any Securities Registrar or any other agent of the Company or the Guarantor, in its individual or
any other capacity, may become the owner or pledgee of Securities and, subject to Sections 7.8 and 7.13, may otherwise deal with the Company and the Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent, Paying
Agent, Securities Registrar or such other agent. 
  
 Section 7.6.
Money Held in Trust. 
  
 Money held by the Trustee in
trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company or the Guarantor.

  
 Section 7.7. Compensation and Reimbursement.

  
 The Company and the Guarantor agree 
  
 (1) to pay to the Trustee from time to time reasonable compensation for all
services rendered by it hereunder in such amounts as the Company, the Guarantor and the Trustee shall agree from time to time (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express
trust); 
  
 (2) to reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or bad faith; and 
  
 (3) to indemnify the Trustee, its officers, directors, shareholders, employees and agents for, and to hold it harmless against, any loss, liability or expense (including the reasonable compensation and the expenses
and disbursements of its agents and counsel) incurred without negligence or bad faith, arising out of or in connection with the acceptance or administration of this trust or the performance of its duties hereunder, including the costs and expenses
of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. This indemnification shall survive the termination of this Agreement. 
  

 54 

 This Section 7.7 shall survive the termination of this Indenture or the earlier resignation or removal of
the Trustee. 
  
 To secure the Company’s and the
Guarantor’s payment obligations in this Section, the Company, the Guarantor and the Holders agree that the Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee. Such lien shall survive the
satisfaction and discharge of this Indenture. 
  
 When the Trustee
incurs expenses or renders services after an Event of Default specified in Section 6.1(4) or (5) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under the Bankruptcy Reform Act of 1978
or any successor statute. 
  
 Section 7.8. Disqualification;
Conflicting Interests. 
  
 The Trustee for the Securities of
any series issued hereunder shall be subject to the provisions of Section 310(b) of the Trust Indenture Act. Nothing herein shall prevent the Trustee from filing with the Commission the application referred to in the second to last paragraph of said
Section 310(b). 
  
 Section 7.9. Corporate Trustee Required;
Eligibility. 
  
 There shall at all times be a Trustee
hereunder which shall be 
  
 (a) a corporation organized and doing
business under the laws of the United States of America or of any State or Territory or the District of Columbia, authorized under such laws to exercise corporate trust powers and subject to supervision or examination by Federal, State, Territorial
or District of Columbia authority, or 
  
 (b) a corporation or
other Person organized and doing business under the laws of a foreign government that is permitted to act as Trustee pursuant to a rule, regulation or order of the Commission, authorized under such laws to exercise corporate trust powers, and
subject to supervision or examination by authority of such foreign government or a political subdivision thereof substantially equivalent to supervision or examination applicable to United States institutional trustees, 
  
 in either case having a combined capital and surplus of at least $50,000,000, subject to
supervision or examination by Federal or State authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid 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 shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company, the Guarantor nor any Person directly or 

  

 55 

 
indirectly controlling, controlled by or under common control with the Company or the Guarantor shall serve as Trustee for the Securities of any series
issued hereunder. 
  
 Section 7.10. Resignation and Removal;
Appointment of Successor. 
  
 (a) No resignation or removal
of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee under Section 7.11. 
  
 (b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof
to the Company and the Guarantor. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
  
 (c) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series, delivered to the Trustee and to the Company and the Guarantor. 
  
 (d) If at any time: 
  
 (1) the Trustee shall fail to comply with Section 7.8 after written request therefor by the Company or the Guarantor or by any Holder who has been a bona
fide Holder of a Security for at least six months, or 
  
 (2) the
Trustee shall cease to be eligible under Section 7.9 and shall fail to resign after written request therefor by the Company or the Guarantor or by any such Holder, or 
  
 (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee
or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 
  
 then, in any such case, (i) the Company or the Guarantor, acting pursuant to
the authority of a Board Resolution, may remove the Trustee with respect to all Securities, or (ii) subject to Section 6.14, any Holder who has been a bona fide Holder of a Security 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 with respect to all Securities and the appointment of a successor Trustee or Trustees. 
  
 (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of
Trustee for any cause with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee with respect to the Securities of that or those series. If, within one year 

  

 56 

 
after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be
appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment, become the successor Trustee with respect to the Securities of such series and supersede the successor Trustee appointed by the Company or the Guarantor. If no successor Trustee with respect to the Securities of any series shall have
been so appointed by the Company or the Guarantor or the Holders and accepted appointment in the manner hereinafter provided, any Holder who has been a bona fide Holder of a Security for at least six months may, subject to Section 6.14, on behalf of
himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
  
 (f) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any
series and each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Securities of such series as their names and addresses
appear in the Securities Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
  
 Section 7.11. Acceptance of Appointment by Successor. 
  
 (a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee
so appointed shall execute, acknowledge and deliver to the Company, the Guarantor and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company, the Guarantor or the successor Trustee, such retiring
Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder. 
  
 (b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the Guarantor, the retiring Trustee and each successor Trustee with respect to the Securities
of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the
retiring Trustee is not retiring with respect to all Securities, shall contain 

  

 57 

 
such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) 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 hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of
the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company, the Guarantor or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to
such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 
  
 (c) Upon request of any such successor Trustee, the Company and the Guarantor
shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 
  
 (d) No successor Trustee shall accept its appointment unless at the time of
such acceptance such successor Trustee shall be qualified and eligible under this Article. 
  
 Section 7.12. Merger, Conversion, Consolidation or Succession to Business. 
  
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation
shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the
Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated, and in case any Securities shall not have been authenticated, any
successor to the Trustee may authenticate such Securities either in the name of any predecessor Trustee or in the name of such successor Trustee, and in all cases the certificate of authentication shall have the full force which it is provided
anywhere in the Securities or in this Indenture that the certificate of the Trustee shall have. 
  

 58 

 Section 7.13. Preferential Collection of Claims Against Company and Guarantor. 
  
 If and when the Trustee shall be or become a creditor of the Company (or any
other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company or the Guarantor (or any such other obligor). 
  
 Section 7.14. 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 issued upon original issue and upon exchange, registration of transfer or partial redemption thereof or pursuant to
Section 3.6, 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. Each
Authenticating Agent shall be acceptable to the Company and the Guarantor and shall at all times be a corporation organized and doing business under the laws of the United States of America, or of any State or Territory or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section. 
  
 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such
Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of an Authenticating Agent shall be the successor Authenticating Agent hereunder, 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 Company and the Guarantor. The Trustee may at
any time terminate the agency of an Authenticating Agent by giving written notice thereof to such 

  

 59 

 
Authenticating Agent and to the Company and the Guarantor. Upon receiving such a notice of resignation or upon such a termination, or in case at any time
such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and the Guarantor and shall give notice of such
appointment in the manner provided in Section 1.6 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. 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 provision of this Section.

  
 The Trustee agrees to pay to each Authenticating Agent from
time to time reasonable compensation for its services under this Section, and the Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 7.7. 
  
 If an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may
have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
  
 This is one of the Securities referred to in the within mentioned Indenture. 
  
 Dated: 
  

	 JPMORGAN CHASE BANK
 As
Trustee

		
	By:	 	  

	 	 	As Authenticating Agent
		
	By:	 	  

	 	 	Authorized Officer 

  
 ARTICLE VIII

  
 HOLDER’S LISTS AND REPORTS BY TRUSTEE, COMPANY AND

 GUARANTOR 
  
 Section 8.1. Company to Furnish Trustee Names and Addresses of Holders. 
  
 The Company and the Guarantor will furnish or cause to be furnished to the Trustee: 
  

 60 

 (a) semi-annually, not more than 15 days after April 15 and October 15 in each year, a list, in such form
as the Trustee may reasonably require, of the names and addresses of the Holders as of such April 15 and October 15, and 
  
 (b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company or the Guarantor of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, 
  
 excluding from any such list names and addresses received by the Trustee in its capacity as Securities Registrar. 
  
 Section 8.2. Preservation of Information, Communications to Holders.

  
 (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 8.1 and the names and addresses of Holders received by the Trustee in its capacity as Securities Registrar.
The Trustee may destroy any list furnished to it as provided in Section 8.1 upon receipt of a new list so furnished. 
  
 (b) The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the
corresponding rights and privileges of the Trustee, shall be as provided in the Trust Indenture Act. 
  
 (c) Every Holder of Securities, by receiving and holding the same, agrees with the Company, the Guarantor and the Trustee that neither the Company, the
Guarantor nor the Trustee nor any agent of either of them shall be held accountable by reason of the disclosure of information as to the names and addresses of the Holders made pursuant to the Trust Indenture Act. 
  
 Section 8.3. Reports by Trustee. 
  
 (a) The Trustee shall transmit to Holders such reports concerning the
Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act, at the times and in the manner provided pursuant thereto. 
  

(b) Reports so required to be transmitted at stated intervals of not more than 12 months shall be transmitted no later than March 31 in each calendar
year, commencing with the first March 31 after the first issuance of Securities under this Indenture. 
  
 (c) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any
Securities are listed and also with the Commission. The Company or the Guarantor will notify the Trustee when any Securities are listed on any stock exchange. 
  

 61 

 Section 8.4. Reports by Company and Guarantor. 
  
 The Company and the Guarantor shall file with the Trustee and with the
Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided in the Trust Indenture Act; provided
that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is required to be filed with the
Commission. Notwithstanding that the Company may not be required to remain subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company and the Guarantor shall continue to file with the Commission and provide the
Trustee with the annual reports and the information, documents and other reports which are specified in Sections 13 and 15(d) of the Exchange Act. The Company and the Guarantor also shall comply with the other provisions of Trust Indenture Act
Section 314(a). 
  
 ARTICLE IX 
  
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
  
 Section 9.1. Company May Consolidate, Etc., Only on Certain Terms.

  
 The Company shall not consolidate with or merge into any
other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, and no Person shall consolidate with or merge into the Company or convey, transfer or lease its properties and assets substantially as an
entirety to the Company, unless: 
  
 (1) in case the Company
shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the Person formed by such consolidation or into which the Company is merged or the Person which
acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation, partnership or trust organized and existing under the laws of the United States of America or any
State or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered by the successor corporation and the Guarantor to the Trustee, in form satisfactory to the Trustee, the due and punctual
payment of the principal of (and premium, if any) and interest (including any Additional Interest) on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed; 
  
 (2) immediately after giving effect to such transaction, no Event of Default,
and no event which, after notice or lapse of time, or both, would become an Event of Default, shall have happened and be continuing; 
  

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 (3) in the case of the Securities of a series issued to a Mellon Trust, such consolidation, merger,
conveyance, transfer or lease is permitted under the related Trust Agreement and Mellon Guarantee and does not give rise to any breach or violation of the related Trust Agreement or Mellon Guarantee; 
  
 (4) the Company has delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and any such supplemental indenture complies with this Article and that all conditions precedent herein provided for relating to such transaction
have been complied with; and the Trustee, subject to Section 6.1, may rely upon such Officers’ Certificate and Opinion of Counsel as conclusive evidence that such transaction complies with this Section 9.1; and 
  
 (5) the Guarantor has delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that the Guarantees remain in full force and effect. 
  
 Section 9.2. Successor Corporation Substituted. 
  
 Upon any consolidation or merger by the Company with or into any other Person, or any conveyance, transfer or lease by the Company of its properties and assets substantially as an entirety to any Person in accordance
with Section 9.1, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; and in the event of any such conveyance, transfer or lease the Company shall be discharged from all obligations and covenants under
the Indenture and the Securities and may be dissolved and liquidated. 
  
 Such successor Person may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to
the Trustee; and, upon the order of such successor Person instead of the Company 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 Company to the Trustee for authentication pursuant to such provisions and any Securities which such successor Person thereafter shall cause to be signed and delivered to the Trustee on its
behalf for the purpose pursuant to such provisions. All 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, conveyance or lease, such changes in phraseology and form may be made in the Securities thereafter to be
issued as may be appropriate. 
  

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 Section 9.3. Guarantor May Consolidate, Etc., Only on Certain Terms. 
  
 Nothing contained in this Indenture or in any of the Securities or
Guarantees shall prevent any consolidation or merger of the Guarantor with or into any other corporation or corporations (whether or not affiliated with the Guarantor), or successive consolidations or mergers in which the Guarantor or its successor
or successors shall be a party or parties, or shall prevent any conveyance, transfer or lease of the property of the Guarantor as an entirety or substantially as an entirety, to any other corporation (whether or not affiliated with the Guarantor)
authorized to acquire and operate the same; provided, however, that 
  
 (1) in case the Guarantor shall consolidate with or merge into another corporation or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the corporation formed by such
consolidation or into which the Guarantor is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Guarantor substantially as an entirety shall be a corporation organized and existing under
the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, executed and delivered by the
Guarantor and the Company to the Trustee, in form satisfactory to the Trustee, the Guarantees endorsed on the Securities and the performance of every covenant of this Indenture on the part of the Guarantor to be performed or observed; 
  
 (2) immediately after giving effect to such transaction and treating any
indebtedness which becomes an obligation of the Guarantor or a Subsidiary as a result of such transaction as having been incurred by the Guarantor or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after
notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and 
  
 (3) the Guarantor has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger,
conveyance, transfer or lease and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 
  
 Section 9.4. Successor Corporation Substituted for Guarantor.

  
 Upon any consolidation or merger or any conveyance, transfer
or lease of the properties and assets of the Guarantor substantially as an entirety to any Person in accordance with Section 9.3, the successor corporation formed by such consolidation or into which the Guarantor is merged or to which such
conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Guarantor under this Indenture with the same effect as if such successor corporation had been named as the Guarantor
herein, and thereafter, except in the case of a lease to another Person, the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Guarantees. 
  

 64 

 Section 9.5. Assumption by Guarantor. 
  
 The Guarantor, or a Subsidiary thereof, may directly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest on all the Securities and the performance of every covenant of this
Indenture on the part of the Company to be performed or observed. Upon any such assumption, the Guarantor or such Subsidiary shall succeed to, and be substituted for and may exercise every right and power of, the Company under this Indenture with
the same effect as if the Guarantor or such Subsidiary had been named as the Company herein and the Company shall be released from its liability as obligor on the Securities. No such assumption shall be permitted unless the Guarantor has delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such assumption and supplemental indenture comply with this Article, and that all conditions precedent herein provided for relating to such transaction have
been complied with and that, in the event of assumption by a Subsidiary, the Guarantees remain in full force and effect. 
  
 ARTICLE X 
  
 SUPPLEMENTAL INDENTURES 
  
 Section 10.1. Supplemental Indentures without Consent of Holders. 
  
 Without the consent of any Holders, the Company and the Guarantor, when authorized by a Board Resolution, and the Trustee, at any time and from time to
time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
  
 (1) to evidence the succession of another Person to the Company or the Guarantor, and the assumption by any such successor of the covenants of the Company
or the Guarantor herein and in the Securities or the Guarantees; or 
  
 (2) to convey, transfer, assign, mortgage or pledge any property to or with the Trustee or to surrender any right or power herein conferred upon the Company or the Guarantor; or 
  
 (3) to establish the form or terms of Securities of any series or the form of Guarantees relating thereto as permitted by
Sections 2.1 or 3.1; or 
  
 (4) to add to the covenants of the
Company or the Guarantor for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power herein conferred upon the Company or the Guarantor; or 
  

 65 

 (5) to add any additional Events of Default for the benefit of the Holders of all or any series of
Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); or 

 
 (6) to change or eliminate any of the provisions of this Indenture,
provided that any such change or elimination shall become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or

  
 (7) to cure any ambiguity, to correct or supplement any
provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this clause (7)
shall not adversely affect the interest of the Holders of Securities of any series in any material respect or, in the case of the Securities of a series issued to a Mellon Trust and for so long as any of the corresponding series of Preferred
Securities issued by such Mellon Trust shall remain outstanding, the holders of such Preferred Securities; or 
  
 (8) 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 7.11(b); or 
  
 (9) to comply with the requirements of the Commission in order to effect or
maintain the qualification of this Indenture under the Trust Indenture Act; or 
  
 (10) to effect assumption by the Guarantor or a Subsidiary thereof pursuant to Section 9.5. 
  
 Section 10.2. Supplemental Indentures with Consent of Holders. 
  
 With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series
affected by such supplemental indenture, by Act of said Holders delivered to the Company, the Guarantor and the Trustee, the Company and the Guarantor, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this
Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby, 
  

(1) except to the extent permitted by Section 3.11 or as otherwise specified as contemplated by Section 2.1 or Section 3.1 with respect to the deferral
of the payment of interest on the Securities of any series, change the Stated Maturity of the principal of, or 

  

 66 

 
any installment of interest (including any Additional Interest) on, any Security, or reduce the principal amount thereof or the rate of interest thereon or
reduce any premium payable upon the redemption thereof, or reduce the amount of principal of a Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2, or change the place of
payment where, or the coin or currency in which, any Security or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or
after the Redemption Date); or 
  
 (2) reduce the percentage in
principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences) provided for in this Indenture; or 
  
 (3) modify any of the provisions of this Section, Section 6.13 or Section 11.8, except to increase any such percentage or to provide that certain other
provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Security affected thereby; or 
  
 (4) modify or affect in any manner adverse to the Holders the terms and conditions of the obligation of the Guarantor in respect of the due and punctual
payment of the principal of, premium, if any, or interest or sinking fund payments, if any, on the Securities; or 
  
 (5) modify the provisions in Article XIV of this Indenture with respect to the subordination of Outstanding Securities of any series and the Guarantees in
a manner adverse to the Holders thereof; 
  
 provided,
further, that, in the case of the Securities of a series issued to a Mellon Trust, so long as any of the corresponding series of Preferred Securities issued by such Mellon Trust remains outstanding, (i) no such amendment shall be made that
adversely affects the holders of such Preferred Securities in any material respect, and no termination of this Indenture shall occur, and no waiver of any Event of Default or compliance with any covenant under this Indenture shall be effective,
without the prior consent of the holders of at least a majority of the aggregate Liquidation Amount (as defined in the Trust Agreement under which such Mellon Trust is organized) of such Preferred Securities then outstanding unless and until the
principal (and premium, if any) of the Securities of such series and all accrued and, subject to Section 3.7, unpaid interest (including any Additional Interest) thereon have been paid in full and (ii) no amendment shall be made to Section 6.8 of
this Indenture that would impair the rights of the holders of Preferred Securities provided therein without the prior consent of the holders of each Preferred Security then outstanding unless and until the principal (and premium, if any) of the
Securities of such series and all accrued and (subject to Section 3.7) unpaid interest (including any Additional Interest) thereon have been paid in full. 
  

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

  
 Section 10.3. Execution of Supplemental Indentures.

  
 In executing or accepting the additional trusts created by
any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in conclusively relying upon,
an Officers’ Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture, and that all conditions precedent have been complied with. The Trustee may, but 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. 
  

Section 10.4. Effect of Supplemental Indentures. 
  
 Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
  
 Section 10.5. Conformity with Trust Indenture Act. 
  
 Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act
as then in effect. 
  
 Section 10.6. Reference in Securities to
Supplemental Indentures. 
  
 Securities authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Company or the Guarantor, bear a notation in form approved by the Company or the Guarantor as to any matter provided for in such
supplemental indenture. If the Company or the Guarantor shall so determine, new Securities of any series so modified as to conform, in the opinion of the Company and the Guarantor, to any such supplemental indenture may be prepared and executed by
the Company, with the Guarantee of the Guarantor endorsed thereon, and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
  

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 ARTICLE XI 
  

COVENANTS 
  
 Section 11.1. Payment of Principal, Premium and Interest. 
  

The Company covenants and agrees for the benefit of each series of securities that it will duly and punctually pay the principal of (and premium, if
any) and interest (including Additional Interest) on the Securities of that series in accordance with the terms of such Securities and this Indenture. 
  
 Section 11.2. Maintenance of Office or Agency. 
  
 The Company or the Guarantor will maintain in each Place of Payment for any series of Securities, an office or agency where Securities of that series may
be presented or surrendered for payment and an office or agency where Securities of that series may be surrendered for transfer or exchange and where notices and demands to or upon the Company or the Guarantor in respect of the Securities of that
series and the Guarantees relating thereto and this Indenture may be served. The Company initially appoints the Trustee, acting through its Corporate Trust Office, as its agent for said purposes. The Company will give prompt written notice to the
Trustee of any change in the location of any such office or agency. If at any time the Company and the Guarantor shall fail to maintain such office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company and the Guarantor each hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

  
 The Company and the Guarantor may also from time to time
designate one or more other offices or agencies where the Securities may be presented or surrendered for any or all of such purposes, and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of the Guarantor of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company and the Guarantor will give prompt written
notice to the Trustee of any such designation and any change in the location of any such office or agency. 
  
 Section 11.3. Money for Security Payments to be Held in Trust. 
  
 If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before
each due date of the principal of (and premium, if any) or interest on any of the Securities of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or
interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its failure so to act. 
  

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 Whenever the Company shall have one or more Paying Agents, it will, prior to 11:00 a.m. New York City
time on each due date of the principal of or interest on any Securities, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal and premium (if any) or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its failure so to act. 
  
 The Company will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which
such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 
  
 (1) hold all sums held by it for the payment of the principal of (and premium, if any) or interest (including Additional Interest) on Securities in trust
for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
  
 (2) give the Trustee notice of any default by the Company or the Guarantor (or any other obligor upon the Securities) in the making of any payment of
principal (and premium, if any) or interest (including Additional Interest); 
  
 (3) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent; and 
  
 (4) comply with the provisions of the Trust Indenture Act applicable to it as
a Paying Agent. 
  
 The Company or the Guarantor may at any time,
for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order or Guarantor Order, as the case may be, direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be
released from all further liability with respect to such money. 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any) or interest (including Additional Interest) on any Security and remaining unclaimed
for two years after such principal (and premium, if any) or interest has become due and payable shall (unless otherwise required by mandatory provision of applicable escheat or abandoned or unclaimed property law) be paid on Company Request to the
Company (or if deposited by the Guarantor, paid on Guarantor Request to the Guarantor), or (if then held by the Company) shall (unless otherwise required by mandatory provision of applicable escheat or abandoned or unclaimed property law) be
discharged from such trust; and the Holder 

  

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of such Security shall thereafter, as an unsecured general creditor, look only to the Company and the Guarantor for payment thereof, and all liability of the
Trustee, its officers, directors, shareholders employees and agents or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in
the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then
remaining will be repaid to the Company or the Guarantor, as the case may be. 
  
 Section 11.4. Corporate Existence. 
  
 Subject to Article IX, the Company and the Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect their respective corporate existences and their respective rights
(charter and statutory) and franchises; provided, however, that neither the Company nor the Guarantor shall be required to preserve any such right or franchise if the Company or the Guarantor, as the case may be, shall determine that
the preservation thereof is no longer desirable in the conduct of its business and that the loss thereof is not disadvantageous in any material respect to the Holders. 
  
 Section 11.5. Company Statement as to Compliance. 
  
 The Company shall deliver to the Trustee, within 120 days after the end of each calendar year of the Company ending after
the date hereof, an Officers’ Certificate covering the preceding calendar year, stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance, observance or fulfillment of or compliance with
any of the terms, provisions, covenants and conditions of this Indenture, and if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge. For the purpose of this Section 11.5,
compliance shall be determined without regard to any grace period or requirement of notice provided pursuant to the terms of this Indenture. 
  
 Section 11.6. Guarantor Statement as to Compliance. 
  
 The Guarantor will deliver to the Trustee, within 120 days after the end of each fiscal year, a written statement, which need not comply with Section 1.2,
signed by the Chairmen of the Board, a Vice Chairman, the President or a Vice President and by the Treasurer or an Assistant Treasurer of the Guarantor, stating, as to each signer thereof, that 
  
 (1) a review of the activities of the Guarantor during such year and of
performance under this Indenture has been made under his supervision, and 
  

 71 

 (2) to the best of his knowledge, based on such review, (a) the Guarantor has fulfilled all its
obligations under this Indenture throughout such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to him and the nature and status thereof, and (b) no event has occurred and is
continuing which is, or after notice or lapse of time or both would become, an Event of Default under Section 6.1 or if such an event has occurred and is continuing, specifying each such event known to him and the nature and status thereof.

  
 Section 11.7. Limitation Upon Disposition of Voting Stock
of Company. 
  
 So long as any of the Securities shall be
Outstanding, but subject to the provisions of Article IX, the Guarantor will not sell, assign, transfer, grant a security interest in or otherwise dispose of any shares of, securities convertible into or options, warrants or rights to subscribe for
or purchase shares of, Voting Stock of the Company, nor will it permit the Company (or any successor thereto) (a) to issue, except to the Guarantor, any shares of, securities convertible into or options, warrants or rights to subscribe for or
purchase shares of, Voting Stock of the Company, (b) to merge or consolidate with another Person, other than the Guarantor, or (c) to sell, assign, transfer, grant a security interest in or otherwise dispose of or lease all or substantially all of
the assets of the Company. 
  
 Section 11.8. Waiver of Certain
Covenants. 
  
 The Company or the Guarantor, as the case may
be, may omit in any particular instance to comply with any covenant or condition provided pursuant to Section 3.1, 10.1(3) or 10.1(4) with respect to the Securities of any series, if before or after the time for such compliance the Holders of at
least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall
extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the Guarantor and the duties of the Trustee in respect of any such covenant or
condition shall remain in full force and effect. 
  
 Section 11.9.
Additional Sums. 
  
 In the case of the Securities of a
series issued to a Mellon Trust, so long as no Event of Default has occurred and is continuing and except as otherwise specified as contemplated by Section 2.1 or Section 3.1, in the event that (i) a Mellon Trust is the Holder of all of the
Outstanding Securities of such series, (ii) a Tax Event or a Capital Treatment Event in respect of such Mellon Trust shall have occurred and be continuing and (iii) the Company shall not have (A) redeemed the Securities of such series pursuant to
Section 12.7(b) or (B) terminated such Mellon Trust pursuant to Section 10.2(b) of the related Trust Agreement, the Company shall pay to such Mellon Trust (and its permitted successors or assigns under the related Trust Agreement) for so long as
such Mellon Trust (or its permitted successor or assignee) is the registered holder of any Securities of 

  

 72 

 
such series, such additional amounts as may be necessary in order that the amount of Distributions (including any Additional Amounts (as defined in such
Trust Agreement)) then due and payable by such Mellon Trust on the related Preferred Securities and Common Securities that at any time remain outstanding in accordance with the terms thereof shall not be reduced as a result of any Additional Taxes
(the “Additional Sums”). Whenever in this Indenture or the Securities there is a reference in any context to the payment of principal of or interest on the Securities, such mention shall be deemed to include mention of the payments
of the Additional Sums provided for in this paragraph to the extent that, in such context, Additional Sums are, were or would be payable in respect thereof pursuant to the provisions of this paragraph and express mention of the payment of Additional
Sums (if applicable) in any provisions hereof shall not be construed as excluding Additional Sums in those provisions hereof where such express mention is not made; provided, however, that the deferral of the payment of interest
pursuant to Section 3.11 or the Securities shall not defer the payment of any Additional Sums that may be due and payable. 
  
 Section 11.10. Additional Covenants. 
  
 The Company covenants and agrees with each Holder of Securities of each series that it shall not, and it shall not permit any Subsidiary of the Company
to, (a) declare or pay any dividends or distributions on, or redeem purchase, acquire or make a liquidation payment with respect to, any shares of the Company’s capital stock, or (b) make any payment of principal of or interest or premium, if
any, on or repay, repurchase or redeem any debt securities of the Company that rank pari passu with or junior in interest to the Securities of such series or make any guarantee payments with respect to any guarantee by the Company of debt
securities of any subsidiary of the Company if such guarantee ranks pari passu with or junior in interest to the Securities (other than (a) dividends or distributions in capital stock of the Company, (b) any declaration of a dividend in
connection with the implementation of a Rights Plan, or the redemption or repurchase of any rights distributed pursuant to a Rights Plan and (c) purchases of Common Stock related to the issuance of Common Stock or rights under any of the
Company’s benefit plans for its directors, officers or employees, related to the issuance of Common Stock or rights under a dividend reinvestment and stock purchase plan, or related to the issuance of Common Stock (or securities convertible
into or exchangeable for Common Stock) as consideration in an acquisition transaction that was entered into prior to the commencement of the event referred to below) if at such time (i) there shall have occurred any event of which the Company has
actual knowledge that (A) with the giving of notice or the lapse of time or both, would constitute an Event of Default with respect to the Securities of such series and (B) in respect of which the Company shall not have taken reasonable steps to
cure, (ii) if the Securities of such series are held by a Mellon Trust, the Company shall be in default with respect to its payment of any obligations under the Mellon Guarantee relating to the Preferred Securities issued by such Mellon Trust or
(iii) the Company shall have given notice of its election to begin an Extension Period with respect to the Securities of such series as provided herein and shall not have 

  

 73 

 
rescinded such notice, or such Extension Period, or any extension thereof, shall be continuing. 
  
 The Company also covenants with each Holder of Securities of a series issued to a Mellon Trust (i) to maintain directly or
indirectly 100% ownership of the Common Securities of such Mellon Trust; provided, however, that any permitted successor of the Company hereunder may succeed to the Company’s ownership of such Common Securities, (ii) not to voluntarily
terminate, wind-up or liquidate such Mellon Trust, except (A) in connection with a distribution of the Securities of such series to the holders of the Trust Securities in liquidation of such Mellon Trust or (B) in connection with certain mergers,
consolidations or amalgamations permitted by the related Trust Agreement and (iii) to use its reasonable efforts, consistent with the terms and provisions of such Trust Agreement, to cause such Mellon Trust to remain classified as a grantor trust
and not an association taxable as a corporation for United States Federal income tax purposes. 
  
 ARTICLE XII 
  
 REDEMPTION OF SECURITIES 
  
 Section 12.1.
Applicability of This Article. 
  
 Redemption of
Securities of any series (whether by operation of a sinking fund or otherwise) as permitted or required by any form of Security issued pursuant to this Indenture shall be made in accordance with such form of Security and this Article; provided,
however, that if any provision of any such form of Security shall conflict with any provision of this Article, the provision of such form of Security shall govern. Except as otherwise set forth in the form of Security for such series, each
Security of such series shall be subject to partial redemption only in the amount of $25 or, in the case of the Securities of a series issued to a Mellon Trust, $25, or integral multiples thereof. 
  
 Section 12.2. Election to Redeem; Notice to Trustee. 
  
 The election of the Company to redeem any Securities shall be evidenced by
or pursuant to a Board Resolution. In case of any redemption at the election of the Company of any Securities of a series, the Company shall, not less than 30 nor more than 60 days prior to the Redemption Date (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such date and of the principal amount of Securities of that series to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided
in the terms of such Securities, the Company shall furnish the Trustee with an Officers’ Certificate and an Opinion of Counsel evidencing compliance with such restriction. 
  

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 Section 12.3. Selection of Securities to be Redeemed. 
  
 If less than all the Securities of any series are to be redeemed (unless all
the Securities of such series and of a specified tenor are to be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the
Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate 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. If less
than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date
by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with the preceding sentence. 
  
 The Trustee shall promptly notify the Company and the Guarantor in writing of the Securities selected for partial redemption
and the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any 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. If the Company or the Guarantor shall so direct, Securities registered in the name of the Company, the Guarantor, any Affiliate or any
Subsidiary thereof shall not be included in the Securities selected for redemption. 
  
 Section 12.4. Notice of Redemption. 
  
 Notice of redemption shall be given by first-class mail, postage prepaid, mailed not later than the thirtieth day, and not earlier than the sixtieth day, prior to the Redemption Date, to each Holder of Securities to
be redeemed, at the address of such Holder as it appears in the Securities Register. 
  
 With respect to Securities of each series to be redeemed, each notice of redemption shall state: 
  
 (a) the Redemption Date; 
  
 (b) the Redemption Price; 
  
 (c) if less than all Outstanding Securities of such particular series and having the same terms are to be redeemed, the identification (and, in the case
of partial redemption, the respective principal amounts) of the particular Securities to be redeemed; 
  

 75 

 (d) that on the Redemption Date, the Redemption Price will become due and payable upon each such Security
or portion thereof, and that interest thereon, if any, shall cease to accrue on and after said date; 
  
 (e) the place or places where such Securities are to be surrendered for payment of the Redemption Price; and 
  
 (f) that the redemption is for a sinking fund, if such is the case.

  
 Notice of redemption of Securities to be redeemed at the
election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company and shall not be irrevocable. The notice if mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, a failure to give such notice by mail or any defect in the notice to the Holder of any Security designated for redemption as a whole or in
part shall not affect the validity of the proceedings for the redemption of any other Security. 
  
 Section 12.5. Deposit of Redemption Price. 
  
 Prior to 11:00 a.m. New York City time on the Redemption Date specified in the notice of redemption given as provided in Section 12.4, the Company will
deposit with the Trustee or with one or more Paying Agents (or if the Company is acting as its own Paying Agent, the Company will segregate and hold in trust as provided in Section 11.3) an amount of money sufficient to pay the Redemption Price of,
and any accrued interest (including Additional Interest) on, all the Securities which are to be redeemed on that date. 
  
 Section 12.6. Payment of Securities Called for Redemption. 
  
 If any notice of redemption has been given as provided in Section 12.4, the Securities or portion of Securities with respect
to which such notice has been given shall become due and payable on the date and at the place or places stated in such notice at the applicable Redemption Price. On presentation and surrender of such Securities at a Place of Payment in said notice
specified, the said securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable Redemption Price, together with accrued interest (including any Additional Interest) to the Redemption Date; provided,
however, that, unless otherwise specified as contemplated by Section 3.1, installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.7. 
  
 Upon presentation of any Security redeemed in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder thereof,
at the expense of the Company, a new Security or Securities of the same series, of authorized 

  

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denominations, in aggregate principal amount equal to the unredeemed portion of the Security so presented and having the same Original Issue Date, Stated
Maturity and terms. If a Global Security is so surrendered, such new Security will also be a new Global Security. 
  
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal of and premium, if any, on such Security
shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
  
 Section 12.7. Right of Redemption of Securities Initially Issued to a Mellon Trust. 
  
 In the case of the Securities of a series initially issued to a Mellon Trust, except as otherwise specified as contemplated
by Section 3.1, the Company, at its option, may redeem such Securities (i) on or after the date five years after the Original Issue Date of such Securities, in whole at any time or in part from time to time or (ii) upon the occurrence and during the
continuation of a Tax Event or a Capital Treatment Event, at any time within 90 days following the occurrence of such Tax Event or Capital Treatment Event in respect of such Mellon Trust, in whole (but not in part), in each case at a Redemption
Price equal to 100% of the principal amount thereof. 
  
 ARTICLE
XIII 
  
 SINKING FUNDS 
  
 Section 13.1. Applicability of Article. 
  
 The provisions of this Article shall be applicable to any sinking fund for
the retirement of Securities of any series except as otherwise specified as contemplated by Section 3.1 for such Securities. 
  
 The minimum amount of any sinking fund payment provided for by the terms of any Securities of any series is herein referred to as a “mandatory
sinking fund payment”, and any sinking fund payment in excess of such minimum amount which is permitted to be made by the terms of such Securities of any series is herein referred to as an “optional sinking fund payment”. If provided
for by the terms of any Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 13.2. Each sinking fund payment shall be applied to the redemption of Securities of any series as
provided for by the terms of such Securities. 
  
 Section 13.2.
Satisfaction of Sinking Fund Payments with Securities. 
  
 In lieu of making all or any part of a mandatory sinking fund payment with respect to any Securities of a series in cash, the Company may at its option, at any time no more than 16 months and no less than 30 days prior to the date on which
such sinking fund payment is due, deliver to the Trustee Securities of such series (together with the unmatured coupons, if any, appertaining thereto) theretofore purchased or otherwise 

  

 77 

 
acquired by the Company, except Securities of such series that have been redeemed through the application of mandatory or optional sinking fund payments
pursuant to the terms of the Securities of such series, accompanied by a Company Order instructing the Trustee to credit such obligations and stating that the Securities of such series were originally issued by the Company by way of bona fide sale
or other negotiation for value; provided that the Securities to be so credited have not been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the redemption price for
such Securities, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 
  
 Section 13.3. Redemption of Securities for Sinking Fund. 

 
 Not less than 60 days prior to each sinking fund payment date for any
series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if any,
which is to be satisfied by payment of cash in the currency in which the Securities of such series are payable (except as provided pursuant to Section 3.1) and the portion thereof, if any, which is to be satisfied by delivering and crediting
Securities pursuant to Section 13.2 and will also deliver to the Trustee any Securities to be so delivered. Such Officers’ Certificate shall be irrevocable and upon its delivery the Company shall be obligated to make the cash payment or
payments therein referred to, if any, on or before the succeeding sinking fund payment date. In the case of the failure of the Company to deliver such Officers’ Certificate (or, as required by this Indenture, the Securities and coupons, if any,
specified in such Officers’ Certificate), the sinking fund payment due on the succeeding sinking fund payment date for such series shall be paid entirely in cash and shall be sufficient to redeem the principal amount of the Securities of such
series subject to a mandatory sinking fund payment without the right to deliver or credit securities as provided in Section 13.2 and without the right to make the optional sinking fund payment with respect to such series at such time. 
  
 Any sinking fund payment or payments (mandatory or optional) made in cash
plus any unused balance of any preceding sinking fund payments made with respect to the Securities of any particular series shall be applied by the Trustee (or by the Company if the Company is acting as its own Paying Agent) on the sinking fund
payment date on which such payment is made (or, if such payment is made before a sinking fund payment date, on the sinking fund payment date immediately following the date of such payment) to the redemption of Securities of such series at the
Redemption Price specified in such Securities with respect to the sinking fund. Any sinking fund moneys not so applied or allocated by the Trustee (or, if the Company is acting as its own Paying Agent, segregated and held in trust by the Company as
provided in Section 11.3) for such series and together with such payment (or such amount so segregated) shall be applied in accordance with the provisions of this Section 13.3. Any and all sinking fund moneys with respect to the Securities of any
particular series held by the Trustee (or if the Company is acting as its own Paying Agent, segregated and held in trust as provided in 

  

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Section 11.3) on the last sinking fund payment date with respect to Securities of such series and not held for the payment or redemption of particular
Securities of such series shall be applied by the Trustee (or by the Company if the Company is acting as its own Paying Agent), together with other moneys, if necessary, to be deposited (or segregated) sufficient for the purpose, to the payment of
the principal of the Securities of such series at Maturity. The Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 12.3 and cause notice of the redemption thereof to be given in
the name of and at the expense of the Company in the manner provided in Section 12.4. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 12.6. On or before each
sinking fund payment date, the Company shall pay to the Trustee (or, if the Company is acting as its own Paying Agent, the Company shall segregate and hold in trust as provided in Section 11.3) in cash a sum in the currency in which Securities of
such series are payable (except as provided pursuant to Section 3.1) equal to the principal and any interest accrued to the Redemption Date for Securities or portions thereof to be redeemed on such sinking fund payment date pursuant to this Section
13.3. 
  
 Neither the Trustee nor the Company shall redeem any
Securities of a series with sinking fund moneys or mail any notice of redemption of Securities of such series by operation of the sinking fund for such series during the continuance of a default in payment of interest, if any, on any Securities of
such series or of any Event of Default (other than an Event of Default occurring as a consequence of this paragraph) with respect to the Securities of such series, except that if the notice of redemption shall have been provided in accordance with
the provisions hereof, the Trustee (or the Company, if the Company is then acting as its own Paying Agent) shall redeem such Securities if cash sufficient for that purpose shall be deposited with the Trustee (or segregated by the Company) for that
purpose in accordance with the terms of this Article XIII. 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 such sinking fund
shall, during the continuance of such default or Event of Default, be held as security for the payment of the Securities and coupons, if any, of such series; provided, however, that in case such default or Event of Default shall have been
cured or waived herein, such moneys shall thereafter be applied on the next sinking fund payment date for the Securities of such series on which such moneys may be applied pursuant to the provisions of this Section 13.3. 
  
 ARTICLE XIV 
  
 SUBORDINATION OF SECURITIES AND GUARANTEES 
  
 Section 14.1. Securities Subordinate to Senior Debt of the Company.

  
 The Company covenants and agrees, and each Holder of a
Security, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the payment of the principal of (and premium, if any) 

  

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and interest (including any Additional Interest) on each and all of the Securities are hereby expressly made subordinate and subject in right of payment to
the prior payment in full of all Senior Debt of the Company. 
  
 Section 14.2. Payment Over of Proceeds Upon Dissolution, Etc. 
  
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other similar judicial proceeding relative to the Company (each such event, if
any, herein sometimes referred to as a “Proceeding”), then the holders of Senior Debt of the Company shall be entitled to receive payment in full of all amounts due or to become due on such Senior Debt of the Company, or provision shall be
made for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt of the Company, before the Holders of the Securities are entitled to receive or retain any payment or distribution of any kind or
character, whether in cash, property or securities (including any payment or distribution which may be payable or deliverable by reason of the payment of any other Debt of the Company (including any series of the Securities) subordinated to the
payment of the Securities, such payment or distribution being hereinafter referred to as a “Junior Subordinated Payment”), on account of principal of (or premium, if any) or interest (including any Additional Interest) on the Securities or
on account of the purchase or other acquisition of Securities by the Company or any Subsidiary and to that end the holders of Senior Debt of the Company shall be entitled to receive, for application to the payment thereof, any payment or
distribution of any kind or character, whether in cash, property or securities, including any Junior Subordinated Payment, which may be payable or deliverable in respect of the Securities in any such Proceeding; provided, however, that
holders of Senior Debt of the Company shall not be entitled to receive payment of any such amounts to the extent that such holders would be required by the subordination provisions of such Senior Debt of the Company to pay such amounts over to the
obligees on trade accounts payable or other liabilities arising in the ordinary course of the Company’s business. 
  
 In the event that, notwithstanding the foregoing provisions of this Section, the Trustee or the Holder of any Security shall have received any payment or
distribution of assets of the Company of any kind or character, whether in cash, property or securities, including any Junior Subordinated Payment, before all amounts due or to become due on all Senior Debt of the Company are paid in full or payment
thereof is provided for in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt of the Company, and if such fact shall, at or prior to the time of such payment or distribution, have been made actually known to
a Responsible Officer of the Trustee or, as the case may be, such Holder, then and in such event such payment or distribution shall be paid over or delivered forthwith to the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee,
agent or other Person making payment or distribution of assets of the Company for application to the payment of all amounts due or to become due on all Senior Debt of the Company remaining unpaid, to the extent necessary to pay all amounts due or to
become due on all Senior Debt of the Company in full, after giving 

  

 80 

 
effect to any concurrent payment or distribution to or for the holders of Senior Debt of the Company; provided, however, that holders of Senior Debt
of the Company shall not be entitled to receive payment of any such amounts to the extent that such holders would be required by the subordination provisions of such Senior Debt of the Company to pay such amounts over to the obligees on trade
accounts payable or other liabilities arising in the ordinary course of the Company’s business. 
  
 For purposes of this Article only, the words “any payment or distribution of any kind or character, whether in cash, property or securities”
shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment which securities are subordinated in right of
payment to all then outstanding Senior Debt of the Company to substantially the same extent as the Securities are so subordinated as provided in this Article. The consolidation of the Company with, or the merger of the Company into, another Person
or the liquidation or dissolution of the Company following the sale of all or substantially all of its properties and assets as an entirety to another Person upon the terms and conditions set forth in Article IX shall not be deemed a Proceeding for
the purposes of this Section if the Person formed by such consolidation or into which the Company is merged or the Person which acquires by sale such properties and assets as an entirety, as the case may be, shall, as a part of such consolidation,
merger, or sale comply with the conditions set forth in Article IX. 
  
 Section 14.3. Guarantees Subordinate to Senor Debt of the Guarantor. 
  
 The Guarantor covenants and agrees that, anything in this Indenture, the Securities or the Guarantees to the contrary notwithstanding, the obligations of the Guarantor under the Guarantees relating to payment of
principal of and interest on the Securities are subordinate and junior in right of payment to all Senior Debt of the Guarantor to the extent provided herein, and each Holder, by his acceptance thereof, likewise covenants and agrees to the
subordination herein provided and shall be bound by the provisions hereof. Senior Debt of the Guarantor shall continue to be Senior Debt of the Guarantor and entitled to the benefits of these subordination provision irrespective of any amendment,
modification or waiver of any term of the Senior Debt of the Guarantor or extension or renewal of the Senior Debt of the Guarantor. 
  
 In the event the Guarantor shall default in the payment of any principal of (or premium, if any) or interest on any Senior Debt of the Guarantor when the
same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise, then, upon written notice of such default to the Guarantor by the holders of Senior Debt of the Guarantor or any trustee therefor,
unless and until such default shall have been cured or waived or shall have ceased to exist, no direct or indirect payment (in cash, property, security, by set-off or otherwise) under the Guarantees shall be made or agreed to be made on account of
the principal of or interest on the indebtedness evidenced by any of the Securities, or in respect of any redemption, retirement, purchase or other acquisition of any of the Securities. 
  

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 In the event of 
  

(a) any insolvency, bankruptcy receivership, liquidation, reorganization, readjustment, composition or other similar proceeding relating to the
Guarantor, its creditors or its property, 
  
 (b) any proceeding
for the liquidation, dissolution or other winding up of the Guarantor, voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings, 
  

(c) any assignment by the Guarantor for the benefit of creditors, or 
  
 (d) any other marshalling of the assets of the Guarantor, 
  
 all Senior Debt of the Guarantor (including any interest thereon accruing after the commencement of any such proceedings)
shall first be paid in full before any payment or distribution under the Guarantees whether in cash, securities or other property, shall be made to any Holder of Securities on account of any Securities. Any payment or distribution under the
Guarantees, whether in cash, securities or other property (other than securities of the Guarantor or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate, at least, to the extent provided
in these subordination provision with respect to the Guarantees, to the payment of all Senior Debt of the Guarantor at the time outstanding and to any Securities issued in respect thereof under any such plan of reorganization or readjustment), which
would otherwise (but for these subordination provisions) be payable or deliverable in respect of the Guarantees shall be paid or delivered directly to the holders of Senior Debt of the Guarantor in accordance with the priorities then existing among
such holders until all Senior Debt of the Guarantor (including any interest thereon accruing after the commencement of any such proceedings) shall have been paid in full. 
  
 In the event that, notwithstanding the foregoing, any payment or distribution under the Guarantees of any character or any
security, whether in cash, securities or other property (other than securities of the Guarantor or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate, at least to the extent provided in
these subordination provision with respect to the Guarantees, to the payment of all Senior Indebtedness of the Guarantor at the time outstanding and to any securities issued in respect thereto under any such plan of reorganization or readjustment),
shall be received by the Trustee or any Holder of any of the Securities in contravention of any of the terms hereof, such payment or distribution or security shall be received in trust for the benefit of, and shall be paid over or delivered and
transferred to, the holders of the Senior Debt of the Guarantor at the time outstanding in accordance with the priorities then existing among such holders for application to the extent necessary to pay all such Senior Debt of the Guarantor in full.
In the event of the failure of the Trustee or any Holder to endorse or assign any such payment, distribution or security, each holder of Senior Debt of the Guarantor is hereby irrevocably authorized to endorse or assign the same. 
  

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 No present or future holder of any Senior Debt of the Guarantor shall be prejudiced in the right to
enforce subordination of the Guarantees by any act or failure to act on the part of the Guarantor. Nothing contained herein shall impair, as between the Guarantor and the Holders, the obligation of the Guarantor under the Guarantees, which is
absolute and unconditional, to pay to the Holders of Securities of each series the principal of and interest on the Securities of such series, as and when the same shall become due and payable, or prevent the Trustee or the Holders of Securities of
such series from exercising all rights, powers and remedies otherwise permitted by applicable law or hereunder upon an Event of Default hereunder, all subject to the right of the holders of the Senior Debt of the Guarantor to receive cash,
securities or other property there is payable or deliverable under the Guarantees to such Holders. 
  
 Senior Debt of the Guarantor shall not be deemed to have been paid in full unless the holders thereof shall have received cash, securities or other
property equal to the amount of such Senior Debt of the Guarantor then outstanding. Upon the payment in full of all Senior Debt of the Guarantor, the Trustee and the Holders of Securities of each series shall be subrogated to all rights of any
holders of Senior Debt of the Guarantor to receive any further payments or distributions applicable to the Senior Debt of the Guarantor until the Securities of such series shall have been paid in full, and such payments or distributions received by
the Trustee and the Holders of Securities of such series by reason of such subrogation, of cash, securities or other property which otherwise would be paid or distributed to the holders of Senior Debt of the Guarantor, shall, as between the
Guarantor and its creditors other than the holders of Senior Debt of the Guarantor, on the one hand, and such Holders, on the other hand, be deemed to be a payment by the Guarantor on account of Senior Debt of the Guarantor and not under the
Guarantees. 
  
 The Trustee and Holders will take such action
(including, without limitation, the delivery of this Indenture to an agent for the holders of Senior Debt of the Guarantor or consent to the filing of a financing statement with respect thereto) as any, in the opinion of counsel designated by the
holders of a majority in principal amount of the Senior Debt of the Guarantor at the time outstanding, be necessary or appropriate to assure the effectiveness of the subordination effected by these provisions. 
  
 Section 14.4. Prior Payment to Senior Debt of the Company Upon
Acceleration of Securities. 
  
 In the event that any
Securities are declared due and payable before their Stated Maturity, then and in such event the holders of the Senior Debt of the Company outstanding at the time such Securities so become due and payable shall be entitled to receive payment in full
of all amounts due on or in respect of such Senior Debt of the Company (including any amounts due upon acceleration), or provision shall be made for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of
Senior Debt of the Company, before the Holders of the Securities are entitled to receive any payment or distribution of any kind or character, whether in cash, 
  

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properties or securities (including any Junior Subordinated Payment) by the Company on account of the principal of (or premium, if any) or interest
(including any Additional Interest) on the Securities or on account of the purchase or other acquisition of Securities by the Company or any Subsidiary; provided, however, that nothing in this Section shall prevent the satisfaction of any
sinking fund payment in accordance with this Indenture or as otherwise specified as contemplated by Section 3.1 for the Securities of any series by delivering and crediting pursuant to Section 13.2 or as otherwise specified as contemplated by
Section 3.1 for the Securities of any series Securities which have been acquired (upon redemption or otherwise) prior to such declaration of acceleration; provided, further, however, that holders of Senior Debt of the Company shall not be
entitled to receive payment of any such amounts to the extent that such holders would be required by the subordination provisions of such Senior Debt of the Company to pay such amounts over to the obligees on trade accounts payable or other
liabilities arising in the ordinary course of the Company’s business. 
  
 In the event that, notwithstanding the foregoing, the Company shall make any payment to the Trustee or the Holder of any Security prohibited by the foregoing provisions of this Section, and if such fact shall, at or
prior to the time of such payment, have been made actually known to a Responsible Officer of the Trustee or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the Company. 

 
 The provisions of this Section shall not apply to any payment with respect
to which Section 14.2 would be applicable. 
  
 Section 14.5. No
Payment When Senior Debt of the Company in Default. 
  
 (a)
In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Company, or in the event that any event of default with respect to any Senior Debt of the Company shall
have occurred and be continuing and shall have resulted in such Senior Debt of the Company becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, unless and until such event of default
shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or (b) in the event any judicial proceeding shall be pending with respect to any such default in payment or such event or
default, then no payment or distribution of any kind or character, whether in cash, properties or securities (including any Junior Subordinated Payment) shall be made by the Company on account of principal of (or premium, if any) or interest
(including any Additional Interest), if any, on the Securities or on account of the purchase or other acquisition of Securities by the Company or any Subsidiary, in each case unless and until all amounts due or to become due on such Senior Debt of
the Company are paid in full; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with this Indenture or as otherwise specified as contemplated by Section 3.1 for the
Securities of any series by delivering and crediting pursuant to Section 13.2 or as 

  

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otherwise specified as contemplated by Section 3.1 for the Securities of any series Securities which have been acquired (upon redemption or otherwise) prior
to such default in payment or event of default; provided further, however, that holders of Senior Debt of the Company shall not be entitled to receive payment of any such amounts to the extent that such holders would be required by the
subordination provisions of such Senior Debt of the Company to pay such amounts over to the obligees on trade accounts payable or other liabilities arising in the ordinary course of the Company’s business. 
  
 In the event that, notwithstanding the foregoing, the Company shall make any
payment to the Trustee or the Holder of any Security prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such payment, have been made actually known to a Responsible Officer of the Trustee or,
as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the Company. 
  
 The provisions of this Section shall not apply to any payment with respect to which Section 14.2 would be applicable. 
  
 Section 14.6. Payment Permitted If No Default. 
  
 Nothing contained in this Article or elsewhere in this Indenture or in any
of the Securities or the Guarantees shall prevent (a) the Company, at any time except during the pendency of any Proceeding referred to in Section 14.2 or under the conditions described in Sections 14.4 and 14.5, or the Guarantor, at any time except
during the pendency of any Proceeding referred to in Section 14.3 or under the conditions described in Sections 14.4 and 14.5, from making payments at any time of principal of (and premium, if any) or interest (including Additional Interest) on the
Securities or under the Guarantees, or (b) the application by the Trustee of any money deposited with it hereunder to the payment of or on account of the principal of (and premium, if any) or interest (including any Additional Interest) on the
Securities or under the Guarantees or the retention of such payment by the Holders, if, at the time of such application by the Trustee, a Responsible Officer of the Trustee did not have actual knowledge that such payment would have been prohibited
by the provisions of this Article. 
  
 Section 14.7.
Subrogation to Rights of Holders of Senior Debt of the Company. 
  
 Subject to the payment in full of all amounts due or to become due on all Senior Debt of the Company to the extent provided herein, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the
holders of Senior Debt of the Company, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt of the Company pursuant to the provisions of this Article (equally and
ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt of the Company and is
entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt of the Company) to the 

  

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rights of the holders of such Senior Debt of the Company to receive payments and distributions of cash, property and securities applicable to the Senior Debt
of the Company until the principal of (and premium, if any) and interest (including Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of the
Company of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article to the holders of Senior
Debt of the Company by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt of the Company, and the Holders of the Securities, be deemed to be a payment or distribution by the Company
to or on account of the Senior Debt of the Company. 
  
 Section
14.8. Provisions Solely to Define Relative Rights. 
  
 The
provisions of this Article are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities on the one hand and the holders of Senior Debt of the Company on the other hand. Nothing contained in this
Article or elsewhere in this Indenture or in the Securities is intended to or shall (a) impair, as between the Company and the Holders of the Securities, the obligations of the Company, which are absolute and unconditional, to pay to the Holders of
the Securities the principal of (and premium, if any) and interest (including any Additional Interest) on the Securities as and when the same shall become due and payable in accordance with their terms or (b) affect the relative rights against the
Company of the Holders of the Securities and creditors of the Company other than their rights in relation to the holders of Senior Debt of the Company or (c) prevent the Trustee or the Holder of any Security from exercising all remedies otherwise
permitted by applicable law upon default under this Indenture including, without limitation, filing and voting claims in any Proceeding, subject to the rights, if any, under this Article of the holders of Senior Debt of the Company to receive cash,
property and securities otherwise payable or deliverable to the Trustee or such Holder. 
  
 Section 14.9. Trustee to Effectuate Subordination. 
  
 Each Holder of a Security by his or her acceptance thereof authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination
provided in this Article and appoints the Trustee his or her attorney-in-fact for any and all such purposes. 
  
 Section 14.10. No Waiver of Subordination Provisions. 
  
 No right of any present or future holder of any Senior Debt of the Company to enforce subordination as herein provided shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the 

  

 86 

 
terms, provisions and covenants of this Indenture, regardless of any knowledge thereof that any such holder may have or be otherwise charged with.

  
 Without in any way limiting the generality of the immediately
preceding paragraph, the holders of Senior Debt of the Company may, at any time and from to time, without the consent of or notice to the Trustee or the Holders of the Securities, without incurring responsibility to the Holders of the Securities and
without impairing or releasing the subordination provided in this Article or the obligations hereunder of the Holders of the Securities to the holders of Senior Debt of the Company, do any one or more of the following: (i) change the manner, place
or terms of payment or extend the time of payment of, or renew or alter, Senior Debt of the Company, or otherwise amend or supplement in any manner Senior Debt of the Company or any instrument evidencing the same or any agreement under which Senior
Debt of the Company is outstanding, (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt of the Company, (iii) release any Person liable in any manner for the collection of Senior Debt
of the Company and (iv) exercise or refrain from exercising any rights against the Company and any other Person. 
  
 Section 14.11. Notice to Trustee. 
  
 The Company shall give prompt written notice to the Trustee of any fact known to the Company which would prohibit the making of any payment to or by the
Trustee in respect of the Securities. Notwithstanding the provisions of this Article or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any
payment to or by the Trustee in respect of the Securities, unless and until the Trustee shall have received written notice thereof from the Company or the Guarantor or a holder of Senior Debt of the Company or Senior Debt of the Guarantor, as the
case may be, or from any trustee, agent or representative therefor; provided, however, that if the Trustee shall not have received the notice provided for in this Section at least two Business Days prior to the date upon which by the terms
hereof any monies may become payable for any purpose (including, without limitation, the payment of the principal of (and premium, if any) or interest (including any Additional Interest) on any Security), then, anything herein contained to the
contrary notwithstanding, the Trustee shall have full power and authority to receive such monies and to apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary which may be received by it
within two Business Days prior to such date. 
  
 Subject to the
provisions of Section 7.1, the Trustee shall be entitled to conclusively rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Debt of the Company or Senior Debt of the Guarantor, as the case may be
(or a trustee therefor), to establish that such notice has been given by a holder of Senior Debt of the Company or Senior Debt of the Guarantor, as the case may be (or a trustee therefor). In the event that the Trustee determines in good faith that
further evidence is required with respect to the right of any Person as a holder of Senior 

  

 87 

 
Debt of the Company or Senior Debt of the Guarantor, as the case may be, to participate in any payment or distribution pursuant to this Article, the Trustee
may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Debt of the Company or Senior Debt of the Guarantor, as the case may be, held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial
determination as to the right of such Person to receive such payment. 
  
 Section 14.12. Reliance on Judicial Order or Certificate of Liquidating Agent. 
  
 Upon any payment or distribution of assets of the Company referred to in this Article, the Trustee, subject to the provisions of Section 7.1, and the
Holders of the Securities shall be entitled to conclusively rely upon any order or decree entered by any court of competent jurisdiction in which such Proceeding is pending, or a certificate of the trustee in bankruptcy, receiver, liquidating
trustee, custodian, assignee for the benefit of creditors, agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders of Securities, for the purpose of ascertaining the Persons entitled to participate in
such payment or distribution, the holders of the Senior Debt of the Company and other indebtedness of the Company or the holders of Senior Debt of the Guarantor and other indebtedness of the Guarantor, as the case may be, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article. 
  
 Section 14.13. Trustee Not Fiduciary for Holders of Senior Debt of the Company or Senior Debt of the Guarantor. 
  
 The Trustee, in its capacity as trustee under this Indenture, shall not be
deemed to owe any fiduciary duty to the holders of Senior Debt of the Company or Senior Debt of the Guarantor and shall not be liable to any such holders if it shall in good faith mistakenly pay over or distribute to Holders of Securities or to the
Company or to any other Person cash, property or securities to which any holders of Senior Debt of the Company or Senior Debt of the Guarantor shall be entitled by virtue of this Article or otherwise. 
  
 Section 14.14. Rights of Trustee as Holder of Senior Debt of the Company
or Senior Debt of the Guarantor; Preservation of Trustee’s Rights. 
  
 The Trustee in its individual capacity shall be entitled to all the rights set forth in this Article with respect to any Senior Debt of the Company or Senior Debt of the Guarantor which may at any time be held by it,
to the same extent as any other holder of Senior Debt of the Company or Senior Debt of the Guarantor, and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder. Nothing in this Article shall apply to claims of, or
payments to, the Trustee under or pursuant to Section 7.7. 
  

 88 

 Section 14.15. Article Applicable to Paying Agents. 
  
 In case at any time any Paying Agent other than the Trustee shall have been
appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning as
fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee. 
  
 Section 14.16. Certain Conversions or Exchanges Deemed Payment. 
  
 For the purposes of this Article only, (a) the issuance and delivery of junior securities upon conversion or exchange of
Securities shall not be deemed to constitute a payment or distribution on account of the principal of (or premium, if any) or interest (including any Additional Interest) on Securities or on account of the purchase or other acquisition of
Securities, and (b) the payment, issuance or delivery of cash, property or securities (other than junior securities) upon conversion or exchange of a Security shall be deemed to constitute payment on account of the principal of such security. For
the purposes of this Section, the term “junior securities” means (i) shares of any stock of any class of the Company and (ii) securities of the Company which are subordinated in right of payment to all Senior Debt of the Company which may
be outstanding at the time of issuance or delivery of such securities to substantially the same extent as, or to a greater extent than, the Securities are so subordinated as provided in this Article. 
  
 * * * * 
  
 This instrument 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. 
  

 89 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and their
respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written. 
  

	 	 	 	 	 MELLON FUNDING CORPORATION

				
	 	 	 	 	 By
	 	  

	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 Title:

				
	 Attest:
	 	 	 	 	 	 
				
	
 Name:
 Title:
	 	 	 	 	 	 
			
	 	 	 	 	 MELLON FINANCIAL CORPORATION

				
	 	 	 	 	 By
	 	  

	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 Title:

				
	 Attest:
	 	 	 	 	 	 
				
	
 Name:
 Title:
	 	 	 	 	 	 

  

 90 

	 JPMORGAN CHASE BANK
 as Trustee

		
	 By
	 	  

	 	 	 Name:

	 	 	 Title:

  

	 Attest:

	
	
 Name:
 Title:

  

 91 

 TABLE OF CONTENTS 
  

	 ARTICLE I
	  	 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	2
			
	 Section 1.1.
	  	 Definitions.
	  	2
			
	 Section 1.2.
	  	 Compliance Certificate and Opinions.
	  	11
			
	 Section 1.3.
	  	 Forms of Documents Delivered to Trustee.
	  	12
			
	 Section 1.4.
	  	 Acts of Holders.
	  	12
			
	 Section 1.5.
	  	 Notices, Etc. to Trustee, Company and Guarantor.
	  	15
			
	 Section 1.6.
	  	 Notice to Holders; Waiver.
	  	15
			
	 Section 1.7.
	  	 Conflict with Trust Indenture Act.
	  	15
			
	 Section 1.8.
	  	 Effect of Headings and Table of Contents.
	  	15
			
	 Section 1.9.
	  	 Successors and Assigns.
	  	16
			
	 Section 1.10.
	  	 Separability Clause.
	  	16
			
	 Section 1.11.
	  	 Benefits of Indenture.
	  	16
			
	 Section 1.12.
	  	 Governing Law.
	  	16
			
	 Section 1.13.
	  	 Non-Business Days.
	  	16
			
	 ARTICLE II
	  	 SECURITY FORMS
	  	17
			
	 Section 2.1.
	  	 Forms Generally.
	  	17
			
	 Section 2.2.
	  	 Form of Face of Security.
	  	17
			
	 Section 2.3.
	  	 Form of Reverse of Security.
	  	21
			
	 Section 2.4.
	  	 Additional Provisions Required in Global Security.
	  	24
			
	 Section 2.5.
	  	 Form of Trustee’s Certificate of Authentication.
	  	24
			
	 Section 2.6.
	  	 Form of Guarantee.
	  	25
			
	 ARTICLE III
	  	 THE SECURITIES
	  	27
			
	 Section 3.1.
	  	 Title and Terms.
	  	27
			
	 Section 3.2.
	  	 Denominations.
	  	29
			
	 Section 3.3.
	  	 Execution, Authentication, Delivery and Dating.
	  	30
			
	 Section 3.4.
	  	 Temporary Securities.
	  	31
			
	 Section 3.5.
	  	 Registration, Transfer and Exchange.
	  	32

  

 i 

			
	 Section 3.6.
	  	 Mutilated, Destroyed, Lost and Stolen Securities.
	  	33
			
	 Section 3.7.
	  	 Payment of Interest; Interest Rights Preserved.
	  	34
			
	 Section 3.8.
	  	 Persons Deemed Owners.
	  	36
			
	 Section 3.9.
	  	 Cancellation.
	  	37
			
	 Section 3.10.
	  	 Computation of Interest.
	  	37
			
	 Section 3.11.
	  	 Deferrals of Interest Payment Dates.
	  	37
			
	 Section 3.12.
	  	 Right of Set-Off.
	  	38
			
	 Section 3.13.
	  	 Agreed Tax Treatment.
	  	39
			
	 Section 3.14.
	  	 Shortening or Extension of Stated Maturity.
	  	39
			
	 Section 3.15.
	  	 CUSIP Numbers.
	  	39
			
	 ARTICLE IV
	  	 GUARANTEE OF SECURITIES
	  	40
			
	 Section 4.1.
	  	 Unconditional Guarantee.
	  	40
			
	 Section 4.2.
	  	 Execution of Guarantees.
	  	41
			
	 ARTICLE V
	  	 SATISFACTION AND DISCHARGE
	  	41
			
	 Section 5.1.
	  	 Satisfaction and Discharge of Indenture.
	  	41
			
	 Section 5.2.
	  	 Application of Trust Money.
	  	42
			
	 ARTICLE VI
	  	 REMEDIES
	  	43
			
	 Section 6.1.
	  	 Events of Default.
	  	43
			
	 Section 6.2.
	  	 Acceleration of Maturity; Rescission and Annulment.
	  	44
			
	 Section 6.3.
	  	 Collection of Indebtedness and Suits for Enforcement by Trustee.
	  	45
			
	 Section 6.4.
	  	 Trustee May File Proofs of Claim.
	  	46
			
	 Section 6.5.
	  	 Trustee May Enforce Claims Without Possession of Securities.
	  	47
			
	 Section 6.6.
	  	 Application of Money Collected.
	  	47
			
	 Section 6.7.
	  	 Limitation on Suits.
	  	48
			
	 Section 6.8.
	  	 Unconditional Right of Holders to Receive Principal, Premium and Interest; Direct Action by Holders of Preferred
Securities.
	  	48
			
	 Section 6.9.
	  	 Restoration of Rights and Remedies.
	  	49

  

 ii 

	 Section 6.10.
	  	 Rights and Remedies Cumulative.
	  	49
			
	 Section 6.11.
	  	 Delay or Omission Not Waiver.
	  	49
			
	 Section 6.12.
	  	 Control by Holders.
	  	49
			
	 Section 6.13.
	  	 Waiver of Past Defaults.
	  	50
			
	 Section 6.14.
	  	 Undertaking for Costs.
	  	50
			
	 Section 6.15.
	  	 Waiver of Usury, Stay or Extension Laws.
	  	51
			
	 ARTICLE VII
	  	 THE TRUSTEE
	  	51
			
	 Section 7.1.
	  	 Certain Duties and Responsibilities.
	  	51
			
	 Section 7.2.
	  	 Notice of Defaults.
	  	52
			
	 Section 7.3.
	  	 Certain Rights of Trustee.
	  	52
			
	 Section 7.4.
	  	 Not Responsible for Recitals or Issuance of Securities and Guarantees.
	  	53
			
	 Section 7.5.
	  	 May Hold Securities.
	  	54
			
	 Section 7.6.
	  	 Money Held in Trust.
	  	54
			
	 Section 7.7.
	  	 Compensation and Reimbursement.
	  	54
			
	 Section 7.8.
	  	 Disqualification; Conflicting Interests.
	  	55
			
	 Section 7.9.
	  	 Corporate Trustee Required; Eligibility.
	  	55
			
	 Section 7.10.
	  	 Resignation and Removal; Appointment of Successor.
	  	56
			
	 Section 7.11.
	  	 Acceptance of Appointment by Successor.
	  	57
			
	 Section 7.12.
	  	 Merger, Conversion, Consolidation or Succession to Business.
	  	58
			
	 Section 7.13.
	  	 Preferential Collection of Claims Against Company and Guarantor.
	  	59
			
	 Section 7.14.
	  	 Appointment of Authenticating Agent.
	  	59
			
	 ARTICLE VIII
	  	 HOLDER’S LISTS AND REPORTS BY TRUSTEE, COMPANY AND GUARANTOR
	  	60
			
	 Section 8.1.
	  	 Company to Furnish Trustee Names and Addresses of Holders.
	  	60
			
	 Section 8.2.
	  	 Preservation of Information, Communications to Holders.
	  	61
			
	 Section 8.3.
	  	 Reports by Trustee.
	  	61
			
	 Section 8.4.
	  	 Reports by Company and Guarantor.
	  	62

  

 iii 

	 ARTICLE IX
	  	 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	  	62
			
	 Section 9.1.
	  	 Company May Consolidate, Etc., Only on Certain Terms.
	  	62
			
	 Section 9.2.
	  	 Successor Corporation Substituted.
	  	63
			
	 Section 9.3.
	  	 Guarantor May Consolidate, Etc., Only on Certain Terms.
	  	64
			
	 Section 9.4.
	  	 Successor Corporation Substituted for Guarantor.
	  	64
			
	 Section 9.5.
	  	 Assumption by Guarantor.
	  	65
			
	 ARTICLE X
	  	 SUPPLEMENTAL INDENTURES
	  	65
			
	 Section 10.1.
	  	 Supplemental Indentures without Consent of Holders.
	  	65
			
	 Section 10.2.
	  	 Supplemental Indentures with Consent of Holders.
	  	66
			
	 Section 10.3.
	  	 Execution of Supplemental Indentures.
	  	68
			
	 Section 10.4.
	  	 Effect of Supplemental Indentures.
	  	68
			
	 Section 10.5.
	  	 Conformity with Trust Indenture Act.
	  	68
			
	 Section 10.6.
	  	 Reference in Securities to Supplemental Indentures.
	  	68
			
	 ARTICLE XI
	  	 COVENANTS
	  	69
			
	 Section 11.1.
	  	 Payment of Principal, Premium and Interest.
	  	69
			
	 Section 11.2.
	  	 Maintenance of Office or Agency.
	  	69
			
	 Section 11.3.
	  	 Money for Security Payments to be Held in Trust.
	  	69
			
	 Section 11.4.
	  	 Corporate Existence.
	  	71
			
	 Section 11.5.
	  	 Company Statement as to Compliance.
	  	71
			
	 Section 11.6.
	  	 Guarantor Statement as to Compliance.
	  	71
			
	 Section 11.7.
	  	 Limitation Upon Disposition of Voting Stock of Company.
	  	72
			
	 Section 11.8.
	  	 Waiver of Certain Covenants.
	  	72
			
	 Section 11.9.
	  	 Additional Sums.
	  	72
			
	 Section 11.10.
	  	 Additional Covenants.
	  	73
			
	 ARTICLE XII
	  	 REDEMPTION OF SECURITIES
	  	74
			
	 Section 12.1.
	  	 Applicability of This Article.
	  	74
			
	 Section 12.2.
	  	 Election to Redeem; Notice to Trustee.
	  	74

  

 iv 

			
	 Section 12.3.
	  	 Selection of Securities to be Redeemed.
	  	75
			
	 Section 12.4.
	  	 Notice of Redemption.
	  	75
			
	 Section 12.5.
	  	 Deposit of Redemption Price.
	  	76
			
	 Section 12.6.
	  	 Payment of Securities Called for Redemption.
	  	76
			
	 Section 12.7.
	  	 Right of Redemption of Securities Initially Issued to a Mellon Trust.
	  	77
			
	 ARTICLE XIII
	  	 SINKING FUNDS
	  	77
			
	 Section 13.1.
	  	 Applicability of Article.
	  	77
			
	 Section 13.2.
	  	 Satisfaction of Sinking Fund Payments with Securities.
	  	77
			
	 Section 13.3.
	  	 Redemption of Securities for Sinking Fund.
	  	78
			
	 ARTICLE XIV
	  	 SUBORDINATION OF SECURITIES AND GUARANTEES
	  	79
			
	 Section 14.1.
	  	 Securities Subordinate to Senior Debt of the Company.
	  	79
			
	 Section 14.2.
	  	 Payment Over of Proceeds Upon Dissolution, Etc.
	  	80
			
	 Section 14.3.
	  	 Guarantees Subordinate to Senor Debt of the Guarantor.
	  	81
			
	 Section 14.4.
	  	 Prior Payment to Senior Debt of the Company Upon Acceleration of Securities.
	  	83
			
	 Section 14.5.
	  	 No Payment When Senior Debt of the Company in Default.
	  	84
			
	 Section 14.6.
	  	 Payment Permitted If No Default.
	  	85
			
	 Section 14.7.
	  	 Subrogation to Rights of Holders of Senior Debt of the Company.
	  	85
			
	 Section 14.8.
	  	 Provisions Solely to Define Relative Rights.
	  	86
			
	 Section 14.9.
	  	 Trustee to Effectuate Subordination.
	  	86
			
	 Section 14.10.
	  	 No Waiver of Subordination Provisions.
	  	86
			
	 Section 14.11.
	  	 Notice to Trustee.
	  	87
			
	 Section 14.12.
	  	 Reliance on Judicial Order or Certificate of Liquidating Agent.
	  	88
			
	 Section 14.13.
	  	 Trustee Not Fiduciary for Holders of Senior Debt of the Company or Senior Debt of the Guarantor.
	  	88
			
	 Section 14.14.
	  	 Rights of Trustee as Holder of Senior Debt of the Company or Senior Debt of the Guarantor; Preservation of Trustee’s
Rights.
	  	88
			
	 Section 14.15.
	  	 Article Applicable to Paying Agents.
	  	89

  

 v 

	 Section 14.16.
	  	 Certain Conversions or Exchanges Deemed Payment.
	  	89

  

 vi<PAGE>

                                                                    EXHIBIT 10.1

                              DOMINION HOMES, INC.
                             STOCK OPTION AGREEMENT
                     (Directors' Nonqualified Stock Option)

        Dominion Homes, Inc., an Ohio corporation (the "Company"), hereby grants
an option (this "Option") to purchase its common shares, without par value (the
"Shares"), to the Optionee named below. The terms and conditions of this Option
are set forth in this Agreement (which includes this cover sheet), in the
Dominion Homes, Inc. 2003 Stock Option and Incentive Equity Plan (the "Plan")
and in the Plan prospectus. Copies of the Plan and the Plan prospectus are
attached.

Option Grant Date:  May 7, 2003

Name of Optionee:  Pete A. Klisares

Optionee's Social Security Number:  ###-##-####

Number of Shares Covered by Option:  2,500

Exercise Price per Share: $17.34, which is intended to be not less than 100
percent of the Fair Market Value of the Shares on the Option Grant Date.

Vesting Schedule: Subject to all of the terms and conditions set forth in this
Agreement and the Plan, your right to purchase Shares under this Option is
immediately vested.

        By signing the cover sheet of this Agreement, you agree to all of the
terms and conditions described in this Agreement and in the Plan.

Optionee:        /s/ Pete A. Klisares
               -------------------------
                   Pete A. Klisares

Company:  By:    /s/ Robert A. Meyer, Jr.

         Its:    Senior Vice President

                                      - 1 -

<PAGE>

                              DOMINION HOMES, INC.
                             STOCK OPTION AGREEMENT
                     (Directors' Nonqualified Stock Option)

The Plan and                       The text of the Plan, as it may be amended
Other Agreements                   from time to time, is incorporated in this
                                   Agreement by reference. This Agreement (which
                                   includes the cover sheet) and the Plan
                                   constitute the entire understanding between
                                   you and the Company regarding this Option.
                                   Any prior agreements, commitments or
                                   negotiations concerning this Option are
                                   superseded. In the event that any provision
                                   in this Agreement conflicts with any term in
                                   the Plan, the term in the Plan shall be
                                   deemed controlling. Certain capitalized terms
                                   used in this Agreement are defined in the
                                   Plan.

Nonqualified Stock Option          This Option is not intended to qualify as an
                                   Incentive Stock Option under section 422 of
                                   the Code and shall be interpreted
                                   accordingly.

Vesting                            This Option may be exercised at any time.

Term                               This Option will expire in any event at the
                                   close of business at Company headquarters on
                                   the day before the (ten) 10-year anniversary
                                   of the Option Grant Date, as shown on the
                                   cover sheet. This Option will expire earlier
                                   if your directorship ("Service") Terminates,
                                   as described below.

Regular Termination                If your Service Terminates for any reason,
                                   other than because of your death or
                                   Disability or because you were Terminated for
                                   Cause, then this Option will expire at the
                                   close of business at the Company's
                                   headquarters on the ninetieth (90th) day
                                   after your Termination date (or, if earlier,
                                   the expiration date specified in the cover
                                   sheet).

Terminated for                     If your Service is Terminated for Cause, then
Cause                              this Option will immediately expire and you
                                   will immediately forfeit all rights to this
                                   Option.

                                      - 2 -

<PAGE>

Death                              If your Service Terminates because of your
                                   death, this Option will expire at the close
                                   of business at the Company's headquarters on
                                   the date twelve (12) months after the date of
                                   death (or, if earlier, the expiration date
                                   specified in the cover sheet). Your estate or
                                   heirs may exercise this Option at any time
                                   during this period.

Disability                         If your Service Terminates because of your
                                   Disability, this Option will expire at the
                                   close of business at Company headquarters on
                                   the date twelve (12) months after your
                                   Termination date (or, if earlier, the
                                   expiration date specified in the cover
                                   sheet).

Notice of Exercise                 When you wish to exercise this Option, you
                                   must notify the Company by filing an
                                   appropriate "Notice of Exercise" form at the
                                   Company's headquarters. Your notice must
                                   specify how many Shares you wish to purchase
                                   (which may not be less than 100 Shares or, if
                                   smaller, the number of remaining Shares
                                   subject to this Option) and how your Shares
                                   should be registered (in your name only or in
                                   your and your spouse's names as joint tenants
                                   or as joint tenants with right of
                                   survivorship). Your notice will be effective
                                   when it is received by the Company. If
                                   someone else wants to exercise this Option
                                   after your death, that person must prove to
                                   the Company's satisfaction that he or she is
                                   entitled to do so.

Form of Payment                    When you submit your notice of exercise, you
                                   must include payment of the Exercise Price
                                   per Share for the Shares you are purchasing.
                                   Payment may be made in cash, a cashier's
                                   check or a money order or, you may exercise
                                   this Option by tendering Shares you already
                                   have owned for at least six months and that
                                   have a fair market value equal to the
                                   Exercise Price per Share for the Shares you
                                   are purchasing.

Withholding Taxes                  You will not be allowed to exercise this
                                   Option unless you make acceptable
                                   arrangements to pay any withholding or other
                                   taxes that may be due as a result of the
                                   exercise of this Option or the sale of Shares
                                   acquired under this Option.

                                      - 3 -

<PAGE>

Restrictions on Exercise and       By signing this Agreement, you agree not to
Resale                             exercise this Option or sell any Shares
                                   acquired under this Option at a time when
                                   applicable laws, regulations or Company or
                                   underwriter trading policies prohibit
                                   exercise, sale or issuance of Shares. The
                                   Company will not permit you to exercise this
                                   Option if the issuance of Shares at that time
                                   would violate any law or regulation. The
                                   Company shall have the right to designate one
                                   or more periods of time, each of which shall
                                   not exceed one hundred eighty (180) days in
                                   length, during which this Option shall not be
                                   exercisable if the Committee determines in
                                   its sole discretion that such limitation on
                                   exercise could in any way facilitate a
                                   lessening of any restriction on transfer
                                   pursuant to the Securities Act of 1933, as
                                   amended (the "Securities Act"), or any state
                                   securities laws with respect to any issuance
                                   of securities by the Company, facilitate the
                                   registration or qualification of any
                                   securities by the Company under the
                                   Securities Act or any state securities laws,
                                   or facilitate the perfection of any exemption
                                   from the registration or qualification
                                   requirements of the Securities Act or any
                                   state securities laws for the issuance or
                                   transfer of any securities. Such limitation
                                   on exercise shall not alter the Vesting
                                   Schedule set forth on the cover page other
                                   than to limit the periods during which this
                                   Option shall be exercisable.

Transfer of Option                 Prior to your death, only you may exercise
                                   this Option and you may not transfer or
                                   assign this Option except to the Company. For
                                   instance, you may not sell this Option or use
                                   it as security for a loan. If you attempt to
                                   do any of these things, this Option will
                                   immediately become invalid. You may, however,
                                   dispose of this Option in your will and, if
                                   the Company agrees, you may transfer this
                                   Option to a revocable trust for the benefit
                                   or your family or to a charitable
                                   organization but only if you contact the
                                   Company before this transfer is made.
                                   Regardless of any marital property settlement
                                   agreement, the Company is not obligated to
                                   honor a notice of exercise from your spouse,
                                   nor is the Company obligated to recognize
                                   your spouse's interest in this Option in any
                                   other way.

No Rights to Continue as           Neither this Option nor this Agreement gives
Director                           you the right to continue as a Company
                                   director.

                                      - 4 -

<PAGE>

No Shareholder Rights              Neither you, nor your estate or heirs, shall
                                   have any rights as a shareholder of the
                                   Company until this Option has been exercised
                                   and a certificate for the Shares being
                                   acquired has been issued. No adjustments will
                                   be made for dividends or other rights if the
                                   applicable record date occurs before the
                                   certificate for the Shares is issued, except
                                   as described in the Plan.

Adjustments                        The Committee may adjust the number of Shares
                                   covered by this Option and the Exercise Price
                                   per Share under certain circumstances as
                                   provided in the Plan. Notwithstanding
                                   anything to the contrary contained in this
                                   Agreement, this Option (and the vesting
                                   thereof) shall be subject to the terms of the
                                   agreement of merger, liquidation or
                                   reorganization in the event the Company
                                   becomes subject to such corporate activity.

Applicable Law                     This Agreement shall be interpreted and
                                   enforced under the laws of the State of Ohio.

        By signing the cover sheet of this Agreement, you agree to all of the
    terms and conditions described above and in the Plan.

                                      - 5 -

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