Document:

EX-4.1

 Exhibit 4.1 
  

 
  

AFFILIATED MANAGERS GROUP, INC., 

as Company, 
 and

 U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 JUNIOR
SUBORDINATED NOTES INDENTURE 
 Dated as of 

March 27, 2019 
  

 
  

 CROSS-REFERENCE TABLE 

 

							
	 TIA Section
	  	Indenture Section	 
	 310    
	 	(a)(1)	  	 	8.9	 
		 	(a)(2)	  	 	8.9	 
		 	(a)(3)	  	 	N/A	 
		 	(a)(4)	  	 	N/A	 
		 	(a)(5)	  	 	8.9	 
		 	(b)	  	 	8.8; 8.9	 
		 	(c)	  	 	N/A	 
	 311
	 	(a)	  	 	8.13	 
		 	(b)	  	 	8.13	 
		 	(c)	  	 	N/A	 
	 312
	 	(a)	  	 	9.1	 
		 	(b)	  	 	9.2	 
		 	(c)	  	 	9.2	 
	 313
	 	(a)	  	 	9.3	 
		 	(b)(1)	  	 	9.3	 
		 	(b)(2)	  	 	9.3	 
		 	(c)	  	 	9.3	 
		 	(d)	  	 	9.3	 
	 314
	 	(a)	  	 	9.4	 
		 	(b)	  	 	N/A	 
		 	(c)(1)	  	 	1.2	 
		 	(c)(2)	  	 	1.2	 
		 	(c)(3)	  	 	N/A	 
		 	(d)	  	 	N/A	 
		 	(e)	  	 	1.2	 
		 	(f)	  	 	1.2	 
	 315
	 	(a)	  	 	8.1	 
		 	(b)	  	 	8.2	 
		 	(c)	  	 	8.1	 
		 	(d)	  	 	8.1; 8.3	 
		 	(e)	  	 	7.14	 
	 316
	 	(a) (last sentence)	  	 	1.1 (“Outstanding”)	 
		 	(a)(1)(A)	  	 	7.12	 
		 	(a)(1)(B)	  	 	7.13	 
		 	(a)(2)	  	 	N/A	 
		 	(b)	  	 	7.8	 
		 	(c)	  	 	10.2	 
	 317
	 	(a)(1)	  	 	7.3	 
		 	(a)(2)	  	 	7.4	 
		 	(b)	  	 	5.3	 
	 318
	 	(a)	  	 	1.7	 

 N/A means Not Applicable 
  

 

	Note:	 This Cross-Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

  
 i 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	 
			
	 Section 1.1.
	 	Definitions	  	 	1	 
	 Section 1.2.
	 	Compliance Certificates and Opinions	  	 	7	 
	 Section 1.3.
	 	Form of Documents Delivered to Trustee	  	 	8	 
	 Section 1.4.
	 	Acts of Holders	  	 	8	 
	 Section 1.5.
	 	Notices, Etc., to Trustee or Company	  	 	9	 
	 Section 1.6.
	 	Notice to Holders; Waiver	  	 	10	 
	 Section 1.7.
	 	Conflict with Trust Indenture Act	  	 	10	 
	 Section 1.8.
	 	Effect of Headings and Table of Contents	  	 	10	 
	 Section 1.9.
	 	Successors and Assigns	  	 	10	 
	 Section 1.10.
	 	Separability Clause	  	 	11	 
	 Section 1.11.
	 	Benefits of Indenture	  	 	11	 
	 Section 1.12.
	 	Governing Law	  	 	11	 
	 Section 1.13.
	 	Legal Holidays	  	 	11	 
	 Section 1.14.
	 	Waiver of Jury Trial	  	 	11	 
		
	 ARTICLE II THE SECURITIES
	  	 	11	 
			
	 Section 2.1.
	 	Amount Unlimited; Issuable in Series	  	 	11	 
	 Section 2.2.
	 	Denominations	  	 	14	 
	 Section 2.3.
	 	Execution, Authentication, Delivery and Dating	  	 	14	 
	 Section 2.4.
	 	Temporary Securities	  	 	16	 
	 Section 2.5.
	 	Registration; Transfer and Exchange	  	 	17	 
	 Section 2.6.
	 	Mutilated, Destroyed, Lost and Stolen Securities	  	 	19	 
	 Section 2.7.
	 	Payment of Interest; Interest Rights Preserved	  	 	20	 
	 Section 2.8.
	 	Persons Deemed Owners	  	 	21	 
	 Section 2.9.
	 	Cancellation	  	 	21	 
	 Section 2.10.
	 	Computation of Interest	  	 	21	 
	 Section 2.11.
	 	CUSIP Numbers	  	 	21	 
		
	 ARTICLE III REDEMPTION OF SECURITIES
	  	 	22	 
			
	 Section 3.1.
	 	Applicability of Article	  	 	22	 
	 Section 3.2.
	 	Election to Redeem; Notice to Trustee	  	 	22	 
	 Section 3.3.
	 	Selection by Trustee of Securities to Be Redeemed	  	 	22	 
	 Section 3.4.
	 	Notice of Redemption	  	 	23	 
	 Section 3.5.
	 	Deposit of Redemption Price	  	 	24	 
	 Section 3.6.
	 	Securities Payable on Redemption Date.	  	 	24	 
	 Section 3.7.
	 	Securities Redeemed in Part	  	 	24	 
		
	 ARTICLE IV SINKING FUNDS
	  	 	24	 
			
	 Section 4.1.
	 	Applicability of Article	  	 	24	 

  
 ii 

							
	 Section 4.2.
	 	Satisfaction of Sinking Fund Payments with Securities	  	 	25	 
	 Section 4.3.
	 	Redemption of Securities for Sinking Fund	  	 	25	 
		
	 ARTICLE V COVENANTS
	  	 	26	 
			
	 Section 5.1.
	 	Payment of Principal, Premium and Interest	  	 	26	 
	 Section 5.2.
	 	Maintenance of Office or Agency	  	 	26	 
	 Section 5.3.
	 	Money for Securities Payments to Be Held in Trust	  	 	26	 
	 Section 5.4.
	 	Corporate Existence	  	 	27	 
	 Section 5.5.
	 	Annual Statement by Officer as to Default	  	 	28	 
	 Section 5.6.
	 	Additional Interest	  	 	28	 
		
	 ARTICLE VI CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	  	 	28	 
			
	 Section 6.1.
	 	Company May Consolidate, Etc., Only on Certain Terms	  	 	28	 
	 Section 6.2.
	 	Successor Substituted	  	 	29	 
		
	 ARTICLE VII REMEDIES
	  	 	29	 
			
	 Section 7.1.
	 	Events of Default	  	 	29	 
	 Section 7.2.
	 	Acceleration of Maturity; Rescission and Annulment	  	 	31	 
	 Section 7.3.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	31	 
	 Section 7.4.
	 	Trustee May File Proofs of Claim	  	 	32	 
	 Section 7.5.
	 	Trustee May Enforce Claims Without Possession of Securities	  	 	33	 
	 Section 7.6.
	 	Application of Money Collected	  	 	33	 
	 Section 7.7.
	 	Limitation on Suits	  	 	33	 
	 Section 7.8.
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	 	34	 
	 Section 7.9.
	 	Restoration of Rights and Remedies	  	 	34	 
	 Section 7.10.
	 	Rights and Remedies Cumulative	  	 	34	 
	 Section 7.11.
	 	Delay or Omission Not Waiver	  	 	35	 
	 Section 7.12.
	 	Control by Holders	  	 	35	 
	 Section 7.13.
	 	Waiver of Past Defaults	  	 	36	 
	 Section 7.14.
	 	Undertaking for Costs	  	 	36	 
	 Section 7.15.
	 	Waiver of Usury, Stay or Extension Laws	  	 	36	 
		
	 ARTICLE VIII THE TRUSTEE
	  	 	37	 
			
	 Section 8.1.
	 	Certain Duties and Responsibilities	  	 	37	 
	 Section 8.2.
	 	Notice of Defaults	  	 	38	 
	 Section 8.3.
	 	Certain Rights of Trustee	  	 	38	 
	 Section 8.4.
	 	Not Responsible for Recitals or Issuance of Securities	  	 	40	 
	 Section 8.5.
	 	May Hold Securities	  	 	40	 
	 Section 8.6.
	 	Money Held in Trust	  	 	40	 
	 Section 8.7.
	 	Compensation and Reimbursement	  	 	40	 
	 Section 8.8.
	 	Disqualification; Conflicting Interests	  	 	41	 
	 Section 8.9.
	 	Corporate Trustee Required; Eligibility	  	 	41	 
	 Section 8.10.
	 	Resignation and Removal; Appointment of Successor	  	 	42	 

  
 iii 

							
	 Section 8.11.
	 	Acceptance of Appointment by Successor	  	 	43	 
	 Section 8.12.
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	44	 
	 Section 8.13.
	 	Preferential Collection of Claims	  	 	44	 
	 Section 8.14.
	 	Appointment of Authenticating Agent	  	 	45	 
	 Section 8.15.
	 	Consequential Damages	  	 	46	 
	 Section 8.16.
	 	Notices	  	 	46	 
	 Section 8.17.
	 	Force Majeure	  	 	47	 
		
	 ARTICLE IX HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	47	 
			
	 Section 9.1.
	 	Company to Furnish Trustee Names and Addresses of Holders	  	 	47	 
	 Section 9.2.
	 	Preservation of Information; Communications to Holders	  	 	47	 
	 Section 9.3.
	 	Reports by Trustee	  	 	48	 
	 Section 9.4.
	 	Reports by Company	  	 	48	 
		
	 ARTICLE X SUPPLEMENTAL INDENTURES
	  	 	49	 
			
	 Section 10.1.
	 	Supplemental Indentures Without Consent of Holders	  	 	49	 
	 Section 10.2.
	 	Supplemental Indentures with Consent of Holders	  	 	50	 
	 Section 10.3.
	 	Execution of Supplemental Indentures	  	 	51	 
	 Section 10.4.
	 	Effect of Supplemental Indentures	  	 	51	 
	 Section 10.5.
	 	Conformity with Trust Indenture Act	  	 	51	 
	 Section 10.6.
	 	Reference in Securities to Supplemental Indentures	  	 	52	 
		
	 ARTICLE XI SATISFACTION AND DISCHARGE; DEFEASANCE
	  	 	52	 
			
	 Section 11.1.
	 	Satisfaction and Discharge of Indenture	  	 	52	 
	 Section 11.2.
	 	Company’s Option to Effect Defeasance or Covenant Defeasance	  	 	53	 
	 Section 11.3.
	 	Defeasance and Discharge	  	 	54	 
	 Section 11.4.
	 	Covenant Defeasance	  	 	54	 
	 Section 11.5.
	 	Conditions to Defeasance or Covenant Defeasance	  	 	55	 
	 Section 11.6.
	 	Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	  	 	57	 
		
	 ARTICLE XII SUBORDINATION
	  	 	57	 
			
	 Section 12.1.
	 	Securities Subordinate to Senior Indebtedness	  	 	57	 
	 Section 12.2.
	 	Payment of Proceeds upon Dissolution, etc.	  	 	58	 
	 Section 12.3.
	 	No Payment When Senior Indebtedness in Default.	  	 	59	 
	 Section 12.4.
	 	Payment Permitted if no Default.	  	 	59	 
	 Section 12.5.
	 	Subrogation to Rights of Holders of Senior Indebtedness.	  	 	60	 
	 Section 12.6.
	 	Provisions Solely to Define Relative Rights.	  	 	60	 
	 Section 12.7.
	 	Trustee to Effectuate Subordination.	  	 	60	 
	 Section 12.8.
	 	No Waiver of Subordination Provisions.	  	 	61	 
	 Section 12.9.
	 	Trust Moneys not Subordinated.	  	 	61	 
	 Section 12.10.
	 	Notice to the Trustee.	  	 	61	 
	 Section 12.11.
	 	Reliance on Judicial Order or Certificate of Liquidating Agent.	  	 	62	 
	 Section 12.12.
	 	Trustee not Fiduciary for Holders of Senior Indebtedness.	  	 	62	 

  
 iv 

							
	 Section 12.13.
	 	Rights of Trustee as Holder of Senior Indebtedness; Preservation of Trustee’s Rights.	  	 	63	 
	 Section 12.14.
	 	Article Applicable to Paying Agents.	  	 	63	 
	 Section 12.15.
	 	Reliance by Holders of Senior Indebtedness on Subordination Provisions.	  	 	63	 
	 Section 12.16.
	 	Additional Interest.	  	 	63	 

  
 v 

 INDENTURE, dated as of March 27, 2019, between Affiliated Managers Group, Inc., a
Delaware corporation (herein called the “Company”), having its principal executive offices at 777 South Flagler Drive, West Palm Beach, Florida, 33401, and U.S. Bank National Association, a national bank association, as Trustee
(herein 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 debentures,
notes or other evidences of indebtedness (herein called the “Securities,” each being a “Security”), to be issued in one or more series as in this Indenture provided. 

NOW, THEREFORE, for and in consideration of the premises and the purchase of the Securities by the Holders thereof, the Company and the
Trustee mutually covenant and agree, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof, as follows: 

ARTICLE I 
 DEFINITIONS AND OTHER
PROVISIONS 
 OF GENERAL APPLICATION 

Section 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 respective 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 respective meanings assigned to them therein; 

(3)    all accounting terms not otherwise defined herein have the respective meanings assigned to them in
accordance with generally accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required in the United States of
America or permitted hereunder shall mean such accounting principles as are generally accepted at the date of such computation; 

(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; and 

(5)    references to Sections are to Sections of this Indenture unless otherwise expressly indicated. 

 “Act”, when used with respect to any Holder, has the meaning specified in
Section 1.4(a). 
 “Additional Interest” means any interest not paid on an Interest Payment Date
(whether by virtue of deferral or extension), together with interest thereon from such Interest Payment Date to the date of payment, compounded quarterly (or, if specified in the terms of a series of Securities, semi-annually), on each Interest
Payment Date. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by, or under direct or indirect common control with, such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 “Authenticating Agent” means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate
Securities. 
 “Board of Directors” means the board of directors of the Company or any duly authorized committee of such
board. 
 “Board Resolution” means a copy of a resolution certified by an Officer of the Company to have been duly adopted
by the Board of Directors of the Company and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in
The City of New York are authorized or obligated by law or executive order to close or be closed. 
 “Capital Stock” for
any corporation means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that corporation. 

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

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

“Company Request” or “Company Order” means a written request or order signed in the name of the Company by
any Officer. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate
trust business shall be administered, which office at the date hereof for purposes of payment only is located at Global Corporate Trust Services, One Federal Street, Boston, MA 02110, or such other address as the Trustee may designate from time to
time by notice to the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Company). 

  
 2 

 The term “corporation” includes corporations, associations, companies
(including limited liability companies), limited and general partnerships and business trusts. 
 The terms “covenant
defeasance” and “defeasance” have the respective meanings specified in Sections 11.4 and 11.3. 

The term “default”, when used in Sections 5.5, 8.2 and/or 8.3, has the meaning specified in
Section 8.2. 
 “Defaulted Interest” has the meaning specified in
Section 2.7(b). 
 “Depository” means, with respect to the Securities of any series issuable or
issued in whole or in part in the form of one or more Global Securities, the Person designated as Depository for such series by the Company pursuant to Section 2.1(b)(17), which Person shall be a clearing agency registered
under the Exchange Act; and if at any time there is more than one such Person, “Depository” as used with respect to the Securities of any series shall mean the Depository with respect to the Securities of such series. 

“Event of Default” has the meaning specified in Section 7.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

“Global Security” or “Global Securities” means a Security or Securities, as the case may be, evidencing all
or part of a series of Securities, issued to the Depository for such series or its nominee, and registered in the name of such Depository or nominee. 

“Holder” or “Holder of Securities” means a Person in whose name a Security is registered in the Security
Register. 
 “Indenture” means this indenture agreement 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 particular series of Securities established as contemplated by
Section 2.1. 

  
 3 

 “interest” means interest payable from time to time and, when used with
respect to an Original Issue Discount Security which by its terms bears interest only at Maturity, means interest payable at Maturity. 

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

“Notice of Covenant Default” has the meaning specified in Section 7.1. 

“Officer” shall mean any of the Chief Executive Officer, the President, the Chief Financial Officer, the General Counsel, the
Chief Administrative Officer, the Secretary, an Executive Vice President, a Senior Vice President or a Vice President of the Company. 

“Officer’s Certificate” means a certificate signed by any Officer and delivered to the Trustee. An Officer’s
Certificate provided pursuant to Section 5.5 shall be signed by a principal executive, financial, legal or accounting Officer of the Company. 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company (including an employee or officer
of the Company or any of its Affiliates) and who shall be reasonably acceptable to the Trustee. 
 “Original Issue 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 7.2. 

“Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
 (i)    Securities theretofore canceled by
the Trustee or delivered to the Trustee for cancellation; 
 (ii)    Securities for whose payment or
redemption money (or in the case of payment by defeasance under Section 11.3, money, U.S. Government Obligations or both) in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other
than the Company) in trust, or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent), for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made and provided, further, in the case of payment by defeasance under Section 11.3, that
all conditions precedent to the application of such Section shall have been satisfied; and 

  
 4 

 (iii)    Securities which have been paid pursuant to
Section 2.6(c) or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to
the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company; 

provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be
due and payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section 7.2, (ii) the principal amount of a Security denominated in one or more foreign currencies or currency
units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided in the applicable supplemental indenture or other instrument governing such series of Securities and
(iii) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall
be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities 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 independent right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or
any Affiliate of the Company or of such other obligor. 
 “Paying Agent” means any Person authorized by the Company to pay
the principal of (and premium, if any) or interest on any Securities on behalf of the Company. The Company may act as Paying Agent with respect to any Securities issued hereunder. The Company hereby initially designates U.S. Bank National
Association as Paying Agent hereunder and designates the Corporate Trust Office of the Trustee as the office or agency of the Company for such purposes where notices and demands to or upon the Company in respect of the Securities and this Indenture
may be served. 
 “Payment” has the meaning specified in Section 12.2(a). 

“Person” means any individual, corporation, partnership, limited liability company, business trust, association, joint-stock
company, joint venture, trust, incorporated or unincorporated organization or government or any agency or political subdivision thereof. 

“Place of Payment”, when used with respect to the Securities of any series, means the place or places where the principal of
(and premium, if any) and interest on the Securities of that series are payable as specified as contemplated by Section 2.1 or, if not so specified, the Corporate Trust Office of the Trustee. 

“Predecessor Security” or “Predecessor Securities” of any particular Security means every previous Security
evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.6 in exchange for or in lieu of
a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 

  
 5 

 “Proceeding” has the meaning specified in
Section 12.2(a). 
 “Record Date” means a Regular Record Date or a Special Record Date, as
applicable. 
 “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 redemption of Securities,
means the price at which such Securities are to be redeemed pursuant to this Indenture. 
 “Regular Record Date” for the
interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 2.1. 

“Responsible Officer”, when used with respect to the Trustee, means any officer in the Corporate Trust Office of the Trustee
with direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such other officer’s knowledge of and
familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Securities” and “Security” have the respective meanings stated in the first recital of this Indenture and
more particularly mean any Securities and/or Security of any series authenticated and delivered under this Indenture. 
 “Security
Register” and “Security Registrar” have the respective meanings specified in Section 2.5(a). 

“Senior Indebtedness” means, with respect to the Company, (i) any payment due in respect of indebtedness of the Company,
whether outstanding at the date of execution of this Indenture or thereafter incurred, created, or assumed, (a) in respect of money borrowed or (b) evidenced by securities, debentures, bonds, notes or other similar instruments issued by
the Company which, by their terms, are senior or senior subordinated debt securities including, without limitation, all obligations under its indentures with various trustees; (ii) all obligations in respect of any financial derivative, hedging
or futures contract or similar instrument; (iii) all capitalized lease obligations; (iv) all obligations issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations of the Company
under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business and long-term purchase obligations); (v) all obligations for the reimbursement of any letter of credit, banker’s
acceptance, security purchase facility or similar credit transaction; (vi) all obligations of the type referred to in clauses (i) through (v) above of other persons the payment of which the Company is responsible or liable as obligor,
guarantor or otherwise; and (vii) all obligations of the type referred to in clauses (i) through (vi) above of other persons secured by any lien on any property or asset of the Company (whether or not such obligation is assumed by the
Company), except for (1) any such indebtedness that is by its terms subordinated to or pari  

  
 6 

 
passu with the Securities, (2) any trade obligations and (3) any unsecured indebtedness between or among the Company or its Subsidiaries. Such Senior Indebtedness shall continue
to be entitled to the benefits of the subordination provisions contained in Article XII irrespective of any amendment, modification or waiver of any term of such Senior Indebtedness. 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 2.7(b). 
 “Stated Maturity”, when used with respect to any Security or any installment
of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

“Subsidiary” means (i) a corporation, a majority of whose Capital Stock with voting power, under ordinary circumstances,
to elect directors is, at the date of determination, directly or indirectly owned by the Company, by one or more Subsidiaries of the Company or by the Company and one or more Subsidiaries of the Company, (ii) a partnership in which the Company
or a Subsidiary of the Company holds a majority interest in the equity capital or profits of such partnership, or (iii) any other Person (other than a corporation or partnership) in which the Company, a Subsidiary of the Company or the Company
and one or more Subsidiaries of the Company, directly or indirectly, at the date of determination, has (x) at least a majority ownership interest or (y) the power to elect or direct the election of a majority of the directors or other
governing body of such Person. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this Indenture was executed, subject to Section 10.5 and, to the extent required by any amendment thereto, the Trust Indenture Act of 1939, as amended from time to time. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor
Trustee shall have assumed such role pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder and, if at any time there is more than one such
Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 

“U.S. Government Obligation” has the meaning set forth in Section 11.5(a). 

Section 1.2.    Compliance Certificates and Opinions. 

(a)    Upon any application or request by the Company to the Trustee (including in its capacity as Paying Agent) (other
than with respect to routine operations of the Trustee or the Paying Agent) to take any action under any provision of this Indenture, the Company shall furnish to the Trustee (i) an Officer’s Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and (ii) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions 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 other provision of this Indenture relating to such particular application or request, no additional
certificate or opinion need be furnished beyond what such provision otherwise requires. 

  
 7 

 (b)    Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than certificates provided pursuant to Section 5.5) 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; 

(3)    a statement that, in the opinion of each such individual, such individual has made such examination
or investigation as such individual deemed reasonably necessary to enable such individual to express an 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 (based on the examination or
investigation described in clause (3) above), such condition or covenant has been complied with. 

Section 1.3.    Form of Documents Delivered to Trustee. 

(a)    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 more documents. 

(b)    Any certificate or opinion of any officer of the Company may be based, insofar as it relates to legal matters, upon
a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or
opinion is based are erroneous. Any such certificate or opinion or any Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating
that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such
matters are erroneous. 
 (c)    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 or taken by Holders may be embodied in and 

  
 8 

 
evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 8.1) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 

(b)    The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of
a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof.
Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing,
or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(c)    The ownership of Securities shall be proved by the Security Register. 

(d)    Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security
shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the
Trustee, the Company in reliance thereon, whether or not notation of such action is made upon such Security or such other Security. 

(e)    The Depository selected pursuant to subsection (b)(17) of Section 2.1, as a Holder,
may appoint agents and/or otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take hereunder. 

(f)    The Trustee may make reasonable rules for action by or at a meeting of Holders, including with respect to proxy
voting. The Security Registrar and Paying Agent may make reasonable rules and set reasonable requirements for its respective functions and compensation. 

Section 1.5.    Notices, Etc., to Trustee or Company. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this
Indenture to be made, given or furnished to, or filed with, 
 (1)    the Trustee by any Holder or the
Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (including by facsimile and electronic mail actually received) to or with the Trustee at its Corporate Trust Office, or 

  
 9 

 (2)    the Company by the Trustee or by any Holder shall
be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it, to the attention of the General Counsel, at the address of its office
specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company. 

Section 1.6.    Notice to Holders; Waiver. 

(a)    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 such Holder’s address as it appears in the Security 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. 

(b)    If it shall be impracticable to give such notice by mail, then such notification in lieu thereof as shall be made by
the Company with the approval of the Trustee or by the Trustee on behalf of and at the written instruction of the Company shall constitute a sufficient notification for every purpose hereunder. 

Section 1.7.    Conflict with Trust Indenture Act. 

If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this Indenture by any
of the provisions of the Trust Indenture Act, such required provision shall control. If any provision hereof limits, qualifies or conflicts with the duties imposed by section 318(c) of the Trust Indenture Act, such imposed duties shall control. If
any provision of this Indenture limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of and govern this Indenture, such provision of the Trust Indenture Act shall
control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as such provision of the Trust Indenture
Act is so modified or excluded, as the case may be. 
 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. 
 Section 1.9.    Successors and Assigns. 

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

  
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 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 hereunder and the Holders of the Senior Indebtedness and the Holders of the 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. 

Section 1.13.    Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture or of the Securities) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business
Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity; provided that no interest shall accrue on the amount then payable for the period from and after
such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be. 
 Section 1.14.    Waiver
of Jury Trial. 
 EACH OF THE COMPANY AND THE TRUSTEE HEREBY, AND EACH HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF, IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

ARTICLE II 
 THE SECURITIES 

Section 2.1.    Amount Unlimited; Issuable in Series. 

(a)    The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is
unlimited. 

  
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 (b)    The Securities may be issued in one or more series, but all
Securities issued hereunder shall be subordinate and junior in right of payment, to the extent and in the manner set forth in Article XII or the applicable Board Resolution, Officer’s Certificate or indentures supplemental hereto
referred to below and relating to such Securities, to all Senior Indebtedness of the Company. There shall be established in or pursuant to a Board Resolution and (subject to Section 2.3) set forth or determined as provided
in an Officer’s Certificate, or established in one or more indentures supplemental hereto (with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and with such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the Officer executing such Securities,
as evidenced by his or her execution of such Securities), prior to the issuance of Securities of any series: 

(1)    the title of the Securities of the series (which shall distinguish the Securities of the series from
all other Securities); 
 (2)    [Reserved]; 

(3)    if the Securities are to be convertible into or exchangeable for any securities or property of any
Person (including the Company), the terms and conditions upon which such Securities will be so convertible or exchangeable, and any additions or changes to this Indenture, if any, to permit or facilitate such conversion or exchange; 

(4)    any limit upon the aggregate principal amount of the Securities of the series which may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to
Section 2.4, 2.5, 2.6, 3.7 or 10.6 and except for any Securities which, pursuant to Section 2.3, are deemed never to have been authenticated and delivered hereunder);

 (5)    the Person to whom any interest on a Security of the series shall be payable, if other than
(i) 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 or (ii) in the case of interest payable on the Stated Maturity of such
Security or on any Redemption Date (in each case, whether or not an Interest Payment Date), the Person to whom principal of such Security is payable; 

(6)    the date or dates on which the principal of the Securities of the series is payable and/or the
method by which such date or dates shall be determined; 
 (7)    the rate or rates (or method for
establishing the rate or rates) at which the Securities of the series shall bear interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the Regular Record
Date for the interest payable on any Interest Payment Date (or method for establishing such date or dates); 

(8)    the place or places where the principal of (and premium, if any) and interest on Securities of the
series shall be payable; 

  
 12 

 (9)    the period or periods within which, the price or
prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company; 

(10)    the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to
any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series shall be redeemed or purchased, in
whole or in part, pursuant to such obligation; 
 (11)    if other than denominations of $25 and any
integral multiple thereof, the denominations in which Securities of the series shall be issuable; 

(12)    if other than the full principal amount thereof, the portion of the principal amount of Securities
of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 7.2 or the method by which such portion shall be determined; 

(13)    if other than the currency of the United States of America, the currency or currencies (including
composite currencies) in which payment of the principal of (and premium, if any) and/or interest on the Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency of the United States of America
for any purpose, including for purposes of the definition of “Outstanding” in Section 1.1; 

(14)    if the principal of (and premium, if any) and/or interest on the Securities of the series are to be
payable, at the election of the Company or any Holder, in a currency or currencies (including composite currencies) other than that in which the Securities are stated to be payable, the period or periods within which, and the terms and conditions
upon which, such election may be made; 
 (15)    if the amounts of payments of principal of (and
premium, if any) and/or interest on the Securities of the series may be determined with reference to an index, the manner in which such amounts shall be determined; 

(16)    if applicable, that the Securities of the series, in whole or any specified part, shall be
defeasible pursuant to Section 11.3 or Section 11.4 or both such Sections and, if other than by Board Resolution, the manner in which any election by the Company to defease such Securities shall be
evidenced; 
 (17)    whether the Securities of the series shall be issued in whole or in part in the
form of one or more Global Securities and, in such case, the Depository for such Global Security or Global Securities; 

(18)    any additional or different events of default that apply to Securities of the series, and any
change in the right of the Trustee or the Holders of such Securities to declare the principal thereof due and payable; 

  
 13 

 (19)    any additional or different covenants that apply
to Securities of the series; 
 (20)    the form of the Securities of the series; 

(21)    the right, if any, of the Company to defer interest payments or to extend the interest payment
period of such series of Securities, including the maximum duration of any such deferral or deferrals or any such extension or extensions, the Additional Interest, if any, payable on such Securities during any deferral or extension of the interest
payment period and any notice (which shall include notice to the Trustee) that must be given upon the exercise of such right to defer interest payments or to extend interest payment periods; and 

(22)    any other terms of the Securities of such series (which terms shall not contradict the provisions
of the Trust Indenture Act, but may modify, amend, supplement or delete any of the terms of this Indenture with respect to such series). 

(c)    The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in
any other manner, all as determined by the Officer executing such Securities, as evidenced by his or her execution of such Securities. 

(d)    All Securities of any one series shall be substantially identical except as to interest rates, method for
determining interest rates, Interest Payment Dates, Regular Record Dates, redemption terms, Stated Maturity, denomination, date of authentication, currency, any index for determining amounts payable, and except as may otherwise be provided in or
pursuant to such Board Resolution and set forth or determined as provided in such Officer’s Certificate or in any indenture supplemental hereto. 

(e)    If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by an Officer of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of the series. With respect to Securities of a
series constituting a medium term note program, such Board Resolution may provide general terms or parameters for Securities of such series and may provide that the specific terms of particular Securities of such series, and the Persons authorized
to determine such terms or parameters, may be determined in accordance with or pursuant to the Company Order referred to in Section 2.3. 

Section 2.2.    Denominations. 

The Securities of each series shall be issuable in registered form without coupons in such denominations as shall be specified as contemplated
by Section 2.1. In the absence of any such provisions with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $25 and any integral multiple thereof. 

Section 2.3.    Execution, Authentication, Delivery and Dating. 

(a)    The Securities shall be executed on behalf of the Company by any Officer. The signature of any Officer on the
Securities may be manual or facsimile. 

  
 14 

 (b)    Securities bearing the manual or facsimile signatures of any
individual who was at any time an Officer of the Company shall bind the Company, notwithstanding that any such individual has ceased to hold such office prior to the authentication and delivery of such Securities or did not hold such office at the
date of such Securities. 
 (c)    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 on behalf of the Company pursuant to clause (a) above to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and
the Trustee in accordance with such Company Order shall authenticate and deliver such Securities; provided that, with respect to Securities of a series constituting a medium term note program, the Trustee shall authenticate and deliver
Securities of such series for original issue from time to time in the aggregate principal amount established for such series pursuant to such procedures acceptable to the Trustee and to such recipients as may be specified from time to time by a
Company Order. The maturity dates, original issue dates, interest rates and any other terms of the Securities of such series shall be determined by or pursuant to such Company Order and procedures. 

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

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

 

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	 
		 	Authorized Signatory

 Date:
                             

(e)    If the form or terms of the Securities of the series have been established in or pursuant to one or more Board
Resolutions as permitted by Section 2.1, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, and (subject to
Section 8.1) shall be fully protected in relying upon, an Opinion of Counsel stating: 

(1)    if the form of any of such Securities has been established by or pursuant to a Board Resolution as
permitted by Section 2.1, that such form has been established in conformity with the provisions of this Indenture; and 

(2)    that such Securities, when authenticated and delivered by the Trustee and issued by the Company in
the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company, enforceable in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization and
other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles. 

  
 15 

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

(h)    With respect to Securities of a series constituting a medium term note program, if the form and general terms of the
Securities of such series have been established by or pursuant to one or more Board Resolutions or by an indenture supplemental hereto, as permitted by Section 2.1 in authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, and (subject to Section 8.1) shall be fully protected in relying upon, in addition to the foregoing documents and
(if applicable) in lieu of clause (e) above, an Opinion of Counsel stating that the Securities have been duly authorized and executed by the Company, and assuming the due authentication by the Trustee in the manner provided for in this
Indenture, when delivered against payment of the consideration therefor in accordance with any applicable distribution agreement, the Securities will constitute valid and binding obligations of the Company, enforceable against the Company in
accordance with their respective terms, subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and similar laws affecting the rights and remedies of creditors generally and to general equity principles. 

(i)    Each Security shall be dated the date of its authentication. 

(j)    No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless
there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence,
that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold
by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 2.9 together with a written statement (which need not comply with Section 1.2 and
need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, 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 2.4.    Temporary Securities. 

(a)    Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order from
the Company, the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities
in lieu of which they are issued, with such appropriate insertions, omissions, substitutions and other variations as the Officer executing such Securities may determine, as evidenced by his or her execution of such Securities. 

  
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 (b)    If temporary Securities of any series are issued, the Company
will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such
series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of
any series the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series and of like tenor, of authorized denominations. Until so exchanged the
temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 

Section 2.5.    Registration; Transfer and Exchange. 

(a)    The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained
in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein
provided. 
 (b)    Upon surrender for registration of transfer of any Security of any series at an office or agency of
the Company in a Place of Payment designated by the Company pursuant to Section 5.2 for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor. 

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

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

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

  
 17 

 (f)    No service charge shall be made for any registration of transfer
or for exchange of Securities, but the Company, the Trustee or the Security Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or
exchange of Securities, other than exchanges pursuant to Section 2.4, 2.5(h), 3.7 or 10.6 not involving any transfer. 

(g)    The Company shall not be required (i) to issue, register the transfer of or exchange Securities of any series
during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected for redemption under Section 3.3 and ending at the close of business
on the day of such mailing, or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

(h)    Notwithstanding the foregoing, any Global Security shall be exchangeable pursuant to this
Section 2.5 for Securities registered in the names of Persons other than the Depository for such Security or its nominee only if (i) such Depository notifies the Company that it is unwilling or unable to continue as
Depository for such Global Security or such Depository ceases to be a clearing agency registered under the Exchange Act, (ii) the Company executes and delivers to the Trustee a Company Order that such Global Security shall be so exchangeable or
(iii) there shall have occurred and be continuing an Event of Default of which the Trustee has been notified with respect to the Securities. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for
Securities registered in such names as the Depository shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. 

(i)    Notwithstanding any other provision in this Indenture, but subject to exchanges under clause (h) above,
a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository or by a nominee of such Depository to such Depository or another nominee of such Depository. 

(j)    The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among the Depository or other beneficial owners of interests in any Global Security)
other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof. Neither the Trustee, nor any of it respective agents, shall have responsibility for any actions taken or not taken by a Depository. 

(k)    The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Security, a member of, or
a participant in, the applicable Depository or other Person with respect to the accuracy of the records of a Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Securities or with respect
to the 

  
 18 

 
delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or purchase) or the payment of any amount or
delivery of any Securities (or other security or property) under or with respect to such Securities. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Securities shall be given or made
only to or upon the order of the registered Holders (which shall be the Depository or its nominee in the case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the applicable Depository
subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information furnished by the applicable Depository with respect to its members, participants and any beneficial
owners. 
 Section 2.6.    Mutilated, Destroyed, Lost and Stolen Securities. 

(a)    If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount, and bearing a number not contemporaneously Outstanding. 

(b)    If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the
destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of any of them harmless, then, in the absence of notice to the Company or the Trustee that such
Security has been acquired by a bona fide purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal
amount, and bearing a number not contemporaneously Outstanding. 
 (c)    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. 

(d)    Upon the issuance of any new Security under this Section, the Company or the Trustee 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 and its counsel) connected therewith. 

(e)    Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security
shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that series duly issued hereunder. 
 (f)    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. 

  
 19 

 Section 2.7.    Payment of Interest; Interest Rights
Preserved. 
 (a)    Unless otherwise provided as contemplated by Section 2.1 with respect
to any series of Securities, interest (including Additional Interest) on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; provided, however, that interest due on the Stated Maturity of such Security or on any Redemption Date (in each case, whether
or not an Interest Payment Date) will be paid to the Person to whom principal of such Security is payable. 
 (b)    Any
interest (including Additional Interest) on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be
payable to the Holder entitled to such interest by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below: 

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

  
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 (c)    Subject to the foregoing provisions of this Section, each
Security delivered under this Indenture, upon registration of transfer of or in exchange for or in lieu of any other Security, shall carry the rights to interest (including Additional Interest, if any) accrued and unpaid, and interest (including
Additional Interest, if any) to accrue, which were carried by such other Security. 
 Section 2.8.    Persons
Deemed Owners. 
 Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the
Company or the Trustee, including a Paying Agent, may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to
Section 2.7) interest (including Additional Interest, if any) on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the
Company or the Trustee, including a Paying Agent, shall be affected by notice to the contrary. 

Section 2.9.    Cancellation. 

All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall,
if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not
issued and sold and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted by this
Indenture. All canceled Securities held by the Trustee shall be disposed of as directed by a Company Order from the Company. 

Section 2.10.    Computation of Interest. 

Except as otherwise specified as contemplated by Section 2.1 for Securities of any series, interest on the Securities
of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 

Section 2.11.    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 redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly
notify the Trustee in writing of any change in the “CUSIP” numbers. 

  
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 ARTICLE III 

REDEMPTION OF SECURITIES 

Section 3.1.    Applicability of Article. 

Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 2.1 for Securities of any series) in accordance with this Article. 

Section 3.2.    Election to Redeem; Notice to Trustee. 

In case of any redemption at the election of the Company of less than all the Securities of like tenor of any series, the Company shall, at
least ten (10) days prior to the date that the notice of redemption is required to be given or caused to be given to the Holders of such Securities pursuant to Section 3.4(a) (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed. Any such notice may be cancelled at any time prior to notice of such redemption being mailed to any
Holder and shall thereby be void and of no effect. 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 or elsewhere in this Indenture, the Company shall
furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction. 

Section 3.3.    Selection by Trustee of Securities to Be Redeemed. 

(a)    If less than all the Securities of like tenor of any series are to be redeemed, the particular securities to be
redeemed shall be selected by the Trustee from the Outstanding Securities of like tenor of such series not previously called for redemption, by lot or any other such method as the Trustee shall deem fair and appropriate (subject to the redemption
procedures of the applicable Depository) and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of such
Securities of a denomination larger than the minimum authorized denomination for such Securities. 
 (b)    The Trustee
shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 

(c)    For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption
of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 

  
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 Section 3.4.    Notice of Redemption. 

(a)    Unless otherwise indicated for a particular series of Securities by Board Resolution, a supplemental indenture
hereto or an Officer’s Certificate, a notice of redemption shall be given by first-class mail, postage prepaid, not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at such
Holder’s address appearing in the Security Register. 
 Such notice of redemption shall state: 

(1)    the Redemption Date, 

(2)    the Redemption Price, 

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

(4)    in case any Security is to be redeemed in part only, the notice which relates to such Security shall
state that on and after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed,

 (5)    that on the Redemption Date the Redemption Price will become due and payable upon each such
Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after such date, 

(6)    the CUSIP number and/or similar numbers of such Securities, if any (or any other numbers used by a
Depository to identify such Securities), 
 (7)    the place or places where such Securities are to be
surrendered for payment of the Redemption Price, and 
 (8)    that the redemption is for a sinking fund,
if such is the case. 
 In addition, if such redemption is subject to satisfaction of one or more conditions precedent, as permitted by the
Board Resolution, supplemental indenture or Officer’s Certificate establishing such series of Securities, such notice shall describe each such condition, and if applicable, shall state that, in the Company’s discretion, the Redemption Date
may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date, or
by the Redemption Date as so delayed. 
 (b)    Any such 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. 

  
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 Section 3.5.    Deposit of Redemption Price. 

By 11:00 a.m. New York time on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is
acting as its own Paying Agent, the Company shall segregate and hold in trust as provided in Section 5.3) an amount of money sufficient to pay the Redemption Price of, and accrued interest on, all the Securities which are
to be redeemed on that date. 
 Section 3.6.    Securities Payable on Redemption Date. 

(a)    Subject to the final sentence of Section 3.4(a), notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified and, from and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest (including Additional Interest, if any)) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with such notice, such Security shall be paid by the Company at the Redemption
Price, together with accrued interest (including Additional Interest, if any) to (but excluding) the Redemption Date; provided, however, that installments of interest whose Stated Maturity is prior to the Redemption Date shall be
payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates, and installments of interest whose Stated Maturity is on the Redemption Date shall be payable
to the Holders of such Securities to whom the principal shall be payable, in each case, according to their terms and the provisions of Section 2.7. 

(b)    If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and
premium, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 

Section 3.7.    Securities Redeemed in Part. 

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

SINKING FUNDS 

Section 4.1.    Applicability of Article. 

(a)    The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series
permitted or required by the applicable supplemental indenture except as otherwise specified in accordance with Section 2.1 for Securities of such series. 

  
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 (b)    The minimum amount of any sinking fund payment provided for by
the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an
“optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 4.2. Each sinking
fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 

Section 4.2.    Satisfaction of Sinking Fund Payments with Securities. 

The Company (1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as
a credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series; provided that
such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly. 
 Section 4.3.    Redemption of Securities
for Sinking Fund. 
 Not less than 45 days prior (unless a shorter period shall be satisfactory to the Trustee) to each sinking fund
payment date for any series of Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 4.2 and will also deliver to
the Trustee any such Securities. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in
Section 3.3 and cause notice of the redemption, prepared by the Company, thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.4. Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.6 and 3.7. 

  
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 ARTICLE V 

COVENANTS 

Section 5.1.    Payment of Principal, Premium and Interest. 

(a)    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 on the Securities of that series in accordance with the terms of the Securities and this Indenture. 

(b)    An installment of principal or interest shall be considered paid on the date it is due if the Trustee or Paying
Agent holds on that date money designated for and sufficient to pay such installment and is not prohibited from paying such money to the Holders pursuant to the terms of this Indenture or otherwise. 

Section 5.2.    Maintenance of Office or Agency. 

(a)    The Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities
of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that series
and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to
receive all such presentations, surrenders, notices and demands. 
 (b)    The Company may also from time to time
designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no
such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

Section 5.3.    Money for Securities Payments to Be Held in Trust. 

(a)    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 (including Additional Interest, if any) on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum
sufficient to pay the principal (and 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. 

(b)    Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, by 11:00 a.m., New
York time, on each due date of the principal of (and 

  
 26 

 
premium, if any) or interest (including Additional Interest, if any) on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or
interest (including Additional Interest, if any) so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest (including Additional Interest, if any), and (unless such Paying Agent is
the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
 (c)    The Company will
cause each Paying Agent for any series of Securities other than the Trustee or the Company 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, if any) on Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;

 (2)    give the Trustee notice of any default by the Company (or any other obligor upon the Securities
of that series) in the making of any payment of principal (and premium, if any) or interest (including Additional Interest, if any) on the Securities of that series; and 

(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. 
 (d)    The Company may at any time, for
the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order, direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be
held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent. 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. 
 (e)    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, if any) on any Security of any series, and remaining unclaimed for two years after such principal (and premium, if any) or interest (including
Additional Interest, if any) has become due and payable shall be paid to the Company on Company Request or (if then held by the Company) shall be discharged from such trust. Thereafter the Holder of such Security shall, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease. 

Section 5.4.    Corporate Existence. 

Subject to Article VI, the Company will do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence. 

  
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 Section 5.5.    Annual Statement by Officer as to Default.

 The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an
Officer’s Certificate stating whether or not to the knowledge of the signer thereof the Company was in default in the performance and observance of any of the terms, provisions and conditions applicable to the Company during such fiscal year
and, if the Company was in default, specifying all such defaults and the nature and status thereof of which he or she may have knowledge. If any default or Event of Default under clauses (5), (6) or (7) of
Section 7.1 has occurred and is continuing, within 30 Business Days after its becoming aware of such occurrence, the Company shall deliver to the Trustee an Officer’s Certificate specifying such event and what action
the Company is taking or proposes to take with respect thereto. 
 Section 5.6.    Additional Interest. 

(a)    If the Securities of a series provide for the payment of Additional Interest to the Holders of such Securities, then
the Company shall pay to each Holder of such Securities the Additional Interest as provided therein. 
 (b)    Except as
otherwise provided in or pursuant to this Indenture, if the Securities of a series provide for the payment of Additional Interest, at least 10 days prior to the first Interest Payment Date with respect to that series of Securities upon which such
Additional Interest shall be payable (or, if the Securities of that series shall not bear interest prior to Maturity, the first day on which a payment of principal and any premium is made), and at least 10 days prior to each date of payment of
principal and any premium or interest if there has been any change with respect to the matters set forth in the below-mentioned Officer’s Certificate, the Company will furnish the Trustee and the Company’s Paying Agents, if other than the
Trustee or the Company, with an Officer’s Certificate stating the amount of the Additional Interest payable per minimum authorized denomination of such Securities (and, if such Additional Interest is payable only with respect to particular
Securities, then the names of the Holders of such Securities). 
 ARTICLE VI 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 

Section 6.1.    Company May Consolidate, Etc., Only on Certain Terms. 

The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and
assets to, another Person (in a transaction in which the Company is not the surviving entity) unless (1) the resulting, surviving or transferee Person (in a transaction in which the Company is not the surviving entity) is an entity organized
and existing under the laws of the United States of America, any State thereof or the District of Columbia, and such Person expressly assumes by supplemental indenture all of the Company’s obligations under the Securities and this Indenture;
and (2) immediately after giving effect to such transaction, no Event of Default has occurred and is continuing under this Indenture. Upon any such consolidation, merger or transfer, the resulting, surviving or transferee Person (in a
transaction in which the Company is not the surviving entity) shall succeed to, and may exercise every right and power of, the Company under this Indenture. 

  
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 This Section 6.1 shall not apply to any consolidation or merger,
or any sale, assignment, transfer, conveyance, lease or other disposition of assets, between or among the Company and its Subsidiaries. 

Section 6.2.    Successor Substituted. 

Upon any consolidation by the Company with or merger by the Company into any other Person or any conveyance, transfer or lease of all or
substantially all of the properties and assets of the Company in accordance with Section 6.1, the successor formed by such consolidation or into which the Company is merged or the Person to which such conveyance, transfer
or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in
the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 

ARTICLE VII 
 REMEDIES 

Section 7.1.    Events of Default. 

“Event of Default”, wherever used herein with respect to Securities of any series, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body or occasioned by the operation of Article XII): 
 (1)    [Reserved]; or 

(2)    [Reserved]; or 

(3)    [Reserved]; or 

(4)    [Reserved]; or 

(5)    the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in
respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company a bankrupt or insolvent, or approving
as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator
or other similar official of the Company 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 for relief or any such other decree or order unstayed and
in effect for a period of 90 consecutive days; or 
 (6)    the commencement by the Company of a
voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other 

  
 29 

 
similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company in an
involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee,
trustee, sequestrator or similar official of the Company or of any substantial part of its property, or the making by the Company of an assignment for the benefit of creditors, or the admission by the Company in writing of its inability to pay its
debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action; or 

(7)    any other Event of Default provided with respect to Securities of that series. 

With respect to the Securities of any Series, and for purposes of this Section 7.1, the term “Default”
means the following events: (a) default in the payment of any interest upon any Security of that series when it becomes due and payable on an Interest Payment Date other than at Maturity, including Additional Interest in respect thereof, and
continuance of such default for a period of 30 days; provided, however, that a valid extension of the interest payment period by the Company pursuant to the terms of a supplemental indenture authorizing the Securities of that series shall not
constitute a default in the payment of interest for this purpose, (b) default in the payment of the principal of (or premium, if any), or interest (including Additional Interest) on, any Security of that series when due and payable at its
Maturity or (c) default in the performance or breach of any covenant or warranty of the Company in the Indenture or a supplemental indenture (other than a covenant or warranty (i) a default in whose performance or whose breach is addressed
in clauses (a) or (b) of this paragraph or (ii) which has expressly been included in the Indenture solely for the benefit of one or more series of Securities), 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 Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities, a written notice specifying such default or breach
and requiring it to be remedied and stating that such notice is a “Notice of Covenant Default” hereunder. 
 Upon the occurrence
and continuance of a Default, the Trustee and the Holders of the Securities shall have the same rights and remedies, and shall be subject to the same limitations, restrictions, protections and exculpations, and the Company shall be subject to the
same obligations and restrictions, in each case, as would apply if such Default was an Event of Default or an event which after notice or lapse of time or both would become an Event of Default; provided that the principal of and accrued interest
(including Additional Interest) on the Securities may not be declared immediately due and payable by reason of the occurrence and continuation of a Default, and any notice of declaration or acceleration based on such Default shall be null and void
with respect to the Securities; provided, further, that in case a Default has occurred and is continuing, the Trustee shall not be subject to Section 8.1(b) of the Indenture unless an Event of Default has occurred and is
continuing. 

  
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 The Trustee shall have no right or obligation under this Indenture or otherwise to exercise
any remedies on behalf of any Holders of any series of Securities issued pursuant to this Indenture in connection with any default, unless such remedies are available under this Indenture and the Trustee is directed to exercise such remedies
pursuant to and subject to the conditions of Section 7.12 of this Indenture, provided, however, that this provision shall not affect the rights of the Trustee with respect to any Events of Default as set forth in
Section 7.1 that may occur with respect to such Securities. In connection with any such exercise of remedies, the Trustee shall be entitled to the same immunities and protections and remedial rights (other than
acceleration) as if such Default were an Event of Default. 
 Subject to the provisions of Section 8.3(i), the
Trustee shall not be deemed to have knowledge of an Event of Default hereunder (except for those described in paragraphs (1) through (3) above) unless a Responsible Officer of the Trustee has received written notice thereof. 

Section 7.2.    Acceleration of Maturity; Rescission and Annulment. 

(a)    If an Event of Default specified in clause (5) or (6) of Section 7.1
occurs, the principal amount (or, if any of the Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified in the terms thereof) of, and accrued and unpaid interest
on, all of the Outstanding Securities of that series shall be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of any Security of that series. 

Section 7.3.    Collection of Indebtedness and Suits for Enforcement by Trustee. 

(a)    The Company covenants that if a Default occurs pursuant to clause (a) or (b) of the definition of
“Default” the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal (and premium, if any) and interest (including
Additional Interest) and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal (and premium, if any) and on any overdue interest (including Additional Interest), at the rate or rates prescribed
therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel. 

  
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 (b)    If the Company fails to pay such amounts forthwith upon such
demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company or any other obligor upon such Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.

 (c)    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 7.4.    Trustee May File Proofs of Claim. 

(a)    In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors (irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal (and premium, if any) or interest (including
Additional Interest)), the Trustee 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 (and premium, if any) and interest
(including Additional Interest) owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 8.7 of this Indenture) and of the Holders allowed in such judicial
proceeding, and 
 (ii)    to collect and receive any moneys or other property payable or deliverable on
any such claims and to distribute the same. 
 (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 and, in the event that the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 8.7. 

(c)    Nothing herein contained shall be deemed to authorize the Trustee to authorize, consent to, 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.

  
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 (d)    The Trustee shall be entitled to participate as a member of any
official committee of creditors in the matters it deems advisable. 
 Section 7.5.    Trustee May Enforce Claims
Without Possession of Securities. 
 All rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust,
and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect
of which such judgment has been recovered. 
 Section 7.6.    Application of Money Collected. 

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money on account of principal (or premium, if any) or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 FIRST: To the payment of all amounts due the Trustee under Section 8.7; 

SECOND: Subject to Article XII, to the payment of the amounts then due and unpaid for principal of (and premium,
if any) and interest (including Additional Interest, if any) on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and
payable on such Securities for principal (and premium, if any) and interest (including Additional Interest, if any), respectively; and 

THIRD: To the Company. 

Section 7.7.    Limitation on Suits. 

No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(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; 

  
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 (3)    such Holder or Holders have offered to the
Trustee indemnity or security satisfactory to the Trustee in its sole discretion 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 indemnity or security
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 any provision of this Indenture
to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and
for the equal and ratable benefit of all of such Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 

Section 7.8.    Unconditional Right of Holders to Receive Principal, Premium and Interest. 

Notwithstanding any other provision in this Indenture, but subject to Article XII, 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 2.7) interest (including Additional Interest, if any) on such Security on the Stated Maturity or
Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

Section 7.9.    Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

Section 7.10.    Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in
Section 2.6, 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. 

  
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 Section 7.11.    Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 7.12.    Control by
Holders. 
 (a)    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
the Trustee may refuse to follow any direction that is in conflict with any rule of law or with this Indenture, subjects the Trustee to a risk of personal liability in respect of which the Trustee has not received indemnification or security
satisfactory to it, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders not joining in the giving of such direction; provided, however, that the Trustee may take any other action it deems
proper that is not inconsistent with any such direction. 
 (b)    Upon receipt by the Trustee of any such direction with
respect to Securities of a series all or part of which is represented by a Global Security, the record date for determining Holders of Outstanding Securities of such series entitled to join in such direction shall be the day the Trustee receives
such direction, or, if such receipt occurs after the close of business or on a day that is not a Business Day, the next succeeding Business Day, and the Holders on such record date, or their duly designated proxies, and only such Persons, shall be
entitled to join in such direction, whether or not such Holders remain Holders after such record date; provided that unless such majority in principal amount shall have been obtained prior to the day which is 90 days after such record date,
such direction shall automatically and without further action by any Holder be canceled and of no further effect. The Trustee may conclusively rely on any representation by the Holders delivering such direction that such Holders constitute the
requisite percentage to deliver such direction. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after expiration of such 90-day period, a new direction identical to a
direction which has been canceled pursuant to the provisions to the preceding sentence, in which event a new record date shall be established pursuant to the provisions of this Section 7.12. 

  
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 Section 7.13.    Waiver of Past Defaults. 

(a)    The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on
behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default: 

(1)    in the payment of the principal of or interest (including Additional Interest) on any Security of
that series when due and payable at its Maturity, 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. 

(b)    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 7.14.    Undertaking for Costs. 

Each party to this Indenture agrees, and each Holder of any Security by acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of
an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of
the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding
in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest (including Additional
Interest) on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date). 

Section 7.15.    Waiver of Usury, Stay or Extension Laws. 

The Company covenants (to the extent that it may lawfully do so) that it 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 (to the extent that
it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it 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. 

  
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 ARTICLE VIII 

THE TRUSTEE 

Section 8.1.    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
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein). 
 (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
such Person’s own affairs. 
 (c)    No provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligence or willful misconduct, except that: 
 (1)    this subsection shall not
be construed to limit the effect of subsection (a) of this Section; 
 (2)    the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(3)    the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in
good faith in accordance with the direction, determined as provided in Section 7.12, of the Holders of a majority in principal amount of the Outstanding Securities of any series, relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 

(4)    no provision of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it. 
 (d)    Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Article VIII. 

(e)    The Trustee shall not be liable for interest on any money or assets received by it except as the Trustee may agree
with the Company. 

  
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 (f)    Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 

Section 8.2.    Notice of Defaults. 

Within 90 days after the Trustee has actual knowledge of an 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 Security Register, notice of such default hereunder known to the Trustee, 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 Additional Interest) on any Security of such series or in the payment of any sinking fund
installment with respect to Securities of such series, the Trustee shall be protected in withholding such notice if the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders of Securities of such
series. 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 8.3.    Certain Rights of Trustee. 

Subject to the provisions of Section 8.1: 

(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, note, other evidence of indebtedness or other 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 mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order, or as otherwise expressly provided herein, and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution or as otherwise expressly provided herein; 

(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, require and rely upon an Officer’s Certificate or
Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate and/or Opinion of Counsel; 

(d)    the Trustee may consult with counsel of its selection 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 (including, without limitation, instituting, conducting or defending any litigation), unless such Holders shall have offered to the Trustee security or indemnity reasonably
satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 

  
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 (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, debenture, note, other evidence of indebtedness or other document, but if notwithstanding the foregoing
the Trustee makes or is directed to make such further inquiry or investigation into such facts or matters, it shall, upon at least three (3) Business Days’ prior notice or such lesser period of time as may be acceptable to the Company, be
entitled reasonably to examine the books, records and premises of the Company, personally or by agent or attorney and, subject to Section 8.1(c), shall incur no liability or additional liability of any kind by reason of
such inquiry or investigation; 
 (g)    the Trustee shall not be liable for any action taken, suffered or omitted by it
in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture; 

(h)    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; 

(i)    the Trustee shall not be deemed to have notice of any default or Event of Default unless a Responsible Officer of
the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default or Event of Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Securities and this Indenture. For purposes of determining the Trustee’s responsibility and liability hereunder, whenever reference is made in this Indenture to a default or Event of Default, such reference shall be construed to
refer only to such default or Event of Default for which the Trustee is deemed to have notice pursuant to this Section 8.3(i); 

(j)    the permissive rights of the Trustee enumerated herein shall not be construed as duties of the Trustee; 

(k)    the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; 

(l)    the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this Indenture; provided that the Trustee reasonably believes that the last such certificate received from the Company or currently on file is no longer accurate; 

(m)    the Trustee shall not be required to give any note, bond or surety in respect of the execution of the trusts and
powers under this Indenture; and 

  
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 (n)    the Trustee shall have no obligation or duty to ensure compliance
with the securities laws of any country or state except to request such certificates or other documents required to be obtained by the Trustee or any Security Registrar hereunder in connection with any exchange or transfer pursuant to the terms
hereof. 
 Section 8.4.    Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements
of the Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. The Trustee or any
Authenticating Agent shall not be accountable for the use or application by the Company of Securities or the proceeds thereof. 

Section 8.5.    May Hold Securities. 

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company or of the Trustee, in its
individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 8.8 and 8.13, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent,
Paying Agent, Security Registrar or such other agent. 
 Section 8.6.    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. 

Section 8.7.    Compensation and Reimbursement. 

(a)    The Company agrees: 

(1)    to pay to the Trustee from time to time such compensation for its acceptance of this Indenture and
for its services hereunder as Trustee, Paying Agent, Security Registrar and in all other capacities in which it is serving hereunder as the Company and the Trustee shall from time to time agree in writing (which compensation shall not be limited by
any provision of law in regard to the compensation of a trustee of an express trust); 
 (2)    except as
otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by
the Trustee in accordance with any provision of this Indenture (including the reasonable compensation, expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence,
bad faith or willful misconduct; and 
 (3)    to indemnify the Trustee and its agents, directors,
employees and officers for, and to hold them harmless against, any loss, claim, damage, liability or reasonable 

  
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out-of-pocket expense (including the reasonable compensation, expenses and disbursements of its agents and counsel)
incurred without negligence, bad faith or willful misconduct on its or their part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the reasonable costs and out-of-pocket expenses of defending itself against any claim or liability in connection with the exercise or performance of any of the Trustee’s powers or duties hereunder. 

As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities
upon all property and funds held or collected by the Trustee in such capacity, and may withhold or set-off any amounts due and owing to it under this Indenture from any money or property held or collected by
it in its capacity as Trustee. If the Trustee incurs expenses or renders services after the occurrence and during the continuance of an Event of Default, the expenses and the compensation for the services will be intended to constitute expenses of
administration under Title 11 of the United States Bankruptcy Code or any applicable Federal or State law for the relief of debtors. The provisions of this Section 8.7 shall survive the resignation or removal of the Trustee
and the satisfaction, discharge and termination of this Indenture for any reason and shall not be subordinate to the payment of Senior Indebtedness pursuant to Article XII. 

(b)    The Trustee shall notify the Company promptly of any third-party claim for which it may seek indemnity of which it
has received written notice. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder unless, and solely to the extent that, such failure materially prejudices the Company’s defense of such
claim. The Company shall defend the claim, with counsel reasonably satisfactory to the Trustee, and the Trustee shall provide reasonable cooperation at the Company’s expense in the defense; provided that if the defendants in any such
claim include both the Company and the Trustee and the Trustee shall have concluded that there may be legal defenses available to it which are different from or additional to those available to the Company, or the Trustee has concluded that there
may be any other actual or potential conflicting interests between the Company and the Trustee, the Trustee shall have the right to select separate counsel and the Company shall be required to pay the reasonable fees and expenses of such separate
counsel. Any settlement which affects the Trustee may not be entered into without the written consent of the Trustee, unless the Trustee is given a full and unconditional release from liability with respect to the claims covered thereby and such
settlement does not include a statement or admission of fault, culpability or failure to act by or on behalf of the Trustee. After the Company has assumed the defense of a claim as set forth in this Section 8.7(b), the
Trustee may not settle or compromise any suit or action without the consent of the Company (not to be unreasonably withheld or delayed). 

Section 8.8.    Disqualification; Conflicting Interests. 

The Trustee shall comply with the terms of section 310(b) of the Trust Indenture Act. 

Section 8.9.    Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States
of America, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined 

  
 41 

 
capital and surplus of at least $50,000,000 and 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 such 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.

 Section 8.10.    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 in accordance with the applicable requirements of Section 8.11. 

(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. If the instrument of acceptance by a successor Trustee required by Section 8.11 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. 

(d)    If at any time: 

(1)    the Trustee shall fail to comply with Section 8.8 after written request
therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 

(2)    the Trustee shall cease to be eligible under Section 8.9 and shall fail to
resign after written request therefor by the Company or 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 may remove the Trustee with respect to all
Securities, or (ii) subject to Section 7.14, 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 shall promptly appoint a successor Trustee or Trustees with respect to 

  
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the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any
time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 8.11. If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of 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 in accordance with the applicable requirements of Section 8.11, become the successor Trustee
with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the
Holders and accepted appointment in the manner required by Section 8.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself 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 all Holders of Securities of such series as their names and
addresses appear in the Security 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 8.11.    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 and 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. On the request of the Company 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 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 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 

  
 43 

 
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. 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. On request of the Company 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 shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in clause (a) and (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. 
 (e)    Notwithstanding the replacement of the Trustee pursuant to
Section 8.10, the Company’s obligations under Section 8.7 shall continue for the benefit of the retiring Trustee. 

Section 8.12.    Merger, Conversion, Consolidation or Succession to Business. 

Any corporation or other entity into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or
other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor
of the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided such corporation or other entity shall be otherwise qualified and eligible under this Article. 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 with the same effect as if such successor Trustee had itself authenticated such Securities. 

Section 8.13.    Preferential Collection of Claims. 

The Trustee shall comply with section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed in section 311(b) of
the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to section 311(a) of the Trust Indenture Act to the extent indicated therein. 

  
 44 

 Section 8.14.    Appointment of Authenticating Agent. 

(a)    At any time when any of the Securities remain Outstanding, the Trustee may and, upon request of the Company, shall
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 exchange, registration of transfer or partial
redemption thereof or pursuant to Section 2.6; provided that the Trustee’s appointment of such Authenticating Agent shall be subject to the Company’s approval at the time of and throughout such appointment.
Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and
delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall at all times be a corporation or other entity organized and doing business under the laws of the United States of America, any State thereof or the
District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent
publishes reports of condition at least annually pursuant to law or to the requirements of such 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. 
 (b)    Any corporation or other
entity into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party,
or any corporation or other entity succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent without the execution or filing of any paper or any further act on the part of
the Trustee or the Authenticating Agent; provided such corporation or other entity shall be otherwise eligible under this Section. 

(c)    An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Company. The
Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company, and the Trustee shall terminate any such agency promptly upon request by the Company. Upon
receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may and, upon request of the Company, shall
appoint a successor Authenticating Agent; provided that the Trustee’s appointment of such Authentication Agent shall be subject to the Company’s approval at the time of and throughout such appointment, and the Trustee shall mail
written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Security Register. Any
successor Authenticating 

  
 45 

 
Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

(d)    The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services
under this Section. 
 (e)    If an appointment of an Authenticating Agent with respect to one or more series is made
pursuant to this Section, the Securities of such series may have endorsed thereon, in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 

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

 

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	 
		 	As Authenticating Agent

 Date:
                             

Section 8.15.    Consequential Damages. 

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

Section 8.16.    Notices. 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods; provided, however, that the Trustee shall have received or have on file an incumbency certificate listing persons
designated to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the
Company elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s
understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions
notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods by the Company to submit instructions and directions to
the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

  
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 Section 8.17.    Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its reasonable control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God,
and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances. 
 ARTICLE IX 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 9.1.    Company to Furnish Trustee Names and Addresses of Holders. 

If the Trustee is not the Security Registrar, the Company will furnish or cause to be furnished to the Trustee: 

(a)    not later than 15 days after each Regular Record Date (or, if there is no Regular Record Date relating to a series,
semi-annually on dates set forth in the Board Resolution or supplemental indenture with respect to such series), a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders as of such date, and 

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

Section 9.2.    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 9.1 (if any) and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy
any list furnished to it as provided in Section 9.1 upon receipt of a new list so furnished. 

(b)    Holders of any series may communicate pursuant to section 312(b) of the Trust Indenture Act with other Holders of
that series or any other series with respect to their rights under this Indenture or the Securities of that series or any other series. The Company, the Trustee, the Security Registrar and any other Person shall have the protection of
section 312(c) of the Trust Indenture Act. 

  
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 Section 9.3.    Reports by Trustee. 

(a)    Within 60 days after May 15 of each year, commencing the May 15 following the date of this Indenture, the
Trustee shall, to the extent that any of the events described in section 313(a) of the Trust Indenture Act occurred within the previous 12 months, but not otherwise, mail to each Holder a brief report dated as of such date that complies with section
313(a) of the Trust Indenture Act. The Trustee also shall comply with sections 313(a), 313 (b), 313(c) and 313(d) of the
Trust Indenture Act. 
 (b)    A copy of each report at the time of its mailing to Holders shall be mailed to the
Company and filed with the Commission and each securities exchange, if any, on which the Securities of that series are listed. 

(c)    The Company shall notify the Trustee if the Securities of any series become listed on any securities exchange or of
any delisting thereof and the Trustee shall comply with section 313(d) of the Trust Indenture Act. 

Section 9.4.    Reports by Company. 

(a)    The Company shall deliver to the Trustee, within fifteen days after the same is filed with the Commission, copies of
the quarterly and annual reports and of the information, documents and other reports, if any, that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, and to the extent required by
Section 1.7, the Company shall otherwise comply with the requirements of Section 314(a) of the Trust Indenture Act. Any such report, information or document that the Company files with the Commission through the
Commission’s EDGAR database (or any successor thereto) shall be deemed delivered to the Trustee for purposes of this Section 9.4(a) at the time of such filing through the EDGAR database (or successor thereto), without
notice to the Trustee or any other action on the part of the Company. 
 (b)    Delivery of any information, documents
and reports to the Trustee pursuant to clause (a) of this Section is for informational purposes only and the Trustee’s receipt of such items shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

  
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 ARTICLE X 

SUPPLEMENTAL INDENTURES 

Section 10.1.    Supplemental Indentures Without Consent of Holders. 

Without the consent of or notice to any Holders, the Company and the Trustee (at the direction of the Company) at any time and from time to
time, may enter into one or more indentures supplemental hereto (including any related opinions, certificates and ancillary documents), in form reasonably satisfactory to the Trustee, for any of the following purposes: 

(1)    to evidence the succession of another Person to the Company and the assumption by any such successor
of the covenants of the Company herein and in the Securities; or 
 (2)    to add to the covenants of the
Company 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 
 (3)    to add any
additional Events of Default with respect to all or any series of Securities (and if such Events of Default are to be for the benefit of less than all series of Securities, stating that such Events of Default are expressly being included solely for
the benefit of such series); or 
 (4)    to add to or change any of the provisions of this Indenture to
such extent as shall be necessary to permit or facilitate the issuance of new Securities permitted by Section 2.1 in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to
permit or facilitate the issuance of Securities in uncertificated form; or 
 (5)    to secure the
Securities; or 
 (6)    to add any guarantees with respect to the Securities; or 

(7)    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 

(8)    to make a change to the Securities of any series that does not adversely affect the rights of any
Holder of the Securities of such series; or 
 (9)    to establish the form or terms of Securities of any
series as permitted by Section 2.1; or 
 (10)    to evidence and provide for
the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series or 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 8.11(b); or 

(11)    to cure any ambiguity or omission or 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 shall not adversely affect the interests of the Holders of
Securities of any series in any material respect; or 

  
 49 

 (12)    to comply with any requirement of the Commission
in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act; or 

(13)    to make any change in Article XII that would limit or terminate the benefits available to
any holder of Senior Indebtedness under such Article; or 
 (14)    to change or eliminate any of the
provisions of this Indenture with respect to any series of Securities theretofore unissued; or 

(15)    to conform this Indenture or the Securities to the description thereof in the related prospectus,
offering memorandum or disclosure document. 
 Section 10.2.    Supplemental Indentures with Consent of
Holders. 
 (a)    With the consent of the Holders of not less than a majority in principal amount of the Outstanding
Securities of each series so affected by such supplemental indenture, by Act of such Holders delivered to the Company and the Trustee, the Company and the Trustee (at the direction of the Company) 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 the Securities of such series or of modifying in any manner the rights of the Holders of
Securities of such series under this Indenture. Without the consent of the Holder of each Outstanding Security directly affected thereby, a supplemental indenture under this Section 10.2 shall not (with respect to any
Outstanding Security held by a non-consenting Holder): 

(1)    change the Stated Maturity of, the principal of, or any installment of principal of or interest
(including Additional Interest) on, such Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount
Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 7.2, or adversely affect any right of repayment of such Security at the Holder’s option or change
any Place of Payment where, or the currency in which, such Security or any premium or the 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 modify the Securities of any series to subordinate such Securities to other indebtedness, or 

(2)    reduce the percentage in principal amount of the Outstanding Securities of the series for such
Outstanding Security, 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 or Section 7.13, 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 Outstanding Security
directly affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section, or
the deletion of this proviso, in accordance with the requirements of Sections 8.11(b) and 10.1(8); 

  
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 (4)    make any Security payable in a currency other
than that stated in such Security; or 
 (5)    modify the provisions of Article XII with respect
to the Securities in a manner materially adverse to such Holder. 
 (b)    A supplemental indenture which changes or
eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 

(c)    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. 
 (d)    The Company
may set a record date for purposes of determining the identity of Holders of Securities entitled to consent pursuant to this Section. Such record date shall be the later of (i) 30 days prior to the first solicitation of such consent or
(ii) the date of the most recent list of Holders furnished to the Trustee pursuant to Section 9.1 prior to such solicitation. 

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 8.1) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel stating that
the execution of such supplemental indenture is authorized or permitted by this Indenture and complies with the provisions hereof (including Section 10.5). 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 or liabilities 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. 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.

  
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 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 Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion
of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company, and such Securities may be authenticated and delivered by the Trustee, in exchange for Outstanding Securities of such series. 

ARTICLE XI 
 SATISFACTION AND
DISCHARGE; DEFEASANCE 
 Section 11.1.    Satisfaction and Discharge of Indenture. 

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

(1)    Either: 

(A)    all Securities of such series theretofore authenticated and delivered have been delivered to the
Trustee for cancellation (other than (i) Securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.6 and (ii) Securities of such series 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 5.3); or 

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

(i)    have become due and payable, or 

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

(iii)    are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption, 

  
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 and the Company, in the case of clauses (i), (ii) or (iii) above,
has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of establishing an amount sufficient to pay and discharge the entire indebtedness on such Securities of such series not theretofore delivered to the
Trustee for cancellation, for principal and interest (including Additional Interest, if any) to the date of such deposit (in the case of Securities of such series which have become due and payable) or to the Stated Maturity or Redemption Date, as
the case may be; and 
 (2)    the Company has paid or caused to be paid all other sums payable hereunder
by the Company with respect to Securities of such series; and 
 (3)    the Company has delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for the satisfaction and discharge of this Indenture with respect to Securities of such series have been complied with. 

(b)    At any time when no Securities of any series are Outstanding, this Indenture shall upon Company Request cease to be
of further effect and the Trustee, at the expense of the Company, shall execute instruments of satisfaction and discharge of this Indenture. 

(c)    Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee
under Section 8.7 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (a)(1) of this Section 11.1, the obligations of the Trustee under
Section 11.6 and Section 5.3(e) shall survive. 
 (d)    If,
subsequent to the date a discharge is effected pursuant to this Section 11.1, Additional Interest (in excess of that established as of the date such discharge is effected) becomes payable in respect of the series of
Securities discharged, in order to preserve the benefits of the discharge established hereunder, the Company shall irrevocably deposit or cause to be irrevocably deposited in accordance with the provisions of this
Section 11.1, within ten Business Days prior to the date the first payment in respect of any portion of such excess Additional Interest becomes due, such additional funds as are necessary to satisfy the provisions of this
Section 11.1 as if a discharge were being effected as of the date of such subsequent deposit. Failure to comply with the requirements of this paragraph shall result in the termination of the benefits of the discharge
established by this Section 11.1. 
 Section 11.2.    Company’s
Option to Effect Defeasance or Covenant Defeasance. 
 Unless pursuant to Section 2.1 provision is made for
either or both of (a) defeasance of the Securities of another series under Section 11.3 not to be applicable with respect to the Securities of a particular series or (b) covenant defeasance of the Securities of
another series under Section 11.4 not to be applicable with respect to the Securities of such particular series, then the provisions of such Sections, together with the other provisions of Sections 11.3,
11.4, 11.5 and 11.6, shall be applicable to the Securities of such particular series, and the Company may at its option, at any time, with respect to the Securities of such particular series, elect to have either
Section 11.3 or Section 11.4 be applied to the Outstanding Securities of such series upon compliance with the conditions set forth below in Sections 11.3, 11.4, 11.5 and
11.6. 

  
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 Section 11.3.    Defeasance and Discharge. 

Upon the Company’s exercise of the option set forth in Section 11.2 and satisfaction of the conditions to
defeasance set forth in Section 11.5, the Company shall be deemed to have been discharged from its obligations with respect to the Outstanding Securities of such series, and the provisions of Article XII shall cease
to be effective, on the date the conditions set forth below are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness
represented by the Outstanding Securities of such series and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense and direction of the Company,
shall execute instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of Outstanding Securities of such series to receive, solely from the
trust fund described in Section 11.5 and as more fully set forth in such Section, payments in respect of the principal of (and premium, if any) and interest on such Securities when such payments are due, (B) the
Company’s obligations with respect to such Securities under Sections 2.4, 2.5, 2.6, 5.2 and 5.3, (C) the rights, powers, trusts, duties, and immunities of the Trustee under Sections 2.5, 2.6,
2.7, 2.8, 2.9, 5.3(e), 8.7 and 11.6 and otherwise the duty of the Trustee to authenticate Securities of such series issued on registration of transfer or exchange and (D) Sections 11.3,
11.4, 11.5 and 11.6. Subject to compliance with Sections 11.3, 11.4, 11.5 and 11.6, the Company may exercise its option under this Section 11.3 notwithstanding the prior
exercise of its option under Section 11.4 with respect to the Securities of such series. 

Section 11.4.    Covenant Defeasance. 

Upon the Company’s exercise of the option set forth in Section 11.2 and satisfaction of the conditions to
defeasance set forth in Section 11.5, the Company shall be released from its obligations under Sections 5.4, 5.5, 6.1 and 9.4 and any other covenants to be applicable to the Securities of a
series as specified pursuant to Section 2.1 unless specified otherwise pursuant to such Section (and the failure to comply with any such provisions shall not constitute a default or Event of Default under
Section 7.1), and the occurrence of any event described in Sections 7.1(7) and any other events of default to be applicable to the Securities of a series as specified pursuant to Section 2.1
unless specified otherwise pursuant to such Section shall not constitute a default or Event of Default hereunder, with respect to the Outstanding Securities of such series on and after the date the conditions set forth below are satisfied
(hereinafter, “covenant defeasance”). For this purpose, such covenant defeasance means that, with respect to the Outstanding Securities of such series, the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such Section with respect to it, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other
provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby. 

  
 54 

 Section 11.5.    Conditions to Defeasance or Covenant
Defeasance. 
 The following shall be the conditions to application of either Section 11.3 or
Section 11.4 to the Outstanding Securities of such series: 
 (a)    the Company shall
irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 8.9 who shall agree to comply with the provisions of this Article XI
applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the holders of such Securities, (A) money in an amount, or (B) U.S.
Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount, or (C) a combination thereof,
sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying
trustee) to pay and discharge, (i) the principal of (and premium, if any) on and each installment of principal of (premium, if any) and interest on the Outstanding Securities of such series on the Stated Maturity of such principal or
installment of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable to the Outstanding Securities of such series on the day on which such payments are due and payable in accordance with the terms
of this Indenture and of such Securities. For this purpose, “U.S. Government Obligations” means securities that are (x) direct obligations of the United States of America for the payment of which its full faith and credit is
pledged or (y) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in section 3(a)(2) of the Securities Act of 1933, as amended
from time to time) as custodian with respect to any such U.S. Government Obligation or a specific payment of principal of or interest on any such U.S. Government Obligation held by such custodian for the account of the holder of such depository
receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S.
Government Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depository receipt; 

(b)    no Event of Default with respect to the Securities of such series shall have occurred and be continuing on the date
of such deposit (other than an Event of Default resulting from borrowing of funds to be applied to such deposit and the grant of any lien securing such borrowing); 

(c)    such defeasance or covenant defeasance shall not cause the Trustee for the Securities of such series to have a
conflicting interest for purposes of the Trust Indenture Act with respect to any securities of the Company; 

  
 55 

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

(e)    such defeasance or covenant defeasance shall not cause any Securities of such series then listed on any registered
national securities exchange under the Exchange Act to be delisted; 
 (f)    in the case of an election under
Section 11.3, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or
(y) since the date of this Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of the Outstanding Securities of such
series will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
defeasance had not occurred; 
 (g)    in the case of an election under Section 11.4, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the Outstanding Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant
defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred; 

(h)    such defeasance or covenant defeasance shall be effected in compliance with any additional terms, conditions or
limitations which may be imposed on the Company in connection therewith pursuant to Section 2.1; 

(i)    the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent relating to either the defeasance under Section 11.3 or the covenant defeasance under Section 11.4, as the case may be, have been complied with; 

(j)    No event or condition shall exist that, pursuant to the provisions of Article XII, would prevent the Company
from making payments of the principal of (and any premium) or interest (including Additional Interest) on the Securities of such series on the date of such deposit; and 

(k)    The Company shall have delivered to the Trustee an Opinion of Counsel substantially to the effect that (i) the
trust funds deposited pursuant to this Section will not be subject to any rights of holders of Senior Indebtedness, including those arising under Article XII, and (ii) after the 90th day following the deposit, the trust funds will not be
subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally, except that if a court were to rule under any such law in any case or proceeding that the trust funds remained
property of the Company, no opinion is given as to the effect of such laws on the trust funds except the following: (A) assuming such trust funds remained in the possession of the trustee with whom such funds were deposited prior to such court
ruling to the extent not paid to Holders of such Securities, such trustee would hold, for the benefit of such 

  
 56 

 
Holders, a valid and perfected security interest in such trust funds that is not avoidable in bankruptcy or otherwise, (B) such Holders would be entitled to receive adequate protection of
their interests in such trust funds if such trust funds were used and (C) no property, rights in property or other interests granted to such trustee for the Trustee or such Holders in exchange for or with respect to any such funds would be
subject to any prior rights of holders of Senior Indebtedness, including those arising under Article XII. 

Section 11.6.    Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous
Provisions. 
 (a)    Subject to the provisions of Section 5.3(e), all money deposited with
the Trustee (or other qualifying trustee, collectively, for purposes of this Section 11.6, the “Trustee”), all money and U.S. Government Obligations deposited with the Trustee and all money received by the
Trustee in respect of U.S. Government Obligations deposited with the Trustee, pursuant to Section 11.1 or 11.5, in respect of the Outstanding Securities of such series shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such
Securities, of all sums due and to become due thereon in respect of principal (and premium, if any) and interest (including Additional Interest), but such money need not be segregated from other funds except to the extent required by law. Money and
U.S. Government Obligations (including the proceeds thereof) so held in trust shall not be subject to the provisions of Article XII, provided that the applicable conditions of Section 11.5 have been satisfied. 

(b)    The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against
the U.S. Government Obligations deposited pursuant to Section 11.5 or the principal and interest received in respect thereof, other than any such tax, fee or other charge which by law is for the account of the Holders of
the Outstanding Securities of such series. 
 (c)    Anything in this Article XI to the
contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by it as provided in Section 11.5 which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent defeasance
or covenant defeasance and pay any obligations owed or accrued in favor of the Trustee. 
 ARTICLE XII 

SUBORDINATION 

Section 12.1.    Securities Subordinate to Senior Indebtedness. 

(a)    The Company covenants and agrees, and each Holder of a Security, by his acceptance thereof, likewise covenants and
agrees, that, to the extent and in the manner hereinafter set forth in this Article (subject to Article XI), the payment of the principal of, premium, if any, and interest (including 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 in cash of all Senior Indebtedness. 

  
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 (b)    No provision of this Article XII shall prevent the
occurrence of any Default or Event of Default hereunder. 
 Section 12.2.    Payment of Proceeds upon
Dissolution, etc. 
 (a)    Upon any payment or distribution of assets of the Company to creditors upon any
liquidation, dissolution, winding-up, reorganization, assignment for the benefit of creditors, marshalling of assets or liabilities or any bankruptcy, insolvency or similar proceedings of the Company, whether
voluntary or involuntary (each such event, if any, referred to as a “Proceeding”), the holders of Senior Indebtedness shall be entitled to receive payment in full of all amounts due on or to become due on or in respect of all Senior
Indebtedness (including any interest accruing thereon after the commencement of any such Proceeding, whether or not allowed as a claim against the Company in such Proceeding), before the Holders of the Securities are entitled to receive any payment
or distribution (excluding any payment described in Section 12.9) on account of the principal of, premium, if any, or interest (including Additional Interest, if any) on the Securities or on account of any purchase,
redemption or other acquisition of Securities by the Company (all such payments, distributions, purchases, redemptions and acquisitions, whether or not in connection with a Proceeding, herein referred to, individually and collectively, as a
“Payment”). 
 (b)    In the event that, notwithstanding the foregoing, any payment or distribution of
assets of the Company of any kind or character, whether in cash, property or securities, prohibited by the foregoing shall be received by the Trustee or a Holder of the Securities before all Senior Indebtedness is paid in full, or provision is made
for such payment in money in accordance with its terms, such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of Senior Indebtedness or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing any such Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, for application to the payment of all Senior Indebtedness remaining
unpaid to the extent necessary to pay all Senior Indebtedness in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness. 

(c)    For purposes of this Article, “assets of the Company” 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, the payment of which is subordinated at least to the extent provided in this Article with
respect to the Securities to the payment of all Senior Indebtedness that may at the time be outstanding; provided, however, that (i) the Senior Indebtedness is assumed by the new corporation, if any, resulting from any such reorganization or
readjustment, and (ii) the rights of the holders of the Senior Indebtedness are not, without the consent of such holders, altered by such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company into,
another corporation or the liquidation or dissolution of the Company following the conveyance 

  
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or transfer of its property as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided for in Article VI hereof shall not be deemed a
dissolution, winding-up, liquidation or reorganization for the purposes of this Section 12.2 if such other corporation shall, as a part of such consolidation, merger, conveyance or
transfer, comply with the conditions stated in Article VI hereof. Nothing in Section 12.3 or in this Section 12.2 shall apply to claims of, or payments to, the Trustee under or pursuant to
Section 8.7. 
 Section 12.3.    No Payment When Senior Indebtedness in Default.

 (a)    No payment of any principal, including redemption payments, if any, premium, if any, or interest on (including
Additional Interest) the Securities shall be made if: 
 (1)    any Senior Indebtedness is not paid when
due, whether at the stated maturity of any such payment or by call for redemption, and any applicable grace period with respect to such default has ended, with such default remaining uncured, and such default has not been waived or otherwise ceased
to exist; 
 (2)    the maturity of any Senior Indebtedness has been accelerated because of a default; or

 (3)    notice has been given of the exercise of an option to require repayment, mandatory payment or
prepayment or otherwise. 
 (b)    In the event that, notwithstanding the foregoing, the Company shall make any Payment
to the Trustee or any Holder prohibited by the foregoing provisions of this Section, then in such event such Payment shall be held in trust and paid over and delivered forthwith to the holders of the Senior Indebtedness or to the trustee or trustees
under any indenture pursuant to which any instruments evidencing any such Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, for application to the payment of all Senior Indebtedness
remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness. 

(c)    The provisions of this Section shall not apply to any Payment with respect to which
Section 12.2 hereof would be applicable. 
 Section 12.4.    Payment Permitted if no
Default. 
 (a)    Nothing contained in this Article or elsewhere in this Indenture or in any of the Securities shall
prevent the Company, at any time except during the pendency of any Proceeding referred to in Section 12.2 hereof or under the conditions described in Section 12.3 hereof, from making Payments.
Nothing in this Article shall have any effect on the right of the Holders or the Trustee to accelerate the maturity of the Securities upon the occurrence of an Event of Default, but, in that event, no payment may be made in violation of the
provisions of this Article with respect to the Securities. If payment of the Securities is accelerated because of an Event of Default, the Company shall promptly notify the holders of the Senior Indebtedness (or their representatives) of such
acceleration. 

  
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 Section 12.5.    Subrogation to Rights of Holders of Senior
Indebtedness. 
 (a)    The rights of the Holders of the Securities shall be subrogated to the rights of the holders
of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of, 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 Indebtedness 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 pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior
Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness. 

Section 12.6.    Provisions Solely to Define Relative Rights. 

(a)    The provisions of this Article are and are intended solely for the purpose of defining the relative rights of the
Holders on the one hand and the holders of Senior Indebtedness 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 among the Company, its creditors
other than holders of Senior Indebtedness and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional (and which, subject to the rights under this Article of the holders of Senior Indebtedness, is intended
to rank equally with all other general obligations of the Company), to pay to the Holders of the Securities the principal of, premium, if any, and interest (including 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 the holders of Senior Indebtedness; 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, subject to the rights, if any, under this Article of the holders of Senior Indebtedness to receive cash, property and
securities otherwise payable or deliverable to the Trustee or such Holder or, under the conditions specified in Section 12.3, to prevent any payment prohibited by such Section or enforce their rights pursuant to the
penultimate paragraph in Section 12.3. 
 Section 12.7.    Trustee to Effectuate
Subordination. 
 (a)    Each Holder of a Security by his acceptance thereof authorizes and directs the Trustee on
his behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the Trustee his attorney-in-fact
for any and all such purposes, including, in the event of any dissolution, winding-up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency, receivership proceedings, or otherwise,
the timely filing of a claim for the unpaid balance of the indebtedness of the Company owing to such Holder in the form required in such proceedings and the causing of such claim to be approved. 

  
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 Section 12.8.    No Waiver of Subordination Provisions. 

(a)    No right of any present or future holder of any Senior Indebtedness to enforce the subordination provisions provided
herein 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 any failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms,
provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 

(b)    Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness may, at
any time and from time 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 Indebtedness, 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 Indebtedness, or otherwise amend or supplement in any manner Senior Indebtedness or any instrument evidencing the same or any agreement under which Senior Indebtedness is outstanding; (ii) permit the Company to borrow, repay and
then reborrow any or all of the Senior Indebtedness; (iii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness; (iv) release any Person liable in any manner for the
collection of Senior Indebtedness; (v) exercise or refrain from exercising any rights against the Company and any other Person; or (vi) apply any sums received by them to Senior Indebtedness. 

Section 12.9.    Trust Moneys not Subordinated. 

(a)    Notwithstanding anything contained herein to the contrary, payments from money held in trust by the Trustee under
Article XI for the payment of the principal of, premium, if any, and interest (including Additional Interest) on any series of Securities shall not be subordinated to the prior payment of any Senior Indebtedness or subject to the restrictions
set forth in this Article, and no Holder of such Securities nor the Trustee shall be obligated to pay over such amount to the Company, any holder of Senior Indebtedness (or a designated representative of such holder) or any other creditor of the
Company. 
 Section 12.10.    Notice to the Trustee. 

(a)    The Company shall give prompt written notice to a Responsible Officer of the Trustee of any fact known to the
Company that would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities pursuant to the provisions of this Article. 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 that would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities pursuant to the provisions of this Article unless and until a
Responsible Officer of the Trustee shall have received written notice thereof at the Corporate Trust Office of the Trustee from the Company or a holder or holders of Senior Indebtedness or from any trustee therefor; and before the receipt of any
such written notice, the Trustee, subject to the provisions of Section 8.1, shall be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not

  
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have received the notice provided for in this Section 12.10 at least two Business Days prior to the date upon which, by the terms hereof, any money may become payable
for any purpose (including, without limitation, the payment of the principal of (or premium, if any) or interest on any Securities), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to
receive such money and to apply the same to the purposes for which they were received, and shall not be affected by any notice to the contrary that may be received by it within two Business Days prior to such date. 

(b)    The Trustee, subject to the provisions of Section 8.1, shall be entitled to rely on the
delivery to it of a written notice by a Person representing himself to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a holder of Senior Indebtedness or a trustee on behalf
of any such holder or holders. 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 Indebtedness 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 Indebtedness 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 12.11.    Reliance on Judicial Order or Certificate of Liquidating
Agent. 
 (a)    Upon any payment or distribution of assets of the Company referred to in this Article, the Trustee,
subject to the provisions of Section 8.1 hereof, and the Holders of the Securities shall be entitled to 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 the Securities, for
the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article, provided that the foregoing shall apply only if such court has been apprised of the provisions of this Article. 

Section 12.12.    Trustee not Fiduciary for Holders of Senior Indebtedness. 

(a)    Subject to the provisions of Section 8.1, the Trustee shall not be deemed to owe any
fiduciary duty to the holders of Senior Indebtedness and shall not be liable to any such holders if it shall in good faith mistakenly pay over or distribute to Holders of the Securities or to the Company or to any other Person cash, property or
securities to which any holders of Senior Indebtedness shall be entitled by virtue of this Article or otherwise. With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants or
obligations as are specifically set forth in this Article and no implied covenants or obligations with respect to holders of Senior Indebtedness shall be read into this Indenture against the Trustee. 

  
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 Section 12.13.    Rights of Trustee as Holder of Senior
Indebtedness; Preservation of Trustee’s Rights. 
 (a)    The Trustee in its individual capacity
shall be entitled to all the rights set forth in this Article with respect to any Senior Indebtedness that may at any time be held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the
Trustee of any of its rights as such holder. 
 (b)    Nothing in this Article shall apply to claims of, or payments to,
the Trustee under or pursuant to Section 8.7 hereof. 
 Section 12.14.    Article
Applicable to Paying Agents. 
 (a)    In case at any time any Paying Agent other than the Trustee (or the Company or
an Affiliate of the Company) 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 12.15.    Reliance by Holders of Senior Indebtedness on Subordination Provisions. 

(a)    Each Holder by accepting a Security acknowledges and agrees that the foregoing subordination provisions are, and are
intended to be, an inducement and a consideration to each holder of any Senior Indebtedness, whether such Senior Indebtedness was created or acquired before or after the issuance of the Securities, to acquire and continue to hold, or to continue to
hold, such Senior Indebtedness, and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or to continue to hold, such Senior Indebtedness. Each Holder of
Securities, by its acceptance hereof, waives all notice of acceptance of the subordination provisions contained herein by each Holder of Senior Indebtedness of the Company, whether now outstanding or hereafter incurred, and waives reliance by each
such holder upon said provisions. 
 Section 12.16.    Additional Interest. 

(a)    Whenever there is mentioned in this Indenture, in any context, the payment of the principal of, premium, if any, or
interest on, or in respect of, any Securities of any series, such mention shall be deemed to include mention of the payment of Additional Interest provided for by the terms of such series of Securities to the extent that, in such context, Additional
Interest is, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Interest in any provisions hereof shall not be construed as excluding Additional Interest in those provisions hereof
where such express mention is not made. 
 *     *     *     * 

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 one and the same instrument. 
 [The remainder of this page intentionally left blank; signature
pages follow.] 

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

			
	COMPANY:
	
	AFFILIATED MANAGERS GROUP, INC.
		
	By:	 	/s/ David Billings
		 	Name: David M. Billings
		 	 Title:  Executive Vice President, General Counsel and Secretary

 [Signature page to Indenture] 

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

			
	TRUSTEE:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ David W. Doucette
		 	Name: David W. Doucette
		 	Title: Vice President

 [Signature page to Indenture]EX-4.2

 Exhibit 4.2 

AFFILIATED MANAGERS GROUP, INC. 

First Supplemental Indenture 

Dated as of March 27, 2019 

5.875% Junior Subordinated Notes due 2059 

(First Supplement to the Junior Subordinated Notes Indenture Dated as of March 27, 2019) 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 

 FIRST SUPPLEMENTAL INDENTURE, dated as of March 27, 2019, between Affiliated Managers
Group, Inc., a Delaware corporation (herein called the “Company”), having its principal executive offices at 777 South Flagler Drive, West Palm Beach, Florida, 33401, and U.S. Bank National Association, a national bank
association, as Trustee (herein called the “Trustee”). 
 RECITALS: 

WHEREAS, the Company executed and delivered to the Trustee a Junior Subordinated Notes Indenture, dated as of March 27, 2019 (the
“Base Indenture”), providing for the issuance from time to time of the Company’s junior subordinated debt securities (herein and therein called the “Securities”), to be issued in one or more series as provided
in the Base Indenture; 
 WHEREAS, Section 10.1(9) of the Base Indenture permits the Company and the Trustee to enter into an indenture
supplemental to the Base Indenture to establish the form and terms of any series of Securities without notice to or consent of any Holder of any Securities; 

WHEREAS, Section 2.1(b) of the Base Indenture permits the form of Securities of any series to be established in an indenture supplemental
to the Base Indenture; 
 WHEREAS, pursuant to Sections 2.1 and 2.3 of the Base Indenture, the Company desires to provide for the
establishment of a new series of Securities under the Base Indenture, the form and substance of such series of Securities and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this First Supplemental
Indenture; 
 WHEREAS, all conditions and requirements necessary to make this First Supplemental Indenture, when executed and delivered, a
valid agreement of the Company, in accordance with its terms, have been performed and filled; 
 NOW, THEREFORE, WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities established by this First Supplemental Indenture by the holders
thereof (the “Holders”), it is mutually agreed, for the equal and proportionate benefit of all such Holders, as follows: 

ARTICLE I 
 Definitions
and Other Provisions of General Application 
 Section 1.01.    Relation to Base Indenture. This First
Supplemental Indenture constitutes a part of the Base Indenture (the provisions of which, as modified through this First Supplemental Indenture, shall apply to the series of Securities established by this First Supplemental Indenture) but, except as
expressly provided herein, shall not modify, amend or otherwise affect the Base Indenture insofar as it relates to any other series of Securities or, except as expressly provided herein, modify, amend or otherwise affect in any manner the terms and
conditions of the Securities of any other series. 

  
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 Section 1.02.    Definitions. For all purposes of this First
Supplemental Indenture , the capitalized terms used herein (i) which are defined in this Section 1.02 have the respective meanings assigned hereto in this Section 1.02 and (ii) which are defined in the Base Indenture (and which
are not defined in this Section 1.02) have the respective meanings assigned thereto in the Base Indenture. For all purposes of this First Supplemental Indenture: 

(a)    Unless the context otherwise requires, any reference to an Article or Section refers to an Article
or Section, as the case may be, of this First Supplemental Indenture; 
 (b)    The words
“herein,” “hereof” and “hereunder” and words of similar import refer to this First Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; and 

(c)    The terms defined in this Section 1.02(c) have the meanings assigned to them in this Section
and include the plural as well as the singular. 
 “Additional Interest” has the meaning set forth in Section 2.03.

 “Administrative Action” means any judicial decision or any official administrative pronouncement, ruling, regulatory
procedure, notice or announcement, including any notice or announcement of intent to issue or adopt any administrative pronouncement, ruling, regulatory procedure or regulation. 

“Depository” has the meaning set forth in Section 2.01(c). 

“Indenture” means the Base Indenture, as supplemented by this First Supplemental Indenture. 

“Interest Payment Date” has the meaning set forth in Section 2.02(a). 

“Maturity Date” means March 30, 2059. 

“Notes” has the meaning set forth in Section 2.01(a). 

“Optional Deferral Period” has the meaning set forth in Section 2.03. 

“Original Issue Date” means March 27, 2019. 

“Rating Agency Event” means that any nationally recognized statistical rating organization within the meaning of
Section 3(a)(62) under the Exchange Act that then publishes a rating for the Company (a “rating agency”) amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Notes, which amendment,
clarification or change results in (a) the shortening of the length of time the Notes are assigned a particular level of equity credit by that rating agency as compared to the length of time the Notes would have been assigned that level of
equity credit by that rating agency or its predecessor upon the initial issuance of the Notes; or (b) the lowering of the equity credit (including up to a lesser amount) assigned to the Notes by that rating agency compared to the equity credit
assigned by that rating agency or its predecessor upon the initial issuance of the Notes. 
 “Redemption Date”, when used
with respect to any Note to be redeemed, means the date fixed for the redemption of such Note by or pursuant to this First Supplemental Indenture. 

  
 2 

 “Redemption Price”, when used with respect to any Note to be redeemed,
means the price at which such Note is to be redeemed pursuant to this First Supplemental Indenture. 
 “Regular Record
Date” means, with respect to each Interest Payment Date, the close of business (i) on the Business Day immediately preceding such Interest Payment Date in respect of any Notes issued in the form of one or more Global Securities or
(ii) on the 15th calendar day preceding such Interest Payment Date in respect of any Notes issued in the form of definitive Note (whether or not a Business Day). 

“Securities Rate” has the meaning set forth in Section 2.02. 

“Tax Event” means that the Company shall have received an opinion of counsel experienced in tax matters to the effect that,
as a result of: 
 (a) any amendment to, clarification of, or change, including any announced prospective change, in the laws
or treaties of the United States or any of its political subdivisions or taxing authorities, or any regulations under those laws or treaties; 

(b) an Administrative Action; 

(c) any amendment to, clarification of, or change in the official position or the interpretation of any Administrative Action
or any interpretation or pronouncement that provides for a position with respect to an Administrative Action that differs from the previously generally accepted position, in each case by any legislative body, court, governmental authority or
regulatory body, regardless of the time or manner in which that amendment, clarification or change is introduced or made known; or 

(d) a threatened challenge asserted in writing in connection with an audit of the Company or an audit of any of the
subsidiaries of the Company, or a publicly-known threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the Notes, 

which amendment, clarification or change is effective or the Administrative Action is taken or issued, or interpretation or pronouncement is issued or
threatened challenge is asserted or becomes publicly-known after the Original Issue Date, there is more than an insubstantial risk that interest payable by the Company on the Notes is not deductible, or within 90 days of the date of such opinion
would not be deductible, in whole or in part, by the Company for United States federal income tax purposes. 
 ARTICLE II 

General Terms and Conditions of the Notes 

Section 2.01.    Terms of Notes. Pursuant to Sections 2.1 and 2.3 of the Base Indenture, there is hereby
established a series of Securities, the terms of which shall be as follows: 
 (a)    Designation. The Securities
shall be known and designated, as applicable, as the “5.875% Junior Subordinated Notes due 2059” (the “Notes”) of the Company. 

  
 3 

 (b)    Principal Amount. The aggregate principal amount of the
Notes shall initially be $280,000,000 (or up to $322,000,000 aggregate principal amount if the underwriters exercise in full their overallotment option to purchase additional Notes granted pursuant to the underwriting agreement relating to the Notes
entered into by the Company and the other parties thereto on March 21, 2019). The Company may at any time issue additional securities under the Indenture in unlimited amounts having the same terms (except for the issue date, issue price and, in
some cases, the first interest accrual date and first interest payment date) as the Notes (except as otherwise provided in the Indenture) so that such additional securities shall be consolidated with the Notes, including for purposes of voting and
redemption; provided, however, that the Company will use a separate CUSIP for any such additional securities that are not fungible with the original Notes for U.S. federal income tax purposes. Any such additional securities shall,
together with the outstanding Notes, constitute a single series of debt securities under the Indenture. 
 (c)    Form
and Denominations. The Notes will be issued only in fully registered form, and the authorized minimum denominations of the Notes shall be $25 and integral multiples of $25 in excess thereof. The Notes will initially be issued in the form of one
or more Global Securities substantially in the form of Annex A attached hereto, with such modifications thereto as may be approved by the Officer executing the same, which shall be deposited on behalf of the purchasers of the Notes represented
thereby with the Trustee as custodian for The Depository Trust Company (the “Depository”) and registered in the name of Cede & Co., the Depository’s nominee, duly executed by the Company, and, upon receipt of a Company
Order, authenticated by the Trustee. In limited circumstances, the Notes may be represented by notes in certificated form. The Notes will be denominated in U.S. Dollars and payments of principal and interest will be made in U.S. Dollars. 

(d)    Sinking Fund; Holder Repurchase Right. The Notes shall not be subject to any sinking fund or analogous
provision or be redeemable at the option of the Holders. 
 (e)    Forms. The Notes shall be substantially in the
form of Annex A attached hereto, with such modifications thereto as may be approved by the Officer executing the same. 

(f)    Security Registrar, Paying Agent and Place of Payment. The Company hereby appoints U.S. Bank National
Association as Security Registrar and Paying Agent with respect to the Notes. The Notes may be surrendered for registration of transfer and for exchange at the Corporate Trust Office of the Trustee or at any other office or agency maintained by the
Company for such purpose. The place of payment for the Notes shall be the Corporate Trust Office of the Trustee. 

(g)    Subordination. The subordination provisions of the Base Indenture, including the provisions contained in
Article XII and the definition of “Senior Indebtedness” set forth in Section 1.1, shall apply to the Notes. 

(h)    Defeasance. The Notes shall be defeasible pursuant to both Sections 11.3 and 11.4 of the Base Indenture, and
the provisions of Article XI of the Base Indenture shall apply to the Notes. 

  
 4 

 Section 2.02.    Payment of Principal and Interest. 

(a)    The principal of the Notes shall be due on the Maturity Date (unless earlier redeemed). The unpaid principal amount
of the Notes shall bear interest at the rate of 5.875% per annum (the “Securities Rate”) from the Original Issue Date. Subject to Section 2.03, interest on the Notes shall be payable quarterly in arrears on March 30,
June 30, September 30 and December 30 of each year, beginning June 30, 2019 (each such date, an “Interest Payment Date”), to the Person in whose name the Notes are registered at the close of business on the
Regular Record Date for such Interest Payment Date. 
 (b)    Payments of interest on the Notes will include interest
accrued to but excluding the respective Interest Payment Dates. Interest payments for the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.
In the event that any date on which interest is payable on the Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment
in respect of any such delay), with the same force and effect as if made on the date the payment was originally payable. 

Section 2.03.    Deferral of Interest Payments. 

(a)    The Company may, at its option, on one or more occasions, defer payment of all or part of the current and accrued
interest otherwise due on the Notes by extending the interest payment period for up to 20 consecutive quarterly periods (each period, commencing on the date that the first such interest payment would otherwise have been made, an “Optional
Deferral Period”). A deferral of interest payments may not extend beyond the Maturity Date or end on a day other than an Interest Payment Date. Any deferred interest on the Notes will accrue additional interest at the Securities Rate from
the applicable Interest Payment Date to the date of payment, compounded quarterly (such deferred interest and additional interest accrued thereon, “Additional Interest”), to the extent permitted under applicable law. No interest
shall be due and payable on the Notes until the end of an Optional Deferral Period, except upon a redemption of the Notes during such Optional Deferral Period. 

(b)    Prior to the termination of any Optional Deferral Period, the Company may further defer the payment of interest by
extending such Optional Deferral Period; provided that such Optional Deferral Period together with all such previous and further deferrals of interest payments shall not exceed 20 consecutive quarterly periods at any one time or extend beyond the
Maturity Date. Upon the termination of any Optional Deferral Period or on any Redemption Date, the Company shall pay all interest accrued and unpaid on the Notes, including any Additional Interest, (i) to the Person in whose name the Notes are
registered on the Regular Record Date for such Interest Payment Date, provided that interest accrued and unpaid on the Notes, including any Additional Interest, payable at the Maturity Date or on any Redemption Date will be paid to the Person to
whom principal is payable, or (ii) to the Person entitled to receive the Redemption Price in accordance with Article III of the Base Indenture. Once the Company pays all interest accrued and unpaid on the Notes, including any Additional
Interest, it shall be entitled again to defer interest payments on the Notes as described above. 
 (c)    During an
Optional Deferral Period, subject to Section 2.03(d), the Company shall not (i) declare or pay any dividend or make any distributions, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its Capital Stock, or
(ii) make any payment of interest on, principal of or premium, if any, on or repay, repurchase or redeem any debt securities (including guarantees) issued by the Company which rank equally (“pari passu securities”) or junior
(“junior securities”), in each case, in right of payment to the Notes. 

  
 5 

 (d)    Section 2.03(c) shall not restrict: 

(i)    any of the actions described in Section 2.03(c) resulting from any reclassification of the
Company’s Capital Stock or the exchange or conversion of one class or series of the Company’s Capital Stock for another class or series of the Company’s Capital Stock, 

(ii)    the purchase of fractional interests in shares of the Company’s Capital Stock pursuant to an
acquisition or the conversion or exchange provisions of such Capital Stock or the security being converted or exchanged, 

(iii)    dividends, payments or distributions payable in shares of Capital Stock or warrants, options or
rights to acquire the Company’s Capital Stock, 
 (iv)    redemptions, purchases or other
acquisitions of shares of Capital Stock in connection with any employment contract, incentive plan, benefit plan or other similar arrangement of the Company or any of its subsidiaries or in connection with a dividend reinvestment or stock purchase
plan, 
 (v)    any declaration of a dividend in connection with implementation of any stockholders’
rights plan, or the issuance of rights, stock or other property under any such plan, or the redemption, repurchase or other acquisition of any such rights pursuant thereto, 

(vi)    redemptions, purchases or other acquisitions of shares of Capital Stock in connection with the
satisfaction of the Company’s obligations pursuant to any contract entered into prior to the beginning of the applicable Optional Deferral Period, 

(vii)    (x) any payment of current or deferred interest (or setting aside a sum sufficient for the payment
thereof) on any pari passu securities that is made pro rata to the amounts due on such pari passu securities and the Notes and (y) any payment of principal or current or deferred interest on pari passu securities that, if not made, would cause
the Company to breach the terms of the instrument governing such pari passu securities, 
 (viii)    the
payment of any dividend or distribution on the Company’s Capital Stock within 30 days after the date of declaration of such dividend or distribution, if the dividend or distribution would have been permitted under the Indenture on the date of
declaration, or 
 (ix)    the redemption of pari passu securities or junior securities within 60 days
after the date on which notice of redemption was given, if at the time the notice was given, such redemption would have been permitted under the Indenture. 

(e)    The Company shall provide written notice of its selection or extension of an Optional Deferral Period to a
Responsible Officer of the Trustee at least 10 Business Days and not more than 60 Business Days prior to the earlier of (i) the next applicable Interest Payment Date or (ii) the date, if any, upon which the Company is required to give
notice of such Interest Payment Date or the Regular Record Date thereof to the New York Stock Exchange or any applicable self-

  
 6 

 
regulatory organization. In addition, the Company shall deliver to the Trustee an Officer’s Certificate stating whether or not a Default or Event of Default shall have occurred and be
continuing. Subject to the delivery of the Officer’s Certificate described in the immediately preceding sentence, the Trustee shall forward such written notice promptly to the Holders of the Notes as provided in Section 1.6 of the Base
Indenture. 
 Section 2.04.    Redemption at the Company’s Option. 

(a)    At any time and from time to time on or after March 30, 2024, the Notes will be subject to redemption at the
option of the Company in whole or in part upon not less than 10 nor more than 60 days’ notice, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest (including any Additional
Interest) on the Notes being redeemed to the Redemption Date. 
 (b)    At any time prior to March 30, 2024, the
Company may redeem the Notes, in whole but not in part, upon not less than 10 nor more than 60 days’ notice following the occurrence of a Tax Event, at a Redemption Price equal to 100% of the principal amount to be redeemed plus any accrued but
unpaid interest (including any Additional Interest) to the Redemption Date. 
 (c)    At any time prior to March 30,
2024, the Company may redeem the Notes, in whole but not in part, upon not less than 10 nor more than 60 days’ notice, given within the 90 days after the occurrence of a Rating Agency Event, at a Redemption Price equal to 102% of the principal
amount to be redeemed plus any accrued but unpaid interest (including any Additional Interest) to the Redemption Date. 

(d)    In the event of redemption of the Notes in part only, a new Note or Notes for the unredeemed portion will be issued
in the name or names of the Holders thereof upon the surrender thereof. 
 (e)    Notice of redemption shall be given as
provided in Section 3.4 of the Base Indenture. 
 (f)    Any redemption of less than all of the Notes shall, with
respect to the principal thereof, be divisible by $25. 

  
 7 

 Section 2.05.    Events of Default. 

(a)    For the benefit of the Holders of the Notes and for purposes of this First Supplemental Indenture only,
Section 7.1 the Base Indenture shall be amended and restated in its entirety as follows: 

“Section 7.1.    Events of Default 

“Event of Default”, wherever used herein with respect to the Notes, 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 or occasioned by the operation of Article XII of the Base Indenture): 
 (1)    the entry by a court
having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or
(B) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State
law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company 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 for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or 

(2)    the commencement by the Company of a voluntary case or proceeding under any applicable Federal or
State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company in an
involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee,
trustee, sequestrator or similar official of the Company or of any substantial part of its property, or the making by the Company of an assignment for the benefit of creditors, or the admission by the Company in writing of its inability to pay its
debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action. 
 With respect to
the Notes, and for purposes of this Section 7.1, the term “Default” means the following events: (a) default in the payment of any interest upon any of the Notes when due and payable on an Interest Payment Date other than
at Maturity, including Additional Interest in respect thereof, and continuance of such default for a period of 30 days; provided, however, that a valid extension of the interest payment period by the Company pursuant to the terms of the Indenture
shall not constitute a default in the payment of interest for this purpose, (b) default in the payment of the principal of (or premium, if any), or interest (including Additional Interest) on, the Notes when due and payable at Maturity or
earlier redemption or (c) default in the performance or breach of any covenant or warranty of the Company in the Indenture (other than a covenant or warranty a default in whose performance or whose breach is addressed in clause (a) or (b)
of this paragraph), 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 Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in
principal amount of the outstanding Notes, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Covenant Default” hereunder. 

Upon the occurrence and continuance of a Default, the Trustee and the Holders of the Notes will have the same rights and remedies, and will be
subject to the same limitations, restrictions, protections and exculpations, and the Company will be subject to the same obligations and restrictions, in each case, as would apply if such Default was an Event of Default or an event which after
notice or lapse of time or both would become an Event of Default; provided that the principal of and accrued and unpaid interest (including Additional Interest) on the Notes may not be declared 

  
 8 

 
immediately due and payable by reason of the occurrence and continuation of a Default, and any notice of declaration or acceleration based on such Default will be null and void with respect to
the Notes; provided, further, that in case a Default has occurred and is continuing, the Trustee will not be subject to the requirement to exercise, in respect of the rights and powers vested in it by the Indenture, the same degree of care as a
prudent Person would exercise in the conduct of such Person’s own affairs, unless an Event of Default has occurred and is continuing. 

If there occurs a Default specified in clauses (a) or (b) of the second preceding paragraph, the Trustee may or, if directed by the
Holders of a majority in principal amount of the Notes then outstanding, shall, subject to the provisions of the Indenture, demand payment of the amount then due and payable and may institute judicial proceedings for the collection of such amount if
the Company fails to make payment thereof upon demand. 
 The Trustee shall have no right or obligation under the Indenture or otherwise to
exercise any remedies on behalf of any Holders of the Notes in connection with any default, unless such remedies are available under the Indenture and the Trustee is directed to exercise such remedies pursuant to and subject to the conditions of
Section 7.12 of the Base Indenture, provided, however, that this provision shall not affect the rights of the Trustee with respect to any Events of Default as set forth in Section 7.1 of the Base Indenture that may occur with respect to
the Notes. In connection with any such exercise of remedies, the Trustee shall be entitled to the same immunities and protections and remedial rights (other than acceleration) as if such Default were an Event of Default. 

Subject to the provisions of Section 8.3(i) of the Base Indenture, the Trustee shall not be deemed to have knowledge of an Event of
Default hereunder unless a Responsible Officer of the Trustee has received written notice thereof.” 
 (b)    For
the benefit of the Holders of the Notes and for purposes of this First Supplemental Indenture only, Section 7.2 the Base Indenture shall be amended and restated in its entirety as follows: 

“Section 7.2.    Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default occurs, the principal of and accrued and unpaid interest (including Additional Interest) on the Notes shall be
immediately due and payable without declaration or other act on the part of the Trustee or any Holder of the Notes.” 

Section 2.06.    Supplemental Indentures. 

For the avoidance of doubt, as referenced in Section 10.1(15) of the Base Indenture, without the consent of or notice to any Holders, the
Company and the Trustee (at the direction of the Company) at any time and from time to time, may enter into one or more indentures supplemental to the Base Indenture (including any related opinions, certificates and ancillary documents), in form
reasonably satisfactory to the Trustee, to conform the terms of the Base Indenture, this First Supplemental Indenture or the Notes to the description thereof in the Company’s prospectus supplement dated March 21, 2019 relating to the
Notes. 

  
 9 

 ARTICLE III 

Miscellaneous 

Section 3.01.    Relationship to Existing Base Indenture. This First Supplemental Indenture is a supplemental
indenture within the meaning of the Base Indenture. The Base Indenture, as supplemented and amended through this First Supplemental Indenture, is in all respects ratified, confirmed and approved and, with respect to the Notes, the Base Indenture, as
supplemented and amended through this First Supplemental Indenture, shall be read, taken and construed as one and the same instrument. 

Section 3.02.    Modification of the Existing Base Indenture. Except as expressly modified through this First
Supplemental Indenture, the provisions of the Base Indenture shall govern the terms and conditions of the Notes. 

Section 3.03.    Governing Law. This instrument shall be governed by, and construed in accordance with, the
laws of the State of New York. 
 Section 3.04.    Counterparts. 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. 

Section 3.05.    Makes No Representation. The recitals contained herein are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this First Supplemental Indenture (except for its execution thereof and its certificates of
authentication of the Notes). 
 Section 3.06.    Agreement by Holders to Certain Tax Treatment. Each Holder
of the Notes will, by accepting the Notes or a beneficial interest therein, be deemed to have agreed that the Holder intends that the Notes constitute indebtedness and will treat the Notes as indebtedness for U.S. federal, state and local tax
purposes. 
 Section 3.07.    Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY, AND EACH
HOLDER OF THE NOTES BY ITS ACCEPTANCE THEREOF, IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN A LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS FIRST SUPPLEMENTAL INDENTURE, THE
SECURITIES OF THE TRANSACTION CONTEMPLATED BY OR THEREBY. 

  
 10 

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

					
	AFFILIATED MANAGERS GROUP, INC.
		
	By:	 	 /s/ David M. Billings

		 	Name:	 	David M. Billings
		 	Title:	 	 Executive Vice President,
 General Counsel
and Secretary

  
 [Signature Page to First
Supplemental Indenture] 

 
					
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ David W. Doucette

		 	Name:	 	David W. Doucette
		 	Title:	 	Vice President

 [Signature Page to First Supplemental Indenture] 

 Annex A 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY OR
A NOMINEE OF THE DEPOSITORY. THIS GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND, UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE AND IN PART FOR SECURITIES IN DEFINITIVE FORM, MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY
THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 
 UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

AFFILIATED MANAGERS GROUP, INC. 

5.875% Junior Subordinated Notes due 2059 
  

									
	No. [*]	  		  		  		    	CUSIP NO. [*]
	$[*]	  		  		  		    	ISIN: [*]

 Affiliated Managers Group, Inc., a corporation duly incorporated and subsisting under the laws of the State of
Delaware (herein called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of [*] million U.S. Dollars (U.S. $[*]) on March 30, 2059 and to pay interest thereon from March 27, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, on March 30,
June 30, September 30 and December 30 in each year, commencing June 30, 2019, at the rate of 5.875% per annum, until the principal hereof is paid or made available for payment. 

The Company may, at its option, on one or more occasions, defer payment of all or part of the current and accrued interest otherwise due on
the Notes in accordance with Section 2.03 of the First Supplemental Indenture (as defined on the reverse of this Note). 

 The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more predecessor securities) is registered at the close of business on the Regular Record Date for such Interest Payment Date. Except as otherwise
provided in the Indenture (as defined on the reverse of this Note), any such interest not so punctually paid or duly provided for will 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 Note (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 Notes of
this series not less than ten 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 on which the Notes of this series shall be listed, and upon
such notice as may be required by any such exchange, as more fully provided in the Indenture. 
 Payment of the principal of and interest on
this Note shall be made at the Corporate Trust Office of the Trustee maintained for that purpose, in such 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, for so long as the Notes are represented in global form by one or more Global Securities, all payments of principal and interest shall be made by wire transfer of immediately available funds to the Depository or its nominee, as the case
may be, as the registered owner of the Global Security representing such Notes. In the event that definitive Notes shall have been issued, all payments of principal and interest shall be made by wire transfer of immediately available funds to the
accounts of the registered Holders thereof; provided, that the Company may at its option pay interest by check to the registered address of each Holder of a definitive Note. 

The indebtedness evidenced by this Note, including the principal hereof and interest (including Additional Interest) hereon, is, to the extent
provided in the Indenture, subordinate and junior in right of payment and upon liquidation to the prior payment in full of all Senior Indebtedness, and this Note is issued subject to the provisions of the Indenture with respect thereto. Each Holder
of the Notes, 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. Each Holder of the Notes, by accepting the same, waives all notice of the
acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Indebtedness, 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 Note 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 Note 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. 
  

							
		 		 	AFFILIATED MANAGERS GROUP, INC.
				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Title:
				
	 [Seal]
	 		 		 	
				
		 		 	Attest:	 	  

		 		 		 	Name:
		 		 		 	Title:

 Date: 

  
 [Signature Page to Global
Note] 

 This is one of the Securities of the series designated therein issued under the within
mentioned Indenture. 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 
		 	Authorized Signatory

 Date: 

  
 [Signature Page to Global
Note] 

 [Form of Reverse of Note] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued
in one or more series under a Junior Subordinated Notes Indenture, dated as of March 27, 2019 (herein called the “Base Indenture”), as supplemented through a First Supplemental Indenture, dated as of March 27, 2019 (herein
called the “First Supplemental Indenture”, and together with the Base Indenture, the “Indenture”), between the Company and U.S. Bank National Association, as Trustee (herein called the
“Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal
amount to $280,000,000 (or up to $322,000,000 aggregate principal amount if the underwriters exercise in full their overallotment option to purchase additional Notes granted pursuant to the underwriting agreement relating to the Notes entered into
by the Company and the other parties thereto on March 21, 2019). The Company may at any time issue other debt securities under the Indenture. The Company may at any time issue additional securities under the Indenture in unlimited amounts
having the same terms (except for the issue date, issue price and, in some cases, the first interest accrual date and first interest payment date) as the Notes (except as otherwise provided in the Indenture) so that such additional securities shall
be consolidated with the Notes, including for purposes of voting and redemption; provided, however, that the Company will use a separate CUSIP for any such additional securities that are not fungible with the original Notes for U.S.
federal income tax purposes. Any such additional securities shall, together with the outstanding Notes, constitute a single series of debt securities under the Indenture. 

At any time and from time to time on or after March 30, 2024, the Notes will be subject to redemption at the option of the Company in
whole or in part upon not less than 10 nor more than 60 days’ notice, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest (including any Additional Interest) on the Notes
being redeemed to the Redemption Date. 
 At any time prior to March 30, 2024, the Company may redeem the Notes, in whole but not in
part, upon not less than 10 nor more than 60 days’ notice following the occurrence of a Tax Event, at a Redemption Price equal to 100% of the principal amount to be redeemed plus any accrued but unpaid interest (including any Additional
Interest) to the Redemption Date. 
 At any time prior to March 30, 2024, the Company may redeem the Notes, in whole but not in part,
upon not less than 10 nor more than 60 days’ notice, given within the 90 days after the occurrence of a Rating Agency Event, at a Redemption Price equal to 102% of the principal amount to be redeemed plus any accrued but unpaid interest
(including any Additional Interest) to the Redemption Date. 
 The Indenture contains provisions for defeasance at any time of all payment
and other obligations under the Indenture and certain restrictive covenants in the Indenture, in each case upon compliance with certain conditions set forth in the Indenture. 

 If an Event of Default with respect to the Notes occurs, the principal of the Notes and
accrued and unpaid interest (including Additional Interest) shall automatically, and without any declaration or other action on the part of the Trustee or any Holder of the Notes, become immediately due and payable as provided in the Indenture. For
the avoidance of doubt, Holders of Notes shall have no right to declare the principal of the Notes to be due and payable immediately, and there shall be no right of acceleration of principal and accrued but unpaid interest (including Additional
Interest) on the Notes in the case of any Default. 
 The Indenture or the Notes may be amended or supplemented as provided in the
Indenture. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of and any interest on this Note at the times, place and rate, and in the currency, herein prescribed, subject to the Company’s option to defer interest payments in
accordance with Section 2.03 of the First Supplemental Indenture. 
 As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note is registrable in the Security Registrar’s books, upon surrender of this Note for registration of transfer at the Corporate Trust Office of the Trustee or at any other office or agency maintained by
the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or the Holder’s 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. 

The Notes of this series are issuable only in registered form in minimum denominations of $25 and integral multiples of $25 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering
the same. 
 No service charge shall be made to a Holder for any such registration of transfer or exchange, but the Company, the Trustee or
the Security Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith other than in the case of certain exchanges as provided in the Indenture. 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

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