Document:

EX-4.3

 Exhibit 4.3 
  

 
 THE PROGRESSIVE CORPORATION 

AND 

                    , 

TRUSTEE 
  

 
 INDENTURE 

 
  

DATED AS OF [                    ], 2018

  
  

 
  

 Provisions of Trust Indenture Act of 1939 and Indenture to be dated as of
[                    ], 2018, between THE PROGRESSIVE CORPORATION and
                , Trustee: 
 Cross references between the
provisions of the Trust Indenture Act of 1939 and the Indenture dated as of [    ], 2018 between THE PROGRESSIVE CORPORATION and                 ,
Trustee: 
  

			
	SECTION OF THE ACT	  	SECTION OF INDENTURE
		
	 310(a)(1) and (2)
	  	6.8
		
	 310(a)(3) and (4)
	  	Inapplicable
		
	 310(a)(5)
	  	6.8
		
	 310(b)
	  	6.9(a), (b) and (d)
		
	 310(b)(1)
	  	6.13
		
	 310(c)
	  	Inapplicable
		
	 311(a)
	  	6.12
		
	 311(b)
	  	6.12
		
	 311(c)
	  	Inapplicable
		
	 312(a)
	  	4.1 and 4.2
		
	 312(b)
	  	4.2
		
	 312(c)
	  	4.2
		
	 313(a)
	  	4.3
		
	 313(b)(1)
	  	Inapplicable
		
	 313(b)(2)
	  	4.3
		
	 313(c)
	  	4.3
		
	 313(d)
	  	4.3
		
	 314(a)
	  	4.4
		
	 314(b)
	  	Inapplicable

  
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	SECTION OF THE ACT	  	SECTION OF INDENTURE
		
	314(c)(1) and (2)	  	11.5
		
	314(c)(3)	  	Inapplicable
		
	314(d)	  	Inapplicable
		
	314(e)	  	11.5
		
	314(f)	  	Inapplicable
		
	315(a), (c) and (d)	  	6.1
		
	315(b)	  	5.11
		
	315(e)	  	5.12
		
	316(a)(1)	  	5.9
		
	316(a)(2)	  	Not required
		
	316(a)(last sentence)	  	7.4
		
	316(b)	  	5.7
		
	317(a)	  	5.2
		
	317(b)	  	3.4(a) and (b)
		
	318(a)	  	11.7

  

	*	 This cross-reference sheet is not part of the indenture. 

  
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 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Article One Definitions
	  	 	1	 
	 SECTION 1.1
	 	Certain Terms Defined	  	 	1	 
		
	 Article Two Securities
	  	 	5	 
	 SECTION 2.1
	 	Forms Generally	  	 	5	 
	 SECTION 2.2
	 	Form of Trustee’s Certificate of Authentication	  	 	6	 
	 SECTION 2.3
	 	Amount Unlimited; Issuable in Series	  	 	6	 
	 SECTION 2.4
	 	Authentication and Delivery of Securities	  	 	8	 
	 SECTION 2.5
	 	Execution of Securities	  	 	9	 
	 SECTION 2.6
	 	Certificate of Authentication	  	 	10	 
	 SECTION 2.7
	 	Denomination and Date of Securities; Payments of Interest	  	 	10	 
	 SECTION 2.8
	 	Registration, Transfer and Exchange	  	 	10	 
	 SECTION 2.9
	 	Mutilated, Defaced, Destroyed, Lost and Stolen Securities	  	 	11	 
	 SECTION 2.10
	 	Cancellation of Securities; Destruction Thereof	  	 	12	 
	 SECTION 2.11
	 	Temporary Securities	  	 	12	 
	 SECTION 2.12
	 	Global Securities	  	 	13	 
	 SECTION 2.13
	 	CUSIP Numbers	  	 	15	 
		
	 Article Three Covenants of the Issuer
	  	 	15	 
	 SECTION 3.1
	 	Payment of Principal and Interest	  	 	15	 
	 SECTION 3.2
	 	Offices for Payments, etc.	  	 	15	 
	 SECTION 3.3
	 	Appointment to Fill a Vacancy in Office of Trustee	  	 	16	 
	 SECTION 3.4
	 	Paying Agents	  	 	16	 
	 SECTION 3.5
	 	Written Statement to Trustee	  	 	16	 
		
	 Article Four Securityholders’ Lists and Reports by the Issuer and the
Trustee
	  	 	17	 
	 SECTION 4.1
	 	Issuer to Furnish Trustee Names and Addresses of Holders	  	 	17	 
	 SECTION 4.2
	 	Preservation of Information; Communications to Holders	  	 	17	 
	 SECTION 4.3
	 	Reports by Trustee	  	 	17	 
	 SECTION 4.4
	 	Reports by Issuer	  	 	17	 
		
	 Article Five Events of Default; Remedies
	  	 	18	 
	 SECTION 5.1
	 	Event of Default Defined; Acceleration of Maturity; Waiver of Default	  	 	18	 
	 SECTION 5.2
	 	Collection of Indebtedness by Trustee; Trustee May Prove Debt	  	 	20	 
	 SECTION 5.3
	 	Application of Proceeds	  	 	22	 
	 SECTION 5.4
	 	Suits for Enforcemen	  	 	23	 
	 SECTION 5.5
	 	Restoration of Rights on Abandonment of Proceedings	  	 	23	 
	 SECTION 5.6
	 	Limitations on Suits by Securityholders	  	 	23	 
	 SECTION 5.7
	 	Unconditional Right of Securityholders to Institute Certain Suits	  	 	24	 
	 SECTION 5.8
	 	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	  	 	24	 
	 SECTION 5.9
	 	Control by Securityholders	  	 	24	 
	 SECTION 5.10
	 	Waiver of Past Defaults	  	 	25	 

  
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 TABLE OF CONTENTS (CONTINUED) 

 

							
	 	 	 	  	Page	 
	 SECTION 5.11
	 	Trustee to Give Notice of Default, But May Withhold in Certain Circumstances	  	 	25	 
	 SECTION 5.12
	 	Right of Court to Require Filing of Undertaking to Pay Costs	  	 	26	 
		
	 Article Six Concerning the Trustee
	  	 	26	 
	 SECTION 6.1
	 	Duties and Responsibilities of the Trustee; During Default; Prior to Default	  	 	26	 
	 SECTION 6.2
	 	Certain Rights of the Trustee	  	 	27	 
	 SECTION 6.3
	 	Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof	  	 	29	 
	 SECTION 6.4
	 	Trustee and Agents May Hold Securities; Collections, etc.	  	 	29	 
	 SECTION 6.5
	 	Moneys Held by Trustee	  	 	29	 
	 SECTION 6.6
	 	Compensation and Indemnification of Trustee and Its Prior Claim	  	 	29	 
	 SECTION 6.7
	 	Right of Trustee to Rely on Officers’ Certificate, etc.	  	 	30	 
	 SECTION 6.8
	 	Persons Eligible for Appointment as Trustee	  	 	30	 
	 SECTION 6.9
	 	Resignation and Removal; Appointment of Successor Trustee	  	 	30	 
	 SECTION 6.10
	 	Acceptance of Appointment by Successor Trustee	  	 	32	 
	 SECTION 6.11
	 	Merger, Conversion, Consolidation or Succession to Business of Trustee	  	 	32	 
	 SECTION 6.12
	 	Preferential Collection of Claims Against the Issuer	  	 	33	 
		
	 Article Seven Concerning the Securityholders
	  	 	33	 
	 SECTION 7.1
	 	Evidence of Action Taken by Securityholders	  	 	33	 
	 SECTION 7.2
	 	Proof of Execution of Instruments and of Holding of Securities	  	 	33	 
	 SECTION 7.3
	 	Holders to Be Treated as Owners	  	 	34	 
	 SECTION 7.4
	 	Securities Owned by Issuer Deemed Not Outstanding	  	 	34	 
	 SECTION 7.5
	 	Right of Revocation of Action Taken	  	 	34	 
		
	 Article Eight Supplemental Indentures
	  	 	35	 
	 SECTION 8.1
	 	Supplemental Indentures Without Consent of Securityholders	  	 	35	 
	 SECTION 8.2
	 	Supplemental Indentures With Consent of Securityholders	  	 	37	 
	 SECTION 8.3
	 	Effect of Supplemental Indenture	  	 	38	 
	 SECTION 8.4
	 	Documents to Be Given to Trustee	  	 	38	 
	 SECTION 8.5
	 	Notation on Securities in Respect of Supplemental Indentures	  	 	38	 
		
	 Article Nine Consolidation, Merger, Sale or Conveyance
	  	 	38	 
	 SECTION 9.1
	 	Issuer May Consolidate, etc., on Certain Terms	  	 	38	 
	 SECTION 9.2
	 	Successor Corporation Substituted	  	 	38	 
	 SECTION 9.3
	 	Opinion of Counsel to Trustee	  	 	39	 
		
	 Article Ten Satisfaction and Dischargeo Indenture; Unclaimed Moneys
	  	 	39	 
	 SECTION 10.1
	 	Satisfaction and Discharge of Indenture	  	 	39	 
	 SECTION 10.2
	 	Application by Trustee of Funds Deposited for Payment of Securities	  	 	41	 
	 SECTION 10.3
	 	Repayment of Moneys Held by Paying Agent	  	 	41	 
	 SECTION 10.4
	 	Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	  	 	41	 
	 SECTION 10.5
	 	Indemnity for U.S. Government Obligations	  	 	42	 

  
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 TABLE OF CONTENTS (CONTINUED) 

 

							
	 	 	 	  	Page	 
		
	 Article Eleven Miscellaneous Provisions
	  	 	42	 
	 SECTION 11.1
	 	Incorporators, Shareholders, Officers and Directors of Issuer Exempt from Individual Liability	  	 	42	 
	 SECTION 11.2
	 	Provisions of Indenture for the Sole Benefit of Parties and Securityholders	  	 	42	 
	 SECTION 11.3
	 	Successors and Assigns of Issuer Bound by Indenture	  	 	42	 
	 SECTION 11.4
	 	Notices and Demands on Issuer, Trustee and Securityholders	  	 	42	 
	 SECTION 11.5
	 	Officers’ Certificates and Opinions of Counsel; Statements to Be Contained Therein	  	 	43	 
	 SECTION 11.6
	 	Payments Due on Saturdays, Sundays and Holidays	  	 	44	 
	 SECTION 11.7
	 	Conflict of Any Provision of Indenture with Trust Indenture Act	  	 	44	 
	 SECTION 11.8
	 	New York Law to Govern	  	 	44	 
	 SECTION 11.9
	 	Counterparts	  	 	44	 
	 SECTION 11.10
	 	Effect of Headings	  	 	44	 
	 SECTION 11.11
	 	Securities in Foreign Currencies	  	 	44	 
		
	 Article Twelve Redemption of Securities and Sinking Funds
	  	 	45	 
	 SECTION 12.1
	 	Applicability of Article	  	 	45	 
	 SECTION 12.2
	 	Notice of Redemption; Partial Redemptions	  	 	45	 
	 SECTION 12.3
	 	Payment of Securities Called for Redemption	  	 	46	 
	 SECTION 12.4
	 	Exclusion of Certain Securities from Eligibility for Selection for Redemption	  	 	47	 
	 SECTION 12.5
	 	Mandatory and Optional Sinking Funds	  	 	47	 

  
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 THIS INDENTURE, dated as of
[                    ], 2018, between THE PROGRESSIVE CORPORATION, an Ohio corporation (the “Issuer”), and
                    , a national banking association (the “Trustee”), 

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

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

DEFINITIONS 
 SECTION 1.1
Certain Terms Defined. The following terms (except as otherwise expressly provided or unless the context otherwise clearly requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective
meanings specified in this Section. All other terms used in this Indenture that are defined in the Trust Indenture Act or the definitions of which in the Securities Act are referred to in the Trust Indenture Act including terms defined therein by
reference to the Securities Act (except as herein otherwise expressly provided or unless the context otherwise clearly requires) shall have the meanings assigned to such terms in the Trust Indenture Act and in the Securities Act, as applicable, as
in force at the date of this Indenture. All accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting principles, and the term “generally accepted
accounting principles” means such accounting principles as are generally accepted at the time of any computation. The words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular. Words of the masculine gender
shall be deemed and construed to include correlative words of the feminine and neuter genders, and words of the neuter gender shall be deemed and construed to include correlative words of the masculine and feminine genders. 

“Agent” means any Securities Registrar or paying agent. 

  
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 “Applicable Procedures” mean, with respect to any matter at any time, the policies
and procedures of the Depository that are applicable to such mater any such time. 
 “Board of Directors” means either the Board
of Directors of the Issuer or any committee of such Board of Directors duly authorized to act hereunder. 
 “Board Resolution”
means a copy of a resolution certified by the secretary or an assistant secretary of the Issuer to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification and delivered to the Trustee.

 “Business Day” means, with respect to any Security, a day that in the city (or in any of the cities, if more than one) in which
amounts are payable, as specified in the form of such Security, is not a day on which banking institutions are authorized by law or regulation to close or a day on which transactions in the currency in which the Securities are payable are not
conducted. 
 “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 and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date. 

“Corporate Trust Office” means the designated office of the Trustee at which the corporate trust business of the Trustee shall, at
any particular time, be principally administered, which office is, at the date as of which this Indenture is dated, located at                     .

 “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 clearing agency registered under the Exchange Act specified for that purpose as contemplated by Section 2.3. 

“Dollar” or “$” means a dollar or other equivalent unit of legal tender for payment of public or private debts in the
United States. 
 “Euro” means the single currency of the European Union as constituted by the Treaty on European Union and as
referred to in the legislative measures of the European Union for the introduction of, changeover to or operation of the Euro in one or more member states, being in part legislative measures to implement the European and Monetary Union as
contemplated in the Treaty on European Union. 
 “Event of Default” means any event or condition specified as such in
Section 5.1. 
 “Exchange Act” means the Securities Exchange Act of 1934 as it may be amended and any
successor act thereto and the rules and regulations promulgated thereunder. 
 “Foreign Currency” means a currency, currency unit
or composite currency, including, without limitation, the Euro or Pounds Sterling, issued by the government of one or more countries other than the United States or by any recognized confederation or association of such governments. 

  
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 “Global Security” means a security bearing the legend specified in
Section 2.12(c) evidencing all or part of a series of Securities, authenticated and delivered to the Depository for such series or its nominee, and registered in the name of such Depository or nominee. 

“Holder,” “Holder of Securities,” “Securityholder” or other similar terms mean the Person in whose name such
Security is registered in the Security Register. 
 “Indenture” means this instrument as originally executed and delivered or, if
amended or supplemented as herein provided, as so amended or supplemented or both, and shall include the forms and terms of particular series of Securities established as contemplated hereunder. 

“Issuer” means THE PROGRESSIVE CORPORATION, an Ohio corporation, and, subject to Article Nine, its successors and assigns. 

“Issuer Request” or “Issuer Order” means a written request or order signed in the name of the Issuer by any two of the
following officers: the chairman of the Board of Directors, its president, any vice president, its treasurer, an assistant treasurer, its secretary or an assistant secretary and delivered to the Trustee. 

“Notice of Default” has the meaning set forth in Section 5.1(d). 

“Officers’ Certificate” means a certificate signed by any two of the following officers: the chairman of the Board of
Directors, the president, any vice president, the treasurer, an assistant treasurer, the secretary or an assistant secretary of the Issuer and delivered to the Trustee. Each such certificate shall include the statements provided for in
Section 11.5. 
 “Opinion of Counsel” means an opinion in writing signed by legal counsel who may be an
employee of or counsel to the Issuer or other counsel who shall be satisfactory to the Trustee. Each such opinion shall include the statements provided for in Section 11.5, unless otherwise provided herein. 

“Original issue date” of any Security (or portion thereof) means the earlier of (a) the date of such Security or (b) the
date of any Security (or portion thereof) for which such Security was issued (directly or indirectly) on registration of transfer, exchange or substitution. 

“Original Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof to be due
and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 5.1. 

“Outstanding” when used with reference to Securities, subject to the provisions of Section 7.4, means, as
of any particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except 
 (a)
Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 
 (b) Securities, or portions
thereof, for the payment or redemption of which moneys in the necessary amount shall have been deposited in trust with the Trustee or 

  
 - 3 - 

 
with any paying agent (other than the Issuer) or shall have been set aside, segregated and held in trust by the Issuer for the Holders of such Securities (if the Issuer shall act as its own
paying agent), provided that if such Securities, or portions thereof, are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as herein provided, or provision satisfactory to the Trustee shall have been made
for giving such notice; and 
 (c) Securities in substitution for which other Securities shall have been authenticated and
delivered, or which shall have been paid, pursuant to the terms of Section 2.9 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that such Security is held by a person in
whose hands such Security is a legal, valid and binding obligation of the Issuer). 
 In determining whether the Holders of the requisite
principal amount of Outstanding Securities of any or all series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be
Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to
Section 5.1. 
 “Person” means any individual, corporation, partnership, joint venture, association,
joint stock company, trust, unincorporated organization, limited liability company or government or any agency or political subdivision thereof. 

“Place of Payment” means, when used with respect to the Securities of any series, the place or places where the principal of and
interest on the Securities of that series are payable as specified as contemplated by Section 2.8. 
 “Pounds
Sterling” means pounds sterling or other equivalent unit in such coin or currency of the United Kingdom as at the time shall be legal tender for the payment of public and private debts. 

“Principal” shall, whenever used with reference to the Securities or any Security or any portion thereof, be deemed to include
“and premium, if any.” 
 “Regulation S” means Regulation S under the Securities Act (including any successor regulation
thereto), as it may be amended from time to time. 
 “Responsible Officer” means, when used with respect to the Trustee, any
officer of the Trustee within the Corporate Trust Office with direct responsibility to administer its corporate trust matters. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder. 
 “Security” or “Securities” has the meaning set forth in the first recital of this Indenture or, as the
case may be, Securities that have been authenticated and delivered under this Indenture. 

  
 - 4 - 

 “Security Register” and “Security Registrar” have the meanings set forth
in Section 2.8. 
 “Senior Debt” means all indebtedness and obligations (other than the Securities) of,
or guaranteed or assumed by, the Company that (i) are for borrowed money or (ii) are evidenced by bonds, debentures, notes or other similar instruments, in each case, whether outstanding on the date of this Indenture or thereafter created,
incurred, assumed or guaranteed, and all amendments, renewals, extensions, modifications and refundings of such indebtedness and obligations, unless in any such case the instrument by which such indebtedness or obligations are created, incurred,
assumed or guaranteed by the Company, or are evidenced, provides that they are subordinated, or are not superior, in right of payment to the Securities. 

“Trust Indenture Act” (except as otherwise provided in Sections 8.1 and 8.2) means the Trust Indenture Act of 1939 as
in force at the date as of which this Indenture was originally executed, and the rules and regulations promulgated thereunder. 

“Trustee” means the Person identified as “Trustee” in the first paragraph hereof and, subject to the provisions of Article
Six, shall also include any successor trustee. 
 “U.S.” or “United States” means the United States of America. 

“U.S. Government Obligations” means direct obligations of, or obligations guaranteed by, the United States, backed by its full faith
and credit. 
 “vice president” means, when used with respect to the Issuer, any vice president, whether or not designated by a
number or a word or words added before or after the title of “vice president.” 
 “Yield to Maturity” means the yield to
maturity on a series of securities, calculated at the time of issuance of such series or, if applicable, at the most recent redetermination of interest on such series and calculated in accordance with accepted financial practice. 

ARTICLE TWO 
 SECURITIES 

SECTION 2.1 Forms Generally. The Securities of each series shall be substantially in such form (not inconsistent with this
Indenture) as shall be established by or pursuant to a Board Resolution and set forth in an Officers’ Certificate or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with
any rules or regulations pursuant thereto, or with any rules of any securities exchange or depository therefor or to conform to general usage, all as may be determined by the officers executing such Securities, as evidenced by their execution of the
Securities. 

  
 - 5 - 

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

SECTION 2.2 Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of authentication
on all Securities shall be in substantially the following form: 
 This is one of the Securities, of the series designated herein, referred
to in the within-mentioned Indenture. 
  

			
	TRUSTEE,
		
		 	 as Trustee

		
	 By        
	 	   

		 	 Authorized Signatory

 SECTION 2.3 Amount Unlimited; Issuable in Series. The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more
series. There shall be established in or pursuant to a Board Resolution and, subject to Section 2.4, set forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series, 
 (a) the title of the Securities of the series (which shall
distinguish the Securities of the series from all other Securities); 
 (b) any limit upon the aggregate principal amount of
the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant
to Section 2.8, 2.9, 2.11, 8.5 or 12.3 and except for any Securities that, pursuant to Section 2.4, are deemed never to have been authenticated and delivered hereunder);

 (c) the date or dates on which the principal of the Securities of the series is payable or the method by which such date
or dates shall be determined; 
 (d) the rate or rates at which the Securities of the series shall bear interest, if any, or
the method by which such rate or rates shall be determined, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates for the determination of Holders to whom
interest is payable; 
 (e) the place or places (each, a “Place of Payment”) where the principal and any interest
on Securities of the series shall be payable; 

  
 - 6 - 

 (f) whether any Securities of the series shall be redeemable at the option
of the Issuer and, if so, the date or dates on which, the period or periods within which, the price or prices at which, the currencies in which and the other terms and conditions upon which Securities of the series may be redeemed, in whole or in
part, at the option of the Issuer, pursuant to any sinking fund or otherwise; 
 (g) the obligation, if any, of the Issuer to
redeem, purchase or repay Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the price or prices at which and the period or periods within which and the terms and conditions upon
which Securities of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; 

(h) any provisions necessary to permit or facilitate the issuance, payment or conversion of any Securities of the series that
may be converted into securities or other property other than Securities of the same series (including shares of the Issuer’s common or preferred stock or other securities of the Issuer) and of like tenor, whether in addition to, or in lieu of,
any payment of principal or other amount and whether at the option of the Issuer or otherwise; 
 (i) if other than
denominations of $1,000 and any integral multiple thereof, the denominations in which Securities of the series shall be issuable; 

(j) if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be
payable upon declaration of acceleration of the maturity thereof pursuant to Section 5.1 or provable in bankruptcy pursuant to Section 5.2; 

(k) any authenticating or paying agents, transfer agents or registrars or any other agents with respect to the Securities of
such series; 
 (l) the Foreign Currency in which payment of the principal of and interest on the Securities of the series
shall be payable if other than Dollars; 
 (m) if the principal of or interest, if any, on the Securities of that series are
to be payable, at the election of the Issuer or a Holder thereof, in currencies other than that in which the Securities are stated to be payable, the currencies in which the principal of or interest on such Securities as to which such election is
made shall be payable, the period or periods within which, and the terms and conditions upon which, such election may be made and the amount so payable (or the manner in which such amount shall be determined); 

(n) if the amount of payments of principal of or interest, if any, on the Securities of the series may be determined with
reference to an index, formula or other method, the manner in which such amounts shall be determined; 
 (o) 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 with respect to such Global Security or Securities and the circumstances under which any such Global

  
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Security may be exchanged for Securities registered in the name of, and any transfer of such Global Security may be registered in the name of, a Person other than such Depository or its nominee,
if other than as set forth in Section 2.12(b); 
 (p) whether and under what circumstances the
Issuer will pay additional amounts on the Securities of the series held by a Person who is not a U.S. person (as defined in Regulation S) in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Issuer
will have the option to redeem such Securities rather than pay such additional amounts; 
 (q) if the Securities of such
series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions not otherwise set
forth herein, then the form and terms of such certificates, documents or conditions; 
 (r) any proposed listing on any
national or foreign securities exchange of the Securities of the series; and 
 (s) any other terms of the series, including
provisions for payment by wire transfers, if any, or modifications of the definition of Business Day (which terms shall not be inconsistent with the provisions of this Indenture). 

All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or
pursuant to the Board Resolution referred to above and (subject to Sections 2.4) set forth in the Officers’ Certificate or in any such indenture supplemental hereto. 

SECTION 2.4 Authentication and Delivery of Securities. At any time and from time to time after the execution and delivery of this
Indenture, the Issuer may deliver Securities of any series executed by the Issuer to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver such Securities, to or upon an Issuer Order, without any further action by
the Issuer. In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities the Trustee shall be entitled to receive and (subject to Section 6.1) shall be
fully protected in relying upon: 
 (a) any Board Resolution by or pursuant to which the form and terms of such series were
established; 
 (b) an executed supplemental indenture, if any; 

(c) an Officers’ Certificate setting forth the form and terms of the Securities as required pursuant to
Section 2.3 and prepared in accordance with Section 11.5; 
 (d) an
Opinion of Counsel, prepared in accordance with Section 11.5, which shall state 

  
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 (i) that the form or forms and terms of such Securities have been
established by or pursuant to a Board Resolution or by a supplemental indenture as permitted by Sections 2.1 and 2.3 in conformity with the provisions of this Indenture; 

(ii) that such Securities, when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject
to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms; and 

(iii) that all laws and requirements in respect of the execution and delivery by the Issuer of the Securities have been
complied with. 
 The Trustee shall have the right to decline to authenticate and deliver any Securities under this Section if the Trustee,
being advised by counsel, determines that such action may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors or board of trustees, executive committee, or a trust committee of directors, trustees or
Responsible Officers shall determine that such action would expose the Trustee to personal liability. 
 Notwithstanding the provisions of
Section 2.3 and of this Section 2.4, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate otherwise
required pursuant to Section 2.3 or the Opinion of Counsel otherwise required pursuant to this Section 2.4 at or prior to the time of authentication of each Security of such series if such
documents are delivered at or prior to the time of authentication upon original issuance of the first Security of such series to be issued. 

Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Issuer,
and the Issuer shall deliver such Security to the Trustee for cancellation as provided in Section 2.10 together with a written statement (which need not comply with Section 11.5 and need not be
accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Issuer, 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 2.5 Execution of Securities. The Securities shall be signed on behalf
of the Issuer by both the chairman of its Board of Directors, its president, any vice president, its treasurer or an assistant treasurer and its secretary or an assistant secretary. Such signatures may be the manual or facsimile signatures of the
present or any future such officers. 
 In case any officer of the Issuer who shall have signed any of the Securities shall cease to be such
officer before the Security so signed shall be authenticated and delivered by the Trustee or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed of as though the person who signed such Security had
not ceased to be such officer of the Issuer, and any Security may be signed on behalf of the Issuer by such persons as, at the actual date of the execution of such Security, shall be the proper officers of the Issuer, although at the date of the
execution and delivery of this Indenture any such person was not such an officer. 

  
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 SECTION 2.6 Certificate of Authentication. Only such Securities as shall bear
thereon a certificate of authentication substantially in the form hereinbefore recited, executed by the Trustee by the manual signature of one of its authorized signatories, shall be entitled to the benefits of this Indenture or be valid or
obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the Issuer shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled
to the benefits of this Indenture. 
 SECTION 2.7 Denomination and Date of Securities; Payments of Interest. The Securities of
each series shall be issuable in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 2.3. In the absence of any such specification with respect to the Securities
of any series, the Securities of such series shall be issuable in dominations of $1,000 and any integral multiple thereof. The Securities shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plan as the
officers of the Issuer executing the same may determine with the approval of the Trustee as evidenced by the execution and authentication thereof. 

Each Security shall be dated the date of its authentication. The Securities of each series shall bear interest, if any, from the date, and
such interest shall be payable on the dates, established as contemplated by Section 2.3. 
 The person in whose
name any Security on the Security Register maintained by the Issuer pursuant to Section 2.8 of any series is registered at the close of business on any record date applicable to a particular series with respect to any
interest payment date for such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding any transfer or exchange of such Security subsequent to the record date and prior to such interest payment
date, except if and to the extent the Issuer shall default in the payment of the interest due on such interest payment date for such series, in which case such defaulted interest shall be paid to the persons in whose names Outstanding Securities for
such series are registered at the close of business on a subsequent record date (which shall be not less than five Business Days prior to the date of payment of such defaulted interest) established by notice given by mail by or on behalf of the
Issuer to the Holders of Securities not less than 15 days preceding such subsequent record date. The term “record date” as used with respect to any interest payment date (except a date for payment of defaulted interest) shall mean the date
specified as such in the terms of the Securities of any particular series or, if no such date is so specified, if such interest payment date is the first day of a calendar month, then the fifteenth day of the next preceding calendar month or, if
such interest payment date is the fifteenth day of a calendar month, the first day of such calendar month, whether or not such record date is a Business Day. 

SECTION 2.8 Registration, Transfer and Exchange. The Issuer will keep or cause to be kept at each office or agency to be
maintained for the purpose as provided in Section 3.2 a register or registers for each series of Securities issued hereunder (collectively, the “Security Register”) in which, subject to such reasonable regulations
as it may prescribe, it will register, and will register the transfer of, or cause the registration of transfer of, Securities as in this Article provided. Such register shall be in written form in the English language or in any other form capable
of being converted into such form within a reasonable time. At all reasonable times such register or registers shall be open for inspection by the Trustee. Unless the Issuer appoints another entity as Security Registrar, the Trustee is hereby
appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. 

  
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 Upon due presentation for registration of transfer of any Security of any series at any such
office or agency in a Place of Payment for that series, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the transferee or transferees a new Security or Securities of the same series in authorized
denominations for a like aggregate principal amount and tenor. 
 Any Security or Securities of any series may be exchanged for a Security
or Securities of the same series in other authorized denominations, in an equal aggregate principal amount and like tenor. Securities of any series to be exchanged shall be surrendered at any office or agency in a Place of Payment for that series,
and the Issuer shall execute, and the Trustee shall authenticate and deliver, in exchange therefor the Security or Securities of the same series which the Securityholder making the exchange shall be entitled to receive, bearing numbers not
contemporaneously outstanding. All Securities surrendered upon any exchange or transfer provided for in this Indenture shall be promptly canceled and disposed of by the Trustee and, upon request, the Trustee will deliver a certificate of disposition
thereof to the Issuer. 
 All Securities presented for registration of transfer, exchange, redemption or payment shall (if so required by
the Issuer or the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder or his attorney duly authorized in writing. 

The Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any
exchange or registration of transfer of Securities and shall not be required to exchange or register a transfer of any Securities until such payment is made. No service charge shall be made for any such transaction. 

Neither the Issuer nor the Trustee shall be required to issue, exchange or register a transfer of (a) any Securities of any series for a
period of 15 days next preceding the first mailing of notice of redemption of Securities of such series to be redeemed or (b) any Securities selected, called or being called for redemption except, in the case of any Security to be redeemed in
part, the portion thereof not so to be redeemed. 
 All Securities issued upon any registration of transfer or exchange of Securities shall
be valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

SECTION 2.9 Mutilated, Defaced, Destroyed, Lost and Stolen Securities. In case any temporary or definitive Security shall become
mutilated, defaced or be destroyed, lost or stolen, the Issuer in its discretion may execute, and upon receipt of an Issuer Order the Trustee shall authenticate and deliver, a new Security of the same series, of like tenor and principal amount and
bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Security, or in lieu of and substitution for the Security so destroyed, lost or stolen. In every case, the applicant for a substitute
Security shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as may be 

  
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required by them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or theft of
such Security and of the ownership thereof. 
 Upon the issuance of any substitute Security, the Issuer may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. In case any Security which has matured or is about to
mature or has been called for redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer may, at its sole discretion, instead of issuing a substitute Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as any of them may
require to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee and any agent of the Issuer or the Trustee evidence to their satisfaction of the destruction,
loss or theft of such Security and of the ownership thereof. 
 Every substitute Security of any series issued pursuant to the provisions of
this Section by virtue of the fact that any such Security is destroyed, lost or stolen shall constitute an original additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities of such series duly issued,
authenticated and delivered hereunder. All Securities shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, defaced or
destroyed, lost or stolen Securities and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or
other securities without their surrender. 
 SECTION 2.10 Cancellation of Securities; Destruction Thereof. All Securities
surrendered for payment, redemption, registration of transfer or exchange or for credit against any payment in respect of a sinking or analogous fund, if surrendered to the Issuer or any agent of the Issuer or the Trustee, shall be delivered to the
Trustee for cancellation or, if surrendered to the Trustee, shall be canceled by it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall destroy cancelled
Securities held by it and, upon request, deliver a certificate of destruction to the Issuer. If the Issuer shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by
such Securities unless and until the same are delivered to the Trustee for cancellation. 
 SECTION 2.11 Temporary Securities.
Pending the preparation of definitive Securities for any series, the Issuer may execute, and upon Issuer Order the Trustee shall authenticate and deliver, temporary Securities for such series in form reasonably acceptable to the Trustee. Temporary
Securities of any series shall be issuable as Securities without coupons of any authorized denomination, and substantially in the form of the definitive Securities of such series, but with such omissions, insertions and variations as may be
appropriate for temporary 

  
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Securities, all as may be determined by the Issuer as evidenced by the execution of such Securities. Temporary Securities may contain such reference to any provisions of this Indenture as may be
appropriate. Every temporary Security shall be executed by the Issuer and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities. Without unreasonable delay,
the Issuer shall execute and shall furnish definitive Securities of such series, and thereupon temporary Securities of such series may be surrendered in exchange therefor without charge at the office or agency in each Place of Payment for such
series, and the Trustee shall authenticate and deliver in exchange for such temporary Securities of such series a like aggregate principal amount and tenor of definitive Securities of the same series of authorized denominations. Until so exchanged,
the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive Securities of such series. 

SECTION 2.12 Global Securities. 

(a) Terms of Securities. A Board Resolution, a supplemental indenture hereto, or an Officer’s Certificate shall
establish whether the Securities of a series shall be issued in whole or in part in the form of one or more Global Securities and shall name the Depositary for such Global Security or Securities. Except as provided herein, each Global Security shall
be (i) registered in the name of the Depositary or its nominee, (ii) deposited with the Depositary or its nominee, and (iii) bear the legend indicated in Section 2.12(c). 

(b) Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.08 and in addition
thereto, any Global Security shall be exchangeable pursuant to Section 2.08 for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Issuer that
it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Issuer fails to appoint a successor Depositary
registered as a clearing agency under the Exchange Act within 90 days of such event, (ii) the Issuer executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global Security shall be so exchangeable or
(iii) an Event of Default with respect to the Securities represented by such Global Security shall have occurred and be continuing. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities
registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. 

Except as provided in this Section 2.12(b), a Global Security may not be transferred except as a whole by the Depositary with respect to
such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary, or any such nominee to a successor Depositary or a nominee of such a successor
Depositary. 
 (c) Legend. Any Global Security issued hereunder shall bear a legend in substantially the following
form: 

  
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 “This Security is a Global Security within the meaning of the Indenture hereinafter
referred to and is registered in the name of the Depositary or a nominee of the Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee only in the limited circumstances
described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee
to a successor Depositary or a nominee of such a successor Depositary.” 
 (d) Payments. Notwithstanding the
other provisions of this Indenture, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. Prior to due presentment of a Security for registration of transfer, the Issuer, the Trustee, any Agent
and any other agent of the Issuer or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and any interest on such Security and
for all other purposes whatsoever, and neither the Issuer, the Trustee nor any Agent or other agent of the Issuer or the Trustee will be affected by notice to the contrary. 

(e) Responsibility of Trustee or Agents. Neither the Trustee nor any Agent shall have any responsibility for any actions
taken or not taken by the Depositary. The Issuer has entered into a letter of representations with the Depositary in the form provided by the Depositary and the Trustee and each Agent is hereby authorized to act in accordance with such letter and
the Applicable Procedures. 
 Neither the Trustee nor any Agent shall have any responsibility or obligation to any beneficial owner in a
Global Security, a Depositary participant or other Person with respect to (i) the accuracy of the records of the Depositary or its nominee or of any Depositary participant with respect to any ownership interest in the Securities, (ii) the
delivery to any Depositary participant, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or (iii) the payment of any amount 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 under the Securities and this Indenture shall be given or made only to or upon the order of the registered holders (which shall be the Depositary or its nominee in the
case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary subject to the Applicable Procedures. The Trustee and each Agent shall be entitled to rely and shall be fully
protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. The Trustee and each Agent shall be entitled to deal with the Depositary, and any nominee thereof, that is the
registered holder of any Global Security for all purposes of this Indenture relating to such Global Security (including the payment of principal, premium, if any, and interest and additional amounts, if any, and the giving of instructions or
directions by or to the owner or holder of a beneficial ownership interest in such Global Security) as the sole Holder of such Global Security and shall have no obligations to the beneficial owners thereof. Neither the Trustee nor any Agent shall
have any responsibility or liability for any acts or omissions of the Depositary with respect to such Global Security, for the records of any such depositary, including records in respect of beneficial ownership interests in respect of any such
Global Security, for any transactions 

  
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between the Depositary and any Depositary participant or between or among the Depositary, any such Depositary participant and/or any holder or owner of a beneficial interest in such Global
Security, or for any transfers of beneficial interests in any such Global Security. 
 Notwithstanding the foregoing, with respect to any
Global Security, nothing herein shall prevent the Issuer, the Trustee, any Agent or any other agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depositary (or its
nominee), as a Holder, authorizing any Person to take any action which a Holder is entitled to take under this Indenture or the Securities, including providing consents, declarations, waivers or directions, with respect to such Global Security or
shall impair, as between such Depositary and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the rights of such Depositary (or its nominee) as Holder of such Global Security.

 SECTION 2.13 CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” numbers (if then generally in
use), and if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on
the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such
numbers. The Company will promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 
 ARTICLE THREE 

COVENANTS OF THE ISSUER 

SECTION 3.1 Payment of Principal and Interest. The Issuer covenants and agrees for the benefit of each series of Securities that
it will duly and punctually pay or cause to be paid the principal of, and interest on, each of the Securities of such series at the place or places, at the respective times and in the manner provided in such Securities. 

SECTION 3.2 Offices for Payments, etc. So long as any of the Securities remain Outstanding, the Issuer will maintain in each Place
of Payment for any series of such Securities an office or agency (a) where the Securities of that series may be presented for payment, (b) where the Securities of that series may be presented for registration of transfer and for exchange
as in this Indenture provided and (c) where notices and demands to or upon the Issuer in respect of the Securities of that series or of this Indenture may be served. 

The Issuer will give to the Trustee written notice of the location of any such office or agency and of any change of location thereof. With
respect to each series of Securities, the Issuer hereby designates the Corporate Trust Office as the initial office to be maintained by it for each such purpose. In case the Issuer shall fail to so designate or maintain any such office or agency or
shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made and notices may be served at the Corporate Trust Office, and the Issuer hereby appoints the Trustee, and the Trustee
accepts such appointment, as its agent to receive all such presentations, notices and demands. 

  
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 SECTION 3.3 Appointment to Fill a Vacancy in Office of Trustee. The Issuer,
whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 6.10, a Trustee, so that there shall at all times be a Trustee with respect to each series of
Securities hereunder. 
 SECTION 3.4 Paying Agents. Whenever the Issuer shall appoint a paying agent other than the Trustee with
respect to the Securities of any series, it will cause such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section, 

(a) that it will hold all sums received by it as such agent for the payment of the principal of or interest on the Securities
of such series (whether such sums have been paid to it by the Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the Holders of the Securities of such series or of the Trustee, and 

(b) that it will give the Trustee notice of any failure by the Issuer (or by any other obligor on the Securities of such
series) to make any payment of the principal of or interest on the Securities of such series when the same shall be due and payable. 
 The
Issuer will, on or prior to each due date of the principal of or interest on the Securities of such series, deposit with the paying agent a sum sufficient to pay such principal or interest so becoming due, and (unless such paying agent is the
Trustee) the Issuer will promptly notify the Trustee of any failure to take such action. 
 If the Issuer shall act as its own paying agent
with respect to the Securities of any series, then it will, on or before each due date of the principal of or interest on the Securities of such series, set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such
series a sum sufficient to pay such principal or interest so becoming due. The Issuer will promptly notify the Trustee of any failure to take such action. 

Anything in this Section to the contrary notwithstanding, the Issuer may at any time, for the purpose of obtaining a satisfaction and
discharge with respect to one or more or all series of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for any such series by the Issuer or any paying agent hereunder, as required by this
Section, such sums to be held by the Trustee upon the trusts herein contained. 
 Anything in this Section to the contrary notwithstanding,
the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 10.3 and 10.4. 

SECTION 3.5 Written Statement to Trustee. The Issuer will deliver to the Trustee on or before April 30 in each year an
Officers’ Certificate as to each signatory thereof’s knowledge of the Issuer’s compliance with all conditions and covenants under this Indenture (such compliance to be determined without respect to any period of grace or requirement
of notice provided under the Indenture), or if there has been a default, specifying the default and its nature and status. 

  
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 ARTICLE FOUR 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE 

ISSUER AND THE TRUSTEE 

SECTION 4.1 Issuer to Furnish Trustee Names and Addresses of Holders. 

If the Trustee is not the Security Registrar, the Issuer shall cause the Security Registrar to furnish to the Trustee, in writing at least
five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of Securities of
each series. 
 SECTION 4.2 Preservation of Information; Communications to Holders. 

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 4.1 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 4.1 upon
receipt of a new list so furnished. 
 The rights of Holders to communicate with other Holders with respect to their rights under this
Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 

Every Holder of Securities, by receiving and holding the same, agrees with the Issuer and the Trustee that neither the Issuer nor the Trustee
nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 

SECTION 4.3 Reports by Trustee. 

Within 60 days after each May 15 in each year in which any of the Securities are Outstanding, the Trustee shall transmit to Holders such
reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act. The Trustee shall promptly deliver to the Issuer a copy of any report it delivers to Holders pursuant to this
Section 4.3. 
 A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock
exchange and automated quotation system, if any, upon which any Securities are listed, with the Commission and with the Issuer. The Issuer will notify the Trustee when any Securities are listed on any stock exchange or automated quotation system or
delisted therefrom. 
 SECTION 4.4 Reports by Issuer. 

The Issuer shall file with the Trustee, and transmit to the Holders, such information, documents and other reports, and such summaries
thereof, as may be required pursuant to the 

  
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Trust Indenture Act. Delivery of such reports, information and documents to the Trustee is for informational purposes only and shall not constitute a representation or warranty as to the accuracy
or completeness of the reports, information and documents. All required reports, information and documents referred to in this Section 4.4 shall be deemed filed with the Trustee and transmitted to the Holders at the time such reports,
information or documents are publicly filed with the Commission via the Commission’s EDGAR. 
 ARTICLE FIVE 

EVENTS OF DEFAULT; REMEDIES 

SECTION 5.1 Event of Default Defined; Acceleration of Maturity; Waiver of Default. “Event of Default” with respect to
Securities of any series wherever used herein, means each one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a) default in the payment of any instalment of interest upon any of the Securities of such series as and when the same shall
become due and payable, and continuance of such default for a period of 30 days; or 
 (b) default in the payment of all or
any part of the principal on any of the Securities of such series as and when the same shall become due and payable either at maturity, upon redemption, by declaration or otherwise; or 

(c) default in the payment of any sinking fund instalment as and when the same shall become due and payable by the terms of the
Securities of such series; or 
 (d) default in the performance, or breach, of any covenant or warranty of the Issuer in
respect of the Securities of such series (other than a covenant or warranty in respect of the Securities of such series a default in the performance or breach of which is elsewhere in this Section specifically dealt with or that has expressly been
included in this Indenture solely for the benefit of a series of Securities other than that series) 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 Issuer by the
Trustee or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of all series affected thereby, a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder; or 
 (e) a court having jurisdiction in the
premises shall enter a decree or order for relief in respect of the Issuer in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall appoint a receiver, liquidator, assignee,
custodian, trustee or sequestrator (or similar official) of the Issuer or for any substantial part of its property or ordering the winding up or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period of
90 consecutive days; or 

  
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 (f) the Issuer shall commence a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case commenced against the Issuer under any such law, or consent to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Issuer or for any substantial part of its property, or make any general assignment for the benefit of creditors; or 

(g) any other Event of Default provided in the supplemental indenture or Board Resolution under which such series of Securities
is issued or in the form of Security for such series. 
 If an Event of Default with respect to a particular series of Securities described
in clauses (a), (b), (c), (d) or (g) above occurs and is continuing, then, and in each and every such case, either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding
hereunder (each such series voting as a separate class), by notice in writing to the Issuer (and to the Trustee if given by Securityholders), may declare the entire principal (or, if the Securities of such series are Original Issue Discount
Securities, such portion of the principal amount as may be specified in the terms of such series) of all Securities of such series and the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration the same
shall become immediately due and payable. If an Event of Default described in clause (e) or (f) occurs and is continuing, then, and in each and every such case, either the Trustee or the Holders of not less than 25% in aggregate principal
amount of all the Securities then Outstanding hereunder (treated as one class), by notice in writing to the Issuer (and to the Trustee if given by Securityholders), may declare the entire principal (or, if any Securities are Original Issue Discount
Securities, such portion of the principal as may be specified in the terms thereof) of all the Securities then Outstanding and interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become
immediately due and payable. 
 The foregoing provisions, however, are subject to the condition that (A) if, at any time after the
principal (or, if the Securities are Original Issue Discount Securities, such portion of the principal as may be specified in the terms thereof) of the Securities of any series (or of all the Securities, as the case may be) shall have been so
declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the Issuer shall pay or shall deposit with the Trustee a sum sufficient to pay (i) all
matured installments of interest upon all the Securities of such series (or of all the Securities, as the case may be), (ii) the principal of any and all Securities of such series (or of all the Securities, as the case may be) which shall have
become due otherwise than by acceleration (with interest upon such principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest, at the same rate as the rate of interest or Yield
to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series (or at the respective rates of interest or Yields to Maturity of all the Securities, as the case may be, to the date of such payment or
deposit)) and (iii) such amount as shall be 

  
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sufficient to cover (x) reasonable compensation to the Trustee, its agents, attorneys and counsel, (y) all other expenses and liabilities incurred, and all advances made, by the Trustee
except as a result of negligence or bad faith and (z) all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 6.6 and (B) if any and all Events of Default under the Indenture, other
than the nonpayment of the principal of Securities which shall have become due by acceleration, shall have been cured, waived or otherwise remedied as provided herein, then and in every such case the Holders of a majority in aggregate principal
amount of all the Securities of such series, each series voting as a separate class (or of all the Securities, as the case may be, voting as a single class), then Outstanding, by written notice to the Issuer and to the Trustee, may waive all
defaults with respect to such series (or with respect to all the Securities, as the case may be) and rescind and annul such declaration and its consequences; provided, that no such waiver or rescission and annulment shall extend to or shall affect
any subsequent default or shall impair any right consequent thereon. 
 For all purposes under this Indenture, if a portion of the principal
of any Original Issue Discount Securities shall have been accelerated and declared due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the principal
amount of such Original Issue Discount Securities shall be deemed, for all purposes hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal
thereof as shall be due and payable as a result of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 

SECTION 5.2 Collection of Indebtedness by Trustee; Trustee May Prove Debt. The Issuer covenants that (a) in case default
shall be made in the payment of any instalment of interest on any of the Securities of any series when such interest shall have become due and payable, and such default shall have continued for a period of 30 days, or (b) in case default shall
be made in the payment of all or any part of the principal of any of the Securities of any series when the same shall have become due and payable, whether upon maturity of the Securities of such series or upon any redemption or by declaration or
otherwise—then upon demand of the Trustee, the Issuer will pay to the Trustee for the benefit of the Holders of the Securities of such series the whole amount that then shall have become due and payable on all Securities of such series for
principal or interest, as the case may be (with interest to the date of such payment upon the overdue principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest at the same
rate as the rate of interest or Yield to Maturity (in the case of original Issue Discount Securities) specified in the Securities of such series); and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including reasonable compensation to the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and any expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee
except as a result of its negligence or bad faith, and all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 6.6. 

Until such demand is made by the Trustee, the Issuer may pay the principal of and interest on the Securities of any series to the Holders,
whether or not the principal of and interest on the Securities of such series be overdue. 

  
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 In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee,
in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceeding at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to
judgment or final decree, and may enforce any such judgment or final decree against the Issuer or other obligor upon such Securities and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Securities,
wherever situated, the moneys adjudged or decreed to be payable. 
 In case there shall be pending proceedings relative to the Issuer or any
other obligor upon the Securities under Title 11 of the U.S. Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar
official) shall have been appointed for or taken possession of the Issuer or its property or such other obligor, or in case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Securities of any series or to
the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of any Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise: 

(a) to file and prove a claim or claims for the whole amount of principal and interest (or, if the Securities of any series are
Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) owing and unpaid in respect of the Securities of any series, and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and
liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence or bad faith, and all other amounts due to the Trustee or any predecessor Trustee pursuant to
Section 6.6) and of the Securityholders allowed in any judicial proceedings relative to the Issuer or other obligor upon the Securities of any series, or to the creditors or property of the Issuer or such other obligor,

 (b) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of the Securities of any series
in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing similar functions in comparable proceedings, and 

(c) to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute all
amounts received with respect to the claims of the Securityholders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar official is hereby authorized by each of the Securityholders to make payments
to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor
Trustee and their respective agents, attorneys and counsel, and all other 

  
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expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith and all other amounts due to the Trustee or any
predecessor Trustee pursuant to Section 6.6. 
 Nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder thereof, or to authorize
the Trustee to vote in respect of the claim of any Securityholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 

All rights of action and of asserting claims under this Indenture, or under any of the Securities may be enforced by the Trustee without the
possession of any of the Securities or the production thereof on any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any
recovery of judgment, subject to the payment of the reasonable expenses, disbursements, compensation and all other amounts due pursuant to Section 6.6 to the Trustee, each predecessor Trustee and their respective agents and
attorneys, shall be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
 In any
proceedings brought by the Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders of the Securities in respect
to which such action was taken, and it shall not be necessary to make any Holders of such Securities parties to any such proceedings. 

SECTION 5.3 Application of Proceeds. Any moneys collected by the Trustee pursuant to this Article in respect of any series shall
be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal or interest, upon presentation of the several Securities in respect of which monies have been
collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of such series in reduced principal amounts in exchange for the presented Securities of like series if only partially paid, or upon surrender thereof if fully
paid: 
 FIRST: To the payment of costs and expenses applicable to such series in respect of which monies have been
collected, including reasonable compensation to the Trustee and each predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, and all advances made, by the Trustee in the exercise of its rights or
discharge of its duties hereunder and each predecessor Trustee except as a result of negligence or bad faith, and all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 6.6; 

SECOND: In case the principal of the Securities of such series in respect of which moneys have been collected shall not have
become and be then due and payable, to the payment of interest on the Securities of such series in default in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the
Trustee) upon the overdue installments of interest at the same 

  
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rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in such Securities, such payments to be made ratably to the persons entitled
thereto, without discrimination or preference; 
 THIRD: In case the principal of the Securities of such series in respect of
which moneys have been collected shall have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with interest upon the overdue
principal, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in
the securities of such series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities of such series, then to the payment of such principal and interest or Yield to Maturity, without
preference or priority of principal over interest or Yield to Maturity, or of interest or Yield to Maturity over principal, or of any instalment of interest over any other instalment of interest, or of any Security of such series over any other
Security of such series, ratably to the aggregate of such principal and accrued and unpaid interest or Yield to Maturity; and 

FOURTH: To the payment of the remainder, if any, to the Issuer or any other person lawfully entitled thereto. 

SECTION 5.4 Suits for Enforcement. In case an Event of Default has occurred, has not been waived and is continuing, the
Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in
equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law. 
 SECTION 5.5 Restoration of Rights on Abandonment of Proceedings. In case
the Trustee or any Holder shall have proceeded to enforce any right or remedy under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee or to such
Holder, then and in every such case, subject to any determination in such proceeding, the Issuer, the Trustee and the Holders shall be restored severally and respectively to their former positions and rights hereunder, and all rights, remedies and
powers of the Issuer, the Trustee and the Securityholders shall continue as though no such proceedings had been taken. 
 SECTION 5.6
Limitations on Suits by Securityholders. No Holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any action or proceedings at law or in equity or in bankruptcy or
otherwise upon or under or with respect to this Indenture, or for the appointment of a receiver, liquidator, assignee, custodian, trustee, or sequestrator (or other similar official) or for any other remedy hereunder, unless (a) such Holder
previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of that series, as 

  
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hereinbefore provided, (b) the Holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee
to institute such action or proceedings with respect to such Event of Default in its own name as Trustee hereunder, (c) such Holder or Holders shall have offered to the Trustee such reasonable indemnity as it may require against the costs,
expenses and liabilities to be incurred therein or thereby, (d) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action or proceeding and (e) no direction
inconsistent with such written request shall have been given to the Trustee pursuant to Section 5.9 during such 90-day period by the Holders of a majority in principal amount of the
Outstanding Securities of such series; it being understood and intended, and being expressly covenanted by the Holder of every Security with every other Holder and the Trustee, that no one or more Holders of Securities of any series shall have any
right in any manner whatever by virtue or by availing themselves of any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holder of Securities, or to obtain or seek to obtain priority over or preference to any
other such Holder or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Securities of the applicable series. For the protection and enforcement of the
provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

SECTION 5.7 Unconditional Right of Securityholders to Institute Certain Suits. Notwithstanding any other provision in this
Indenture and any provision of any Security, the right of any Holder of any Security to receive payment of the principal of and (subject to Section 2.7) interest on such Security on or after the respective due dates
expressed in such Security or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

SECTION 5.8 Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default. Except as provided in
Section 5.6 and as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 2.9, no right or remedy herein
conferred upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy. 
 No delay or omission of the Trustee or of any Securityholder to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to Section 5.6, every power and remedy
given by this Indenture or by law to the Trustee or to the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders. 

SECTION 5.9 Control by Securityholders. The Holders of a majority in aggregate principal amount of the Securities of each series
affected (with each series voting as a separate class) at the time Outstanding shall have the right to direct by written notice the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising

  
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any trust or power conferred on the Trustee, with respect to the Securities of such series by this Indenture; provided that such direction shall not be otherwise than in accordance with law and
the provisions of this Indenture and provided further that (subject to the provisions of Section 6.1) the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, shall
determine that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors, the executive committee, or a trust committee of directors or Responsible Officers of the Trustee shall
determine that the action or proceedings so directed would involve the Trustee in personal liability or if the Trustee in good faith shall so determine that the actions or forbearances specified in or pursuant to such direction would be unduly
prejudicial to the interests of Holders of the Securities of all series so affected not joining in the giving of said direction, it being understood that (subject to Section 6.1) the Trustee shall have no duty to ascertain
whether or not such actions or forbearances are unduly prejudicial to such Holders. 
 Nothing in this Indenture shall impair the right of
the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction or directions by Securityholders. 

SECTION 5.10 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Securities of any series
as provided in Section 5.1, the Holders of a majority in aggregate principal amount of the Securities of such series at the time Outstanding may on behalf of the Holders of all the Securities of such series waive any past
default or Event of Default described in Section 5.1 and its consequences except a default in respect of a covenant or provision hereof which under Article Eight cannot be modified or amended without the consent of the
Holder of each Outstanding Security affected. In the case of any such waiver, the Issuer, the Trustee and the Holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other default or impair any right consequent thereon. 
 The Issuer may, but shall not be obligated to,
fix a record date for the purpose of determining the Persons entitled to waive any past default hereunder. If a record date is fixed, then the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to
waive any default hereunder, whether or not such Holders remain Holders after such record date; provided, however, that unless such majority in principal amount shall have waived such default prior to the date that is the ninetieth (90th) day after such record date, any such waiver previously given shall automatically and without further action by any Holder be cancelled and of no further effect. 

Upon any such waiver, such default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default
arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 

SECTION 5.11 Trustee to Give Notice of Default, But May Withhold in Certain Circumstances. The Trustee shall, within 90 days after
the occurrence of a default known to the Trustee with respect to the Securities of any series, provide notice to the Holders of the then-

  
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Outstanding Securities of such series by mailing such notice to such Holders at their addresses as they shall appear in the Security Register, unless such defaults shall have been cured before
the giving of such notice (the term “default” or “defaults” for the purposes of this Section being hereby defined to mean any event or condition which is, or with notice or lapse of time or both would become, an Event of
Default); provided that, except in the case of default in the payment of the principal of or 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 and so long as the board of directors, the executive committee, or a trust committee of directors or trustees and/or Responsible Officers of the Trustee in good faith determines that the withholding of such
notice is in the interests of the Securityholders of such series; provided, further, that in the case of any default of the character specified in clause (d) of Section 5.1, no such notice to Holders shall be given
until at least 30 days after the occurrence thereof. 
 SECTION 5.12 Right of Court to Require Filing of Undertaking to Pay
Costs. The parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not
apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder or group of Securityholders of any series holding in the aggregate more than 10% in aggregate principal amount of the Securities Outstanding of such series, or
to any suit instituted by any Securityholder for the enforcement of the payment of the principal of or interest on any Security on or after the due date expressed in such Security. 

ARTICLE SIX 
 CONCERNING THE
TRUSTEE 
 SECTION 6.1 Duties and Responsibilities of the Trustee; During Default; Prior to Default. With respect to the Holders
of any series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a particular series and after the curing or waiving of all Events of Default which may have occurred with
respect to such series, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities of a series has occurred (which has not been cured or waived)
the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his own
affairs. 
 No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that 

  
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 (a) prior to the occurrence of an Event of Default with respect to the
Securities of any series and after the curing or waiving of all such Events of Default with respect to such series which may have occurred: 

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

(c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders pursuant to Section 5.9 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. 
 None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity
against such liability is not reasonably assured to it. 
 SECTION 6.2 Certain Rights of the Trustee. In furtherance of and
subject to the Trust Indenture Act, and subject to Section 6.1: 
 (a) the Trustee may rely and
shall be protected in acting or refraining from acting upon any resolution, Officers’ Certificate or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note, coupon, security or
other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) any request, direction, order or demand of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request
or Issuer Order or as otherwise expressly provided herein, and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

  
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 (c) whenever in the administration of this Indenture the Trustee shall deem
it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely
upon an Officers’ Certificate; 
 (d) the Trustee may consult with counsel and any advice or Opinion of Counsel shall be
full and complete authorization and protection in respect of any action reasonably taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 

(e) the Trustee shall be under no obligation to exercise any of the trusts, rights or powers vested in it by this Indenture at
the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses
and liabilities which might be incurred therein or thereby; 
 (f) the Trustee shall not be liable for any action taken or
omitted by it in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture; 

(g) prior to the occurrence of an Event of Default hereunder and after the curing or waiving of all Events of Default, the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, note, coupon,
security, or other paper or document unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Securities of all series then Outstanding; provided that, if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such investigation shall be paid by the Issuer or, if paid by the Trustee or any predecessor
Trustee, shall be repaid by the Issuer upon demand; 
 (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 not regularly in its employ and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care
by it hereunder; and 
 (i) The Trustee shall not be required to take notice or be deemed to have notice or knowledge of any
default or Event of Default unless a Responsible Officer of the Trustee shall have received written notice from the Company or any Holder of the 

  
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Securities or obtained actual knowledge thereof. In the absence of receipt of such notice or actual knowledge, the Trustee may conclusively assume that there is no default or Event of Default.

 (j) Anything in the Indenture to the contrary notwithstanding, in no event shall the Trustee be liable for special,
indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits). 
 SECTION 6.3 Trustee
Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof. The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the
Issuer, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representation as to the validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for the use or
application by the Issuer of any of the Securities or of the proceeds thereof. 
 SECTION 6.4 Trustee and Agents May Hold
Securities; Collections, etc. The Trustee or any agent of the Issuer or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not the Trustee or such
agent and, subject to Section 6.8, if operative, may otherwise deal with the Issuer and receive, collect, hold and retain collections from the Issuer with the same rights it would have if it were not the Trustee or such
agent. 
 SECTION 6.5 Moneys Held by Trustee. Subject to the provisions of Section 10.4 hereof, all
moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by mandatory provisions of law.
Neither the Trustee nor any agent of the Issuer or the Trustee shall be under any liability for interest on any moneys received by it hereunder. 

SECTION 6.6 Compensation and Indemnification of Trustee and Its Prior Claim. The Issuer covenants and agrees to pay to the Trustee
from time to time, and the Trustee shall be entitled to, reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express
trust), and the Issuer covenants and agrees to pay or reimburse the Trustee and each predecessor Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by or on behalf of it in accordance with any of the
provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other persons not regularly in its employ) except any such expense, disbursement or advance as may arise from
its negligence or bad faith. The Issuer also covenants to indemnify the Trustee and each predecessor Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or
in connection with the acceptance or administration of this Indenture or the trusts hereunder and its duties hereunder, including the costs and expenses of defending itself against or investigating any claim of liability in the premises. The
obligations of the Issuer under this Section to compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each predecessor Trustee for expenses, disbursements and advances

  
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shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture. Such additional indebtedness shall be a senior claim to that of the
Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Securities, and the Securities are hereby subordinated to such senior claim. 

SECTION 6.7 Right of Trustee to Rely on Officers’ Certificate, etc. Subject to
Section 6.1 and 6.2, whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting any
action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an
Officers’ Certificate delivered to the Trustee, and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the
provisions of this Indenture upon the faith thereof. 
 SECTION 6.8 Persons Eligible for Appointment as Trustee. The Trustee for
each series of Securities hereunder shall at all times be a corporation organized and doing business under the laws of the United States or of any state or the District of Columbia having a combined capital and surplus of at least $250,000,000,
which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal, state or District of Columbia authority. If such corporation publishes reports of condition at least annually, pursuant
to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.8, 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. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.8, the Trustee shall resign
immediately in the manner and with the effect specified in Section 6.9. 
 No obligor upon the Securities or
person directly or indirectly controlling, controlled by or under common control with such obligor shall serve as Trustee for any series of Securities. 

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

The provisions of this Section 6.8 are in furtherance of and subject to Section 310(a) of the Trust Indenture
Act. 
 SECTION 6.9 Resignation and Removal; Appointment of Successor Trustee. (a) The Trustee, or any trustee or trustees
hereafter appointed, may at any time resign with respect to one or more or all series of Securities by giving written notice of resignation to the Issuer. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor
trustee or trustees with respect to the applicable series by written instrument in duplicate, executed by authority of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor
trustee or trustees. If no successor trustee shall have been so appointed with respect to any series and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning trustee may petition any court of
competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has 

  
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been a bona fide Holder of a Security or Securities of the applicable series for at least six months may, subject to the provisions of Section 5.12, on behalf of himself
and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

(b) In case at any time any of the following shall occur: 

(i) the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act with respect to any
series of Securities after written request therefor by the Issuer or by any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six months; or 

(ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and
shall fail to resign after written request therefor by the Issuer or by any Securityholder; or 
 (iii) the Trustee shall
become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take charge or control
of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
 then, in any such case, the Issuer may
remove the Trustee with respect to the applicable series of Securities and appoint a successor trustee for such series by written instrument, in duplicate, executed by order of the Board of Directors of the Issuer, one copy of which instrument shall
be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 7.1, any Securityholder who has been a bona fide Holder of a Security or Securities of such series for
at least six months may on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with respect to such series. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

(c) The Holders of a majority in aggregate principal amount of the Securities of each series at the time Outstanding may at any
time remove the Trustee with respect to securities of such series and appoint a successor trustee with respect to the Securities of such series by delivering to the Trustee so removed, to the successor trustee so appointed and to the Issuer the
evidence provided for in Section 7.1 of the action in that regard taken by the Securityholders. 

(d) Any resignation or removal of the Trustee with respect to any series and any appointment of a successor trustee with
respect to such series pursuant to any of the provisions of this Section 6.9 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 6.10. 

  
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 SECTION 6.10 Acceptance of Appointment by Successor Trustee. Any successor
trustee appointed as provided in Section 6.9 shall execute and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the
predecessor trustee with respect to all or any applicable series shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such
series of its predecessor hereunder, with like effect as if originally named as trustee for such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor trustee, upon payment of its charges then unpaid, the
trustee ceasing to act shall, subject to Section 10.4, pay over to the successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all
such rights, powers, duties and obligations. Upon request of any such successor trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and
powers. Any trustee ceasing to act shall, nevertheless, retain a prior claim upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions of Section 6.6. 

If a successor trustee is appointed with respect to the Securities of one or more (but not all) series, the Issuer, the predecessor Trustee
and each successor trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of any series as to which the predecessor Trustee is not retiring shall continue to be vested in the predecessor Trustee, and shall add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such
trustees or co- trustees of the same trust and that each such trustee shall be trustee of a trust or trusts under separate indentures. 

No successor trustee with respect to any series of Securities shall accept appointment as provided in this
Section 6.10 unless at the time of such acceptance such successor trustee shall be qualified under Section 310(b) of the Trust Indenture Act and eligible under the provisions of Section 6.8.

 Upon acceptance of appointment by any successor trustee as provided in this Section 6.10, the Issuer shall mail
notice thereof to the Holders of Securities of each series affected by first-class mail to such Holders of Securities of any series for which such successor trustee is acting as trustee at their last addresses as they shall appear in the Security
Register. If the Issuer fails to mail such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Issuer. 

SECTION 6.11 Merger, Conversion, Consolidation or Succession to Business of Trustee. Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder, provided, that such corporation shall be qualified under Section 310(b) of the Trust Indenture 

  
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Act and eligible under the provisions of Section 6.8, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding. 
 In case at the time such successor to the Trustee shall succeed to the trusts created by this
Indenture any of the Securities of any series shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and deliver such Securities so authenticated;
and, in case at that time any of the Securities of any series shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor Trustee;
and in all such cases such certificate shall have the full force which it is anywhere in the Securities of such series or in this Indenture provided that the certificate of the Trustee shall have; provided, that the right to adopt the certificate of
authentication of any predecessor Trustee or to authenticate Securities of any series in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

SECTION 6.12 Preferential Collection of Claims Against the Issuer. 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. 
 Any Trustee who has resigned
or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent indicated therein. 
 ARTICLE SEVEN 

CONCERNING THE SECURITYHOLDERS 

SECTION 7.1 Evidence of Action Taken by Securityholders. Any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all series may be embodied in and evidenced by one or more instruments of substantially similar tenor signed
by such specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee
and, where it is hereby expressly required, to the Issuer. Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1 and
6.2) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Article. 
 SECTION 7.2 Proof
of Execution of Instruments and of Holding of Securities. Subject to Section 6.1and 6.2, the execution of any instrument by a Securityholder or his agent or proxy may be proved in the following manner: 

The fact and date of the execution by any Holder of any instrument may be proved by the affidavit of a witness of such
execution or by a certificate of any notary public or other officer of any jurisdiction authorized to take acknowledgments of deeds or administer oaths that the person executing such instruments acknowledged to him the execution thereof, or by an
affidavit of a witness to such execution sworn to before any 

  
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such notary or other such officer. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute sufficient proof of
the authority of the person executing the same. Subject to Section 6.1 and 6.2, 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 that the Trustee for such series may deem sufficient. The ownership, principal amount and serial numbers of Securities held by any Person, and the date of the commencement and the date of the termination of holding the
same, shall be proved by the Security Register. 
 SECTION 7.3 Holders to Be Treated as Owners. The Issuer, the Trustee and any
agent of the Issuer or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security Register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and
notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of this Indenture, interest on such Security and for all other purposes, and
neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such person, or upon his order, shall be valid and, to the extent of the sum or sums so
paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security. 
 SECTION 7.4 Securities Owned by
Issuer Deemed Not Outstanding. In determining whether the Holders of the requisite aggregate principal amount of Outstanding Securities of any or all series have concurred in any direction, consent or waiver under this Indenture, Securities
which are owned by the Issuer or any other obligor on the Securities with respect to which such determination is being made or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the
Issuer or any other obligor on the Securities with respect to which such determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether
the Trustee shall be protected in relying on any such direction, consent or waiver only Securities which a Responsible Officer of the Trustee knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith may
be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Issuer or any other obligor upon the Securities or any person
directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect
of any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officers’ Certificate (which need not comply with Section 11.5)
listing and identifying all Securities, if any, known by the Issuer to be owned or held by or for the account of any of the above-described persons, and, subject to Sections 6.1 and 6.2, the Trustee shall be entitled to accept such
Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any such determination. 

SECTION 7.5 Right of Revocation of Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided
in Section 7.1, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as 

  
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the case may be, specified in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the evidence to be included among the serial numbers
of the Securities the Holders of which have consented to such action may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action so far as concerns such Security. Except as
aforesaid any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in exchange or substitution therefor, irrespective of
whether or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Indenture in
connection with such action shall be conclusively binding upon the Issuer, the Trustee and the Holders of all the Securities affected by such action. 

ARTICLE EIGHT 
 SUPPLEMENTAL
INDENTURES 
 SECTION 8.1 Supplemental Indentures Without Consent of Securityholders. The Issuer, when authorized by a Board
Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof) for one
or more of the following purposes: 
 (a) to convey, transfer, assign, mortgage or pledge to the Trustee as security for the
Securities of one or more series any property or assets; 
 (b) to evidence the succession of another corporation to the
Issuer, or successive successions, and the assumption by the successor corporation of the covenants, agreements and obligations of the Issuer pursuant to Article Nine; 

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

(d) to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may
be defective or inconsistent with any other provision contained herein or in any supplemental indenture; or to make such other 

  
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provisions in regard to matters or questions arising under this Indenture or under any supplemental indenture as the Board of Directors may deem necessary or desirable and which shall not
adversely affect the interests of the Holders of the Securities; 
 (e) to provide for the issuance of Securities of any
series as permitted by Sections 2.1 and 2.3 hereof and to establish the form and term thereof; 
 (f) to
evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Section 6.10; 

(g) to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect and maintain
the qualification of this Indenture under the Trust Indenture Act, or under any similar federal statute hereafter enacted, and to add to this Indenture such other provisions and make such other changes to this Indenture as may be expressly permitted
by the Trust Indenture Act, or under any similar federal statute hereafter enacted, excluding however, the provisions referred to in Section 316(a)(2) of the Trust Indenture Act or any corresponding provisions in any
similar federal statute hereafter enacted; 
 (h) 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 Securities 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; 
 (i) to add any additional Events of Default; 

(j) to add to or change any of the provisions of this Indenture with respect to any Securities that by their terms may be
converted into securities or other property other than Securities of the same series and of like tenor, in order to permit or facilitate the issuance, payment or conversion of such Securities; 

(k) conform any provision in the Indenture to the prospectus, offering memorandum, offering circular or any other document
pursuant to which the Securities of such series were offered; 
 (l) to add a guarantee with respect to the Securities of any
series; and 
 (m) to release a guarantee with respect to the Securities of any series as permitted under this Indenture and
any applicable guarantee. 
 The Trustee is hereby authorized to join with the Issuer in the execution of any such supplemental indenture,
to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any
such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

  
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 Any supplemental indenture authorized by the provisions of this Section may be executed
without the consent of the Holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 8.2. 

SECTION 8.2 Supplemental Indentures With Consent of Securityholders. With the consent (evidenced as provided in Article Seven) of
the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of all series affected by such supplemental indenture (voting as one class), the Issuer, when authorized by a Board Resolution, and the
Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of execution thereof) for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of each such series; provided, that no such
supplemental indenture shall (a) extend the final maturity of any Security, or reduce the principal amount thereof or the method in which amounts of payments of principal or interest thereon are determined, or reduce the rate or extend the time
of payment of interest thereon, or change the coin or currency or units based on or related to currencies of payment thereof, or reduce any amount payable on redemption thereof or reduce the amount of the principal of an Original Issue Discount
Security that would be due and payable upon an acceleration of the maturity thereof pursuant to Section 5.1 or the amount thereof provable in bankruptcy pursuant to Section 5.2, or modify the
provisions of this Indenture with respect to the subordination of Securities in a manner materially adverse to the Holders of such Securities or impair or affect the right of any Securityholder to institute suit for the payment thereof or, if the
Securities provide therefor, any right of repayment at the option of the Securityholder without the consent of the Holder of each Security so affected, or (b) reduce the aforesaid percentage of Securities of any series, the consent of the
Holders of which is required for any such supplemental indenture, without the consent of the Holder of each Security so affected. 
 Upon
the request of the Issuer, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders as aforesaid and other documents, if any,
required by Section 7.1, the Trustee shall join with the Issuer in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

It shall not be necessary for the consent of the Securityholders under this Section to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 Promptly after the execution by
the Issuer and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Issuer shall mail a notice thereof by first class mail to the Holders of then Outstanding Securities of each series affected thereby at their
addresses as they shall appear on the Security Register. Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

  
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 SECTION 8.3 Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this
Indenture of the Trustee, the Issuer and the Holders of Securities of each series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and
conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

SECTION 8.4 Documents to Be Given to Trustee. The Trustee, subject to the provisions of Section 6.1 and
6.2, may receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article Eight complies with the applicable provisions of this Indenture. 

SECTION 8.5 Notation on Securities in Respect of Supplemental Indentures. Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to the provisions of this Article may bear a notation in form approved by the Trustee for such series as to any matter provided for by such supplemental indenture or as to any action taken
at any such meeting. If the Issuer or the Trustee shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such
supplemental indenture may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange for the Securities of such series then Outstanding. 

ARTICLE NINE 
 CONSOLIDATION,
MERGER, SALE OR CONVEYANCE 
 SECTION 9.1 Issuer May Consolidate, etc., on Certain Terms. The Issuer covenants that it will not
merge or consolidate with any other corporation or sell or convey all or substantially all of its assets to any Person, unless (i) either the Issuer shall be the continuing corporation, or the successor corporation or the Person which acquires
by sale or conveyance of substantially all the assets of the Issuer (if other than the Issuer) shall be a corporation organized under the laws of the United States or any state thereof and shall expressly assume the due and punctual payment of the
principal of and interest on all the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed or observed by the Issuer, by supplemental
indenture satisfactory to the Trustee, executed and delivered to the Trustee by such corporation, and (ii) the Issuer or such successor corporation, as the case may be, shall not, immediately after such merger or consolidation, or such sale or
conveyance, be in default in the performance of any such covenant or condition. 
 SECTION 9.2 Successor Corporation
Substituted. In case of any such consolidation, merger, sale or conveyance, and following such an assumption by the successor corporation, 

  
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such successor corporation shall succeed to and be substituted for the Issuer, with the same effect as if it had been named herein. Such successor corporation may cause to be signed, and may
issue either in its own name or in the name of the Issuer prior to such succession any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee; and, upon the order of such
successor corporation instead of the Issuer and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have been signed and delivered
by the officers of the Issuer to the Trustee for authentication, and any Securities, which such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities so issued shall in all
respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date of the execution
hereof. 
 In case of any such consolidation, merger, sale, lease or conveyance, such changes in phraseology and form (but not in substance)
may be made in the Securities thereafter to be issued as may be appropriate. 
 In the event of any such sale or conveyance (other than a
conveyance by way of lease), the Issuer or any successor corporation which shall theretofore have become such in the manner described in this Article shall be discharged from all obligations and covenants under this Indenture and the Securities and
may be liquidated and dissolved. 
 SECTION 9.3 Opinion of Counsel to Trustee. The Trustee, subject to the provisions of
Section 6.1 and 6.2, may receive an Opinion of Counsel, prepared in accordance with Section 11.5, as conclusive evidence that any such consolidation, merger, sale, lease or conveyance, and
any such assumption, and any such liquidation or dissolution, complies with the applicable provisions of this Indenture. 
 ARTICLE TEN 

SATISFACTION AND DISCHARGE OF INDENTURE; 

UNCLAIMED MONEYS 

SECTION 10.1 Satisfaction and Discharge of Indenture. (A) If at any time (a) the Issuer shall have paid or caused to be paid
the principal of and interest on all the Securities of any series Outstanding hereunder (other than Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.9) as
and when the same shall have become due and payable, (b) the Issuer shall have delivered to the Trustee for cancellation all Securities of any series theretofore authenticated (other than any Securities of such series which shall have been
destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.9) or (c)(i) all the Securities of such series not theretofore delivered to the Trustee for cancellation shall have become due
and payable, or are by their terms to become due and payable within one year or are to be or may be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and (ii) the Issuer
shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds the entire amount in cash (other than moneys repaid by the Trustee or any paying agent to the Issuer 

  
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in accordance with Section 10.4) or U.S. Government Obligations, maturing as to principal and interest in such amounts and at such times as will insure the availability
of cash (without consideration of any reinvestment of such principal or interest), or a combination of U.S. Government Obligations and cash sufficient to pay at maturity or upon redemption all Securities of such series not theretofore delivered to
the Trustee for cancellation, including principal and interest due or to become due to such date of maturity as the case may be, and if, in any such case, the Issuer shall also pay or cause to be paid all other sums payable hereunder by the Issuer
with respect to Securities of such series, then this Indenture shall cease to be of further effect with respect to Securities of such series (except as to (i) rights of registration of transfer and exchange, and the Issuer’s right of
optional redemption, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (iii) rights of Holders of Securities to receive payments of principal thereof and interest thereon, upon the original stated due dates
therefor (but not upon acceleration) and remaining rights of the Holders to receive mandatory sinking fund payments, if any, (iv) the rights, obligations, duties and immunities of the Trustee hereunder, including those under
Section 6.6, (v) the rights of the Securityholders of such series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them, and (vi) the obligations of the Issuer
under Section 3.2, and the Trustee, on demand of the Issuer accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Issuer, shall execute proper instruments acknowledging
such satisfaction of and discharging this Indenture with respect to such series; provided, that the rights of Holders of the Securities to receive amounts in respect of principal of and interest on the Securities held by them shall not be delayed
longer than required by then-applicable mandatory rules or policies of any securities exchange upon which the Securities are listed. The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred and
to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture or the Securities of such series. 

(B) The following provisions shall apply to the Securities of each series unless specifically otherwise provided in a Board Resolution,
Officers’ Certificate or indenture supplemental hereto provided pursuant to Section 2.3. In addition to discharge of the Indenture pursuant to the next preceding paragraph, the Issuer shall be deemed to have paid and
discharged the entire indebtedness on all the Securities of a series on the 121st day after the date of the deposit referred to in subparagraph (a) below, and the provisions of this Indenture with respect to the Securities of such series shall
no longer be in effect (except as to (i) rights of registration of transfer and exchange of Securities of such series, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (iii) rights of Holders of
Securities to receive, from the trust fund described in subparagraph (a) below, payments of principal thereof and interest thereon, upon the original stated due dates therefor (but not upon acceleration) and remaining rights of the Holders to
receive sinking fund payments, if any, (iv) the rights, obligation, duties and immunities of the Trustee hereunder, including those under Section 6.6, (v) the rights of the Holders of Securities of such series as
beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them and (vi) the obligations of the Issuer under Section 3.2), and the Trustee, at the expense of the Issuer,
shall at the Issuer’s request execute proper instruments acknowledging the same, if 
 (a) with reference to this
Section 10.1(B) the Issuer has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust, specifically 

  
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pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series (i) cash, (ii) U.S. Government Obligations, maturing as to principal and
interest at such times and in such amounts as will insure the availability of cash, or (iii) a combination thereof, in an amount 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 (x) the principal and interest on all Securities of such series on the date that such principal or interest is due and payable and (y) any mandatory sinking fund payments on the day on
which such payments are due and payable in accordance with the terms of the Indenture and the Securities of such series; 

(b) such deposit will not result in a breach or violation of, or constitute a default under, any agreement or instrument to
which the Issuer is a party or by which it is bound; 
 (c) the Issuer has delivered to the Trustee an opinion of independent
legal counsel satisfactory to the Trustee to the effect that Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject
to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge had not occurred; and 

(d) the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for relating to the defeasance contemplated by this provision have been complied with, and the Opinion of Counsel shall also state that such deposit does not violate applicable law. 

SECTION 10.2 Application by Trustee of Funds Deposited for Payment of Securities. Subject to
Section 10.4, all moneys deposited with the Trustee pursuant to Section 10.1 shall be held in trust and applied by it to the payment, either directly or through any paying agent (including the
Issuer acting as its own paying agent), to the Holders of the particular Securities of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and
interest; but such money need not be segregated from other funds except to the extent required by law. 
 SECTION 10.3 Repayment of
Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to Securities of any series, all moneys then held by any paying agent under the provisions of this Indenture with respect to such
series of Securities shall, upon demand of the Issuer, be repaid to it or paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys. 

SECTION 10.4 Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years. Any moneys deposited with or paid to the
Trustee or any paying agent for the payment of the principal of or interest on any Security of any series and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable,
shall, upon the written request of the Issuer and unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, 

  
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be repaid to the Issuer by the Trustee for such series or such paying agent, and the Holder of the Security of such series shall, unless otherwise required by mandatory provisions of applicable
escheat or abandoned or unclaimed property laws, thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any paying agent with respect to such moneys shall thereupon cease;
provided, the Trustee or such paying agent, before being required to make any such repayment with respect to moneys deposited with it for any payment, may at the expense of the Issuer mail by first-class mail to Holders of such Securities at their
addresses as they shall appear on the Security Register notice that such moneys remain and that, after a date specified therein, which shall not be less than thirty days from the date of such mailing, any unclaimed balance of such money then
remaining will be repaid to the Issuer. 
 SECTION 10.5 Indemnity for U.S. Government Obligations. The Issuer 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 10.1 or the principal or interest received in respect of such
obligations. 
 ARTICLE ELEVEN 

MISCELLANEOUS PROVISIONS 

SECTION 11.1 Incorporators, Shareholders, Officers and Directors of Issuer Exempt from Individual Liability. No recourse under or
upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such or against any past, present or future shareholder, officer
or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities by the Holders thereof and as part of the consideration for the issue of the Securities. 

SECTION 11.2 Provisions of Indenture for the Sole Benefit of Parties and Securityholders. Nothing in this Indenture or in the
Securities, expressed or implied, shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors and the Holders of the Securities, any legal or equitable right, remedy or claim under this
Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Securities. 

SECTION 11.3 Successors and Assigns of Issuer Bound by Indenture. All the covenants, stipulations, promises and agreements in this
Indenture contained by or in behalf of the Issuer shall bind its successors and assigns, whether so expressed or not. 
 SECTION 11.4
Notices and Demands on Issuer, Trustee and Securityholders. Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Securities to or on the Issuer may be
given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically provided 

  
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herein) addressed (until another address of the Issuer is filed by the Issuer with the Trustee) to The Progressive Corporation, 6000 Parkland Boulevard, Mayfield Heights, Ohio 44124, Attn:
Treasurer. Any notice, direction, request or demand by the Issuer or any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made at the Corporate Trust Office. 

Where this Indenture provides for notice to Holders, such notice shall be sufficiently given (unless otherwise herein expressly provided) if
in writing and mailed, first-class postage prepaid, to each Holder entitled thereto, at his last address as it appears in the Security Register or as so filed. Any notice which is mailed in the manner herein provided shall be conclusively presumed
to have been duly given when mailed, whether or not the Holder receives the 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. 

In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer and
Securityholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice. 

SECTION 11.5 Officers’ Certificates and Opinions of Counsel; Statements to Be Contained Therein. Upon any
application or demand by the Issuer to the Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent provided for in this
Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand
as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or
covenant provided for in this Indenture shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition, (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to express
an informed opinion as to whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 

Any certificate, statement or opinion of an officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or
opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon 

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

 Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain a statement that such firm
is independent. 
 SECTION 11.6 Payments Due on Saturdays, Sundays and Holidays. If the date of maturity of interest on or
principal of the Securities of any series or the date fixed for redemption or repayment of any such Security shall not be a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue for the period after such date. 

SECTION 11.7 Conflict of Any Provision of Indenture with Trust Indenture Act. If and to the extent that any provision of this
Indenture limits, qualifies or conflicts with another provision included in this Indenture which is required to be included herein by any of Sections 310 to 317, inclusive, of the Trust Indenture Act, such required provision shall control. 

SECTION 11.8 New York Law to Govern. This Indenture and each Security shall be deemed to be a contract under the laws of the State
of New York, and for all purposes shall be construed in accordance with the laws of such State, except as may otherwise be required by mandatory provisions of law. 

SECTION 11.9 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed
to be an original; but such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.10 Effect of
Headings. The article and section headings herein and the table of contents are for convenience only and shall not affect the construction hereof. 

SECTION 11.11 Securities in Foreign Currencies. Whenever this Indenture provides for any action by, or the determination of any of
the rights of, or any distribution to, Holders of Securities denominated in Dollars and in any other currency or currency unit, in the absence of any provision to the contrary in the form of Security of any particular series, any amount in

  
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respect of any Security denominated in a currency or currency unit other than Dollars shall be treated for any such action or distribution as that amount of Dollars that could be obtained for
such amount on such reasonable basis of exchange and as of such date as the Issuer may reasonably specify in a written notice to the Trustee or, in the absence of such written notice, as the Trustee shall so determine. 

SECTION 11.12 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 11.13 Patriot Act. The Issuer acknowledges that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like
all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an
account with the Trustee. The Issuer agrees that it will provide the Trustee with such information as it may reasonably request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act. 

SECTION 11.14 Waiver of Jury Trial. THE PARTIES HEREBY IRREVOCABLY WAIVE, 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 OR THE SECURITIES. 
 ARTICLE TWELVE 

REDEMPTION OF SECURITIES AND SINKING FUNDS 

SECTION 12.1 Applicability of Article. The provisions of this Article shall be applicable to the Securities of any series which
are redeemable before their maturity or to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 2.3 for Securities of such series. 

SECTION 12.2 Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of Securities of any series to be
redeemed as a whole or in part at the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of
Securities of such series at their last addresses as they shall appear upon the Security Register. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives
the notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a series designated for redemption, as a whole or in part, shall not affect the validity of the proceedings for the redemption of any other
Security of such series. 
 The notice of redemption to each such Holder shall specify the principal amount of each Security of such series
held by such Holder to be redeemed, the date fixed for redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and surrender of such Securities, that such redemption is pursuant to the mandatory
or optional 

  
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sinking fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest thereon or on
the portions thereof to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and
after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 

The notice of redemption of Securities of any series to be redeemed at the option of the Issuer shall be given by the Issuer or, at the
Issuer’s request, by the Trustee in the name and at the expense of the Issuer, provided the Issuer has provided the notice to the Trustee at least five (5) Business Days prior to the date by which such notice must be sent to the Holders
(or such shorter time period as the Trustee shall accept). 
 No later than 11:00 a.m. New York City time, on the redemption date specified
in the notice of redemption given as provided in this Section, the Issuer will deposit with the Trustee or with one or more paying agents (or, if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided in
Section 3.4) an amount of money sufficient to redeem on the redemption date all the Securities of such series so called for redemption at the appropriate redemption price, together with accrued interest to the date fixed
for redemption. If any or all of the outstanding Securities of a series are to be redeemed, the Issuer will deliver to the Trustee at least 35 days prior to the date fixed for redemption an Officers’ Certificate stating the date of redemption
and the aggregate principal amount of Securities to be redeemed. 
 If less than all the Securities of a series are to be redeemed, the
Trustee shall select, in such manner as it shall deem appropriate and fair, Securities of such series to be redeemed in whole or in part. Securities may be redeemed in part in multiples equal to the minimum authorized denomination for Securities of
such series or any integral multiple thereof (in accordance with the applicable procedure of the Depository in the case of any Global Security). The Trustee shall promptly notify the Issuer in writing of the Securities of such series selected for
redemption and, in the case of any Securities of such series selected for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the
redemption of Securities of any series shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. 

SECTION 12.3 Payment of Securities Called for Redemption. If notice of redemption has been given as above provided, the Securities
or portions of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption, and on and after
said date (unless the Issuer shall default in the payment of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities or portions of Securities so called for redemption shall cease to accrue
and such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this Indenture, and the Holders thereof shall have no right in respect of such Securities except the right to receive the
redemption price thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment specified in said notice, said 

  
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Securities or the specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption;
provided that any semiannual payment of interest becoming due on the date fixed for redemption shall be payable to the Holders of such Securities registered as such on the relevant record date subject to the terms and provisions of
Section 2.4 hereof. 
 If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne by the Security. 

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

SECTION 12.4 Exclusion of Certain Securities from Eligibility for Selection for Redemption. Securities shall be excluded from
eligibility for selection for redemption if they are identified by registration and certificate number in a written statement signed by an authorized officer of the Issuer and delivered to the Trustee at least 40 days prior to the last date on which
notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such written statement directly or indirectly controlling
or controlled by or under direct or indirect common control with the Issuer. 
 SECTION 12.5 Mandatory and Optional Sinking
Funds. 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.” The date on which a sinking fund payment is to be made is herein referred to as the “sinking fund payment date.” 

In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, the Issuer may at
its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not
previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the Issuer and delivered to the Trustee for cancellation pursuant to Section 2.10, (b) receive credit for optional sinking fund payments
(not previously so credited) made pursuant to this Section, or (c) receive credit for Securities of such series (not previously so credited) redeemed by the Issuer through any optional redemption provision contained in the terms of such series.
Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. 

On or before the sixtieth day next preceding each sinking fund payment date for any series, the Issuer will deliver to the Trustee a written
statement (which need not contain the statements required by Section 11.5) signed by an authorized officer of the Issuer (a) specifying 

  
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the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series, (b) stating that none of the
Securities of such series has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or cured) and are continuing and
(d) stating whether or not the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which the Issuer intends to pay on
or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the Issuer to be entitled to credit therefor as aforesaid which have not theretofore been
delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.10 to the Trustee with such written statement (or reasonably promptly thereafter if acceptable to the Trustee). Such written statement shall
be irrevocable and upon its receipt by the Trustee the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure of the
Issuer, on or before any such sixtieth day, to deliver such written statement and Securities specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of the Issuer
(i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof and
(ii) that the Issuer will make no optional sinking fund payment with respect to such series as provided in this Section. 
 If the
sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or a lesser sum if
the Issuer shall so request) with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price
together with accrued interest to the date fixed for redemption. If such amount shall be $50,000 or less and the Issuer makes no such request then it shall be carried over until a sum in excess of $50,000 is available. The Trustee shall select, in
the manner provided in Section 12.2, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing
by the Issuer) inform the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default
shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article Five and held for the payment of all such Securities. In case such
Event of Default shall have been waived as provided in Section 5.10 or the default cured on or before the sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next
succeeding sinking fund payment date in accordance with this Section to the redemption of such Securities. 
 ARTICLE THIRTEEN 

SUBORDINATION OF SECURITIES 

  
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 SECTION 13.1 Securities Subordinate to Senior Debt. The Issuer, for itself, its
successors and assigns, covenants and agrees, and each Holder likewise covenants and agrees by his acceptance thereof, that the obligations of the Issuer to make any payment on account of the principal of and interest on each and all of the
Securities shall be subordinate and junior in right of payment to the prior payment in full of all amounts then due and payable in respect of all Senior Debt of the Issuer, to the extent and in the manner herein set forth (unless a different manner
is set forth in the Securities). 
 SECTION 13.2 Issuer Not to Pay if Senior Debt of Issuer is in Default. No payment on account
of principal or interest on the Securities shall be made by the Issuer unless full payment of amounts then due for principal (and premium, if any), sinking funds, and interest on Senior Debt of the Issuer has been made or duly provided for in money
or money’s worth in accordance with its terms. No payment on account of principal or interest on the Securities shall be made by the Issuer if, at the time of such payment or immediately after giving effect thereto, there shall have occurred an
event of default with respect to any Senior Debt of the Issuer or in any instrument under which the same is outstanding, permitting the holders thereof (or a trustee on behalf of the holders thereof) to accelerate the maturity thereof, or an event
that, with the giving of notice or the passage of time or both, would constitute such event of default, and such event of default shall not have been cured or waived. 

SECTION 13.3 Payment Over of Proceeds upon Dissolution, Default, Etc., of the Issuer. The Issuer agrees that upon (i) the
occurrence of any Senior Debt event of default referred to in Section 13.2 above that shall not have been cured or waived or (ii) any payment or distribution of assets of the Issuer of any kind or character, whether in cash, property or
securities, to creditors upon any dissolution or winding up or total or partial liquidation or reorganization of the Issuer, whether voluntary or involuntary or in bankruptcy, insolvency, receivership, conservatorship or other proceedings, all
principal (and premium, if any), sinking fund payments and interest due or to become due upon all Senior Debt of the Issuer shall first be paid in full, or payment thereof provided for in money or money’s worth in accordance with its terms,
before any payment is made on account of the principal of or interest on the indebtedness evidenced by the Securities, and upon any such dissolution or winding up or liquidation or reorganization, any payment or distribution of assets of the Issuer
of any kind or character, whether in cash, property or securities (other than securities of the Issuer or any other Person provided for by a plan of reorganization or readjustment, the payment of which is subordinate, at least to the extent provided
in this Section with respect to the Securities, to the payment in full of all Senior Debt, provided the rights of the Holders of the Senior Debt are not altered by such reorganization or readjustment), to which the Holders of the Securities
would, except for the provisions hereof, be entitled, shall be paid by the Issuer or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, or by the Holders or by the Trustee under
this instrument if received by them or it, directly to the holders of Senior Debt of the Issuer (pro rata to each such holder on the basis of the respective amounts of Senior Debt held by such holder) or their representatives, to the extent
necessary to pay all Senior Debt of the Issuer in full, in money or money’s worth, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Debt, before any payment or distribution is made to the
Holders of the indebtedness evidenced by the Securities or to the Trustee or to any paying agent (subject, in the case of the Trustee or any paying agent, to the provisions of Section 6.5) under this instrument. 

  
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 In the event that any payment or distribution of assets of the Issuer of any kind or
character, whether in cash, property or securities, including any such payment or distribution that may be payable or deliverable by reason of the payment of any other indebtedness of the Issuer being subordinated to the payment of the Securities,
not permitted by the foregoing, shall be received by the Trustee or any holder before all Senior Debt of the Issuer is paid in full, or provision is made for such payment, 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 such Senior Debt of the Issuer (pro rata to each such holder on the basis of the respective amounts of Senior Debt held by such holder) or their representative
or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Debt of the Issuer may have been issued, as their respective interests may appear, or to any receiver, trustee in
bankruptcy, liquidating trustee, agent or other person making such distribution, for application to the payment of all Senior Debt of the Issuer remaining unpaid to the extent necessary to pay all such Senior Debt of the Issuer in full in accordance
with its terms, after giving effect to any concurrent payment or distribution to the holders of such Senior Debt of the Issuer. 
 The
consolidation of the Issuer with, or the merger of the Issuer into, another corporation or the liquidation or dissolution of the Issuer following the conveyance or transfer of its properties and assets substantially as an entirety to another Person
upon the terms and conditions set forth in Article Nine shall not be deemed a dissolution, winding up, liquidation or reorganization for the purposes of this Section if the corporation formed by such consolidation or into which the Issuer is
merged or the Person that acquires by conveyance or transfer such properties and assets substantially as an entirety, as the case may be, as a part of such consolidation, merger, conveyance or transfer, shall comply with the conditions set forth in
Article Nine. 
 Nothing in this Section 13.3 or elsewhere in this Article 13 shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 6.6. 
 SECTION 13.4 Subrogation to Rights of Holders of Senior Debt. Subject to the
prior payment in full of all Senior Debt of the Issuer or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders shall be subrogated (equally and ratably with the
holders of all indebtedness of the Issuer that by its express terms is subordinated to indebtedness of the Issuer to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the
holders of such Senior Debt to receive payments or distributions of cash, property and securities applicable to the Senior Debt of the Issuer until the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions
in respect of the Senior Debt of the Issuer of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of
this Article to the holders of Senior Debt by Holders of the Securities or the Trustee, as between the Issuer, its creditors other than holders of Senior Debt of the Issuer and the Holders of the Securities, shall be deemed to be a payment or
distribution by the Issuer to or on account of the Senior Debt of the Issuer; and no payments or distributions to the Trustee or the Holders of the Securities of cash, property or securities that are applied to the satisfaction of Senior Debt of the
Issuer, as the case may be, by virtue of the subordination herein provided for, as between the Issuer, its creditors other than the holders of Senior Debt of the Issuer and the Holders of the Securities, shall be deemed to be a payment by the Issuer
to or on account of the Securities. 

  
 - 50 - 

 SECTION 13.5 Reliance on Certificate of Liquidating Agent. Upon any payment or
distribution of assets of the Issuer referred to in this Article, the Trustee, subject to the provisions of Section 6.1, and the Holders shall be entitled to rely upon an order or decree made by any court of competent jurisdiction in which such
dissolution or winding up or liquidation or reorganization or arrangement proceedings are pending or upon a certificate of the trustee in bankruptcy, receiver, conservator, assignee for the benefit of creditors or other person making such payment or
distribution, delivered to the Trustee or to the Holders, for the purpose of ascertaining the persons entitled to participate in such distribution, the holders of the Senior Debt, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent to this Article. 
 SECTION 13.6 Payment Permitted if No Default. Nothing
contained in this Article or elsewhere in this Indenture, or in any of the Securities, shall prevent (a) the Issuer, at any time except during the pendency of any dissolution, winding up, liquidation or reorganization or other similar
proceedings referred to in Section 13.3 or under the conditions described in Section 13.2, from making payments at any time of principal of (or premium, if any) or interest on the Securities or (b) the application by the Trustee or
any paying agent of any moneys deposited with it hereunder to the payment of or on account of the principal of (or premium, if any) or interest on Securities, if, at the time of such application, the Trustee or such paying agent, as the case may be,
did not have the written notice provided for in Section 13.7 of any event prohibiting the making of such deposit or if, at the time of such deposit (whether or not in trust) by the Issuer with the Trustee or any paying agent (other than the
Issuer), such payment would not have been prohibited by the provisions of this Article. 
 SECTION 13.7 Trustee Not Charged with
Knowledge of Prohibition. Anything in this Article or elsewhere in this Indenture contained to the contrary notwithstanding, the Trustee shall not at any time be charged with knowledge of the existence of any facts that would prohibit the making
of any payment of moneys to or by the Trustee and, subject to the provisions of Section 6.1, shall be entitled to assume that no event of default or prohibition specified in Section 13.2 has happened, until a Responsible Officer of the
Trustee shall have received an Officers’ Certificate of the Issuer to that effect or notice in writing signed by or on behalf of the holders, or their representatives, of at least $10,000,000 in principal amount of Senior Debt of the Issuer who
shall have been certified by the Issuer or otherwise established to the reasonable satisfaction of the Trustee to be such holders or representatives or from any trustee under any indenture pursuant to which such Senior Debt shall be outstanding;
provided that if on a date not fewer than two Business Days prior to the date upon which by the terms hereof any such monies may become payable for any purpose (including, without limitation, the payment of the principal of, or premium, if any, or
interest on any Security) the Trustee shall not have received, with respect to such monies, the Officers’ Certificate or notice provided for in this Section, then, anything herein contained to the contrary notwithstanding, the Trustee shall
have full power and authority to receive such monies and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary which may be received by it on or after such prior date. 

  
 - 51 - 

 Notwithstanding anything in this Article 13 to the contrary, nothing shall prevent any
payment by the Trustee to the Holders of monies deposited with it pursuant to Section 10.1, and any such payment shall not be subject to the provisions of this Article 13. 

The Trustee, subject to the provisions of Section 6.1, shall be entitled to rely on the delivery to it of a written notice by a
representative or a person representing himself to be a holder of Senior Debt (or a trustee on behalf of such holder) to establish that such notice has been given by a representative or a holder of Senior Debt or a trustee on behalf of any such
holder or holders. The Trustee shall not be required to make any payment or distribution to or on behalf of a holder of Senior Debt pursuant to this Article 13 unless it has received satisfactory evidence as to the amount of Senior Debt 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 13. 

SECTION 13.8 Provisions are Solely to Define Relative Rights. The provisions of this Article are and are intended solely for the
purpose of defining the relative rights of the Holders on the one hand, and the holders of the Senior Debt on the other. Nothing contained in this Article or elsewhere in this Indenture or in the Securities is intended to or shall (a) impair,
as among the Issuer, its creditors other than holders of Senior Debt and the Holders of the Securities, the obligation of the Issuer, which is absolute and unconditional (and which, subject to the rights under this Article of the holders of Senior
Debt, is intended to rank equally with all other general obligations of the Issuer), to pay to the Holders of the Securities the principal of (and premium, if any, on) and interest on the Securities as and when the same shall become due and payable
in accordance with their terms; (b) affect the relative rights against the Issuer of the Holders of the Securities and creditors of the Issuer other than the holders of Senior Debt; 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 Debt, to receive cash, property and securities otherwise payable or
deliverable to the Trustee or such Holder. 
 SECTION 13.9 No Waiver of Subordination Provisions. No right of any present or
future holder of any Senior Debt of the Issuer to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Issuer or by any act or failure to act, in good faith,
by any such holder, or by any noncompliance by the Issuer with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 

SECTION 13.10 Trustee to Effectuate Subordination. Each Holder by his acceptance of a Security or Securities authorizes and
directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article and appoints the Trustee his
attorney-in-fact for any and all such purposes. 
 The
Trustee, however, shall not be deemed to owe any fiduciary duty to the holders of Senior Debt and shall not be liable to any such holders or creditors if it in good faith mistakenly shall pay over or distribute to or on behalf of Holders of the
Securities or the Issuer moneys or assets to which any holder of Senior Debt shall be entitled by virtue of this Article. 

  
 - 52 - 

 SECTION 13.11 Rights of Trustee as Holder of Senior Debt. The Trustee shall be
entitled to all the rights set forth in this Article with respect to any Senior Debt that may at any time be held by it, to the same extent as any other holder of Senior Debt, as the case may be, and nothing in this Indenture shall deprive the
Trustee of any of its rights as such holder. 
 SECTION 13.12 Article Applicable to Paying Agents. In case at any time any
paying agent other than the Trustee shall have been appointed by the Issuer with respect to a series of Securities and be then acting hereunder, the term “Trustee” as used in this Article shall in such case (unless the context shall
otherwise require) 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; provided,
however, that Sections 13.8 and 13.11 shall not apply to the Issuer or any Affiliate of the Issuer if it or such Affiliate acts as paying agent; and provided, further, that no paying agent (other than the Issuer or any Affiliate
of the Issuer if it or such Affiliate acts as paying agent) shall be liable to any such holder if it shall pay over or distribute to or on behalf of Holders of Securities or the Issuer or any other Person moneys or assets to which any holder of
Senior Debt shall be entitled by virtue of this Article or otherwise. 

  
 - 53 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and
their respective corporate seals to be hereunto affixed and attested, all as of [                    ], 2018. 

 

			
	 THE PROGRESSIVE CORPORATION

		
	 By
	 	 
		 	Treasurer

  

			
	 [TRUSTEE]

		
	 By  
	 	 
		 	Authorized Officer

  

			
	 STATE OF OHIO
	  	)
		  	) ss.:
	 COUNTY OF CUYAHOGA
	  	)

 On this      day of
                , before me personally came                to me personally known, who, being by me
duly sworn, did depose and say that he resides at Cleveland, Ohio; that he is an officer of THE PROGRESSIVE CORPORATION, one of the corporations described in and which executed the above instrument, and that he signed his name thereto by authority
of the Board of Directors of said corporation. 
  

	
	 
	Notary Public

 [Notarial Seal] 

  
 - 54 - 

			
	 STATE OF             )
	  	
		  	) ss.:
	 COUNTY OF
	  	)

 On this      day of
                 before me personally came              to me personally known, who, being by me duly sworn,
did depose and say that he resides at             ,              ; that he is an authorized officer of
            , one of the corporations described in and which executed the above instrument; and that he signed his name thereto by authority of the Board of Directors of said corporation,
by like authority. 
  

	
	 
	Notary Public

 [Notarial Seal] 

  
 - 55 -EX-4.1

 Exhibit 4.1 
  

FISCAL AND PAYING AGENCY AGREEMENT 

Between 
 DISCOVER BANK

 Issuer 

and 
 U.S. BANK NATIONAL
ASSOCIATION 
 Fiscal and Paying Agent 
  

  
  

Dated as of September 13, 2018 
  

 
 4.650% Notes Due
2028 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE 1 APPOINTMENT
	  	 	1	 
		
	 Section 1.1.      Appointment of Fiscal and Paying
Agent
	  	 	1	 
		
	 ARTICLE 2 THE NOTES
	  	 	1	 
		
	 Section 2.1.      Form of Notes
	  	 	1	 
	 Section 2.2.      Certifications of Authorized
Representatives of the Bank
	  	 	2	 
	 Section 2.3.      Authentication and
Delivery
	  	 	2	 
	 Section 2.4.      Denominations; Issuance of Certificated
Securities
	  	 	3	 
	 Section 2.5.      Principal Amount;
Reopening
	  	 	4	 
	 Section 2.6.      Security Register; Registration of
Transfer and Exchange
	  	 	4	 
	 Section 2.7.      Persons Deemed Owners
	  	 	5	 
	 Section 2.8.      Cancellation of Unissued Global
Notes
	  	 	5	 
	 Section 2.9.      Mutilated, Stolen or Destroyed
Notes
	  	 	5	 
	 Section 2.10.    Redemption
	  	 	5	 
		
	 ARTICLE 3 THE FISCAL AND PAYING AGENT
	  	 	6	 
		
	 Section 3.1.      Payment of Notes
	  	 	6	 
	 Section 3.2.      Information Regarding Amounts
Payable
	  	 	6	 
	 Section 3.3.      Deposit of Funds
	  	 	6	 
	 Section 3.4.      Disposition of Funds Held for Payment
of Notes
	  	 	7	 
	 Section 3.5.      Receipt and Delivery of
Notices
	  	 	7	 
	 Section 3.6.      Additional
Responsibilities
	  	 	7	 
	 Section 3.7.      Miscellaneous
	  	 	8	 
		
	 ARTICLE 4 LIABILITY AND INDEMNIFICATION
	  	 	8	 
		
	 Section 4.1.      Liability
	  	 	8	 
	 Section 4.2.      Indemnification
	  	 	9	 
	 Section 4.3.      Agents and Advisors
	  	 	9	 
		
	 ARTICLE 5 RESIGNATION OR REMOVAL OF FISCAL AND PAYING AGENT; SUCCESSION
	  	 	9	 
		
	 Section 5.1.      Resignation or Removal
	  	 	9	 
	 Section 5.2.      Successor Fiscal and Paying
Agent
	  	 	10	 
	 Section 5.3.      Successor by Merger,
Etc.
	  	 	10	 

  
 i 

					
	 	  	Page	 
		
	 ARTICLE 6 MISCELLANEOUS
	  	 	10	 
		
	 Section 6.1.      Compensation of the Fiscal and Paying
Agent
	  	 	10	 
	 Section 6.2.      Reliance on Opinions of Counsel or
Officer’s Certificate
	  	 	11	 
	 Section 6.3.      Notes Held by Fiscal and Paying
Agent
	  	 	11	 
	 Section 6.4.      Notices
	  	 	11	 
	 Section 6.5.      Parties
	  	 	12	 
	 Section 6.6.      Governing Law
	  	 	12	 
	 Section 6.7.      Separability
	  	 	12	 
	 Section 6.8.      Effect of Headings
	  	 	12	 
	 Section 6.9.      Amendments
	  	 	12	 
	 Section 6.10.    Events of Default; Rescission
	  	 	13	 
	 Section 6.11.    Actions Due on Saturdays, Sundays and
Holidays
	  	 	14	 
	 Section 6.12.    Agreement to Pay Attorneys’ Fees and Other
Expenses
	  	 	14	 
	 Section 6.13.    Survival
	  	 	14	 
	 Section 6.14.    No Implied Waivers
	  	 	14	 
	 Section 6.15.    Counterparts
	  	 	14	 
	 Section 6.16.    Term
	  	 	14	 
	 Section 6.17.    Complete Agreement
	  	 	14	 

  
 ii 

 This FISCAL AND PAYING AGENCY AGREEMENT (the “Agreement”) is entered into as of
September 13, 2018 by and between Discover Bank, as Issuer (the “Bank”), and U.S. Bank National Association as Fiscal and Paying Agent (the “Fiscal and Paying Agent”). 

W I T N E S S E T H: 

WHEREAS, the Bank proposes to issue and sell $900,000,000 of its 4.650% Notes Due 2028 (the “Notes”) in minimum denominations of
$250,000 to certain institutional accredited investors in an offering that is exempt from registration with the Securities and Exchange Commission; and 

WHEREAS, the Bank desires to appoint the Fiscal and Paying Agent as fiscal and paying agent of the Bank with respect to the preparation,
authentication, delivery, registration and payment of the Notes; 
 NOW, THEREFORE, in consideration of the mutual promises, covenants,
conditions and agreements set forth herein, the parties hereby agree as follows: 
 ARTICLE 1 

APPOINTMENT 

Section 1.1.    Appointment of Fiscal and Paying Agent. The Fiscal and Paying Agent is hereby appointed
as fiscal and paying agent for the Notes on the terms and conditions specified in this Agreement and in the Notes, and the Fiscal and Paying Agent hereby accepts such appointment. The Bank hereby appoints the Fiscal and Paying Agent as registrar for
the Notes. 
 ARTICLE 2 

THE NOTES 
 Section
2.1.     Form of Notes. The Notes will be represented by one or more global certificates, each such certificate hereinafter called a “Global Note.” All Global Notes shall be registered in the name
of The Depository Trust Company (“DTC”), as depository, or its nominee or a successor depository or nominee. All Global Notes shall be in substantially the form attached hereto as Exhibit A and may have such appropriate insertions,
omissions, variations or substitutions as are required or permitted by, and not inconsistent with, this Agreement, and may also have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be
required to comply with any applicable law or with any applicable rules or regulations made pursuant thereto or with the rules or regulations of any securities exchange or governmental agency or as may, consistently herewith, be determined by the
officers of the Bank executing such Global Notes, as evidenced by their execution thereof. Beneficial interests in the Global Notes will be shown on, and transfers thereof will be effected only through, records maintained by DTC or its nominee and
its participants. 

 Section 2.2.     Certifications of Authorized Representatives
of the Bank. 
 (a)    Any instruction given by the Bank to the Fiscal and Paying Agent under this Agreement
shall be in the form of an Officer’s Certificate. For the purposes of this Agreement, “Officer’s Certificate” means a certificate signed by an Authorized Representative (defined below) and delivered to the Fiscal and Paying
Agent. 
 (b)    On or before the original issue date, the Bank shall furnish the Fiscal and Paying Agent with an
Officer’s Certificate of the Bank certifying the incumbency and specimen signatures of the representatives of the Bank who are authorized to instruct the Fiscal and Paying Agent regarding the completion and delivery of the Global Notes and take
other actions hereunder (each an “Authorized Representative”). The Bank shall notify the Fiscal and Paying Agent promptly in writing if any of such persons ceases to be so authorized or if any additional person becomes so authorized
together, in the case of an additional authorized person, with evidence satisfactory to the Fiscal and Paying Agent that such person has been so authorized and any such change shall become effective on the Business Day (as hereinafter defined) on
which the Fiscal and Paying Agent receives notice thereof. 
 Section 2.3.    Authentication and
Delivery. 
 (a)    All Notes shall be issued and delivered in accordance with the terms of this Agreement, the
Global Notes and the Letter of Representations from the Bank to DTC dated November 11, 2009. All instructions regarding the completion and delivery of Notes shall be given in writing by an Authorized Representative by telex, telecopy,
electronic transmission or other means acceptable to the Fiscal and Paying Agent. Upon receipt of such written instructions as described in the preceding sentence, the Fiscal and Paying Agent shall: 

(i)    manually authenticate such Global Note or Global Notes by any one of the officers of the Fiscal and Paying Agent
duly authorized and designated by it for such purpose; and 
 (ii)    deliver such Global Note or Global Notes to DTC
or its nominees or retain and hold such Global Note or Global Notes as custodian for DTC pursuant to DTC’s instructions. 

(b)    Each Note shall bear an original issue date which shall remain the same for all Notes subsequently issued upon
transfer, exchange or substitution of such original Note regardless of the date of issuance of any such subsequently issued Note. 

(c)    All instructions given by the Bank pursuant to this Section 2.3 must be received by the
Fiscal and Paying Agent by 11 a.m., New York City time, on the Business Day (except as indicated in Sections 3.1(b) and 6.11) preceding the original issue date for the Global Notes. For all purposes under this
Agreement, the term “Business Day” shall mean any day that is not a Saturday or Sunday and that, in The City of New York, New York, is not a day on which banking institutions are generally authorized or required by law to be closed. The
Fiscal and Paying Agent shall not be required to perform any duties on any day that is not a Business Day. 

  
 2 

 (d)    The Fiscal and Paying Agent shall have no responsibility to the
Bank to determine by whom a facsimile signature of the Bank shall be affixed on the Global Notes, or whether a signature of an Authorized Representative is genuine, if such signature resembles the specimen signature of such Authorized Representative
on the Officer’s Certificate delivered pursuant to Section 2.2(b). The Fiscal and Paying Agent shall incur no liability to the Bank in acting or refraining from taking any action hereunder upon instructions
contemplated hereby which the recipient thereof believed in good faith to have been given by an Authorized Representative. In the event a discrepancy exists between the instructions as originally received by the Fiscal and Paying Agent and any
subsequent instruction relating to the same subject matter, the original instructions will be deemed controlling if action has already been taken in reliance thereon. The Fiscal and Paying Agent agrees to give notice to the Bank of such discrepancy
reasonably promptly upon the discovery by the Fiscal and Paying Agent of such discrepancy. 
 (e)    Each instruction
given to the Fiscal and Paying Agent in accordance with this Section 2.3 shall constitute a representation and warranty to the Fiscal and Paying Agent by the Bank that (i) the issuance and delivery of the Global Notes
to which the instruction relates have been duly and validly authorized by the Bank, (ii) such Global Notes, when completed, authenticated and delivered pursuant hereto, will constitute valid and legally binding obligations of the Bank and
(iii) the Fiscal and Paying Agent’s appointment to act for the Bank hereunder has been duly authorized by all necessary corporate action of the Bank. 

(f)    The Bank further represents and warrants to the Fiscal and Paying Agent that the Bank is free to enter into this
Agreement and to perform the terms hereof. 
 Section 2.4.    Denominations; Issuance of Certificated
Securities. 
 (a)    Except as provided in paragraph (b) of this Section 2.4,
the Notes shall be issuable only in book-entry form, without coupons, in denominations of $250,000 and any amount in excess thereof which is an integral multiple of $1,000. 

(b)    If at any time (i) DTC notifies the Bank in writing that it is unwilling or unable to act as depository for
the Notes or if DTC ceases to be a clearing agency registered pursuant to Section 17A of the Securities Exchange Act of 1934, as amended, and a successor depository is not appointed by the Bank within 90 days after the effective date of
DTC’s ceasing to act as depository for the Notes, (ii) the Bank, at its option, notifies the Fiscal and Paying Agent in writing that it elects to cause the issuance of Notes in definitive form or (iii) any event shall have happened
and be continuing which, after notice or lapse of time, or both, would constitute an Event of Default as defined in the Notes, the Bank will execute, and the Fiscal and Paying Agent will, upon the execution of the then standard form of the Fiscal
and Paying Agent’s agreement for certificated securities and upon receipt of instructions in writing from the Bank, authenticate and deliver Notes of like tenor and terms in definitive form in an aggregate principal amount equal to the
principal amount of the Global Notes then outstanding in exchange for such Global Notes. Any such certificated Notes will be issued in fully registered form to the persons identified by DTC as the beneficial owners thereof, without coupons, in
denominations of $250,000 or any amount in excess thereof which is an integral multiple of $1,000. Such certificated Notes may not subsequently be exchanged by a holder for Notes in denominations of less than $250,000. If Notes are issued in
definitive form hereunder, payment and other terms related to such Notes will be as set forth on the face thereof. 

  
 3 

 Section 2.5.    Principal Amount; Reopening. The
aggregate principal amount of the Notes that may be authenticated and issued under this Agreement is initially limited to $900,000,000, except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Notes pursuant to Sections 2.4, 2.6 or 2.9; provided, however, that the Bank may, so long as no Event of Default (as defined in the Notes) has occurred and is continuing, reopen the Notes to issue
additional Notes on the same terms and conditions (except for issue date and offering price), with the same CUSIP number as the Notes and which shall form a single series with the originally issued Notes, without the consent of the holders of the
Notes; provided, however, that such additional Notes must be fungible with the originally issued Notes for U.S. federal income tax purposes. As used herein, the term “Notes” includes any such additional Notes. 

Section 2.6.    Security Register; Registration of Transfer and Exchange. 

(a)    The Fiscal and Paying Agent shall, so long as any of the Notes remain outstanding, maintain records in accordance
with its customary practices, including all forms of transfer for the Notes and shall: (i) keep at its corporate trust office or the office of its affiliate in New York City, a register (the “Security Register”) in such form as the
Fiscal and Paying Agent may determine, in which, subject to such reasonable requirements as it may prescribe, it shall provide for the registration of the Global Notes and of any exchanges or transfers thereof and (ii) maintain records showing
for each outstanding Note issued in definitive form under Section 2.4(b), the principal amount, maturity date, interest rate and other terms thereof, the date of original issue and all subsequent transfers and
consolidations or exchanges. 
 (b)    All Notes presented for transfer shall be duly endorsed or be accompanied by a
written instrument of transfer with such evidence of due authorization and guarantee of signature as may reasonably be required by the Fiscal and Paying Agent. Upon receipt by the Bank of a Note submitted for transfer, the Bank will execute, and the
Fiscal and Paying Agent will authenticate, one or more new Notes of like tenor and terms in an aggregate principal amount equal to the principal amount of the Note presented for transfer in accordance with the transfer instructions accompanying
same. The Fiscal and Paying Agent shall date its signature on the date it signs such Notes. No service charge (other than any cost of delivery) shall be imposed by the Fiscal or Paying Agent for any exchange or registration of transfer of a Note but
the Bank or Fiscal and Paying Agent may require the payment of a sum sufficient to cover any stamp or other tax or governmental charge that may be imposed in connection therewith or presentation of evidence that such tax or charge has been paid.
Notwithstanding anything to the contrary set forth herein, no registration or transfer shall be made on or after the fifteenth day immediately preceding the Maturity Date (as defined in the Note). 

(c)    Notwithstanding anything in this Agreement to the contrary, unless Notes are issued in definitive form under
Section 2.4(b) hereof, beneficial ownership of the Notes will only be shown on, and transfers thereof will be effected only through, records maintained by DTC, its nominees or its participants (as defined in the offering
circular dated September 10, 2018 relating to the offering of the Notes). The Fiscal and Paying Agent shall have no responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests in a Global Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests, and it shall be fully protected in acting or refraining from acting on any such information provided by DTC with
respect thereto. 

  
 4 

 Section 2.7.    Persons Deemed Owners. Prior to due
presentment of a Note for registration or transfer, the Bank, the Fiscal and Paying Agent and any agent of the Bank or the Fiscal and Paying Agent may treat the person in whose name such Note is registered as the owner of such Note for the purpose
of receiving payments of principal and interest, if any, and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Bank nor the Fiscal and Paying Agent shall be affected by notice to the contrary. 

Section 2.8.    Cancellation of Unissued Global Notes. Promptly upon the written request of the Bank,
the Fiscal and Paying Agent shall cancel and return to the Bank all unissued Global Notes in its possession. 

Section 2.9.    Mutilated, Stolen or Destroyed Notes. In case a Note shall at any time become
mutilated, destroyed, lost or stolen and such Note or evidence satisfactory to the Bank or the Fiscal and Paying Agent of the loss, theft, or destruction thereof (together with indemnity satisfactory to the Bank and the Fiscal and Paying Agent and
such other documents of proof as may be required by them) shall be delivered to the Bank, a new Note of like tenor will be issued by the Bank in exchange for the Note so mutilated, or in lieu of the Note so destroyed or lost or stolen. The Fiscal
and Paying Agent will authenticate any such substituted Note and deliver the same on the written request or authorization of an Authorized Representative. All expenses and reasonable charges associated with procuring the indemnity referred to above
and with the preparation, authentication and delivery of a new Note shall be borne by the holder of the Note so mutilated, destroyed, lost or stolen. If any Note which has matured or is about to mature shall become mutilated, destroyed, lost or
stolen, the Bank may, instead of issuing a substitute Note, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Note) upon compliance by the holder thereof with the provisions of this
Section 2.9 (including delivery of an indemnity satisfactory to the Bank and the Fiscal and Paying Agent and such other documents of proof as may be required by them). 

Section 2.10.    Redemption. 

(a)    No sinking fund will be provided for the Notes. 

(b)    The Notes are subject to redemption at the option of the Bank, at any time on or after June 13, 2028, in whole
or in part on no less than 10 nor more than 60 days’ prior notice delivered to the Holders. The Notes will be redeemable at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest.
If fewer than all of the Notes are to be redeemed, the Fiscal and Paying Agent will select the Notes for redemption on a pro rata basis, by lot or by such other method in accordance with the Depository’s procedures. The Notes will be redeemed
in denominations of $250,000 and integral multiples of $1,000 in excess thereof. If any Notes are to be redeemed in part only, the notice of redemption that relates to the Notes will state the portion of the Notes to be redeemed. Unless the Bank
defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or the portions of the Notes called for redemption. 

  
 5 

 ARTICLE 3 

THE FISCAL AND PAYING AGENT 

Section 3.1.    Payment of Notes. 

(a)    Payments of principal and interest payable at the Maturity Date will be made by wire transfer in immediately
available funds to the bank accounts in the United States designated by the holders of the Notes, provided that the Notes are presented to the Fiscal and Paying Agent in time for the Fiscal and Paying Agent to make such payments in such funds in
accordance with its normal procedures and subject to Section 3.3 hereof. 
 (b)    Payments of
interest (other than interest payable at Maturity Date) will be made on March 13 and September 13 of each year, commencing on March 13, 2019 to the holders of the Notes entitled thereto as of the close of business on March 1 or
September 1, as the case may be (whether or not such day is a Business Day) (each such date, a “Regular Record Date”) immediately preceding the interest payment date, by wire transfer of immediately available funds to the bank
accounts in the United States designated by such holders in a written notice received by the Fiscal and Paying Agent not later than the applicable Regular Record Date and subject to Section 3.3 hereof. 

(c)    The Fiscal and Paying Agent is authorized and, subject to its prior receipt of funds in respect thereof, will pay
amounts falling due in respect of any Note duly presented for payment as provided in paragraph (a) of this Section 3.1 as long as the Global Note representing such Note has been authenticated by one of the Fiscal and
Paying Agent’s officers who was duly designated and authorized for such purpose at the time of such authentication, notwithstanding that said officer is no longer so designated or the authority of said officer has been terminated between the
time of execution and the time of payment. 
 (d)    The Fiscal and Paying Agent shall have no obligation to use its own
funds for any payment of principal or interest on the Notes or for any other purpose pursuant to this Agreement. 

Section 3.2.    Information Regarding Amounts Payable. The Fiscal and Paying Agent shall, as soon as
practicable after each record date for the payment of interest on the Notes (other than interest payable on the Maturity Date), but not later than five days preceding the related interest payment date, notify the Bank of the amount of interest to be
paid on the Notes on the related interest payment date. 
 Section 3.3.    Deposit of Funds.
The Bank shall deposit with the Fiscal and Paying Agent by 10 a.m., New York City time (i) on each interest payment date (other than the Maturity Date) an amount in immediately available funds sufficient to pay the interest due on
the Notes on such date and (ii) on the Maturity Date an amount in immediately available funds sufficient to pay the full principal amount of the Notes and all unpaid interest accrued thereon to the Maturity Date. 

  
 6 

 Section 3.4.    Disposition of Funds Held for Payment of
Notes. 
 (a)    In acting under this Agreement and in connection with the Notes, the Fiscal and Paying Agent is
acting solely as agent of the Bank and does not assume any obligation or relationship of agency or trust with the holders of the Notes or the beneficial owners of the Global Notes, except that, subject to the provisions of subsection (b) of
this Section 3.4, all money deposited with the Fiscal and Paying Agent pursuant to Section 3.3 shall be held by it on behalf of the holders of the Notes and the beneficial holders of the Global
Notes entitled thereto until such money is disbursed to the holders of the Notes (subject to escheat and other unclaimed property laws) in accordance with the provisions of the Notes and this Agreement or otherwise. Money deposited with the Fiscal
and Paying Agent need not be segregated from other funds of the Fiscal and Paying Agent, except to the extent required by law. The Fiscal and Paying Agent agrees that it shall not exercise any right of
set-off, lien or similar claim in respect of such money deposited with the Fiscal and Paying Agent. 

(b)    Any money deposited with the Fiscal and Paying Agent for the payment of the principal of or interest on any Note
that remains unclaimed or unpaid for two years after such principal or interest has become due and payable, shall be remitted by the Fiscal and Paying Agent to the Bank and the holders of the Notes entitled thereto shall thereafter, as unsecured
general creditors, look only to the Bank for payment thereof as successor fiscal and paying agent, and all liability of the Fiscal and Paying Agent with respect to such money shall thereupon cease. 

Section 3.5.    Receipt and Delivery of Notices. 

(a)    Forthwith upon the receipt by the Fiscal and Paying Agent of a demand or notice from any holder of a Note in
accordance with the provisions hereof, the Fiscal and Paying Agent shall promptly forward a copy thereof to the Bank. 

(b)    On behalf of and at the request and expense of the Bank, the Fiscal and Paying Agent shall cause to be delivered to
the holders of the Notes all notices required to be given by the Bank to such holders in accordance with the provisions hereof. 

Section 3.6.    Additional Responsibilities. If the Bank shall ask the Fiscal and Paying Agent to
perform any duties not specifically set forth in this Agreement as duties of the Fiscal and Paying Agent (the “Additional Responsibilities”) and the Fiscal and Paying Agent chooses to perform such Additional Responsibilities, the Fiscal
and Paying Agent shall be held to the same standard of care and shall be entitled to all the protective provisions (including, but not limited to, indemnification) set forth herein with respect to such Additional Responsibilities unless the Fiscal
and Paying Agent has entered into a separate written agreement which specifically addresses the standard of care with respect to such Additional Responsibilities. 
  

  
 7 

 Section 3.7.    Miscellaneous. Notwithstanding
anything to the contrary herein: 
 (a) in paying principal and interest on the Notes hereunder, the Fiscal and Paying Agent shall be acting
as a conduit and shall not be paying such principal or interest for its own account. In the absence of written notice from the Bank to the contrary, the Fiscal and Paying Agent shall be entitled to assume that any Note presented to it, or deemed
presented to it, for payment, is entitled to be so paid; 
 (b)    the Fiscal and Paying Agent shall not be required to
invest any moneys delivered to it pursuant to this Agreement and shall have no liability for interest on any moneys received or held by it hereunder; 

(c)    the Fiscal and Paying Agent shall not be responsible for the accuracy of any recital of any party (other than the
Fiscal and Paying Agent) that is stated herein or in the Notes or in any offering materials relating thereto and makes no representations as to the validity or enforceability of the Notes and shall incur no responsibility in respect thereto; 

(d)    the Fiscal and Paying Agent shall be protected in acting or refraining from acting upon any notice, order,
requisition, request, consent, certificate, order, opinion (including an opinion of counsel, Officer’s Certificate or both), affidavit, letter, telegram or other paper or document deemed by it in good faith to be genuine and correct and to have
been signed or sent by the proper person or persons; and 
 (e)    any action taken by the Fiscal and Paying Agent
pursuant to this Agreement upon the request or authority or consent of any person who at the time of making such request or giving such authority or consent is the holder of a Note shall be conclusive and binding upon (i) all future holders of
the same Note and any Note issued in exchange therefor or in place thereof, (ii) all beneficial owners of the same Note and (iii) all holders of the same Note issued in definitive form pursuant to Section 2.4(b)
hereof. 
 ARTICLE 4 

LIABILITY AND INDEMNIFICATION 

Section 4.1.    Liability. 

(a) The duties and obligations of the Fiscal and Paying Agent are ministerial in nature and such duties and obligations shall be determined
solely by the express provisions of this Agreement. The Fiscal and Paying Agent will not have any fiduciary duties. The Fiscal and Paying Agent shall not be liable to the Bank, the holders of Notes or the beneficial owners of the Global Notes except
for the performance of such duties and obligations as are specifically set forth herein and no implied covenants shall be read into this Agreement against it. 

(b)    The Fiscal and Paying Agent shall not be required to ascertain whether any action taken by the Bank hereunder,
including (i) the offering and sale of Notes, (ii) the issuance of such Notes or (iii) any amendment or termination of this Agreement, has been duly authorized by the Bank or is in compliance with any other agreement to which the Bank
is a party (whether or not the Fiscal and Paying Agent is also a party to such other agreements) or any law or governmental regulation to which the Bank is subject. The Fiscal and Paying Agent shall have no responsibility in the case of any default
by the Bank in the performance of the Notes. 

  
 8 

 (c)    The Fiscal and Paying Agent shall not have any liability
hereunder except in the case of its gross negligence, bad faith, willful misconduct or failure to perform in accordance with this Agreement (which failure constitutes gross negligence, bad faith or willful misconduct). NOTWITHSTANDING ANYTHING TO
THE CONTRARY HEREIN, IN NO EVENT SHALL THE FISCAL AND PAYING AGENT BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR PUNITIVE DAMAGES. THIS LIMITATION OF LIABILITY WILL APPLY REGARDLESS OF THE FORM OF ACTION, INCLUDING, WITHOUT LIMITATION, BREACH
OF THIS CONTRACT OR TORT. 
 Section 4.2.    Indemnification. The
Bank agrees to indemnify and hold harmless the Fiscal and Paying Agent, its officers, directors, employees and agents (each an “Indemnified Party”) from and against all losses, liabilities, obligations, claims, damages, costs and expenses
of any kind or nature whatsoever (including, without limitation, reasonable legal fees and expenses) relating to or arising out of the performance of its duties under this Agreement, except to the extent they are caused by the negligence, bad faith
or willful misconduct of such Indemnified Party or failure of such Indemnified Party to perform in accordance with this Agreement. In the event of resignation or removal of the Fiscal and Paying Agent, any successor to the performance of the
obligations of the Fiscal and Paying Agent as specified in this Agreement shall be entitled to rely upon this indemnity. These indemnification obligations shall survive the termination of this Agreement, including any termination pursuant to any
applicable federal or state bankruptcy law, to the extent enforceable under applicable law, and shall survive the resignation or removal of the Fiscal and Paying Agent while remaining applicable to any action taken or omitted by the Fiscal and
Paying Agent while acting pursuant to this Agreement. 
 Section 4.3.    Agents and Advisors. The
Fiscal and Paying Agent may execute any of the powers hereunder or perform any duties hereunder either directly or by or through agents or advisors selected by it in good faith and with due care as it may reasonably require and will not be
responsible for any negligence or misconduct on the part of any of them so selected by the Fiscal and Paying Agent. 
 ARTICLE 5 

RESIGNATION OR REMOVAL OF FISCAL AND PAYING AGENT; SUCCESSION 

Section 5.1.    Resignation or Removal. The Fiscal and Paying Agent may at any time resign from its
duties hereunder by giving written notice of resignation to the Bank specifying the date on which such resignation shall become effective; provided, however, that such date shall not be less than 60 Business Days after such notice is given to the
Bank. The Bank may at any time remove the Fiscal and Paying Agent by giving written notice of removal to the Fiscal and Paying Agent specifying the date on which such removal shall be effective; provided, however, that such date shall not be less
than 30 Business Days after such notice is given to the Fiscal and Paying Agent. Any termination or resignation hereunder shall not affect the Fiscal and Paying Agent’s right to the payment of fees earned or charges incurred through the
effective date of such termination or resignation, as the case may be. 

  
 9 

 Section 5.2.    Successor Fiscal and Paying Agent.
Upon the effective date of such resignation or removal, the Fiscal and Paying Agent shall deliver any money then held by it pursuant to Section 3.4(a) to the successor appointed by the Bank to serve as fiscal and paying
agent for the Notes and all liability of the Fiscal and Paying Agent with respect to such money shall thereupon cease. The Fiscal and Paying Agent shall also provide such successor with a copy of its records relating to the Notes as such successor
shall reasonably request. However, the Fiscal and Paying Agent may retain copies of any records turned over for archival purposes. If such successor has not been appointed by the effective date of such resignation or removal, the Fiscal and Paying
Agent shall pay such money and deliver such records to the Bank with the same effect as though such payment were made pursuant to Section 3.4(b); it being understood and agreed that the Bank may undertake to perform any of
the functions of the Fiscal and Paying Agent. The delivery, transfer and assignment of such moneys and records by the Fiscal and Paying Agent to its successor or the Bank, as the case may be, shall be sufficient, without the requirement of any
additional act or the requirement of any indemnity to be given by the Fiscal and Paying Agent, to relieve the Fiscal and Paying Agent of all further responsibility for the exercise of the rights or the performance of the obligations vested in the
Fiscal and Paying Agent pursuant to this Agreement. The Bank shall notify, or cause the Fiscal and Paying Agent to notify, each holder of Global Notes of the appointment of any successor Fiscal and Paying Agent or the undertaking of the Bank to
perform the functions of the Fiscal and Paying Agent. 
 Section 5.3.    Successor by Merger,
Etc. Any corporation or association into which the Fiscal and Paying Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer its corporate trust and agency business as a
whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which it is a party, shall be and become successor Fiscal and Paying Agent hereunder and shall be invested with all of the
rights, powers, trusts, duties and obligations of the Fiscal and Paying Agent hereunder, without the execution or filing of any instrument or any further act. The Fiscal and Paying Agent shall provide notice to the Bank of any such conversion,
merger, consolidation, sale or transfer as soon as practicable after the Fiscal and Paying Agent obtains knowledge that such event will occur or has occurred. 

ARTICLE 6 

MISCELLANEOUS 

Section 6.1.    Compensation of the Fiscal and Paying Agent. The Bank agrees to pay the Fiscal and
Paying Agent compensation for all services rendered by the Fiscal and Paying Agent hereunder in such amounts as set forth on the Fee Schedule attached hereto and payable at such times as the Bank and the Fiscal and Paying Agent may agree to and to
promptly reimburse the Fiscal and Paying Agent for all reasonable out-of-pocket expenses (including reasonable outside attorneys’ fees), disbursements and advances incurred or made by the Fiscal and Paying Agent in the performance of its duties
hereunder. The obligation of the Bank pursuant to this Section 6.1 shall survive the termination of this Agreement, including any termination pursuant to any federal or state bankruptcy law, to the extent enforceable under applicable law. 

  
 10 

 Section 6.2.    Reliance on Opinions of Counsel or
Officer’s Certificate. 
 (a)    The Fiscal and Paying Agent may, at any time,
request and receive an opinion of counsel (including its in-house counsel) concerning its duties hereunder. The Fiscal and Paying Agent shall be free to act upon the advice contained in such opinion and shall
have no liability to the Bank, the holders of the Notes or the beneficial owners of the Global Notes in respect of an action taken or omitted by the Fiscal and Paying Agent in good faith in reliance on a written opinion of such counsel (including
its in-house counsel). 
 (b)    The Fiscal and Paying Agent shall have no
liability to the Bank, the holders of the Notes or the beneficial owners of the Global Notes in respect of an action taken or omitted by the Fiscal and Paying Agent in good faith in reliance on an Officer’s Certificate. 

Section 6.3.    Notes Held by Fiscal and Paying Agent. The Fiscal and Paying Agent, in its individual
or other capacity, may become a purchaser, holder, transferor, pledgee or may otherwise own, hold or transfer any beneficial interest in any Notes and may commence or join in any action which a beneficial owner of a Note is entitled to take without
any conflict with its responsibilities pursuant to this Agreement. 
 Section 6.4.    Notices.
Notices and other communications hereunder shall (except to the extent otherwise expressly provided) be in writing or given via electronic media and shall be addressed as follows, or to such other addresses as the parties hereto shall specify from
time to time. 
  

	 If to the Bank: 
	Discover Bank 

 12 Read’s Way 

New Castle, Delaware 19720 

Attention:    Michael F. Rickert 

Telephone:  (302) 323-7184 

Telecopy:    (302) 323-7393 

Email: mikerickert@discover.com 
  

	 With a copy to: 
	Discover Financial Services 

 2500 Lake Cook Road 

Riverwoods, Illinois 60015 

Attention:    D. Christopher Greene 

Telephone:  (224) 405-0330 

Telecopy:    (224) 405-4073 

Email: christophergreene@discover.com 

  
 11 

	 If to the Fiscal And Paying Agent 
	U.S. Bank National Association 

 100 Wall Street – Suite 1600 

New York, NY 10005 

Attention:    Corporate Trust Services 

Telephone:  212-951-8561 

Telecopy:    212-509-3384 

All notices shall be deemed given when received. All notices required to be given to the holders of Notes shall be in writing and sent by first-class mail to such holders at their respective addresses shown in the Security Register. 

Section 6.5.    Parties. Except for rights arising under
Section 3.4(a), this Agreement is solely for the benefit of the parties hereto and their successors and assigns and nothing herein, express or implied, shall grant any benefit or any legal or equitable right, remedy or
claim under this Agreement to any other person including, without limitation, any holder of a Note or any beneficial owner of a Global Note. 

Section 6.6.    Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND, WHERE APPROPRIATE, THE LAWS OF THE UNITED STATES. 

Section 6.7.    Separability. In case any provision in this Agreement shall
be held to 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 6.8.    Effect of Headings. The article and section headings herein
are for convenience of reference only and shall not affect the construction hereof. 

Section 6.9.    Amendments. 

(a) Without the consent of the holders of the Notes, the Bank and the Fiscal and Paying Agent, at any time and from time to time, may amend
the terms of this Agreement and the Notes, including amendments to the terms of the Notes designed to cure ambiguities, defects or inconsistencies; except, however, that the consent of all holders of Notes is required in order to: 

(i)    change the Maturity Date of any Note, extend the time of payment on any overdue principal amount, change the coin
or currency in which any Note or the interest thereon is payable, change the definition of interest payment date contained in the Notes, reduce the principal amount of or the rate of interest on any Note, change the method of payment specified in
the Notes to other than wire transfer in immediately available funds, or impair the right of a holder of the Notes to institute suit for the enforcement of any payments of principal of or interest or other amounts on such Notes; 

  
 12 

 (ii)    reduce the percentage in principal amount of Notes outstanding,
the consent of whose holders is required for any such amendment to this Agreement or the Notes; or 
 (iii)    modify
any of the provisions of this Section 6.9, except to increase any such percentage or to provide that certain other provisions of this Agreement or the Notes cannot be modified or waived without the consent of the holder of
each outstanding Note. 
 If the consent of the holders of the Notes is required hereunder, the Bank and the Fiscal and Paying Agent shall
request such consent and the Fiscal and Paying Agent will deliver to each holder of Notes an explanation provided to it by (or on behalf of) the Bank of such amendment and the terms thereof. It shall not be necessary under this
Section 6.9 for the holders of the Notes to approve the precise form of any proposed amendment. 

(b)    Upon the execution of any amendment to this Agreement under this Section 6.9 by the Bank
and the Fiscal and Paying Agent, this Agreement shall be modified in accordance therewith, such amendment shall form a part of this Agreement for all purposes and each holder of Notes theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby. The Fiscal and Paying Agent, on behalf of the Bank, shall promptly transmit by mail to each holder of Notes a notice setting forth the general terms of any amendment to this Agreement executed under this
Section 6.9. 
 (c)    Before entering into any amendment to this Agreement, the Fiscal and
Paying Agent shall receive and be fully protected in relying upon an Officer’s Certificate and an opinion from counsel to the Bank that such amendment has been duly authorized, executed and delivered by the Bank and that all conditions
precedent in connection with the execution of such amendment have been satisfied. 
 Section 6.10.    Events
of Default; Rescission. 
 (a) Upon the occurrence of an Event of Default (as defined in the Notes) or the curing of an Event of
Default, the Bank will promptly notify in writing the Fiscal and Paying Agent thereof, and the Fiscal and Paying Agent will promptly notify, by first-class mail, postage prepaid, the holders of the Notes
thereof. If an Event of Default shall occur and be continuing, the holder of a Note, upon written notice to the Bank and the Fiscal and Paying Agent, may, at its option, declare such Note to be, and, on the day such declaration shall have been
delivered to the Bank and the Fiscal and Paying Agent, unless the Fiscal and Paying Agent shall have received notice from the Bank that all Events of Default have been cured by the Bank prior to receipt by the Fiscal and Paying Agent of such
declaration, such Note shall become, immediately due and payable at its principal amount, together with accrued and unpaid interest thereon to the date of payment. 

(b)    At any time after the delivery to the Fiscal and Paying Agent of a declaration of an Event of Default and
acceleration pursuant to the provisions of a Note, the holder of a Note, by written notice evidencing its ownership interest to the Bank and the Fiscal and Paying Agent, may rescind and annul such declaration of an Event of Default and its
consequences with respect to such Note. No such rescission shall affect any subsequent Event of Default or impair any right consequent thereto. 

  
 13 

 (c)    The holder of a Note may waive any past Event of Default and its
consequences with respect to such Note. No such waiver shall affect any subsequent Event of Default or impair any right consequent thereto. 

Section 6.11.    Actions Due on Saturdays, Sundays and Holidays. If any
date on which a payment, notice or other action required by this Agreement falls is other than a Business Day, then that action or payment need not be taken or made on such date, but may be taken or made on the next succeeding Business Day on which
the Fiscal and Paying Agent is open for business with the same force and effect as if made on such date. 

Section 6.12.    Agreement to Pay Outside Attorneys’ Fees and Other
Expenses. In the event the Bank shall default under any of the provisions of this Agreement and the Fiscal and Paying Agent shall employ outside attorneys or incur other expenses for the enforcement of performance
or observance or any such obligation or agreement, the Bank agrees that it will on demand pay to the Fiscal and Paying Agent the reasonable fees and expenses of such attorneys and such other reasonable expenses incurred by the Fiscal and Paying
Agent. 
 Section 6.13.    Survival. The Fiscal and Paying Agent’s
rights to compensation, reimbursement and indemnification shall survive the termination of this Agreement, including any termination pursuant to any federal or state bankruptcy law, to the extent enforceable under applicable law. 

Section 6.14.    No Implied Waivers. The right of any party under any
provision of this Agreement shall not be affected by its prior failure to require the performance by any other party under such provision or any other provision of this Agreement, nor shall the waiver by any party of a breach of any provision hereof
constitute a waiver of any succeeding breach of the same or any other provision or constitute a waiver of the provision itself or any other provision. 

Section 6.15.    Counterparts. This Agreement may be executed in two or
more counterparts, each of which shall constitute an original but both or all of which, when taken together, shall constitute but one instrument, and shall become effective when copies hereof which, when taken together, bear the signatures of each
of the parties hereto, shall be delivered to each of the parties hereto. 

Section 6.16.    Term. This Agreement shall remain in full force and effect
until the earlier to occur of (i) such time as the principal of and interest on all the Notes shall have been paid, (ii) the effective date of the resignation or removal of the Fiscal and Paying Agent or (iii) the payment of funds to
the Bank in accordance with Section 3.4(b). 
 Section 6.17.    Complete
Agreement. This Agreement and any appendix hereto contain the entire understanding of the parties with respect to the subject hereof (except for any separate confidentiality agreement between the Bank and the
Fiscal and Paying Agent applicable to this Agreement), and no waiver, alteration or modification of any of the provisions hereof, shall be binding unless in writing and signed by a duly authorized representative of all parties hereto. 

  
 14 

 IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT 

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

  
 15 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement on the date first set forth
above. 
  

			
	 DISCOVER BANK,
 as Issuer of the
Notes

		
	By:	 	/s/ Timothy J. Schmidt
	 Name:
 Title:
	 	 Timothy J. Schmidt
 Senior Vice President and
Treasurer

  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Fiscal and Paying Agent

		
	By:	 	/s/ K. Wendy Kumar
	 Name:
 Title:
	 	 K. Wendy Kumar
 Vice President

  
 16 

 EXHIBIT A 

FORM OF GLOBAL NOTE 
 THIS NOTE IS NOT
REQUIRED TO BE, AND IS NOT, REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). 
 THIS OBLIGATION IS NOT A DEPOSIT
AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”) OR ANY OTHER GOVERNMENT AGENCY OR INSTRUMENTALITY AND IS SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL. THE OBLIGATIONS OF
DISCOVER BANK (THE “BANK”) EVIDENCED BY THIS NOTE ARE UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF THE BANK AND RANK PARI PASSU AMONG THEMSELVES AND OTHER UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF THE BANK BUT THEY ARE SUBORDINATE AND
JUNIOR IN RIGHT OF PAYMENT TO THE BANK’S OBLIGATIONS TO ITS DEPOSITORS AND OTHER OBLIGATIONS ENTITLED TO ANY PRIORITIES OR PREFERENCES, ARE INELIGIBLE AS COLLATERAL FOR A LOAN BY THE BANK AND ARE NOT SECURED. 

THIS NOTE IS AN OBLIGATION SOLELY OF THE BANK AND WILL NOT BE AN OBLIGATION OF, OR OTHERWISE GUARANTEED BY, DISCOVER FINANCIAL SERVICES OR ANY OF THE
BANK’S OTHER AFFILIATES. 
 THIS NOTE IS ISSUABLE ONLY IN FULLY REGISTERED FORM IN MINIMUM DENOMINATIONS OF $250,000 AND INTEGRAL MULTIPLES OF $1,000
IN EXCESS THEREOF. EACH OWNER OF A BENEFICIAL INTEREST IN THIS NOTE MUST BE AN INSTITUTIONAL INVESTOR WHO IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND IS REQUIRED TO HOLD A
BENEFICIAL INTEREST IN A $250,000 PRINCIPAL AMOUNT OR ANY INTEGRAL MULTIPLE OF $1,000 IN EXCESS THEREOF OF THIS NOTE AT ALL TIMES. 

Registered Principal Amount: 

No.: 
 CUSIP No.: 25466A
AP6 
 ISIN No.: US25466AAP66 

  
 A-1 

 DISCOVER BANK 

4.650% Note Due 2028 
 This 4.650% Note Due 2028
(the “Security”) is registered in the name of CEDE & CO., the nominee of The Depository Trust Company (the “Depository”), 55 Water Street, New York, New York, and may not be transferred except as a whole by the nominee
of the Depository to another nominee of the Depository or to the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository unless and until this Security is exchanged in whole or in part
for Securities in definitive form. Unless this certificate is presented by an authorized representative of the Depository to the Corporate Trust Department of U.S. Bank National Association, as Fiscal and Paying Agent or any duly appointed successor
Fiscal and Paying Agent (the “Fiscal and Paying Agent”), and any certificate issued is registered in the name of Cede & Co. or such other name as is requested in writing by an authorized representative of the Depository (and any
payment is made to Cede & Co. or to such other entity as is requested in writing by an authorized representative of the Depository), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE OR TO ANY PERSON IS WRONGFUL, inasmuch as
the registered owner hereof, Cede & Co., has an interest herein. 
 The Bank, for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal amount of _______ ($______ ) on September 13, 2028 (the “Maturity Date”) and to pay interest from September 13, 2018, or from the most recent Interest Payment Date to which interest has been paid
or duly provided for, at the rate of 4.650% per annum (calculated on the basis of a 360-day year of twelve 30-day months), on the unpaid principal hereof until said
principal amount has been paid in full or duly made available for payment, semiannually in arrears on March 13 and September 13 of each year, commencing March 13, 2019 and on the Maturity Date (each, an “Interest Payment
Date”). Payments will include interest accrued to (but excluding) the relevant Interest Payment Date. All payments on this Security shall be applied first to accrued interest and the balance, if any, to principal. 

If the Maturity Date or any other Interest Payment Date falls on a day that is not a Business Day (as defined below), the related payment shall be made on the
next succeeding Business Day with the same force and effect as if made on the day such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Maturity Date or Interest Payment Date, as the case may
be. The term “Business Day” means any day that is not a Saturday or Sunday and that is not a day on which banking institutions are generally authorized or required to be closed in The City of New York, New York. 

Reference is made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as though fully set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Fiscal and Paying Agent by the
manual signature of one of its authorized signatories, this Security shall not be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Bank has caused this Security to be duly executed and its corporate seal to be
hereunto affixed and attested. 
  

			
	DISCOVER BANK
		
	By:	 	 

 (CORPORATE SEAL) 
 Attest:

 By:____________________________ 
 Name:
_________________________ 
 Title: __________________________ 

This is one of the Securities referred to 
 in the within-mentioned Fiscal and 
 Paying Agency Agreement: 

U.S. BANK NATIONAL ASSOCIATION, 
 as Fiscal and Paying Agent 

By:    __________________________________ 

Dated: September 13, 2018 

  
 A-3 

 Form of Reverse Side of Note 

1.    This Security is one of a duly authorized issue of securities of the Bank, designated as its “4.650% Notes Due
2028” (the “Securities”), initially limited in aggregate principal to $900,000,000. The Bank may, so long as no Event of Default (as defined below) has occurred and is continuing and without the consent of the Holders (as defined
below) hereof, issue additional Securities and thereby increase such aggregate principal amount in the future, on the same terms and conditions (except for issue date and offering price) and with the same CUSIP number as this Security; provided,
however, that such additional Securities shall be consolidated and form a single series with this Security only if such additional Securities are fungible with this Security for U.S. federal income tax purposes. The Bank, for the benefit of the
registered holders from time to time of the Securities (collectively, the “Holders”), has entered into a Fiscal and Paying Agency Agreement, dated as of September 13, 2018 (as the same may be amended, supplemented or otherwise
modified from time to time, the “Fiscal and Paying Agency Agreement”), between the Bank and the Fiscal and Paying Agent. Reference is hereby made to the Fiscal and Paying Agency Agreement (copies of which are on file and available for
inspection during normal business hours at the offices of the Fiscal and Paying Agent at U.S. Bank National Association, 100 Wall Street – Suite 1600, New York, NY 10005, Attention: Corporate Trust Administration, or at such other place or
places as the Fiscal and Paying Agent shall designate by notice to the Holder in whose name this Security is registered on the Security Register (as defined in Section 3 of this Security)), for a statement of the further rights of the Holders
and the further rights, limitations of rights, duties and indemnities thereunder of the Bank and the Fiscal and Paying Agent and of the terms upon which the Securities are, and are to be, authenticated and delivered. 

Payment of the principal and interest payable on the Maturity Date will be made by wire transfer in immediately available funds to a bank
account in the United States designated by the Holder, upon presentation and surrender of this Security at the office of the Fiscal and Paying Agent or its affiliate in New York City or at such other place or places as the Fiscal and Paying Agent
shall designate by notice to the Holder, provided that this Security is presented to the Fiscal and Paying Agent in time for the Fiscal and Paying Agent to make such payments in such funds in accordance with its normal procedures and subject to the
deposit by the Bank of sufficient funds to enable the Fiscal and Paying Agent to make such payments. Payments of interest (other than interest payable on the Maturity Date) shall be made by wire transfer in immediately available funds to a bank
account in the United States designated by the Holder in a written notice received by the Fiscal and Paying Agent not later than the applicable Record Date (as defined below). Interest payable on any Interest Payment Date (other than the Maturity
Date) shall be payable to the Holder in whose name this Security is registered at the close of business on March 1 or September 1, as the case may be (whether or not a Business Day), immediately preceding the Interest Payment Date (each
such date being referred to herein as a “Regular Record Date”), notwithstanding the cancellation of this Security after such Regular Record Date and prior to or on such Interest Payment Date. Any interest so payable, but not punctually
paid or made available for payment, on any Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record Date and such defaulted interest will be paid to the Person in whose name this Security is registered at the
close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Bank (a “Special Record Date”), notice of which shall be given to the Holder of this Security not less than 10 days prior to such
Special Record Date (the Regular Record Date and Special Record Date are referred to herein collectively as “Record Dates”). Interest payable on this Security on the Maturity Date will be payable to the Holder to whom the principal of this
Note is payable on such date. To the extent permitted by applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Security, on any amount of principal of or interest on this Security not paid when due.
All payments on this Security shall be applied first to accrued interest and the balance, if any, to principal. 

  
 A-4 

 2.     Payments of principal of and interest on this Security shall be
made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. Until the date on which all of the Securities shall have been surrendered or delivered to the
Fiscal and Paying Agent for cancellation or destruction, or become due and payable and a sum sufficient to pay the principal of and interest on all of the Securities shall have been made available for payment and either paid or returned to the Bank
as provided herein and in the Fiscal and Paying Agency Agreement, the Fiscal and Paying Agent or its affiliate shall at all times maintain an office or agency in New York City, where Securities may be presented or surrendered for payment; provided
that, any successor Fiscal and Paying Agent appointed by the Bank as permitted by Section 10 of this Security, or the Bank upon undertaking the performance of the functions of Fiscal and Paying Agent, shall not be required to maintain an office
in New York City but shall be required to maintain an office or agency the location of which shall be communicated promptly to the Holder of this Security. 

3.     Except as otherwise provided on the face of this Security, this Security is transferable in whole or in part, and
may be exchanged for a like aggregate principal amount of Securities of other authorized denominations, by the Holder in person, or by his, her or its attorney duly authorized in writing, at the office of the Fiscal and Paying Agent or its affiliate
in New York City. The Fiscal and Paying Agent shall maintain a register providing for the registration of the Securities and any exchange or transfer thereof (the “Security Register”). Upon surrender or presentation of this Security for
exchange or registration of transfer, the Bank shall execute and the Fiscal and Paying Agent shall authenticate and deliver in exchange therefor a Security or Securities, each in a denomination of $250,000 or any amount in excess thereof which is an
integral multiple of $1,000 which has or have an aggregate denomination equal to the denomination of this Security and is or are registered in such name or names requested by the Holder. Any Security presented or surrendered for registration of
transfer or for exchange shall (if so required by the Fiscal and Paying Agent) be duly endorsed, or accompanied by a written instrument of transfer with such evidence of due authorization and guarantee of signature as may reasonably be required by
the Fiscal and Paying Agent in form satisfactory to the Fiscal and Paying Agent, duly executed by the Holder or his, her or its attorney duly authorized in writing, and with such tax identification number or other information for each person in
whose name a Security is to be issued as the Fiscal and Paying Agent may reasonably request to comply with applicable law. No exchange or registration of transfer of this Security shall be made on or after the fifteenth day immediately preceding the
Maturity Date. 
 No service charge (other than any cost of delivery) shall be imposed for any exchange or registration of transfer of this
Security, but the Bank or Fiscal and Paying Agent may require the payment of a sum sufficient to cover any stamp or other tax or governmental charge that may be imposed in connection therewith (or presentation of evidence that such tax or charge has
been paid). 

  
 A-5 

 Prior to due presentment of this Security for registration of transfer, the Bank, the Fiscal
and Paying Agent and their respective agents may treat the Holder in whose name this Security is registered in the Security Register as the absolute owner of this Security for the purpose of receiving payments of principal of and interest on this
Security and for all other purposes whatsoever, whether or not this Security be overdue, and the Bank and the Fiscal and Paying Agent shall not be affected by any notice to the contrary. 

4.    This Security is not subject to repayment at the option of the Holder prior to the Maturity Date and is not subject
to any sinking fund. 
 5.    This Security is subject to redemption at the option of the Bank, at any time on or after
June 13, 2028, in whole or in part on no less than 10 nor more than 60 days’ prior notice delivered to the Holders. This Security will be redeemable at a redemption price equal to 100% of the principal amount of this Security to be redeemed,
plus accrued and unpaid interest. If fewer than all of the Securities are to be redeemed, the Fiscal and Paying Agent will select the Securities for redemption on a pro rata basis, by lot or by such other method in accordance with the
Depository’s procedures. This Security will be redeemed in denominations of $250,000 and integral multiples of $1,000 in excess thereof. If any Securities are to be redeemed in part only, the notice of redemption that relates to such Securities
will state the portion of such Securities to be redeemed. Unless the Bank defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on such Securities or the portions of such Securities called for
redemption. 
 6.     The indebtedness of the Bank evidenced by this Security, including the principal and interest, is
unsecured and unsubordinated but it is subordinate and junior in right of payment to the Bank’s obligations to its depositors and other obligations that are entitled to any priorities or preferences, such as its obligations under bankers’
acceptances and letters of credit and its obligations to any Federal Reserve Bank or the Federal Deposit Insurance Corporation (“FDIC”) and to any rights acquired by the FDIC as a result of loans made by the FDIC to the Bank or the
purchase or guarantee of any of its assets by the FDIC pursuant to the provisions of 12 U.S.C. Section 1823(c), (d) or (e), in each case whether outstanding at the date of this Security or hereafter incurred (except any such obligations
which rank on a parity with or junior to this Security). In the case of any insolvency proceedings, receivership, conservatorship, reorganization, readjustment of debt, marshalling of assets and liabilities or similar proceedings or any liquidation,
dissolution or winding-up of the Bank, whether voluntary or involuntary, all such obligations, except obligations that expressly rank on a parity with or junior to this Security, shall be entitled to be paid
in full before any payment shall be made on account of the principal of, or interest on, this Security. In the event of any such proceeding, after payment in full of all sums owing with respect to such prior obligations, the Holder of this Security,
together with the holders of any other obligations of the Bank ranking on a parity with this Security, shall be entitled to be paid from the remaining assets of the Bank, the unpaid principal of, and the unpaid interest on, this Security or such
other obligations before any payment or other distribution, whether in cash, property or otherwise, shall be made on account of any capital stock or any obligations of the Bank ranking junior to this Security. Nothing herein shall impair the
obligation of the Bank, which is absolute and unconditional, to pay the principal of and any interest on this Security in accordance with its terms. 

  
 A-6 

 7.    Notwithstanding any other provisions of this Security, including
specifically those set forth in the sections relating to events of default and covenants of the Bank, it is expressly understood and agreed that the FDIC or any other receiver or conservator of the Bank shall have the right in the performance of his
or her legal duties, and as part of any transaction or plan of reorganization or liquidation designed to protect or further the continued existence of the Bank or the rights of any parties or agencies with an interest in, or claim against, the Bank
or its assets, to transfer or direct the transfer of the obligations of this Security to any national banking association, state bank or bank holding company selected by him or her which shall expressly assume the obligation of the due and punctual
payment of the unpaid principal and interest on this Security and the due and punctual performance of all covenants and conditions hereof; and that the completion of such transfer and assumption shall serve to supersede and void any default,
acceleration or subordination which may have occurred, or which may occur due or related to such transaction, plan, transfer or assumption, pursuant to the provisions of this Security, and shall serve to return the Holder to the same position, other
than for substitution of the obligor, it would have occupied had no default, acceleration or subordination occurred; except that any interest and principal previously due, other than by reason of acceleration, and not paid shall, in the absence of a
contrary agreement by the Holder of this Security, be deemed to be immediately due and payable as of the date of such transfer and assumption, together with the interest from its original due date at the rate provided for herein. 

8.    Any depository institution, as that term is defined in Section 3(c)(1) of the Federal Deposit Insurance Act,
which holds this Security (or beneficial interest herein) shall be deemed to have agreed by acquiring this Security (or beneficial interest herein) that any rights of such institution to offset all or any portion of the indebtedness represented by
this Security (or beneficial interest herein) against any indebtedness or other obligations of such institution to the Bank are waived by such institution. 

9.    All notices to the Bank under this Security shall be in writing and addressed to the Bank at Discover Bank, 12
Read’s Way, New Castle, Delaware 19720, Attention: Michael F. Rickert, Vice President, Chief Financial Officer and Assistant Treasurer, with a copy to Discover Financial Services, 2500 Lake Cook Road, Riverwoods, IL 60015, Attention: D.
Christopher Greene, Deputy General Counsel and Assistant Secretary, or to such other address as the Bank may notify to the Holder. All notices to the Fiscal and Paying Agent shall be in writing and addressed to the Fiscal and Paying Agent at the
office of the Fiscal and Paying Agent at U.S. Bank National Association, 100 Wall Street—Suite 1600, New York, NY 10005, Attention: Corporate Trust Operations. All notices to the Holder shall be in writing and sent by first-class mail to the Holder at his or its address as set forth in the Security Register. 

10.     In acting under the Fiscal and Paying Agency Agreement, the Fiscal and Paying Agent is acting solely as the agent
of the Bank and does not assume any obligation or relationship of agency or trust with the Holder except money deposited with the Fiscal and Paying Agent will be held on behalf of the Holders until disbursed to the Holders, except as provided in the
Fiscal and Paying Agency Agreement. Under the terms of the Fiscal and Paying Agency Agreement, the Bank may remove any Fiscal and Paying Agent and appoint a new Fiscal and Paying Agent in respect of the Securities, or may remove any Fiscal and
Paying Agent and undertake to perform at the Bank any or all of the functions of the Fiscal and Paying Agent under the Fiscal and Paying Agency Agreement. The Bank shall notify, or cause the Fiscal and Paying Agent to notify, the Holder of this
Security of the appointment of any successor Fiscal and Paying Agent or the undertaking of the Bank to perform at the Bank the functions of the Fiscal and Paying Agent. 

  
 A-7 

 11.     The Securities are issuable only as fully registered Securities
without interest coupons in denominations of $250,000 or any amount in excess thereof which is an integral multiple of $1,000. 

12.     The term “Event of Default,” as used in this Security, means any of the following events (whatever the
reason for such event 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 decree, order, rule or regulation of any governmental agency or body): 

 

	 	(i)	 default in the payment of any interest with respect to the Securities when due, which continues for 30 calendar
days; 

  

	 	(ii)	 default in the payment of any principal of the Securities when due; 

 

	 	(iii)	 the entry by a court having jurisdiction in the premises of: 

 

	 	a.	 a decree or order for relief in respect of the Bank in an involuntary case or proceeding under any applicable
United States federal or state bankruptcy, insolvency, reorganization or other similar law; or 

  

	 	b.	 a decree or order appointing a conservator, receiver, liquidator, assignee, trustee, sequestrator or any other
similar official of the Bank, or of substantially all of the property of the Bank, or ordering the winding up or liquidation of the affairs of the Bank; 

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 60
consecutive days; 
  

	 	(iv)	 the commencement by the Bank of a voluntary case or proceeding under any applicable United States federal or
state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated as bankrupt or insolvent, or the consent by the Bank to the entry of a decree or order for relief in an involuntary case or
proceeding under any applicable United States federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding, or the filing by the Bank of a petition or answer
or consent seeking reorganization or relief under any applicable United States federal or state bankruptcy, insolvency, reorganization or similar law, or the consent by the Bank to the filing of such petition or to the appointment of or taking
possession by a custodian, conservator, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Bank or of substantially all of the property of the Bank, or the making by the Bank of an assignment for the benefit of
creditors, or the taking of corporate action by the Bank in furtherance of any such action. 

  
 A-8 

 The Fiscal and Paying Agency Agreement provides that the Bank will promptly notify the
Fiscal and Paying Agent, and the Fiscal and Paying Agent will promptly notify by first-class mail, postage prepaid, the Holders of the Securities, upon the occurrence of an Event of Default. 

13.     If an Event of Default shall occur and be continuing, the Holder may, at its option, by written notice to the Bank
and the Fiscal and Paying Agent, declare this Security to be, and on the day of such declaration shall have been delivered to the Bank and the Fiscal and Paying Agent, unless the Fiscal and Paying Agent shall have received notice from the Bank that
all Events of Default have been cured by the Bank prior to receipt by the Fiscal and Paying Agent of such declaration, such Security shall become, immediately due and payable at its principal amount, together with accrued and unpaid interest thereon
to the date of payment. 
 The Fiscal and Paying Agency Agreement provides that the Holder of this Security may rescind a declaration of an
Event of Default and acceleration with respect to this Security under certain circumstances and may waive any past Event of Default and its consequences. 

14.     Subject to Section 7 hereof, the Bank shall not consolidate with or merge into any other person or convey,
transfer or lease its properties and assets substantially as an entirety to any person, unless the person formed by such consolidation or into which the Bank is merged or the person which acquires by conveyance or transfer, or which leases, the
properties and assets of the Bank substantially as an entirety shall be a corporation, partnership or other entity organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and shall
expressly assume the due and punctual payment of the principal of and interest on this Security and the performance or observance of every provision of this Security on the part of the Bank to be performed or observed. 

15.     The Fiscal and Paying Agency Agreement provides that the Bank and the Fiscal and Paying Agent may amend the Fiscal
and Paying Agency Agreement and the Securities, including amendments to the terms of the Securities designed to cure ambiguities, defects or inconsistencies, without the consent of the Holders of the Securities, except that the consent of all
Holders of Securities is required in order to change the Maturity Date of any Security, to extend the time of payment on any overdue principal amount, to change the coin or currency in which any Security or the interest thereon is payable, to change
the definition of Interest Payment Date, to reduce the principal amount of or rate of interest on any Security, to change the method of payment to other than wire transfer in immediately available funds, to impair the right of the Holder of this
Security to institute suit for the enforcement of payments of principal of or interest or other amounts on the Securities, to reduce the percentage in principal amount of Securities outstanding the consent of whose Holders is required to amend the
Fiscal and Paying Agency Agreement or the Securities or to modify the provisions of the Fiscal and Paying Agency Agreement governing the amendment thereof and of the Securities. If the consent of the Holders of Securities is required, the Bank and
the Fiscal and Paying Agent shall request such consent and will deliver to each Holder of Securities an explanation of such amendment and the terms thereof. It shall not be necessary for the Holders of Securities to approve the precise form of any
proposed amendment. 

  
 A-9 

 Any consent or waiver given by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security. 
 16.     No reference herein to the Fiscal and Paying Agency Agreement and no provision of this Security
shall alter or impair the obligation of the Bank, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. No failure or delay on the
part of the Holder in exercising any right under this Security shall operate as a waiver of, or impair, any such right. No waiver of any such rights shall be effective unless given in writing. 

17.    No recourse shall be had for the payment of principal of or interest on this Security for any claim based hereon,
or otherwise in respect hereof, against any shareholder, employee, agent, officer or director, as such, past, present or future, of the Bank or of any successor organization, either directly or through the Bank or any successor organization, whether
by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and
released. 
 18.    This Security is a debt of the Bank only and is not an obligation of Discover Financial Services or
any of its affiliates other than the Bank. 
 19.    THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND, WHERE APPROPRIATE, THE LAWS OF THE UNITED STATES. 

  
 A-10 

 FEE SCHEDULE 

[Fee Schedule]

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