Document:

Exhibit 10.1

      

      

      Commercial Paper Dealer Agreement

      4(a)(2) Program

       

      Between:

       

      BRUNSWICK CORPORATION, as Issuer and

       

      [        ], as Dealer

       

      Concerning Notes to be issued pursuant to an Issuing and Paying Agency Agreement dated as of [     ] between the Issuer and [     ], as Issuing and Paying Agent 

       

      Dated as of [     ]

       

      
        
          

      

      
      Commercial Paper Dealer Agreement

      4(a)(2) Program

       

      This agreement (the “Agreement”) sets forth the understandings between the Issuer and the Dealer, each named on the cover page hereof, in connection with the issuance and
        sale by the Issuer of its short-term promissory notes (the “Notes”) through the Dealer.

       

      Certain terms used in this Agreement are defined in Section 6 hereof.

       

      The Addendum to this Agreement, and any Annexes or Exhibits described in this Agreement or such Addendum, are hereby incorporated into this Agreement and made fully a
        part hereof.

        

      

      
        
          	1.	
                  Offers, Sales and Resales of Notes.

                

        

      

      
        
          	

                	1.1	
                  While (i) the Issuer has and shall have no obligation to sell the Notes to the Dealer or to permit the Dealer to arrange any sale of the Notes for the account of the Issuer,
                    and (ii) the Dealer has and shall have no obligation to purchase the Notes from the Issuer or to arrange any sale of the Notes for the account of the Issuer, the parties hereto agree that in any case where the Dealer purchases Notes
                    from the Issuer, or arranges for the sale of Notes by the Issuer, such Notes will be purchased or sold by the Dealer in reliance on the representations, warranties, covenants and agreements of the Issuer contained herein or made
                    pursuant hereto and on the terms and conditions and in the manner provided herein.

                

        

      

       

      
        
          	

                	1.2	
                  So long as this Agreement shall remain in effect, and in addition to the limitations contained in Section 1.7 hereof, the Issuer shall not, without the consent of the Dealer,
                    offer, solicit or accept offers to purchase, or sell, any Notes except (a) in transactions with one or more dealers which may from time to time after the date hereof become dealers with respect to the Notes by executing with the Issuer
                    one or more agreements which contain provisions substantially identical to those contained in Section 1 of this Agreement, of which the Issuer hereby undertakes to provide the Dealer prompt notice or (b) in transactions with the other
                    dealers listed on the Addendum hereto, which are executing agreements with the Issuer which contain provisions substantially identical to Section 1 of this Agreement contemporaneously herewith.  In no event shall the Issuer offer,
                    solicit or accept offers to purchase, or sell, any Notes directly on its own behalf in transactions with persons other than broker-dealers as specifically permitted in this Section 1.2.

                

        

      

       

      
        
          	

                	1.3	
                  The Notes shall be in a minimum denomination of $250,000 or integral multiples of $1,000 in excess thereof, will bear such interest rates, if interest bearing, or will be sold
                    at such discount from their face amounts, as shall be agreed upon by the Dealer and the Issuer, shall have a maturity not exceeding 397 days from the date of issuance and may have such terms as are specified in Exhibit C hereto, the
                    Private Placement Memorandum or a pricing supplement, or as otherwise agreed upon by the applicable purchaser and the Issuer.   The Notes shall not contain any provision for extension, renewal or automatic “rollover.”

                

        

      

       

      
        
          	

                	1.4	
                  The authentication and issuance of, and payment for, the Notes shall be effected in accordance with the Issuing and Paying Agency Agreement, and the Notes shall be either
                    individual physical certificates or book-entry notes evidenced by one or more master notes (each, a “Master Note”) registered in the name of The Depository Trust Company (“DTC”) or its nominee, in the form or forms annexed to the
                    Issuing and Paying Agency Agreement.

                

        

      

       

      
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                	1.5	
                  If the Issuer and the Dealer shall agree on the terms of the purchase of any Note by the Dealer or the sale of any Note arranged by the Dealer (including, but not limited to,
                    agreement with respect to the date of issue, purchase price, principal amount, maturity and interest rate or interest rate index and margin (in the case of interest-bearing Notes) or discount thereof (in the case of Notes issued on a
                    discount basis), and appropriate compensation for the Dealer’s services hereunder) pursuant to this Agreement, the Issuer shall cause such Note to be issued and delivered in accordance with the terms of the Issuing and Paying Agency
                    Agreement and payment for such Note shall be made by the purchaser thereof, either directly or through the Dealer, to the Issuing and Paying Agent, for the account of the Issuer.  Except as otherwise agreed, in the event that the Dealer
                    is acting as an agent and a purchaser shall either fail to accept delivery of or make payment for a Note on the date fixed for settlement, the Dealer shall promptly notify the Issuer, and if the Dealer has theretofore paid the Issuer
                    for the Note, the Issuer will promptly return such funds to the Dealer against its return of the Note to the Issuer, in the case of a certificated Note, and upon notice of such failure in the case of a book-entry Note.  If such failure
                    occurred for any reason other than default by the Dealer, the Issuer shall reimburse the Dealer on an equitable basis for the Dealer’s loss of the use of such funds for the period such funds were credited to the Issuer’s account.

                

        

      

       

      
        
          	

                	1.6	
                  The Dealer and the Issuer hereby establish and agree to observe the following procedures in connection with offers, sales and subsequent resales or other transfers of the
                    Notes:

                

        

      

       

      
        
          	

                	(a)	
                  Offers and sales of the Notes by or through the Dealer shall be made only to: (i) investors reasonably believed by the Dealer to be Qualified Institutional Buyers or
                    Institutional Accredited Investors and (ii) non-bank fiduciaries or agents that will be purchasing Notes for one or more accounts, each of which is reasonably believed by the Dealer to be a Qualified Institutional Buyer or an
                    Institutional Accredited Investor.

                

        

      

       

      
        
          	

                	(b)	
                  Resales and other transfers of the Notes by the holders thereof shall be made only in accordance with the restrictions in the legend described in clause (e) of this Section 1.6
                    below.

                

        

      

       

      
        
          	

                	(c)	
                  No general solicitation or general advertising shall be used in connection with the offering of the Notes.  Without limiting the generality of the foregoing, without the prior
                    written approval of the Dealer, the Issuer shall not issue any press release, make any other statement to any member of the press making reference to the Notes, the offer or sale of the Notes or this Agreement or place or publish any
                    “tombstone” or other advertisement relating to the Notes or the offer or sale thereof.  To the extent permitted by applicable securities laws, the Issuer shall (i) omit the name of the Dealer from any publicly available filing by the
                    Issuer that makes reference to the Notes, the offer or sale of the Notes or this Agreement, (ii) not include a copy of this Agreement in any such filing or as an exhibit thereto, and (iii) redact the Dealer’s name and any contact or
                    other information that could identify the Dealer from any agreement or other information included in such filing. For the avoidance of doubt, the Issuer shall not post the Private Placement Memorandum on a website without the consent of
                    the Dealer and each other dealer or placement agent, if any, for the Notes.

                

        

      

       

      
        
          	

                	(d)	
                  No sale of Notes to any one purchaser shall be for less than $250,000 principal or face amount, and no Note shall be issued in a smaller principal or face amount.  If the
                    purchaser is a non-bank fiduciary acting on behalf of others, each person for whom such purchaser is acting must purchase at least $250,000 principal or face amount of Notes.

                

        

      

       

      
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                	(e)	
                  Offers and sales of the Notes shall be subject to the restrictions described in the legend appearing on Exhibit A hereto.  A legend substantially to the effect of such Exhibit
                    A shall appear as part of the Private Placement Memorandum used in connection with offers and sales of Notes hereunder, as well as on each individual certificate representing a Note and each Master Note representing book-entry Notes
                    offered and sold pursuant to this Agreement.

                

        

      

       

      
        
          	

                	(f)	
                  The Dealer shall furnish or make available or shall have furnished or made available to each purchaser of Notes for which it has acted as the Dealer a copy of the then-current
                    Private Placement Memorandum unless such purchaser has previously received or had made available to it a copy of the Private Placement Memorandum as then in effect.  The Private Placement Memorandum shall expressly state that any person
                    to whom Notes are offered shall have an opportunity to ask questions of, and receive information from, the Issuer and the Dealer and shall provide the names, addresses and telephone numbers of the persons from whom information regarding
                    the Issuer may be obtained.

                

        

      

        

      

      
        
          	

                	(g)	
                  The Issuer agrees, for the benefit of the Dealer and each of the holders and prospective purchasers from time to time of the Notes that, if at any time the Issuer shall not be
                    subject to Section 13 or 15(d) of the Exchange Act, the Issuer will furnish, upon request and at its expense, to the Dealer and to holders and prospective purchasers of Notes information required by Rule 144A(d)(4)(i) in compliance with
                    Rule 144A(d).

                

        

      

       

      
        
          	

                	(h)	
                  In the event that any Note offered or to be offered by the Dealer would be ineligible for resale under Rule 144A, the Issuer shall promptly notify the Dealer (by telephone,
                    confirmed in writing) of such fact and shall promptly prepare and deliver to the Dealer an amendment or supplement to the Private Placement Memorandum describing the Notes that are ineligible, the reason for such ineligibility and any
                    other relevant information relating thereto.

                

        

      

       

      
        
          	

                	(i)	
                  The Issuer represents that it is not currently issuing commercial paper in the United States market in reliance upon the exemption provided by Section 3(a)(3) of the Securities
                    Act.  The Issuer agrees that, if it shall issue commercial paper after the date hereof in reliance upon such exemption (a) the proceeds from the sale of the Notes will be segregated from the proceeds of the sale of any such commercial
                    paper by being placed in a separate account; (b) the Issuer will institute appropriate corporate procedures to ensure that the offers and sales of notes issued by the Issuer pursuant to the Section 3(a)(3) exemption are not integrated
                    with offerings and sales of Notes hereunder; and (c) the Issuer will comply with each of the requirements of Section 3(a)(3) of the Securities Act in selling commercial paper or other short-term debt securities other than the Notes in
                    the United States.

                

        

      

       

      
        
          	 	1.7	
                  The Issuer hereby represents and warrants to the Dealer, in connection with offers, sales and resales of Notes, as follows:

                

        

      

       

      
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                	(a)	
                  The Issuer hereby confirms to the Dealer that (except as permitted by Section 1.6(i)) within the preceding six months neither the Issuer nor any person other than the Dealer or
                    the other dealers referred to in Section 1.2 hereof acting on behalf of the Issuer has offered or sold any Notes, or any substantially similar security of the Issuer (including, without limitation, medium-term notes issued by the
                    Issuer), to, or solicited offers to buy any such security from, any person other than the Dealer or the other dealers referred to in Section 1.2 hereof.  The Issuer also agrees that (except as permitted by Section 1.6(i)), as long as
                    the Notes are being offered for sale by the Dealer and the other dealers referred to in Section 1.2 hereof as contemplated hereby and until at least six months after the offer of Notes hereunder has been terminated, neither the Issuer
                    nor any person other than the Dealer or the other dealers referred to in Section 1.2 hereof (except as contemplated by Section 1.2 hereof) will offer the Notes or any substantially similar security of the Issuer for sale to, or solicit
                    offers to buy any such security from, any person other than the Dealer or the other dealers referred to in Section 1.2 hereof, it being understood that such agreement is made with a view to bringing the offer and sale of the Notes
                    within the exemption provided by Section 4(a)(2) of the Securities Act and shall survive any termination of this Agreement.  The Issuer hereby represents and warrants that it has not taken or omitted to take, and will not take or omit
                    to take, any action that would cause the offering and sale of Notes hereunder to be integrated with any other offering of securities, whether such offering is made by the Issuer or some other party or parties.

                

        

      

       

      
        
          	

                	(b)	
                  The Issuer represents and agrees that the proceeds of the sale of the Notes are not currently contemplated to be used for the purpose of buying, carrying or trading securities
                    within the meaning of Regulation T and the interpretations thereunder by the Board of Governors of the Federal Reserve System.  In the event that the Issuer determines to use such proceeds for the purpose of buying, carrying or trading
                    securities, whether in connection with an acquisition of another company or otherwise, the Issuer shall give the Dealer at least five business days’ prior written notice to that effect.  The Issuer shall also give the Dealer prompt
                    notice of the actual date that it commences to purchase securities with the proceeds of the Notes.  Thereafter, in the event that the Dealer purchases Notes as principal and does not resell such Notes on the day of such purchase, to the
                    extent necessary to comply with Regulation T and the interpretations thereunder, the Dealer will sell such Notes either (i) only to offerees it reasonably believes to be Qualified Institutional Buyers or to Qualified Institutional
                    Buyers it reasonably believes are acting for other Qualified Institutional Buyers, in each case in accordance with Rule 144A or (ii) in a manner which would not cause a violation of Regulation T and the interpretations thereunder.

                

        

      

       

      
        
          	2.	
                  Representations and Warranties of the Issuer.

                

        

      

      The Issuer represents and warrants that:

        

      

      
        
          	

                	2.1	
                  The Issuer is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation and has all the requisite power and
                    authority to execute, deliver and perform its obligations under the Notes, this Agreement and the Issuing and Paying Agency Agreement.

                

        

      

       

      
        
          	

                	2.2	
                  This Agreement and the Issuing and Paying Agency Agreement have been duly authorized, executed and delivered by the Issuer and constitute legal, valid and binding obligations
                    of the Issuer enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles
                    of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

                

        

      

       

      
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                	2.3	
                  The Notes have been duly authorized, and when issued as provided in the Issuing and Paying Agency Agreement, will be duly and validly issued and will constitute legal, valid
                    and binding obligations of the Issuer enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability,
                    to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

                

        

      

       

      
        
          	

                	2.4	
                  Assuming offers and sales of the Notes are made in compliance with Section 1.6 hereof, the offer and sale of the Notes in the manner contemplated hereby do not require
                    registration of the Notes under the Securities Act, pursuant to the exemption from registration contained in Section 4(a)(2) thereof, and no indenture in respect of the Notes is required to be qualified under the Trust Indenture Act of
                    1939, as amended.

                

        

      

       

      
        
          	

                	2.5	
                  The Notes will rank at least pari passu with all other unsecured and unsubordinated indebtedness of the Issuer.

                

        

      

       

      
        
          	

                	2.6	
                  No consent or action of, or filing or registration with, any governmental or public regulatory body or authority, including the SEC, is required to authorize, or is otherwise
                    required in connection with the execution, delivery or performance of, this Agreement, the Notes or the Issuing and Paying Agency Agreement, except as may be required by the securities or Blue Sky laws of the various states in
                    connection with the offer and sale of the Notes.

                

        

      

       

      
        
          	

                	2.7	
                  Neither the execution and delivery of this Agreement and the Issuing and Paying Agency Agreement, nor the issuance of the Notes in accordance with the Issuing and Paying Agency
                    Agreement, nor the fulfillment of or compliance with the terms and provisions hereof or thereof by the Issuer, will (i) result in the creation or imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever upon any
                    of the properties or assets of the Issuer, or (ii) violate or result in a breach or a default under any of the terms of the Issuer’s charter documents or by-laws, any contract or instrument to which the Issuer is a party or by which it
                    or its property is bound, or any law or regulation, or any order, writ, injunction or decree of any court or government instrumentality, to which the Issuer is subject or by which it or its property is bound, which breach or default
                    could reasonably be expected to have a material adverse effect on the condition (financial or otherwise) or operations of the Issuer and its subsidiaries, taken as a whole, or the ability of the Issuer to perform its obligations under
                    this Agreement, the Notes or the Issuing and Paying Agency Agreement.

                

        

      

       

      
        
          	

                	2.8	
                  There are no actions, investigations, suits or proceedings by or before any arbitrator, court or governmental or public regulatory body, agency or authority now pending against
                    or, to the knowledge of the Issuer, threatened against or affecting the Issuer or any of its subsidiaries, that could reasonably be expected, individually or in the aggregate, to result in a material adverse effect on the condition
                    (financial or otherwise) or operations of the Issuer or the ability of the Issuer to perform its obligations under this Agreement, the Notes or the Issuing and Paying Agency Agreement.

                

        

      

       

      
        
          	

                	2.9	
                  The Issuer is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

                

        

      

       

      
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                	2.10	
                  Neither the Private Placement Memorandum nor the Company Information contains any untrue statement of a material fact or omits to state a material fact required to be stated
                    therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

                

        

      

       

      
        
          	

                	2.11	
                  Neither the Issuer nor any of its subsidiaries nor, to the knowledge of the Issuer, any director, officer, agent, employee, affiliate or other person associated with or acting
                    on behalf of the Issuer or any of its subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of
                    an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled entity or of a public international
                    organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of the
                    Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence
                    under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption law; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit,
                    including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit.  The Issuer and its subsidiaries have instituted, maintain and enforce policies and procedures designed to
                    promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.

                

        

      

       

      
        
          	

                	2.12	
                  The operations of the Issuer and its subsidiaries are and have been conducted at all times in material compliance with applicable financial recordkeeping and reporting
                    requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Issuer or any of its subsidiaries conducts business, the
                    rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or
                    proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Issuer or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Issuer,
                    threatened.

                

        

      

       

      
        
          	

                	2.13	
                  Neither the Issuer nor any of its subsidiaries nor, to the knowledge of the Issuer, any director, officer, agent, employee or affiliate acting on behalf of the Issuer or any of
                    its subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the
                    U.S. Department of State and including, without limitation, the designation as a “specially designated national” or “blocked person”), the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant
                    sanctions authority (collectively, “Sanctions”), nor, to the Issuer’s knowledge, is the Issuer or any of its subsidiaries owned or controlled by an individual or entity that is currently the subject or target of any Sanctions, nor is
                    the Issuer or any of its subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Syria and Crimea (each, a “Sanctioned
                    Country”); and the Issuer will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other
                    person or entity (i) to fund any activities of or business with any person that, at the time of such funding , is the subject or target of Sanctions, (ii) to fund any activities of or business in any Sanctioned Country or (iii) in any
                    other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, initial purchaser, advisor, investor or otherwise) of Sanctions. For the past five years, or, in
                    the case of any subsidiary of the Issuer, for the past five years or since the time it became a subsidiary of the Issuer, the Issuer and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in any dealings or
                    transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.

                

        

      

       

      
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                	2.14	
                  Each (a) issuance of Notes by the Issuer hereunder and (b) amendment or supplement of the Private Placement Memorandum shall be deemed a representation and warranty by the
                    Issuer to the Dealer, as of the date thereof, that, both before and after giving effect to such issuance and after giving effect to such amendment or supplement, (i) the representations and warranties given by the Issuer set forth in
                    this Section 2 remain true and correct on and as of such date as if made on and as of such date, (ii) in the case of an issuance of Notes, the Notes being issued on such date, when issued and delivered as provided in the Issuing and
                    Paying Agency Agreement have been duly and validly issued and constitute legal, valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and
                    similar laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law), (iii) in the case of an issuance of
                    Notes, since the date of the most recent Private Placement Memorandum, no development or event has occurred that has had, or could reasonably be expected to have, a material adverse effect on the condition (financial or otherwise) or
                    operations of the Issuer and its subsidiaries, taken as a whole, which has not been disclosed to the Dealer in writing and (iv) the Issuer is not in default of any of its obligations hereunder, under the Notes or the Issuing and Paying
                    Agency Agreement.

                

        

      

       

      
        
          	3.	
                  Covenants and Agreements of the Issuer.

                

        

      

      The Issuer covenants and agrees that:

       

      
        
          	

                	3.1	
                  The Issuer will give the Dealer prompt notice (but in any event prior to any subsequent issuance of Notes hereunder) of any amendment to, modification of or waiver with respect
                    to, the Notes or the Issuing and Paying Agency Agreement, including a complete copy of any such amendment, modification or waiver.

                

        

      

       

      
        
          	

                	3.2	
                  The Issuer shall, whenever there shall occur any change in the condition (financial or otherwise), operations of the Issuer and its subsidiaries, taken as a whole, or any
                    development or occurrence in relation to the Issuer that would be materially adverse to holders of the Notes or potential holders of the Notes, including any downgrading or receipt of any notice of intended or potential downgrading or
                    any review for potential change in the rating accorded any of the securities of the Issuer by any nationally recognized statistical rating organization which has published a rating of the Notes), promptly, and in any event prior to any
                    subsequent issuance of Notes hereunder, notify the Dealer (by telephone, confirmed in writing) of such change, development or occurrence.

                

        

      

       

      
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                	3.3	
                  The Issuer shall from time to time furnish to the Dealer such information as the Dealer may reasonably request, including, without limitation, any press releases or material
                    provided by the Issuer to any national securities exchange or rating agency, regarding (i) the Issuer’s operations and financial condition, (ii) the due authorization and execution of the Notes and (iii) the Issuer’s ability to pay the
                    Notes as they mature; provided, that the public filing of information with the EDGAR system of the SEC shall be deemed to satisfy the requirements of this
                    Section 3.3 with respect to such publicly filed information.

                

        

      

       

      
        
          	

                	3.4	
                  The Issuer will take all such action as the Dealer may reasonably request to ensure that each offer and each sale of the Notes will comply with any applicable state Blue Sky
                    laws; provided, however, that the Issuer shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or subject itself to taxation
                    in respect of doing business in any jurisdiction in which it is not otherwise so subject.

                

        

      

       

      
        
          	

                	3.5	
                  The Issuer will not be in default of any of its obligations under the Notes or any of its material obligations hereunder or under the Issuing and Paying Agency Agreement, at
                    any time that any of the Notes are outstanding.

                

        

      

       

      
        
          	

                	3.6	
                  The Issuer shall not issue Notes hereunder until the Dealer shall have received (a) an opinion of counsel to the Issuer, addressed to the Dealer, reasonably satisfactory in
                    form and substance to the Dealer, (b) a copy of the executed Issuing and Paying Agency Agreement as then in effect, (c) a copy of resolutions adopted by the Board of Directors of the Issuer, reasonably satisfactory in form and substance
                    to the Dealer and certified by the Secretary or similar officer of the Issuer, authorizing execution and delivery by the Issuer of this Agreement, the Issuing and Paying Agency Agreement and the Notes and consummation by the Issuer of
                    the transactions contemplated hereby and thereby, (d) a certificate of the secretary, assistant secretary or other designated officer of the Issuer certifying as to (i) the Issuer’s organizational documents, and attaching true, correct
                    and complete copies thereof, (ii) the Issuer’s representations and warranties being true and correct in all material respects, and (iii) the incumbency of the officers of the Issuer authorized to execute and deliver this Agreement, the
                    Issuing and Paying Agency Agreement and the Notes, and take other action on behalf of the Issuer in connection with the transactions contemplated thereby, (e) prior to the issuance of any book-entry Notes represented by a master note
                    registered in the name of DTC or its nominee, a copy of the executed Letter of Representations among the Issuer, the Issuing and Paying Agent and DTC and of the executed master note, (f) prior to the issuance of any Notes in physical
                    form, a copy of such form (unless attached to this Agreement or the Issuing and Paying Agency Agreement), (g) confirmation of the then current rating assigned to the Notes by each nationally recognized statistical rating organization
                    then rating the Notes, and (h) such other certificates, opinions, letters and documents as the Dealer shall have reasonably requested.

                

        

      

       

      
        
          	

                	3.7	
                  The Issuer shall reimburse the Dealer for all of the Dealer’s reasonable and documented out-of-pocket expenses related to this Agreement, including expenses incurred in
                    connection with its preparation and negotiation, and the transactions contemplated hereby (including, but not limited to, the printing and distribution of the Private Placement Memorandum), and, if applicable, for the reasonable and
                    documented fees and out-of-pocket expenses of the Dealer’s counsel.

                

        

      

       

      
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                	3.8	
                  The Issuer shall not file a Form D (as referenced in Rule 503 under the Securities Act) at any time in respect of the offer or sale of the Notes.

                

        

      

       

      
        
          	

                	3.9	
                  Without limiting any obligation of the Issuer pursuant to this Agreement to provide the Dealer with credit and financial information, the Issuer hereby acknowledges and agrees
                    that the Dealer may share the Company Information and any other information or matters relating to the Issuer or the transactions contemplated hereby with affiliates of the Dealer, including, but not limited to, [     ], and that such
                    affiliates may likewise share information relating to the Issuer or such transactions with the Dealer.

                

        

      

       

      
        
          	4.	
                  Disclosure.

                

        

      

      
        
          	

                	4.1	
                  The Private Placement Memorandum and its contents (other than the Dealer Information) shall be the sole responsibility of the Issuer.  The Private Placement Memorandum shall
                    contain a statement expressly offering an opportunity for each prospective purchaser to ask questions of, and receive answers from, the Issuer concerning the offering of Notes and to obtain relevant additional information which the
                    Issuer possesses or can acquire without unreasonable effort or expense.

                

        

      

       

      
        
          	

                	4.2	
                  The Issuer agrees to promptly furnish the Dealer the Company Information as it becomes available; provided,
                    that the public filing of any such information with the EDGAR system of the SEC shall be deemed to satisfy the requirements of this Section 4.2 with respect to such publicly filed information.

                

        

      

        

      

      
        
          	

                	4.3	
                  (a)  The Issuer further agrees to notify the Dealer promptly upon the occurrence of any event relating to or affecting the Issuer that would cause the Company Information then
                    in existence to include an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they are made, not misleading.

                

        

      

       

      (b)  In the event that the Issuer gives the Dealer notice
          pursuant to Section 4.3(a) and (i) the Issuer is selling Notes in accordance with Section 1, (ii) the Dealer notifies the Issuer that it then has Notes it is holding in inventory, or (iii) any Notes are otherwise outstanding, the Issuer agrees
          promptly to supplement or amend the Private Placement Memorandum so that the Private Placement Memorandum, as amended or supplemented, shall not contain an untrue statement of a material fact or omit to state a material fact necessary in order to
          make the statements therein, in light of the circumstances under which they were made, not misleading, and the Issuer shall make such supplement or amendment available to the Dealer.

       

      (c)  In the event that (i) the Issuer gives the Dealer notice
          pursuant to Section 4.3(a), (ii) (A) the Issuer is not selling Notes in accordance with Section 1, (B) the Dealer does not notify the Issuer that it is then holding Notes in inventory and (C) no Notes are otherwise outstanding, and (iii) the
          Issuer chooses not to promptly amend or supplement the Private Placement Memorandum in the manner described in clause (b) above, then all solicitations and sales of Notes shall be suspended until such time as the Issuer has so amended or
          supplemented the Private Placement Memorandum, and made such amendment or supplement available to the Dealer.

       

      
        10

        
          

      

      
        	
                5.

              	
                Indemnification and Contribution.

              

      

      
        
          	

                	5.1	
                  The Issuer will indemnify and hold harmless the Dealer, each individual, corporation, partnership, trust, association or other entity controlling the Dealer, any affiliate of
                    the Dealer or any such controlling entity and their respective directors, officers, employees, partners, incorporators, shareholders, servants, trustees and agents (hereinafter the “Indemnitees”) against any and all liabilities,
                    penalties, suits, causes of action, losses, damages, claims, costs and expenses (including, without limitation, fees and disbursements of a single external counsel (in addition to one local counsel in each jurisdiction in which any
                    Claim (as defined below) is brought) or judgments of whatever kind or nature (each a “Claim”), imposed upon, incurred by or asserted against the Indemnitees arising out of or based upon (i) any allegation that the Private Placement
                    Memorandum, the Company Information, or any information provided by the Issuer to the Dealer in connection with the offer or sale of the Notes included (as of any relevant time) or includes an untrue statement of a material fact or
                    omitted (as of any relevant time) or omits to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading or (ii) the breach by the Issuer of any agreement,
                    covenant or representation made in or pursuant to this Agreement.  This indemnification shall not apply to the extent that the Claim arises out of or is based upon (x) Dealer Information or (y) with respect to a Claim arising under
                    clause (ii) above only, the Dealer’s gross negligence or willful misconduct in the performance of its obligations under this Agreement as established by a final non-appealable judgment of a court of competent jurisdiction.

                

        

      

       

      
        
          	

                	5.2	
                  Provisions relating to claims made for indemnification under this Section 5 are set forth on Exhibit B to this Agreement.

                

        

      

       

      
        
          	

                	5.3	
                  In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in this Section 5 is held to be unavailable or insufficient
                    to hold harmless the Indemnitees, although applicable in accordance with the terms of this Section 5, the Issuer shall contribute to the aggregate costs incurred by the Dealer in connection with any Claim in the proportion of the
                    respective economic interests of the Issuer and the Dealer; provided, however, that such contribution by the Issuer in any case shall be in an amount such
                    that the aggregate costs incurred by the Dealer do not exceed the aggregate of the commissions and fees earned by the Dealer hereunder with respect to the issue or issues of Notes to which such Claim relates.  The respective economic
                    interests shall be calculated by reference to the aggregate proceeds to the Issuer of the Notes issued hereunder and the aggregate commissions and fees earned by the Dealer hereunder.

                

        

      

       

      
        	
                6.

              	
                Definitions.

              

      

      
        
          	

                	6.1	
                  “Anti-Money Laundering Laws” shall have the meaning set forth in Section 2.12 hereof.

                

        

      

       

      
        
          	

                	6.2	
                  “BHC Act Affiliate” shall have the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

                

        

      

       

      
        
          	

                	6.3	
                  “Claim” shall have the meaning set forth in Section 5.1.

                

        

      

       

      
        
          	

                	6.4	
                  “Company Information” at any given time shall mean the Private Placement Memorandum together with, to the extent applicable, (i) the Issuer’s most recent report on Form 10-K
                    filed with the SEC and each report on Form 10-Q or 8-K filed by the Issuer with the SEC since the most recent Form 10-K, (ii) the Issuer’s most recent annual audited financial statements and each interim financial statement or report
                    prepared subsequent thereto, if not included in item (i) above, (iii) the Issuer’s and its affiliates’ other publicly available recent reports, including, but not limited to, any publicly available filings or reports provided to their
                    respective shareholders, (iv) any other information or disclosure prepared pursuant to Section 4.3 hereof and (v) any information prepared or approved by the Issuer for dissemination to investors or potential investors in the Notes. 
                    For the avoidance of doubt, the Company Information shall not include any Dealer Information.

                

        

      

       

      
        11

        
          

      

      
        
          	

                	6.5	
                  “Covered Entity” shall mean any of the following:

                

        

      

       

      
        
          	

                	(i)	
                  a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

                

        

      

       

      
        
          	

                	(ii)	
                  a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

                

        

      

       

      
        
          	

                	(iii)	
                  a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

                

        

      

       

      
        
          	

                	6.6	
                  “Current Issuing and Paying Agent” shall have the meaning set forth in Section 7.9(i) hereof.

                

        

      

       

      
        
          	

                	6.7	
                  “Dealer Information” shall mean material concerning the Dealer provided by the Dealer in writing expressly for inclusion in the Private Placement Memorandum.

                

        

      

       

      
        
          	

                	6.8	
                  “Default Right” shall have the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

                

        

      

       

      
        
          	

                	6.9	
                  “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended.

                

        

      

       

      
        
          	

                	6.10	
                  “Indemnitee” shall have the meaning set forth in Section 5.1 hereof.

                

        

      

       

      
        
          	

                	6.11	
                  “Institutional Accredited Investor” shall mean an institutional investor that is an accredited investor within the meaning of Rule 501 under the Securities Act and that has
                    such knowledge and experience in financial and business matters that it is capable of evaluating and bearing the economic risk of an investment in the Notes, including, but not limited to, a bank, as defined in Section 3(a)(2) of the
                    Securities Act, or a savings and loan association or other institution, as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity.

                

        

      

       

      
        
          	

                	6.12	
                  “Issuing and Paying Agency Agreement” shall mean the issuing and paying agency agreement described on the cover page of this Agreement, or any replacement thereof, designated
                    in accordance with Section 7.9 hereof, as such agreement may be amended or supplemented from time to time.

                

        

      

       

      
        
          	

                	6.13	
                  “Issuing and Paying Agent” shall mean the party designated as such on the cover page of this Agreement, or any successor thereto or replacement thereof, designated in
                    accordance with Section 7.9 hereof, as issuing and paying agent under the Issuing and Paying Agency Agreement.

                

        

      

       

      
        
          	

                	6.14	
                  “Non-bank fiduciary or agent” shall mean a fiduciary or agent other than (a) a bank, as defined in Section 3(a)(2) of the Securities Act, or (b) a savings and loan association,
                    as defined in Section 3(a)(5)(A) of the Securities Act.

                

        

      

       

      
        12

        
          

      

      
        
          	

                	6.15	
                  “Outstanding Notes” shall have the meaning set forth in Section 7.9(ii).

                

        

      

       

      
        
          	

                	6.16	
                  “Private Placement Memorandum” shall mean offering materials prepared in accordance with Section 4 (including materials referred to therein or incorporated by reference
                    therein, if any) provided to purchasers and prospective purchasers of the Notes, and shall include amendments and supplements thereto which may be prepared from time to time in accordance with this Agreement (other than any amendment or
                    supplement that has been completely superseded by a later amendment or supplement).

                

        

      

       

      
        
          	

                	6.17	
                  “Qualified Institutional Buyer” shall have the meaning assigned to that term in Rule 144A under the Securities Act.

                

        

      

       

      
        
          	

                	6.18	
                  “Replacement” shall have the meaning set forth in Section 7.9(i) hereof.

                

        

      

       

      
        
          	

                	6.19	
                  “Replacement Issuing and Paying Agent” shall have the meaning set forth in Section 7.9(i) hereof.

                

        

      

       

      
        
          	

                	6.20	
                  “Replacement Issuing and Paying Agency Agreement” shall have the meaning set forth in Section 7.9(i) hereof.

                

        

      

       

      
        
          	

                	6.21	
                  “Rule 144A” shall mean Rule 144A under the Securities Act.

                

        

      

       

      
        
          	

                	6.22	
                  “Sanctioned Countries” and “Sanctioned Country” shall have the meanings set forth in Section 2.14.

                

        

      

       

      
        
          	

                	6.23	
                  “Sanctions” shall have the meaning set forth in Section 2.13 hereof.

                

        

      

       

      
        
          	

                	6.24	
                  “SEC” shall mean the U.S. Securities and Exchange Commission.

                

        

      

       

      
        
          	

                	6.25	
                  “Securities Act” shall mean the U.S. Securities Act of 1933, as amended.

                

        

      

       

      
        
          	

                	6.26	
                  “U.S. Special Resolution Regime” shall mean each of, (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder, and (ii) Title II of the Dodd-Frank Wall
                    Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

                

        

      

       

      
        	
                7.

              	
                General

              

      

       

      
        
          	

                	7.1	
                  Unless otherwise expressly provided herein, all notices under this Agreement to parties hereto shall be in writing and shall be effective when received at the address of the
                    respective party set forth in the Addendum to this Agreement.

                

        

      

       

      
        
          	

                	7.2	
                  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of laws provisions.

                

        

      

       

      
        
          	

                	7.3	
                  (a) The Issuer agrees that any suit, action or proceeding brought by the Issuer against the Dealer in connection with or arising out of this Agreement or the Notes or the offer
                    and sale of the Notes shall be brought solely in the United States federal courts located in the Borough of Manhattan or the courts of the State of New York located in the Borough of Manhattan (each such federal court or a court of the
                    State of New York, a “New York Court”).  The Dealer agrees that any suit, action or proceeding brought by the Dealer against the Issuer in connection with or arising out of this Agreement or the Notes or the offer and sale of the Notes
                    shall be brought solely in a New York Court, the United States federal courts located in the State of Illinois or the courts of the State of Illinois. EACH OF THE DEALER AND THE ISSUER WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY SUIT,
                    ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

                

        

      

       

      
        13

        
          

      

      
        
          
            (b) Each party hereto hereby irrevocably accepts and submits to the non-exclusive jurisdiction of each of the courts referenced in Section
              7.3(a) hereto in personam, generally and unconditionally, for itself and in respect of its properties, assets and revenues, with respect to any suit, action or proceeding in connection with or arising out of this Agreement or the Notes or the
              offer and sale of the Notes.

          

           

          

          	

                	7.4	
                  This Agreement may be terminated, at any time, by the Issuer, upon one business day’s prior notice to such effect to the Dealer, or by the Dealer upon one business day’s prior
                    notice to such effect to the Issuer.  Any such termination, however, shall not affect the obligations of the Issuer under Sections 3.7, 5 and 7.3 hereof or the respective representations, warranties, agreements, covenants, rights or
                    responsibilities of the parties made or arising prior to the termination of this Agreement.

                

        

      

       

      
        
          	

                	7.5	
                  This Agreement is not assignable by either party hereto without the written consent of the other party; provided,
                    however, that the Dealer may assign its rights and obligations under this Agreement to any affiliate of the Dealer; provided, further, that the provisions of
                    this Agreement shall apply with equal force and effect to any such assignee.  Any purported assignment made in contravention of the immediately preceding sentence shall be null and void and of no effect whatsoever.

                

        

      

       

      
        
          	

                	7.6	
                  This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same
                    instrument.

                

        

      

       

      
        
          	

                	7.7	
                  Except as provided in Section 5 with respect to non-party Indemnitees, this Agreement is for the exclusive benefit of the parties hereto, and their respective permitted
                    successors and assigns hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever; provided,

                      however, that Section 7.3(b) is hereby specifically and exclusively acknowledged to also be for the benefit of the holders from time to time of the Notes, as third-party beneficiaries.

                

        

      

        

      

      
        
          	

                	7.8	
                  The Issuer acknowledges and agrees that (i) purchases and sales, or placements, of the Notes pursuant to this Agreement, including the determination of any prices for the Notes
                    and Dealer compensation, are arm’s-length commercial transactions between the Issuer and the Dealer, (ii) in connection therewith and with the process leading to such transactions, the Dealer is acting solely as a principal and not the
                    agent (except to the extent explicitly set forth herein) or fiduciary of the Issuer or any of its affiliates, (iii) the Dealer has not assumed an advisory or fiduciary responsibility in favor of the Issuer or any of its affiliates with
                    respect to the offering contemplated hereby or the process leading thereto (irrespective of whether the Dealer has advised or is currently advising the Issuer or any of its affiliates on other matters) or any other obligation to the
                    Issuer or any of its affiliates except the obligations expressly set forth in this Agreement, (iv) the Issuer is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
                    contemplated by this Agreement, (v) the Dealer and its affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Issuer and that the Dealer has no obligation to disclose any of those
                    interests by virtue of any advisory or fiduciary relationship, (vi) the Dealer has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated hereby, and (vii) the Issuer has consulted its
                    own legal and financial advisors to the extent it deemed appropriate. The Issuer agrees that it will not claim that the Dealer has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Issuer in
                    connection with such transactions or the process leading thereto.  Any review by the Dealer of the Issuer, the transactions contemplated hereby or other matters relating to such transactions shall be performed solely for the benefit of
                    the Dealer and shall not be on behalf of the Issuer.  This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Issuer and the Dealer with respect to the subject matter hereof. The Issuer
                    hereby waives and releases, to the fullest extent permitted by law, any claims the Issuer may have against the Dealer with respect to any breach or alleged breach of fiduciary duty arising out of this Agreement or the transactions
                    contemplated hereby.

                

        

      

       

      
        14

        
          

      

      
        
          	

                	7.9	
                  (i) The parties hereto agree that the Issuer may, in accordance with the terms of this Section 7.9, from time to time replace the party which is then acting as Issuing and
                    Paying Agent (the “Current Issuing and Paying Agent”) with another party (such other party, the “Replacement Issuing and Paying Agent”), and enter into an agreement with the Replacement Issuing and Paying Agent covering the provision of
                    issuing and paying agency functions in respect of the Notes by the Replacement Issuing and Paying Agent (the “Replacement Issuing and Paying Agency Agreement”) (any such replacement, a “Replacement”).

                

        

      

       

      
        
          
            	

                  	

                  	
                    (ii) From and after the effective date of any Replacement, (A) to the extent that the Issuing and Paying Agency Agreement provides that the Current Issuing and Paying Agent
                      will continue to act in respect of Notes outstanding as of the effective date of such Replacement (the “Outstanding Notes”), then (i) the “Issuing and Paying Agent” for the Notes shall be deemed to be the Current Issuing and Paying
                      Agent, in respect of the Outstanding Notes, and the Replacement Issuing and Paying Agent, in respect of Notes issued on or after the Replacement, (ii) all references to the “Issuing and Paying Agent” hereunder shall be deemed to refer
                      to the Current Issuing and Paying Agent in respect of the Outstanding Notes, and the Replacement Issuing and Paying Agent in respect of Notes issued on or after the Replacement, and (iii) all references to the “Issuing and Paying
                      Agency Agreement” hereunder shall be deemed to refer to the existing Issuing and Paying Agency Agreement, in respect of the Outstanding Notes, and the Replacement Issuing and Paying Agency Agreement, in respect of Notes issued on or
                      after the Replacement; and (B) to the extent that the Issuing and Paying Agency Agreement does not provide that the Current Issuing and Paying Agent will continue to act in respect of the Outstanding Notes, then (i) the “Issuing and
                      Paying Agent” for the Notes shall be deemed to be the Replacement Issuing and Paying Agent, (ii) all references to the “Issuing and Paying Agent” hereunder shall be deemed to refer to the Replacement Issuing and Paying Agent, and
                      (iii) all references to the “Issuing and Paying Agency Agreement” hereunder shall be deemed to refer to the Replacement Issuing and Paying Agency Agreement.

                  

          

        

      

      

      

      
        15

        
          

      

      
        
          
            
              	

                    	

                    	
                      (iii) From and after the effective date of any Replacement, the Issuer shall not issue any Notes hereunder unless and until the Dealer shall have received: (a) a copy of
                        the executed Replacement Issuing and Paying Agency Agreement, (b) a copy of the executed Letter of Representations among the Issuer, the Replacement Issuing and Paying Agent and DTC, (c) a copy of the executed Master Note
                        authenticated by the Replacement Issuing and Paying Agent and registered in the name of DTC or its nominee, (d) an amendment or supplement to the Private Placement Memorandum describing the Replacement Issuing and Paying Agent as
                        the Issuing and Paying Agent for the Notes, and reflecting any other changes thereto necessary in light of the Replacement so that the Private Placement Memorandum, as amended or supplemented, satisfies the requirements of this
                        Agreement, and (e) a legal opinion of counsel to the Issuer, addressed to the Dealer, in form and substance reasonably satisfactory to the Dealer, as to (x) the due authorization, delivery, validity and enforceability of Notes
                        issued pursuant to the Replacement Issuing and Paying Agency Agreement, and (y) such other matters as the Dealer may reasonably request.

                    

            

          

        

      

       

      
        
          	

                	7.10	
                  Notwithstanding anything to the contrary in this Agreement, the parties hereto agree that:

                

        

      

       

      (a)     In the event that the Dealer that is a Covered
          Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Dealer of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would
          be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

       

      (b)     In the event that the Dealer that is a Covered
          Entity or a BHC Act Affiliate of such Dealer becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against the Dealer are permitted to be exercised to no greater extent
          than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

       

      
        16

        
          

      

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

       

      	
              Brunswick Corporation, as Issuer

            	 	
              [     ], as Dealer

            
	 	 	 
	
              By:

            	 	
              By:

            
	 	 	 
	 	 	 
	
              Name:

            	 	
              Name:

            
	 	 	 
	 	 	 
	
              Title:

            	 	
              Title:

            
	 	 	 

       

      
        17

        
          

      

      Addendum

       

      The following additional clauses shall apply to the Agreement and be deemed a part thereof.

       

      
        
          	1.	
                  The other dealers referred to in clause (b) of Section 1.2 of the Agreement is [_____].

                

        

      

       

      
        
          	2.	
                  The addresses of the respective parties for purposes of notices under Section 7.1 are as follows:

                

        

      

        

      

      For the Issuer:

       
        	
                Address:

              	
                26125 N. Riverwoods Blvd. Suite 500, Mettawa, Illinois  60045

              
	 	 
	
                Attention:

              	
                Sr. Manager – Treasury and Risk Management

              

      

    

     

    

    
      	
              Telephone number:

            	
              (847) 735-4058

            

    

    
       

      
        	
                Fax number:

              	
                (847) 735-4425

              

      

        

      

      For the Dealer:

       

      Address:

       

      Attention:

       

      Telephone number:

       

      Fax number:

       

      
        18

        
          

      

      Exhibit A

       

      Form of Legend for Private Placement Memorandum and Notes

       

      THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER APPLICABLE SECURITIES LAW, AND OFFERS AND SALES THEREOF MAY BE
        MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.  BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT (I) IT HAS BEEN AFFORDED AN
        OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO BRUNSWICK CORPORATION (THE “ISSUER”) AND THE NOTES, (II) IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND (III) IT IS EITHER (A)(1) AN INSTITUTIONAL INVESTOR THAT IS AN
        ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”) AND (2)(i) PURCHASING NOTES FOR ITS OWN ACCOUNT, (ii) A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS AND LOAN ASSOCIATION
        OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR (iii) A FIDUCIARY OR AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN ASSOCIATION OR OTHER SUCH INSTITUTION) PURCHASING NOTES FOR
        ONE OR MORE ACCOUNTS EACH OF WHICH ACCOUNTS IS SUCH AN INSTITUTIONAL ACCREDITED INVESTOR; OR (B) A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE 144A UNDER THE ACT THAT IS ACQUIRING NOTES FOR ITS OWN ACCOUNT OR FOR ONE OR MORE
        ACCOUNTS, EACH OF WHICH ACCOUNTS IS A QIB; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY RELY UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY RULE 144A.  BY ITS ACCEPTANCE OF A NOTE, THE
        PURCHASER THEREOF SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE MADE ONLY (A) IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE ISSUER OR TO A DEALER DESIGNATED BY THE ISSUER AS A DEALER
        FOR THE NOTES (EACH, A “DEALER”), NONE OF WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2) THROUGH A DEALER TO AN INSTITUTIONAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A AND (B)
        IN MINIMUM AMOUNTS OF $250,000.

       

      
        19

        
          

      

      Exhibit B

       

      Further Provisions Relating to Indemnification

       

      
        
          	(a)	
                  The Issuer agrees to reimburse each Indemnitee for all reasonable and documented out-of-pocket expenses (including reasonable fees and disbursements of a single external
                    counsel (in addition to one local counsel in the jurisdiction in which any Claim is brought)) as they are incurred by it in connection with investigating or defending any loss, claim, damage, liability or action in respect of which
                    indemnification may be sought under Section 5 of the Agreement (whether or not it is a party to any such proceedings).

                

        

      

       

      
        
          	(b)	
                  Promptly after receipt by an Indemnitee of notice of the existence of a Claim, such Indemnitee will, if a claim in respect thereof is to be made against the Issuer, notify the
                    Issuer in writing of the existence thereof; provided that (i) the omission so to notify the Issuer will not relieve the Issuer from any liability which it may have hereunder unless and except to the extent it did not otherwise learn of
                    such Claim and such failure results in the forfeiture by the Issuer of substantial rights and defenses, and (ii) the omission so to notify the Issuer will not relieve it from liability which it may have to an Indemnitee otherwise than
                    on account of this indemnity agreement.  In case any such Claim is made against any Indemnitee and it notifies the Issuer of the existence thereof, the Issuer will be entitled to participate therein, and to the extent that it may elect
                    by written notice delivered to the Indemnitee, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnitee; provided that if the defendants in any such Claim include both the Indemnitee and the Issuer, and the
                    Indemnitee shall have concluded that there may be legal defenses available to it which are different from or additional to those available to the Issuer, the Issuer shall not have the right to direct the defense of such Claim on behalf
                    of such Indemnitee, and the Indemnitee shall have the right to select separate counsel to assert such legal defenses on behalf of such Indemnitee.  Upon receipt of notice from the Issuer to such Indemnitee of the Issuer’s election to
                    assume the defense of such Claim and approval by the Indemnitee of counsel, the Issuer will not be liable to such Indemnitee for expenses incurred thereafter by the Indemnitee in connection with the defense thereof (other than
                    reasonable costs of investigation) unless (i) the Indemnitee shall have employed separate counsel in connection with the assertion of legal defenses in accordance with the proviso to the next preceding sentence (it being understood,
                    however, that the Issuer shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel in the jurisdiction in which any Claim is brought), approved by the Dealer, representing the Indemnitee
                    who is party to such Claim), (ii) the Issuer shall not have employed counsel reasonably satisfactory to the Indemnitee to represent the Indemnitee within a reasonable time after notice of existence of the Claim or (iii) the Issuer has
                    authorized in writing the employment of counsel for the Indemnitee.  The indemnity, reimbursement and contribution obligations of the Issuer hereunder shall be in addition to any other liability the Issuer may otherwise have to an
                    Indemnitee and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Issuer and any Indemnitee.  The Issuer agrees that without the Dealer’s prior written consent, it will
                    not settle, compromise or consent to the entry of any judgment in any Claim in respect of which indemnification may be sought under the indemnification provision of the Agreement (whether or not the Dealer or any other Indemnitee is an
                    actual or potential party to such Claim), unless such settlement, compromise or consent (i) includes an unconditional release of each Indemnitee from all liability arising out of such Claim and (ii) does not include a statement as to or
                    an admission of fault, culpability or failure to act, by or on behalf of any Indemnitee.

                

        

      

       

      
        20

        
          

      

      Exhibit C

       

      Statement of Terms for Interest – Bearing Commercial Paper Notes of Brunswick Corporation

       

      THE PROVISIONS SET FORTH BELOW ARE QUALIFIED TO THE EXTENT APPLICABLE BY THE TRANSACTION SPECIFIC PRIVATE PLACEMENT MEMORANDUM SUPPLEMENT (THE
        “SUPPLEMENT”) (IF ANY) SENT TO EACH PURCHASER AT THE TIME OF THE TRANSACTION.

       

      1.  General.  (a)  The obligations of the Issuer to which these terms
        apply (each a “Note”) are represented by one or more Master Notes (each, a “Master Note”) issued in the name of (or of a nominee for) The Depository Trust Company (“DTC”), which Master Note includes the terms and provisions for the Issuer’s
        Interest-Bearing Commercial Paper Notes that are set forth in this Statement of Terms, since this Statement of Terms constitutes an integral part of the Underlying Records as defined and referred to in each Master Note.

       

      (b)  “Business Day” means any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions are
        authorized or required by law, executive order or regulation to be closed in New York City and, with respect to LIBOR Notes (as defined below) is also a London Business Day.  “London Business Day” means, a day, other than a Saturday or Sunday, on
        which dealings in deposits in U.S. dollars are transacted in the London interbank market.

       

      2.  Interest.  (a)  Each Note will bear interest at a fixed rate (a
        “Fixed Rate Note”) or at a floating rate (a “Floating Rate Note”).

       

      (b)  The Supplement sent to each holder of such Note will describe the following terms: (i) whether such Note is a Fixed Rate Note or a Floating Rate
        Note and whether such Note is an Original Issue Discount Note (as defined below); (ii) the date on which such Note will be issued (the “Issue Date”); (iii) the Stated Maturity Date (as defined below); (iv) if such Note is a Fixed Rate Note, the
        rate per annum at which such Note will bear interest, if any, and the Interest Payment Dates; (v) if such Note is a Floating Rate Note, the Base Rate, the Index Maturity, the Interest Reset Dates, the Interest Payment Dates and the Spread and/or
        Spread Multiplier, if any (all as defined below), and any other terms relating to the particular method of calculating the interest rate for such Note; and (vi) any other terms applicable specifically to such Note.  “Original Issue Discount Note”
        means a Note which has a stated redemption price at the Stated Maturity Date that exceeds its Issue Price by more than a specified de minimis amount and which the Supplement indicates will be an “Original Issue Discount Note”.

       

      (c)  Each Fixed Rate Note will bear interest from its Issue Date at the rate per annum specified in the Supplement until the principal amount thereof
        is paid or made available for payment.  Interest on each Fixed Rate Note will be payable on the dates specified in the Supplement (each an “Interest Payment Date” for a Fixed Rate Note) and on the Maturity Date (as defined below).  Interest on
        Fixed Rate Notes will be computed on the basis of a 360-day year based on the actual number of days elapsed.

       

      If any Interest Payment Date or the Maturity Date of a Fixed Rate Note falls on a day that is not a Business Day, the required payment of principal,
        premium, if any, and/or interest will be payable on the next succeeding Business Day, and no additional interest will accrue in respect of the payment made on that next succeeding Business Day.

       

      

      
        21

        
          

      

      (d)  The interest rate on each Floating Rate Note for each Interest Reset Period (as defined below) will be determined by reference to an interest rate
        basis (a “Base Rate”) plus or minus a number of basis points (one basis point equals one-hundredth of a percentage point) (the “Spread”), if any, and/or multiplied by a certain percentage (the “Spread Multiplier”), if any, until the principal
        thereof is paid or made available for payment.  The Supplement will designate which of the following Base Rates is applicable to the related Floating Rate Note: (a) the CD Rate (a “CD Rate Note”), (b) the Commercial Paper Rate (a “Commercial Paper
        Rate Note”), (c) the Federal Funds Rate (a “Federal Funds Rate Note”), (d) LIBOR (a “LIBOR Note”), (e) the Prime Rate (a “Prime Rate Note”), (f) the Treasury Rate (a “Treasury Rate Note”) or (g) such other Base Rate as may be specified in such
        Supplement.

       

       The rate of interest on each Floating Rate Note will be reset daily, weekly, monthly, quarterly or semi-annually (the “Interest Reset Period”).  The
        date or dates on which interest will be reset (each an “Interest Reset Date”) will be, unless otherwise specified in the Supplement, in the case of Floating Rate Notes which reset daily, each Business Day, in the case of Floating Rate Notes (other
        than Treasury Rate Notes) that reset weekly, the Wednesday of each week; in the case of Treasury Rate Notes that reset weekly, the Tuesday of each week; in the case of Floating Rate Notes that reset monthly, the third Wednesday of each month; in
        the case of Floating Rate Notes that reset quarterly, the third Wednesday of March, June, September and December; and in the case of Floating Rate Notes that reset semiannually, the third Wednesday of the two months specified in the Supplement.  If
        any Interest Reset Date for any Floating Rate Note is not a Business Day, such Interest Reset Date will be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such Business Day is in the next succeeding
        calendar month, such Interest Reset Date shall be the immediately preceding Business Day. Interest on each Floating Rate Note will be payable monthly, quarterly or semiannually (the “Interest Payment Period”) and on the Maturity Date.  Unless
        otherwise specified in the Supplement, and except as provided below, the date or dates on which interest will be payable (each an “Interest Payment Date” for a Floating Rate Note) will be, in the case of Floating Rate Notes with a monthly Interest
        Payment Period, on the third Wednesday of each month; in the case of Floating Rate Notes with a quarterly Interest Payment Period, on the third Wednesday of March, June, September and December; and in the case of Floating Rate Notes with a
        semiannual Interest Payment Period, on the third Wednesday of the two months specified in the Supplement.  In addition, the Maturity Date will also be an Interest Payment Date.

       

      If any Interest Payment Date for any Floating Rate Note (other than an Interest Payment Date occurring on the Maturity Date) would otherwise be a day
        that is not a Business Day, such Interest Payment Date shall be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar month, such Interest Payment Date
        shall be the immediately preceding Business Day.  If the Maturity Date of a Floating Rate Note falls on a day that is not a Business Day, the payment of principal and interest will be made on the next succeeding Business Day, and no interest on
        such payment shall accrue for the period from and after such maturity.

       

      
        22

        
          

      

      Interest payments on each Interest Payment Date for Floating Rate Notes will include accrued interest from and including the Issue Date or from and
        including the last date in respect of which interest has been paid, as the case may be, to, but excluding, such Interest Payment Date.  On the Maturity Date, the interest payable on a Floating Rate Note will include interest accrued to, but
        excluding, the Maturity Date.  Accrued interest will be calculated by multiplying the principal amount of a Floating Rate Note by an accrued interest factor.  This accrued interest factor will be computed by adding the interest factors calculated
        for each day in the period for which accrued interest is being calculated.  The interest factor (expressed as a decimal) for each such day will be computed by dividing the interest rate applicable to such day by 360, in the cases where the Base
        Rate is the CD Rate, Commercial Paper Rate, Federal Funds Rate, LIBOR or Prime Rate, or by the actual number of days in the year, in the case where the Base Rate is the Treasury Rate.  The interest rate in effect on each day will be (i) if such day
        is an Interest Reset Date, the interest rate with respect to the Interest Determination Date (as defined below) pertaining to such Interest Reset Date, or (ii) if such day is not an Interest Reset Date, the interest rate with respect to the
        Interest Determination Date pertaining to the next preceding Interest Reset Date, subject in either case to any adjustment by a Spread and/or a Spread Multiplier.

       

      The “Interest Determination Date” where the Base Rate is the CD Rate or the Commercial Paper Rate will be the second Business Day next preceding an
        Interest Reset Date.  The Interest Determination Date where the Base Rate is the Federal Funds Rate or the Prime Rate will be the Business Day next preceding an Interest Reset Date.  The Interest Determination Date where the Base Rate is LIBOR will
        be the second London Business Day next preceding an Interest Reset Date.  The Interest Determination Date where the Base Rate is the Treasury Rate will be the day of the week in which such Interest Reset Date falls when Treasury Bills are normally
        auctioned.  Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is held on the following Tuesday or the preceding Friday.  If an auction is so held on the preceding
        Friday, such Friday will be the Interest Determination Date pertaining to the Interest Reset Date occurring in the next succeeding week.

       

      The “Index Maturity” is the period to maturity of the instrument or obligation from which the applicable Base Rate is calculated.

       

      The “Calculation Date,” where applicable, shall be the earlier of (i) the tenth calendar day following the applicable Interest Determination Date or
        (ii) the Business Day preceding the applicable Interest Payment Date or Maturity Date.

       

      

      All times referred to herein reflect New York City time, unless otherwise specified.

       

      The Issuer shall specify in writing to the Issuing and Paying Agent which party will be the calculation agent (the “Calculation Agent”) with respect to
        the Floating Rate Notes.  The Calculation Agent will provide the interest rate then in effect and, if determined, the interest rate which will become effective on the next Interest Reset Date with respect to such Floating Rate Note to the Issuing
        and Paying Agent as soon as the interest rate with respect to such Floating Rate Note has been determined and as soon as practicable after any change in such interest rate.

       

      All percentages resulting from any calculation on Floating Rate Notes will be rounded to the nearest one hundred-thousandth of a percentage point, with
        five-one millionths of a percentage point rounded upwards.  For example, 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655).  All dollar amounts used in or resulting from any calculation on Floating Rate Notes will be rounded, in
        the case of U.S. dollars, to the nearest cent or, in the case of a foreign currency, to the nearest unit (with one-half cent or unit being rounded upwards).

       

      
        23

        
          

      

      CD Rate Notes

       

      “CD Rate” means the rate on any Interest Determination Date for negotiable U.S. dollar certificates of deposit having the Index Maturity as published in the source
        specified in the Supplement.

       

      If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date, the CD Rate will be the rate on such Interest Determination Date published
        under the caption specified in the Supplement in another recognized electronic source used for the purpose of displaying the applicable rate.

       

      If such rate is not published in either the source specified on the Supplement or another recognized electronic source by 3:00 p.m., New York City time, on the
        Calculation Date, the Calculation Agent will determine the CD Rate to be the arithmetic mean of the secondary market offered rates as of 10:00 a.m., New York City time, on such Interest Determination Date of three leading nonbank dealers1 in negotiable U.S. dollar certificates of deposit in New York City selected by the Calculation Agent for negotiable U.S. dollar certificates of deposit of major United States money
        center banks of the highest credit standing in the market for negotiable certificates of deposit with a remaining maturity closest to the Index Maturity in the denomination of $5,000,000.

       

      If fewer than the three dealers selected by the Calculation Agent are quoting as set forth above, the CD Rate will remain the CD Rate then in effect on such Interest
        Determination Date.

       

      Commercial Paper Rate Notes

       

      “Commercial Paper Rate” means the Money Market Yield (calculated as described below) of the rate on any Interest Determination Date for commercial paper having the Index
        Maturity, as published by the Board of Governors of the Federal Reserve System (“FRB”) in “Statistical Release H.15(519), Selected Interest Rates” or any successor publication of the FRB (“H.15(519)”) under the heading “Commercial
        Paper-[Financial][Nonfinancial]”.

       

      If the above rate is not published in H.15(519) by 3:00 p.m., New York City time, on the Calculation Date, then the Commercial Paper Rate will be the Money Market Yield
        of the rate on such Interest Determination Date for commercial paper of the Index Maturity published in the daily update of H.15(519), available through the world wide website of the FRB at http://www.federalreserve.gov/releases/h15/Update, or any
        successor site or publication or other recognized electronic source used for the purpose of displaying the applicable rate (“H.15 Daily Update”) under the heading “Commercial Paper-[Financial][Nonfinancial]”.

       

      If by 3:00 p.m. on such Calculation Date such rate is not published in either H.15(519) or H.15 Daily Update, then the Calculation Agent will determine the Commercial
        Paper Rate to be the Money Market Yield of the arithmetic mean of the offered rates as of 11:00 a.m. on such Interest Determination Date of three leading dealers of U.S. dollar commercial paper in New York City selected by the Calculation Agent for
        commercial paper of the Index Maturity placed for an industrial issuer whose bond rating is “AA,” or the equivalent, from a nationally recognized statistical rating organization.

      

      

      
        

       

        

      
        	
                1

              	
                Such nonbank dealers referred to in this Statement of Terms may include affiliates of the Dealer.

              

      

      

      

      
        24

        
          

      

      If the dealers selected by the Calculation Agent are not quoting as mentioned above, the Commercial Paper Rate with respect to such Interest Determination Date will
        remain the Commercial Paper Rate then in effect on such Interest Determination Date.

       

       “Money Market Yield” will be a yield calculated in accordance with the following formula:

       
        	 	
                D x 360

              	 
	
                Money Market Yield =

              	
                

                

              	
                x 100

              
	 
	 	
                360 - (D x M)

              	 

      

        
      where “D” refers to the applicable per annum rate for commercial paper quoted on a bank discount basis and expressed as a decimal and “M” refers to the
        actual number of days in the interest period for which interest is being calculated.

       

      Federal Funds Rate Notes

       

      “Federal Funds Rate” means the rate on any Interest Determination Date for federal funds as published in H.15(519) under the heading “Federal Funds
        (Effective)” and displayed on Reuters Page (as defined below) FEDFUNDS1 (or any other page as may replace the specified page on that service) (“Reuters Page FEDFUNDS1”) under the heading EFFECT.

       

      If the above rate does not appear on Reuters Page FEDFUNDS1or is not so published by 3:00 p.m. on the Calculation Date, the Federal Funds Rate will be
        the rate on such Interest Determination Date as published in H.15 Daily Update under the heading “Federal Funds/(Effective)”.

       

      If such rate is not published as described above by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the Federal Funds Rate to
        be the arithmetic mean of the rates for the last transaction in overnight U.S. dollar federal funds arranged by each of three leading brokers of Federal Funds transactions in New York City selected by the Calculation Agent prior to 9:00 a.m. on
        such Interest Determination Date.

       

      If the brokers selected by the Calculation Agent are not quoting as mentioned above, the Federal Funds Rate will remain the Federal Funds Rate then in
        effect on such Interest Determination Date.

       

      “Reuters Page” means the display on the Thomson Reuters Eikon, or any successor service, on the page or pages specified in this Statement of Terms or
        the Supplement, or any replacement page on that service.

       

      LIBOR Notes

       

      The London Interbank offered rate (“LIBOR”) means, with respect to any Interest Determination Date, the rate for deposits in U.S. dollars having the
        Index Maturity that appears on the Designated LIBOR Page as of 11:00 a.m., London time, on such Interest Determination Date.

       

      
        25

        
          

      

      

      If no rate appears, LIBOR will be determined on the basis of the rates at approximately 11:00 a.m., London time, on such Interest Determination Date at
        which deposits in U.S. dollars are offered to prime banks in the London interbank market by four major banks in such market selected by the Calculation Agent for a term equal to the Index Maturity and in principal amount equal to an amount that in
        the Calculation Agent’s judgment is representative for a single transaction in U.S. dollars in such market at such time (a “Representative Amount”).  The Calculation Agent will request the principal London office of each of such banks to provide a
        quotation of its rate.  If at least two such quotations are provided, LIBOR will be the arithmetic mean of such quotations.  If fewer than two quotations are provided, LIBOR for such interest period will be the arithmetic mean of the rates quoted
        at approximately 11:00 a.m., in New York City, on such Interest Determination Date by three major banks in New York City, selected by the Calculation Agent, for loans in U.S. dollars to leading European banks, for a term equal to the Index Maturity
        and in a Representative Amount; provided, however, that if fewer than three banks so selected by the Calculation Agent are providing such quotations, the then existing LIBOR rate will remain in effect for such Interest Payment Period.

       

      “Designated LIBOR Page” means the display on the Thomson Reuters Eikon (or any successor service) on the “LIBOR01” page (or any other page as may
        replace such page on such service) for the purpose of displaying the London interbank offered rates of major banks for U.S. dollars.

       

      Prime Rate Notes

       

      “Prime Rate” means the rate on any Interest Determination Date as published in H.15(519) under the heading “Bank Prime Loan”.

       

      If the above rate is not published in H.15(519) prior to 3:00 p.m. on the Calculation Date, then the Prime Rate will be the rate on such Interest
        Determination Date as published in H.15 Daily Update opposite the caption “Bank Prime Loan”.

       

      If the rate is not published prior to 3:00 p.m. on the Calculation Date in either H.15(519) or H.15 Daily Update, then the Calculation Agent will
        determine the Prime Rate to be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen US PRIME1 Page (as defined below) as such bank’s prime rate or base lending rate as of 11:00 a.m., on
        that Interest Determination Date.

       

      If fewer than four such rates referred to above are so published by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the Prime
        Rate to be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by 360 as of the close of business on such Interest Determination Date by three major banks in New York
        City selected by the Calculation Agent.

       

      If the banks selected are not quoting as mentioned above, the Prime Rate will remain the Prime Rate in effect on such Interest Determination Date.

       

      “Reuters Screen US PRIME1 Page” means the display designated as page “US PRIME1” on the Reuters Monitor Money Rates Service (or such other page as may
        replace the US PRIME1 page on that service for the purpose of displaying prime rates or base lending rates of major United States banks).

       

      Treasury Rate Notes

       

      “Treasury Rate” means:

       

      (1) the rate from the auction held on the Interest Determination Date (the “Auction”) of direct obligations of the United States (“Treasury Bills”)
        having the Index Maturity specified in the Supplement under the caption “INVEST RATE” on the display on the Reuters Page designated as USAUCTION10 (or any other page as may replace that page on that service) or the Reuters Page designated as
        USAUCTION11 (or any other page as may replace that page on that service), or

       

      
        26

        
          

      

      (2) if the rate referred to in clause (1) is not so published by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield (as defined
        below) of the rate for the applicable Treasury Bills as published in H.15 Daily Update, under the caption “U.S. Government Securities/Treasury Bills/Auction High”, or

       

      (3) if the rate referred to in clause (2) is not so published by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield of the auction
        rate of the applicable Treasury Bills as announced by the United States Department of the Treasury, or

       

      (4) if the rate referred to in clause (3) is not so announced by the United States Department of the Treasury, or if the  Auction is not held, the Bond
        Equivalent Yield of the rate on the particular Interest Determination Date of the applicable Treasury Bills as published in H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or

       

      (5) if the rate referred to in clause (4) not so published by 3:00 p.m. on the related Calculation Date, the rate on the particular Interest
        Determination Date of the applicable Treasury Bills as published in H.15 Daily Update, under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or

       

      (6) if the rate referred to in clause (5) is not so published by 3:00 p.m. on the related Calculation Date, the rate on the particular Interest
        Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m. on that Interest Determination Date, of three primary United States
        government securities dealers selected by the Calculation Agent, for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity specified in the Supplement, or

       

      (7) if the dealers so selected by the Calculation Agent are not quoting as mentioned in clause (6), the Treasury Rate in effect on the particular
        Interest Determination Date.

       

      “Bond Equivalent Yield” means a yield (expressed as a percentage) calculated in accordance with the following formula:

       

      	 	D x N	 
	 Bond Equivalent Yield =	 	x 100
	 	360 - (D x M)	 

       

      

      where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal, “N” refers to 365 or
        366, as the case may be, and “M” refers to the actual number of days in the applicable Interest Reset Period.

       

      3.    Final Maturity.  The Stated Maturity Date for
        any Note will be the date so specified in the Supplement, which shall be no later than 397 days from the date of issuance.  On its Stated Maturity Date, or any date prior to the Stated Maturity Date on which the particular Note becomes due and
        payable by the declaration of acceleration, each such date being referred to as a Maturity Date, the principal amount of such Note, together with accrued and unpaid interest thereon, will be immediately due and payable.

       

      
        27

        
          

      

      

      4.    Events of Default.  The occurrence of any of
        the following shall constitute an “Event of Default” with respect to a Note:  (i) default in any payment of principal of or interest on such Note (including on a redemption thereof); (ii) the Issuer makes any compromise arrangement with its
        creditors generally including the entering into any form of moratorium with its creditors generally; (iii) a court having jurisdiction 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 there shall be appointed a receiver, administrator, liquidator, custodian, trustee or sequestrator (or similar officer) with respect to the whole or substantially the whole
        of the assets of the Issuer and any such decree, order or appointment is not removed, discharged or withdrawn within 60 days thereafter; or (iv) 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 under any such law, or consent to the appointment of or taking possession by a receiver, administrator, liquidator, assignee, custodian, trustee
        or sequestrator (or similar official), with respect to the whole or substantially the whole of the assets of the Issuer or make any general assignment for the benefit of creditors.  Upon the occurrence of an Event of Default, the principal of such
        Note (together with interest accrued and unpaid thereon) shall become, without any notice or demand, immediately due and payable.

       

      5.    Obligation Absolute.  No provision of the
        Issuing and Paying Agency Agreement under which the Notes are issued shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on each Note at the times, place and rate, and in the
        coin or currency, herein prescribed.

        

      

      6.    Supplement.  Any term contained in the
        Supplement shall supersede any conflicting term contained herein.

       

      

      
        28EX-4.1

 EXHIBIT 4.1 

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 
  

 
 SENIOR 

INDENTURE 
 Dated as of
            , 20 
 Providing for Issuance of Senior Debt Securities in Series

  
  
  

 

                       
                                         
                        , 

as Trustee 
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.01.
	 	 Definitions
	  	 	1	 
			
	 Section 1.02.
	 	 Other Definitions
	  	 	3	 
			
	 Section 1.03.
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	4	 
			
	 Section 1.04.
	 	 Rules of Construction
	  	 	4	 
			
	 Section 1.05.
	 	 Acts of Holders
	  	 	4	 
		
	 ARTICLE 2. THE SECURITIES
	  	 	5	 
			
	 Section 2.01.
	 	 Form and Dating
	  	 	5	 
			
	 Section 2.02.
	 	 Amount Unlimited; Issuable in Series
	  	 	6	 
			
	 Section 2.03.
	 	 Denominations
	  	 	8	 
			
	 Section 2.04.
	 	 Execution and Authentication
	  	 	8	 
			
	 Section 2.05.
	 	 Registrar and Paying Agent; Appointment of Depositary
	  	 	9	 
			
	 Section 2.06.
	 	 Paying Agent to Hold Money in Trust
	  	 	9	 
			
	 Section 2.07.
	 	 Holder Lists
	  	 	9	 
			
	 Section 2.08.
	 	 Transfer and Exchange
	  	 	9	 
			
	 Section 2.09.
	 	 Replacement Securities
	  	 	11	 
			
	 Section 2.10.
	 	 Outstanding Securities
	  	 	11	 
			
	 Section 2.11.
	 	 Treasury Securities
	  	 	12	 
			
	 Section 2.12.
	 	 Temporary Securities
	  	 	12	 
			
	 Section 2.13.
	 	 Purchase and Cancellation
	  	 	12	 
			
	 Section 2.14.
	 	 Defaulted Interest
	  	 	12	 
			
	 Section 2.15.
	 	 Book Entry Provisions for Global Securities
	  	 	13	 
		
	 ARTICLE 3. REDEMPTION AND PREPAYMENT
	  	 	13	 
			
	 Section 3.01.
	 	 Applicability of Article
	  	 	13	 
			
	 Section 3.02.
	 	 Selection of Securities to Be Redeemed
	  	 	14	 
			
	 Section 3.03.
	 	 Notice of Redemption
	  	 	14	 
			
	 Section 3.04.
	 	 Effect of Notice of Redemption
	  	 	15	 
			
	 Section 3.05.
	 	 Deposit of Redemption or Purchase Price
	  	 	15	 
			
	 Section 3.06.
	 	 Securities Redeemed or Purchased in Part
	  	 	15	 
			
	 Section 3.07.
	 	 Mandatory Redemption; Sinking Fund
	  	 	15	 
		
	 ARTICLE 4. COVENANTS
	  	 	15	 
			
	 Section 4.01.
	 	 Payment of Securities
	  	 	15	 
			
	 Section 4.02.
	 	 Maintenance of Office or Agency
	  	 	15	 
			
	 Section 4.03.
	 	 Reports
	  	 	16	 
			
	 Section 4.04.
	 	 Compliance Certificate
	  	 	16	 
			
	 Section 4.05.
	 	 Continued Existence
	  	 	16	 
			
	 Section 4.06.
	 	 Stay, Extension and Usury Laws
	  	 	17	 

  
 i 

							
		
	 ARTICLE 5. SUCCESSORS
	  	 	17	 
			
	 Section 5.01.
	 	 Merger, Consolidation, or Sale of Assets
	  	 	17	 
			
	 Section 5.02.
	 	 Successor Person Substituted
	  	 	17	 
		
	 ARTICLE 6. DEFAULTS AND REMEDIES
	  	 	18	 
			
	 Section 6.01.
	 	 Events of Default
	  	 	18	 
			
	 Section 6.02.
	 	 Acceleration
	  	 	19	 
			
	 Section 6.03.
	 	 Other Remedies
	  	 	19	 
			
	 Section 6.04.
	 	 Waiver of Past Defaults; Rescission of Acceleration
	  	 	19	 
			
	 Section 6.05.
	 	 Control by Majority
	  	 	19	 
			
	 Section 6.06.
	 	 Limitation on Suits
	  	 	20	 
			
	 Section 6.07.
	 	 Rights of Holders of Securities to Receive Payment
	  	 	20	 
			
	 Section 6.08.
	 	 Collection Suit by Trustee
	  	 	20	 
			
	 Section 6.09.
	 	 Trustee May File Proofs of Claim
	  	 	20	 
			
	 Section 6.10.
	 	 Priorities
	  	 	21	 
			
	 Section 6.11.
	 	 Undertaking for Costs
	  	 	21	 
		
	 ARTICLE 7. TRUSTEE
	  	 	21	 
			
	 Section 7.01.
	 	 Duties of Trustee
	  	 	21	 
			
	 Section 7.02.
	 	 Rights of Trustee
	  	 	22	 
			
	 Section 7.03.
	 	 Individual Rights of Trustee
	  	 	22	 
			
	 Section 7.04.
	 	 Trustee’s Disclaimer
	  	 	23	 
			
	 Section 7.05.
	 	 Notice of Defaults
	  	 	23	 
			
	 Section 7.06.
	 	 Reports by Trustee to Holders of the Securities
	  	 	23	 
			
	 Section 7.07.
	 	 Compensation and Indemnity
	  	 	23	 
			
	 Section 7.08.
	 	 Replacement of Trustee
	  	 	24	 
			
	 Section 7.09.
	 	 Successor Trustee by Merger, etc.
	  	 	25	 
			
	 Section 7.10.
	 	 Eligibility; Disqualification
	  	 	25	 
			
	 Section 7.11.
	 	 Preferential Collection of Claims Against Company
	  	 	25	 
		
	 ARTICLE 8. LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	25	 
			
	 Section 8.01.
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	25	 
			
	 Section 8.02.
	 	 Legal Defeasance and Discharge
	  	 	26	 
			
	 Section 8.03.
	 	 Covenant Defeasance
	  	 	26	 
			
	 Section 8.04.
	 	 Conditions to Legal or Covenant Defeasance
	  	 	27	 
			
	 Section 8.05.
	 	 Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous
Provisions
	  	 	28	 
			
	 Section 8.06.
	 	 Repayment to Company
	  	 	28	 
			
	 Section 8.07.
	 	 Reinstatement
	  	 	28	 

  
 ii 

							
	 ARTICLE 9. AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	29	 
			
	 Section 9.01.
	 	 Without Consent of Holders of Securities
	  	 	29	 
			
	 Section 9.02.
	 	 With Consent of Holders of Securities
	  	 	30	 
			
	 Section 9.03.
	 	 Compliance with Trust Indenture Act
	  	 	31	 
			
	 Section 9.04.
	 	 Revocation and Effect of Consents
	  	 	31	 
			
	 Section 9.05.
	 	 Notation on or Exchange of Securities
	  	 	31	 
			
	 Section 9.06.
	 	 Trustee to Sign Amendments, etc.
	  	 	31	 
		
	 ARTICLE 10. MEETINGS OF HOLDERS
	  	 	31	 
			
	 Section 10.01.
	 	 Purposes for Which Meeting May Be Called
	  	 	31	 
			
	 Section 10.02.
	 	 Call, Notice and Place of Meetings
	  	 	32	 
			
	 Section 10.03.
	 	 Persons Entitled to Vote at Meetings
	  	 	32	 
			
	 Section 10.04.
	 	 Quorum; Action.
	  	 	32	 
			
	 Section 10.05.
	 	 Determination of Voting Rights; Conduct and Adjournment of Meetings
	  	 	33	 
			
	 Section 10.06.
	 	 Counting Votes and Recording Action of Meetings
	  	 	33	 
			
	 Section 10.07.
	 	 Article Subject to Other Provisions
	  	 	34	 
		
	 ARTICLE 11. MISCELLANEOUS
	  	 	34	 
			
	 Section 11.01.
	 	 Trust Indenture Act Controls
	  	 	34	 
			
	 Section 11.02.
	 	 Notices
	  	 	34	 
			
	 Section 11.03.
	 	 Communication by Holders of Securities with Other Holders of Securities
	  	 	35	 
			
	 Section 11.04.
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	35	 
			
	 Section 11.05.
	 	 Statements Required in Certificate or Opinion
	  	 	35	 
			
	 Section 11.06.
	 	 Rules by Trustee and Agents
	  	 	35	 
			
	 Section 11.07.
	 	 No Personal Liability of Trustees, Officers, Employees and Stockholders
	  	 	35	 
			
	 Section 11.08.
	 	 Governing Law
	  	 	36	 
			
	 Section 11.09.
	 	 No Adverse Interpretation of Other Agreements
	  	 	36	 
			
	 Section 11.10.
	 	 Successors
	  	 	36	 
			
	 Section 11.11.
	 	 Severability
	  	 	36	 
			
	 Section 11.12.
	 	 Counterpart Originals
	  	 	36	 
			
	 Section 11.13.
	 	 Table of Contents, Headings, etc.
	  	 	36	 

  
 iii 

 Reconciliation and Tie Between the Trust Indenture Act of 1939 and Indenture dated as of
                    , between Pennsylvania Real Estate Investment Trust and
                    , as Trustee 
  

			
	 Act Section
	  	Indenture Section
	 310(a)(1)
	  	7.10
	 310(a)(2)
	  	7.10
	 310(a)(3)
	  	N/A
	 310(a)(4)
	  	N/A
	 310(a)(5)
	  	7.10
	 310(b)
	  	7.03, 7.08, 7.10
	 310(c)
	  	N/A
	 311(a)
	  	7.11
	 311(b)
	  	7.11
	 311(c)
	  	N/A
	 312(a)
	  	2.07
	 312(b)
	  	2.07, 11.03
	 312(c)
	  	2.07, 11.03
	 313(a)
	  	7.06
	 313(b)
	  	7.06
	 313(c)
	  	7.06, 11.02
	 313(d)
	  	7.06
	 314(a)
	  	4.03
	 314(b)
	  	N/A
	 314(c)
	  	4.04, 11.05
	 314(d)
	  	N/A
	 314(e)
	  	11.05
	 314(f)
	  	N/A
	 315(a)
	  	7.01
	 315(b)
	  	7.05
	 315(c)
	  	7.01
	 315(d)
	  	7.01
	 315(e)
	  	6.11
	 316(a)(1)
	  	6.04, 6.05
	 316(a)(2)
	  	N/A
	 316(a) last sentence
	  	2.11
	 316(b)
	  	6.07
	 317(a)
	  	6.08, 6.09
	 317(b)
	  	2.06
	 318(a)
	  	11.01
	 318(c)
	  	11.01

  

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

  
 iv 

 INDENTURE dated as of
                    between Pennsylvania Real Estate Investment Trust, a Pennsylvania business trust, and
                     , as Trustee. 

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

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

For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed as
follows for the equal and ratable benefit of the Holders of the Securities: 
 ARTICLE 1. 

DEFINITIONS AND INCORPORATION 
 BY
REFERENCE 
 Section 1.01. DEFINITIONS. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control
with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise; provided, however, that beneficial ownership of 10% or more of the voting securities of a Person shall be deemed to be control. 

“Agent” means any Registrar or Paying Agent. 

“Agent Members” has the meaning specified in Section 2.15. 

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

“Board” or “Board of Trustees” means the Board of Trustees of the Company or any authorized committee of the
Board of Trustees. 
 “Board Resolution” means a resolution of the Board of Trustees. 

“Business Day” means any day other than a Legal Holiday. 

“Clearstream” means Clearstream Banking, a société anonyme (or any successor securities clearing agency). 

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

“Company” means Pennsylvania Real Estate Investment Trust, a Pennsylvania business trust, and any and all successors thereto.

 “Corporate Trust Office of the Trustee” shall be the address of the Trustee specified in Section 11.02 hereof or
such other address as to which the Trustee may give notice to the Company. 
 “Custodian” means the Trustee, as custodian
with respect to Securities in global form, or any successor entity thereto. 
 “Default” means any event that is, or with
the passage of time or the giving of notice or both would be, an Event of Default. 

  
 1 

 “Depositary” means, with respect to any series of Securities issuable or
issued in whole or in part in global form, the Person specified in Section 2.05 hereof as the Depositary with respect to the Global Securities of that series, and any and all successors thereto registered and in good standing as a clearing
agency under the Exchange Act, appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system (or any successor clearing agency). 

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

“Global Securities” means, individually and collectively, the Securities issued in global form issued in accordance with
Sections 2.01, 2.08 and 2.15 hereof. 
 “Holder” means a Person in whose name a Security is registered. 

“Indenture” means this Indenture, as amended, waived or supplemented from time to time and shall include and incorporate by
reference the forms and terms of particular series of Securities established as contemplated hereunder. 
 “Indirect
Participant” means a Person who holds a beneficial interest in a Global Security through a Participant. 
 “Interest
Payment Date” when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of
payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest
shall accrue on such payment for the intervening period. 
 “Officer” means, with respect to any Person, the Chairman of
the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the principal accounting officer, the Secretary, any Assistant Secretary, any
Vice President or any Assistant Vice President of such Person. 
 “Officers’ Certificate” means a certificate signed
on behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of
Section 11.05 hereof. 
 “Opinion of Counsel” means an opinion from legal counsel that meets the requirements of
Section 11.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream. 
 “Person” means any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust, unincorporated organization or government or agency or political subdivision thereof. 

“Responsible Officer” when used with respect to the Trustee, means any officer within the Corporate Trust Administration
department of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

  
 2 

 “SEC” means the Securities and Exchange Commission. 

“Securities” has the meaning assigned to it in the preamble to this Indenture. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1,
Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture. 

“Stated Maturity” means, with respect to the payment of any interest or principal on any series of Securities, the date on
which such payment of interest or principal is scheduled to be paid thereon by its terms as in effect from time to time, and does not include any contingent obligation to repay, redeem or repurchase any such interest or principal prior to the date
scheduled for the payment thereof. 
 “Subsidiary” means, with respect to any Person, (i) any corporation, association
or other business entity of which more than 50% of the total voting power of shares of capital stock or other equity interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person (or a combination thereof) and (ii) any partnership (a) the sole general partner or the managing
general partner of which is such a Person or a Subsidiary of such Person or (b) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any combination thereof.) 

“TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb as amended) as in effect on the date on
which this Indenture is qualified under the TIA. 
 “Trustee” means the party named as such above until a successor
replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

“U.S. Government Obligations” means securities that are (i) direct obligations of the United States of America for the
payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a
full faith and credit obligation by the United States of America, which, in either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank
or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt,
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation
or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 

Section 1.02. OTHER DEFINITIONS. 
  

					
	 Term
	  	Defined in
Section	 
	 “Act”
	  	 	1.05	 
	 “Authentication Order”
	  	 	2.04	 
	 “Covenant Defeasance”
	  	 	8.03	 
	 “custodian”
	  	 	6.01	 
	 “Event of Default”
	  	 	6.01	 
	 “Legal Defeasance”
	  	 	8.02	 
	 “Notice of Default”
	  	 	6.01	 
	 “outstanding”
	  	 	8.02	 
	 “Paying Agent”
	  	 	2.05	 
	 “Registrar”
	  	 	2.05	 

  
 3 

 Section 1.03. INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 

The following TIA terms used in this Indenture have the following meanings: 

“indenture security holder” means a Holder of a Security; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; 

“obligor” on the Securities means the Company and any successor obligor upon the Securities. 

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein have the meanings so assigned to them. 
 Section 1.04. RULES OF CONSTRUCTION. 

For the purposes of this Indenture, unless the context otherwise requires: 

(1)    a term has the meaning assigned to it; 

(2)    an accounting term not otherwise defined has the meaning assigned to it in accordance with United States generally
accepted accounting principles; 
 (3)    “or” is not exclusive; 

(4)    words in the singular include the plural, and in the plural include the singular; 

(5)    provisions apply to successive events and transactions; and 

(6)    references to sections of or rules under the Securities Act and the Exchange Act shall be deemed to include
substitute, replacement and successor sections or rules adopted by the SEC from time to time. 
 Section 1.05. ACTS OF HOLDERS. 

(a)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this
Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders, in person or by an agent duly appointed in writing or may be embodied in and evidenced by
the record of Holders voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders duly called and held in accordance with the provisions of Article 10, or a combination of such instruments or record
and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or
instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of Holders signing such instrument or instruments and so voting at any such meeting. Proof of execution
of any such instrument or of a writing appointing any such agent or proxy shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section and
Section 10.06. The record of any meeting of Holders shall be proved in the manner provided in Section 10.06. 

(b)    Without limiting the generality of this Section, unless otherwise provided in or pursuant to this Indenture, a
Holder, including a Depositary that is a Holder of a Global Security, may make, give or take, by a proxy, or proxies, duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver

  
 4 

 
or other action provided in or pursuant to this Indenture to be made, given or taken by Holders, and a Depositary that is a Holder of a Global Security may provide its proxy or proxies to the
beneficial owners of interests in any such Global Security through such Depositary’s standing instructions and customary practices. 

(c)    The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner
which the Trustee deems sufficient. 
 (d)    The ownership of Securities shall be proved by the Register. 

ARTICLE 2. 
 THE SECURITIES 

Section 2.01. FORM AND DATING. 

(a)    General. The Securities of each series shall be in substantially such form as shall be established by or
pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any applicable securities exchange, organizational document, governing instrument or law or as may, consistently
herewith, be determined by the officers executing such Securities as evidenced by their execution of the Securities. If temporary Securities of any series are issued as permitted by Section 2.12, the form thereof also shall be established as
provided in the preceding sentence. If the forms of Securities of any series are established by, or by action taken pursuant to, a Board Resolution, a copy of the Board Resolution, certified by the Secretary or an Assistant Secretary of the Company
to have been duly adopted by the Board of Trustees and to be in full force and effect on the date of the certificate, together with an appropriate record of any such action taken pursuant thereto, including a copy of the approved form of Securities,
shall be delivered to the Trustee at or prior to the delivery of the Authentication Order contemplated by Section 2.04 or 2.12, as applicable, for the authentication and delivery of such Securities. The Trustee’s certificate of
authentication shall be in substantially the following form: 
 This is one of the Securities of the series described in the
within-mentioned Indenture. 
  

			
	  

	 as Trustee

		
	 By:
	 	  

		 	Authorized Signatory

 (b)    Global Securities. If Securities of or within a series are issuable in
whole or in part in global form, any such Security may provide that it shall represent the aggregate or specified amount of outstanding Securities from time to time endorsed thereon and may also provide that the aggregate amount of outstanding
Securities represented thereby may from time to time be reduced or increased to reflect exchanges. Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders, of
outstanding Securities represented thereby, shall be made in such manner and by such Person or Persons as shall be specified therein or upon the written order of the Company signed by an Officer to be delivered to the Trustee pursuant to
Section 2.04 or 2.12. Subject to the provisions of Section 2.04, Section 2.12, if applicable, and Section 2.08, the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions
given by the Person or Persons specified therein or in the applicable written order of the Company signed by an Officer. Any instructions by the Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in
writing. 
 The provisions of the last paragraph of Section 2.04 shall apply to any Security in global form if such Security was never
issued and sold by the Company. 
 Notwithstanding the provisions of this Section 2.01, unless otherwise specified as contemplated by
Section 2.02, payment of principal of, premium, if any, and interest on any Security in permanent global form shall be made to the Holder thereof. 

  
 5 

 Section 2.02. AMOUNT UNLIMITED; ISSUABLE IN SERIES. 

(a)    The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is
unlimited. The Securities may be issued from time to time in one or more series. 
 (b)    The following matters shall
be established with respect to each series of Securities issued hereunder (i) by a Board Resolution, (ii) by action taken pursuant to a Board Resolution and set forth, or determined in the manner provided, in an Officers’ Certificate
or (iii) in one or more indentures supplemental hereto: 
 (1)    the title of the Securities of the series (which
title shall distinguish the Securities of the series from all other series of Securities); 
 (2)    any limit upon the
aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (which limit shall not pertain to Securities authenticated and delivered upon registration of transfer of, or in exchange for,
or in lieu of, other Securities of the series pursuant to Section 2.08, 2.09, 2.12, 3.06 or 9.05 or any Securities that, pursuant to Section 2.04, are deemed never to have been authenticated and delivered hereunder); 

(3)    the date or dates on which the principal of and premium, if any, on the Securities of the series is payable or the
method or methods of determination thereof; 
 (4)    the rate or rates at which the Securities of the series shall bear
interest, if any, or the method or methods of calculating such rate or rates of interest, the date or dates from which such interest shall accrue or the method or methods by which such date or dates shall be determined, the Interest Payment Dates on
which any such interest shall be payable, the right, if any, of the Company to defer or extend an Interest Payment Date, the record date, if any, for the interest payable on any Security on any Interest Payment Date, and the basis upon which
interest shall be calculated if other than that of a 360-day year of twelve 30-day months; 

(5)    the place or places where the principal of, premium, if any, and interest, if any, on Securities of the series
shall be payable, any Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered for exchange and notices and demands to or upon the Company in respect of the Securities of the series and
this Indenture may be served and notices to Holders pursuant to Section 11.02 will be published; 
 (6)    the
period or periods within which, the price or prices at which, the currency or currencies (including currency unit or units) in which, and the other terms and conditions upon which, Securities of the series may be redeemed, in whole or in part, at
the option of the Company and, if other than as provided in Section 3.02, the manner in which the particular Securities of such series (if less than all Securities of such series are to be redeemed) are to be selected for redemption; 

(7)    the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund
or analogous provisions or upon the happening of a specified event or at the option of a Holder thereof and the period or periods within which, the price or prices at which, the currency or currencies (including currency unit or units) in which, and
the other terms and conditions upon which, Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

(8)    if other than denominations of $1,000 and any integral multiple thereof, the denominations in which Securities of
the series shall be issuable; 
 (9)    if other than U.S. dollars, the currency or currencies (including currency unit
or units) in which the principal of, premium, if any, and interest, if any, on the Securities of the series shall be payable, or in which the Securities of the series shall be denominated, and the particular provisions applicable; 

(10)    if the payments of principal of, premium, if any, or interest, if any, on the Securities of the series are to be
made, at the election of the Company or a Holder, in a currency or currencies (including currency unit or units) other than that in which such Securities are denominated or designated to be payable, the currency or

  
 6 

 
currencies (including currency unit or units) in which such payments are to be made, the terms and conditions of such payments and the manner in which the exchange rate with respect to such
payments shall be determined, and the particular provisions applicable thereto; 
 (11)    if the amount of payments of
principal of, premium, if any, and interest, if any, on the Securities of the series shall be determined with reference to an index, formula or other method (which index, formula or method may be based, without limitation, on a currency or
currencies (including currency unit or units) other than that in which the Securities of the series are denominated or designated to be payable), the index, formula or other method by which such amounts shall be determined and any special voting or
defeasance provisions in connection therewith; 
 (12)    if other than the principal amount thereof, the portion of the
principal amount of such Securities of the series which shall be payable upon declaration of acceleration thereof pursuant to Section 6.02 or the method by which such portion shall be determined; 

(13)    the Person to whom any interest on any Security of the series shall be payable; 

(14)    provisions, if any, granting special rights to the Holders of Securities of the series upon the occurrence of such
events as may be specified; 
 (15)    any deletions from, modifications of or additions to the Events of Default set
forth in Section 6.01 or covenants of the Company set forth in Article 4 pertaining to the Securities of the series; 

(16)    under what circumstances, if any, and with what procedures and documentation the Company will pay additional
amounts on the Securities of that series held by a Person who is not a U.S. Person (including any definition of such term) in respect of taxes, assessments or similar charges withheld or deducted and, if so, whether the Company will have the option
to redeem such Securities rather than pay such additional amounts (and the terms of any such option); 
 (17)    the
forms of the Securities of the series; 
 (18)    the applicability, if any, to the Securities of the series of Sections
8.02 and 8.03, or such other means of defeasance or covenant defeasance as may be specified for the Securities of such series; 

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

(20)    if the Securities of the series shall be issued in whole or in part in global form, (A) the Depositary for
such Global Securities, (B) whether beneficial owners of interests in any Securities of the series in global form may exchange such interests for certificated Securities of such series, to be registered in the names of or to be held by such
beneficial owners or their nominees and to be of like tenor of any authorized form and denomination, and (C) if other than as provided in Section 2.08, the circumstances under which any such exchange may occur; 

(21)    the designation of the Depositary; 

(22)    any restrictions on the registration, transfer or exchange of the Securities; 

(23)    if the Securities of the series may be issued or delivered (whether upon original issuance or upon exchange of a
temporary Security of such series or otherwise), or any installment of principal or interest is payable, only upon receipt of certain certificates or other documents or satisfaction of other conditions in addition to those specified in this
Indenture, the form and terms of such certificates, documents or conditions; 
 (24)    the terms and conditions of any
right to convert or exchange Securities of the series into or for other securities or property of the Company; 

  
 7 

 (25)    whether the Securities are secured or unsecured, and if secured,
the security and related terms in connection therewith; and 
 (26)    any other terms of the series, including any
terms which may be required by or advisable under United States laws or regulations or advisable (as determined by the Company) in connection with the marketing of Securities of the series. 

(c)    All Securities of any one series shall be substantially identical except as to denomination and except as may
otherwise be provided (i) by a Board Resolution, (ii) by action taken pursuant to a Board Resolution and set forth, or determined in the manner provided, in the related Officers’ Certificate or (iii) in an indenture supplemental
hereto. All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for issuances of additional Securities of such series. 

(d)    If any of the terms of the Securities of any series are established by action taken pursuant to a Board Resolution,
a copy of such Board Resolution shall be delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth, or providing the manner for determining, the terms of the Securities of such series, and an appropriate
record of any action taken pursuant thereto in connection with the issuance of any Securities of such series shall be delivered to the Trustee prior to the authentication and delivery thereof. 

Section 2.03. DENOMINATIONS. 
 Unless
otherwise provided as contemplated by Section 2.02, Securities of a series denominated in U.S. dollars shall be issuable in denominations of U.S. $1,000 and any integral multiple thereof. Securities denominated in a foreign currency shall be
issuable in such denominations as are established with respect to such Securities in or pursuant to this Indenture. 
 Section 2.04. EXECUTION AND
AUTHENTICATION. 
 An Officer shall sign the Securities for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Security no longer holds that office at the time a Security is authenticated, the Security shall
nevertheless be valid. 
 A Security shall not be valid until authenticated by the manual signature of the Trustee. The signature shall be
conclusive evidence that the Security has been authenticated under this Indenture. 
 The Trustee shall, upon a written order of the Company
signed by an Officer (an “Authentication Order”), together with an Officers’ Certificate and an Opinion of Counsel, authenticate Securities for original issue in the aggregate principal amount stated in the Authentication
Order. The Officer’s Certificate and Opinion of Counsel shall each state that all conditions precedent provided for or relating to the issuance of such Securities have been complied with. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the
Company. 
 Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold
by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 2.13 together with a written statement stating that such Security has never been issued and sold by the Company, for all purposes
of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall not be entitled to the benefits of this Indenture. 

  
 8 

 Section 2.05. REGISTRAR AND PAYING AGENT; APPOINTMENT OF DEPOSITARY. 

The Company shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Securities may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange. The Company may appoint
one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying
Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company shall promptly notify the Trustee in writing of the name and address of any Agent not a party to
this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

The Company initially appoints The Depository Trust Company to act as Depositary with respect to the Global Securities. 

The Company initially appoints the Trustee to act as the Registrar and Paying Agent with respect to the Securities and to act as Custodian
with respect to the Global Securities. 
 Section 2.06. PAYING AGENT TO HOLD MONEY IN TRUST. 

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit
of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or interest on the Securities or other payment in respect of the Securities or otherwise held by it as Paying Agent, and will notify the Trustee of
any default by the Company in making any such payment when due. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money
held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold
in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Securities. 

Section 2.07. HOLDER LISTS. 
 The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA §312. If the Trustee is not the Registrar, the Company
shall furnish to the Trustee at least seven 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 the Holders of Securities, and the Company shall otherwise comply with TIA §312. 
 Section 2.08. TRANSFER AND EXCHANGE. 

(a)    Upon surrender for registration of transfer of any certificated Security of any series at the office or agency
maintained pursuant to Section 4.02 in a place of payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new certificated
Securities of the same series, of any authorized denominations and of a same aggregate principal amount and like tenor and containing identical terms and provisions. 

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

(c)    Notwithstanding any other provision of this Section, unless and until it is exchanged in whole or in part for
Securities in certificated form, a Security in global form representing all or a portion of the Securities of a 

  
 9 

 
series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such
Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. 

(d)    If at any time the Depositary for the Securities of a series notifies the Company that it is unwilling or unable to
continue as Depositary for the Securities of such series or if at any time the Depositary for the Securities of such series shall no longer be registered and in good standing as a clearing agency under the Exchange Act, the Company shall appoint a
successor Depositary with respect to the Securities of such series. If a successor Depositary for the Securities of such series is not appointed by the Company prior to the resignation of the Depositary and, in any event, within 90 days after the
Company receives such notice or becomes aware of such ineligibility, the Company’s designation of the Depositary pursuant to Section 2.02(b)(21) shall no longer be effective with respect to the Securities of such series and the Company
shall execute, and the Trustee, upon receipt of an Authentication Order for the authentication and delivery of certificated Securities of such series of like tenor, shall authenticate and deliver, Securities of such series of like tenor in
certificated form, in authorized denominations and in an aggregate principal amount equal to the principal amount of the Security or Securities of such series of like tenor in global form in exchange for such Security or Securities in global form.

 (e)    The Company may at any time in its sole discretion determine that all (but not less than all) Securities of a
series issued in global form shall no longer be represented by such a Security or Securities in global form. In such event the Company shall execute, and the Trustee, upon receipt of an Authentication Order for the authentication and delivery of
certificated Securities of such series of like tenor, shall authenticate and deliver, Securities of such series of like tenor in certificated form, in authorized denominations and in an aggregate principal amount equal to the principal amount of the
Security or Securities of such series of like tenor in global form in exchange for such Security or Securities in global form. 

(f)    If specified by the Company pursuant to Section 2.02 or this Section 2.08 with respect to a series of
Securities, the Depositary for such series may surrender a Security in global form of such series in exchange in whole or in part for Securities of such series in certificated form on such terms as are acceptable to the Company and the Depositary.
Thereupon, the Company shall execute, and the Trustee shall authenticate and deliver, without service charge, 
  

	 	(i)	 to each Person specified by the Depositary a new certificated Security or Securities of the same series of like
tenor, of any authorized denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Security in global form; and 

 

	 	(ii)	 to the Depositary a new Security in global form of like tenor in a denomination equal to the difference, if
any, between the principal amount of the surrendered Security in global form and the aggregate principal amount of certificated Securities delivered to Holders thereof. 

(g)    Upon the exchange of a Security in global form for Securities in certificated form, such Security in global form
shall be canceled by the Trustee. Securities in certificated form issued in exchange for a Security in global form pursuant to this Section shall be registered in such names and in such authorized denominations as the Depositary for such Security in
global form, pursuant to instructions from its direct or Indirect Participants or otherwise, shall instruct the Trustee in writing. The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered. 

(h)    Whenever any Securities are surrendered for exchange, the Company shall execute, and the Trustee shall authenticate
and deliver, the Securities which the Holder making the exchange is entitled to receive. 
 (i)    All Securities issued
upon any registration of transfer or upon any exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such
registration of transfer or exchange. 
 (j)    Every Security presented or surrendered for registration of transfer or
for exchange shall (if so required by the Company, the Registrar or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company, the Registrar and the Trustee duly executed by the Holder
thereof or his attorney duly authorized in writing. 

  
 10 

 (k)    No service charge shall be made for any registration of transfer
or for any exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration or transfer or exchange of Securities, other than
exchanges pursuant to Section 2.12 or 3.06 not involving any transfer. 
 (l)    The Company shall not be required
(i) to issue, register the transfer of, or exchange any Securities for a period beginning at the opening of business 15 days before any selection for redemption of Securities of like tenor and of the series of which such Security is a part and
ending at the close of business on the earliest date on which the relevant notice of redemption is deemed to have been given to all Holders of Securities of like tenor and of such series to be redeemed; or (ii) to register the transfer of or
exchange any Security so selected for redemption, in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

(m)    The foregoing provisions relating to registration, transfer and exchange may be modified, supplemented or
superseded with respect to any series of Securities by a Board Resolution or in one or more indentures supplemental hereto. 

(n)    At such time as all beneficial interests in a particular Global Security have been exchanged for certificated
Securities or a particular Global Security has been redeemed, repurchased or canceled in whole and not in part, each such Global Security shall be returned to or retained and canceled by the Trustee in accordance with Section 2.13 hereof. At
any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security or for certificated
Securities, the principal amount of Securities represented by such Global Security shall be reduced accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depositary at the direction of the Trustee to reflect
such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security, such other Global Security shall be increased
accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(o)    Prior to due presentment for the registration of a transfer of any Security, the Trustee, any Agent and the Company
may deem and treat the Person in whose name any Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and interest on such Securities and for all other purposes, and neither the Trustee,
any Agent nor the Company shall be affected by notice to the contrary. 
 Section 2.09. REPLACEMENT SECURITIES. 

If any mutilated Security is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Security, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Security if the Trustee’s requirements are met. If required by the Trustee or the
Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a
Security is replaced. The Company may charge for its expenses in replacing a Security. 
 Every replacement Security is an additional
obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Securities duly issued hereunder. 

Section 2.10. OUTSTANDING SECURITIES. 

The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest in a Global Security effected by the Trustee in accordance with the provisions hereof, and those described in this Section as not outstanding. Except as set forth in Section 2.11 hereof, a
Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security. 
 If a Security is
replaced pursuant to Section 2.09 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security is held by a “protected purchaser” (within the meaning of Article 8 of the Uniform
Commercial Code) or a Person with comparable status under other applicable law. 

  
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 If the principal amount of any Security is considered paid under Section 4.01 hereof,
it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Company, a Subsidiary of the Company
or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Securities payable on that date, then on and after that date such Securities shall be deemed to be no longer outstanding and shall cease to accrue
interest. 
 Section 2.11. TREASURY SECURITIES. 

In determining whether the Holders of the required principal amount of Securities have concurred in any direction, waiver or consent,
Securities owned by the Company, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company, shall be considered as though not outstanding, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities that the Trustee knows are so owned shall be so disregarded. 

Section 2.12. TEMPORARY SECURITIES. 

Until certificates representing Securities are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication
Order, shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities and as shall be reasonably
acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Securities in exchange for temporary Securities. 

Holders of temporary Securities shall be entitled to all of the benefits of this Indenture. 

Section 2.13. PURCHASE AND CANCELLATION. 

The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Securities surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall destroy
canceled Securities (subject to the record retention requirement of the Exchange Act). Certification of the destruction of all canceled Securities shall be delivered to the Company. The Company may not issue new Securities to replace Securities that
it has paid or that have been delivered to the Trustee for cancellation. 
 The Company may, to the extent permitted by law, and directly or
indirectly (regardless of whether such Securities are surrendered to the Company), repurchase Securities in the open market or otherwise, without giving prior notice to Holders, whether by the Company or the Company’s Subsidiaries or through a
private or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives. The Company may cause any Securities so repurchased (other than Securities repurchased pursuant to
cash-settled swaps or other derivatives) to be surrendered to the Trustee for cancellation in accordance with this Section 2.13 and any such Securities shall no longer be considered outstanding under this Indenture upon such repurchase. 

Section 2.14. DEFAULTED INTEREST. 

If the Company defaults in a payment of interest on the Securities, it shall pay the defaulted interest in any lawful manner plus, to the
extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Securities. The Company shall notify the Trustee in writing of the amount of
defaulted interest proposed to be paid on each Security and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and payment date, provided that no such special record date shall be less
than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) shall
mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. Subject 

  
 12 

 
to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the
rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 
 Section 2.15. BOOK-ENTRY PROVISIONS FOR GLOBAL
SECURITIES. 
 (a)    Except as otherwise specified in any Security of any series or supplemental indenture with
respect to such Securities, the Securities of each series issued hereunder shall initially be issued in the form of one or more Global Securities without interest coupons (i) registered in the name of Cede & Co., as nominee of the
Depositary and (ii) delivered to the Trustees as custodian for the Depositary. 
 Members of, or participants in, the Depositary
(“Agent Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, or the Trustee as its custodian, or under the Global Security, and Cede & Co., or such other
Person designated by the Depositary as its nominee, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Security for all purposes whatsoever. Notwithstanding the foregoing,
nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its
Agent Members, the operation of customary practices governing the exercise of the rights of any Holder. 
 (b)    The
Holder of Global Securities may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Indenture or the
Securities. 
 (c)    A legend in substantially the following form shall appear on the face of all Global Securities:

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS
SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 ARTICLE 3. 

REDEMPTION AND PREPAYMENT 
 Section 3.01.
APPLICABILITY OF ARTICLE. 
 The provisions of this Article shall be applicable to the Securities of any series which are redeemable
before their maturity or to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 2.02 for Securities of such series or in any supplemental indenture with respect to such
Securities. 

  
 13 

 Section 3.02. SELECTION OF SECURITIES TO BE REDEEMED. 

If less than all of the Securities of any series are to be redeemed at any time, the Trustee shall select the Securities of such series to be
redeemed among the Holders of the Securities of such series in compliance with the requirements of the principal national securities exchange, if any, on which the Securities of such series are listed or, if the Securities of such series are not so
listed, to be redeemed among the Holders of Securities of such series on a pro rata basis, by lot or by such method as the Trustee deems fair and appropriate; provided that no Securities of $1,000 or less shall be redeemed in part. In
the event of partial redemption by lot, the particular Securities of such series to be redeemed shall be selected, unless otherwise provided herein or otherwise agreed by the Company and the Trustee, by the Trustee from the outstanding Securities of
the series not previously called for redemption. 
 The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Security selected for partial redemption, the principal amount thereof to be redeemed. Securities and portions of Securities selected shall be in amounts of $1,000 or whole multiples of $1,000; except that if all
of the Securities of a series of a Holder are to be redeemed, the entire outstanding amount of Securities of such series held by such Holder, even if not a multiple of $1,000, shall be redeemed. A new Security of the same series in principal amount
equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Security. Securities called for redemption shall become due on the redemption date. On and after the redemption date, interest
will cease to accrue on the Securities or portions of them called for redemption. Except as provided in this Section 3.02, provisions of this Indenture that apply to Securities called for redemption shall also apply to portions of Securities
called for redemption. 
 Section 3.03. NOTICE OF REDEMPTION. 

At least 30 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder whose Securities are to be redeemed at its registered address. 
 The notice shall identify the
Securities to be redeemed, including the series thereof, and shall state: 
 (a)    the redemption date; 

(b)    the redemption price; 

(c)    the name and address of the Paying Agent; 

(d)    that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(e)    that, unless the Company defaults in making such redemption payment, interest on Securities called for redemption
will cease to accrue on and after the redemption date; 
 (f)    that any Security being redeemed in part, the portion
of the principal amount of such Security to be redeemed and that, after the redemption date upon surrender of such Security, a new Security or Securities of the same series in principal amount equal to the unredeemed portion shall be issued upon
cancellation of the original; 
 (g)    the paragraph of the Securities and/or Section of this Indenture or any
supplemental indenture with respect to such Securities pursuant to which the Securities called for redemption are being redeemed; and 

(h)    that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice
or printed on the Securities. 

  
 14 

 At the Company’s request, the Trustee shall give the notice of redemption in the
Company’s name and at the Company’s expense; provided, however, that the Company shall have delivered to the Trustee, at least 30 days prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 
 Section 3.04. EFFECT OF NOTICE OF
REDEMPTION. 
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Securities called for redemption become
irrevocably due and payable on the redemption date at the redemption price. A notice of redemption may not be conditional. 
 Section 3.05. DEPOSIT
OF REDEMPTION OR PURCHASE PRICE. 
 Not later than 10:00 a.m., Eastern Time, on the Business Day immediately preceding any redemption
date, the Company shall deposit with the Trustee or with the Paying Agent money in immediately available funds sufficient to pay the redemption or purchase price of and accrued interest, if any, on all Securities to be redeemed or purchased on that
date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest
on, all Securities to be redeemed or purchased. 
 Section 3.06. SECURITIES REDEEMED OR PURCHASED IN PART. 

Upon surrender of a Security that is redeemed or purchased in part, the Company shall issue and, upon the Company’s written request, the
Trustee shall authenticate for the Holder at the expense of the Company a new Security of the same series equal in principal amount to the unredeemed or unpurchased portion of the Security surrendered. 

Section 3.07. MANDATORY REDEMPTION; SINKING FUND. 

The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities, unless otherwise
specified in the terms of a particular series of Securities or in any supplemental indenture with respect to such Securities. 
 ARTICLE 4.

 COVENANTS 
 Section 4.01. PAYMENT OF
SECURITIES. 
 The Company shall pay or cause to be paid the principal of, premium, if any, and interest on the Securities on the dates
and in the manner provided in the Securities. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m., Eastern Time, on the due
date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 

Section 4.02. MAINTENANCE OF OFFICE OR AGENCY. 

The Company shall maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an
affiliate of the Trustee, Registrar or co-Registrar) where Securities may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the
Securities and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Trustee’s principal agency in the Borough of Manhattan, the City of New York, which
currently is located at                 . 

  
 15 

 The Company may also from time to time designate one or more other offices or agencies where
the Securities may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in the Borough of Manhattan, the City of New York for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of
any such other office or agency. 
 Section 4.03. REPORTS. 

(a)    The Company covenants and agrees to file with the Trustee, within 15 days after the Company is or would be required
to file the same with the SEC, copies of the annual reports, quarterly reports and the information, documents and other reports which the Company is required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act.

 (b)    The Company covenants and agrees to file with the Trustee and the SEC, in accordance with the rules and
regulations prescribed from time to time by the SEC, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants provided for in this Indenture as may be required from time to time
by such rules and regulations. 
 (c)    The Company covenants and agrees to furnish to the Trustee within 120 days of
the end of each fiscal year, the compliance certificate required by Section 314(a)(4) of the Trust Indenture Act. 

(d)    Delivery of such reports, information and documents to the Trustee is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which
the Trustee is entitled to rely exclusively on Officers’ Certificates). Any such document or report that the Company files with the SEC via the EDGAR system shall be deemed to be filed with the Trustee for purposes of this Section 4.03 as
of the time such documents are filed via the EDGAR system. 
 Section 4.04. COMPLIANCE CERTIFICATE. 

(a)    The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’
Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every
covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default, Event of Default or other instance of
non-compliance with any of the terms of this Indenture shall have occurred, describing all such Defaults, Events of Default or instances of non-compliance of which he or
she may have knowledge). 
 (b)    The Company shall, so long as any of the Securities are outstanding, deliver to the
Trustee, forthwith upon any Officer of the Company becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect
thereto. 
 Section 4.05. CONTINUED EXISTENCE. 

Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect
(i) its existence as a business trust, and the corporate, partnership or other existence of each of its Significant Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the
Company or any such Significant Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of the Company and any of its Significant Subsidiaries; provided, however , that the Company shall not be required to
preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Significant Subsidiaries, if the Board of Trustees shall determine that the preservation thereof is no longer desirable in the conduct of
the business of the Company and its Significant Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Securities. 

  
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 Section 4.06. STAY, EXTENSION AND USURY LAWS. 

The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and
permit the execution of every such power as though no such law has been enacted. 
 ARTICLE 5. 

SUCCESSORS 
 Section 5.01. MERGER,
CONSOLIDATION, OR SALE OF ASSETS. 
 The Company may consolidate or merge with or into, convert itself into, or sell, assign, transfer,
lease, convey or otherwise dispose of (including any such disposition that might be deemed to occur as a result of the conversion of the Company into another form of organization) all or substantially all of its properties or assets in one or more
related transactions, to another Person (other than an individual, a government or an agency or political subdivision of a government), but only if (a) either (i) the Company is the surviving entity or (ii) the Person formed by or
surviving any such consolidation, merger or conversion (if other than the Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a Person organized or existing under the laws of the
United States, any state thereof or the District of Columbia; (b) the Person formed by or surviving any such consolidation, merger or conversion (if other than the Company) or the Person to which such sale, assignment, transfer, lease,
conveyance or other disposition shall have been made assumes all the obligations of the Company under the Securities and this Indenture pursuant to a supplemental indenture in a form reasonably satisfactory to the Trustee; and (c) immediately
after such transaction no Default or Event of Default exists. If the Company requests the Trustee to enter into any supplemental indenture, or to take any other action, as a result of such consolidation, merger, sale, assignment, transfer, lease,
conveyance or other disposition, the Company will also furnish to the Trustee an Officer’s Certificate and an Opinion of Counsel, each to the effect that the conditions precedent set forth in this Section 5.01 have been complied with. 

Section 5.02. SUCCESSOR PERSON SUBSTITUTED. 

Upon any consolidation, merger or conversion, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially
all of the assets of the Company in accordance with Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the Company is merged or converted or to which such sale, assignment, transfer, lease, conveyance
or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, conversion, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the
“Company” shall refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as if such successor Person had been named as the Company
herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on the Securities except in the case of a sale of all of the Company’s assets that meets the
requirements of Section 5.01 hereof. 

  
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 ARTICLE 6. 

DEFAULTS AND REMEDIES 
 Section 6.01.
EVENTS OF DEFAULT. 
 An “Event of Default,” with respect to Securities of any series shall have occurred if: 

(a)    the Company defaults in the payment when due of interest on, with respect to, any Security of that series and such
default continues for a period of 30 days; 
 (b)    the Company defaults in the payment when due of principal of or
premium, if any, on, or sinking fund payment with respect to, any Security of that series when the same becomes due and payable at maturity, upon redemption or otherwise; 

(c)    the Company fails to observe or perform any other covenant, representation, warranty or other agreement in this
Indenture, with respect to any Security of that series for 60 days after notice to comply; 
 (d)    the Company,
pursuant to or within the meaning of any Bankruptcy Law: 
 (i)    commences a voluntary case; 

(ii)    consents to the entry of an order for relief against it in an involuntary case; 

(iii)    consents to the appointment of a custodian of it or for all or substantially all of its property;

 (iv)    makes a general assignment for the benefit of its creditors; or 

(v)    generally is not paying its debts as they become due; 

(e)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i)    is for relief against the Company in an involuntary case; 

(ii)    appoints a custodian of the Company for all or substantially all of the property of the Company; or

 (iii)    orders the liquidation of the Company; 

and the order or decree remains unstayed and in effect for 60 consecutive days; or 

(f)    any other event provided with respect to Securities of that series in the terms thereof as contemplated by
Section 2.02 hereof shall occur. 
 The term “custodian” as used in this Article 6 means any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law. 
 A Default under clause (c) with respect to the Securities of any
series is not an Event of Default until the Trustee notifies the Company, or the Holders of at least 25% in principal amount of the then outstanding Securities of all series affected by the Default (treating all such series as a single class) notify
the Company and the Trustee, of the Default and the Company does not cure the Default within 60 days after receipt of the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of
Default.” 

  
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 Section 6.02. ACCELERATION. 

If any Event of Default with respect to one or more series of Securities (other than an Event of Default specified in clause (d) or (e) of
Section 6.01 hereof) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities of all series with respect to which an Event of Default shall have occurred and be continuing
(treating all such series as a single class) may declare all the Securities of all such series to be due and payable immediately. Upon any such declaration, the principal of, premium, if any, and accrued and unpaid interest with respect to the
Securities of all such series shall become due and payable immediately. Notwithstanding the foregoing, if an Event of Default specified in clause (d) or (e) of Section 6.01 hereof occurs with respect to the Company, all outstanding
Securities of all series shall be due and payable immediately without further action or notice. 
 Section 6.03. OTHER REMEDIES. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if
any, and interest on the Securities or to enforce the performance of any provision of the Securities or this Indenture. 
 The Trustee may
maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Security in exercising any right or remedy accruing upon an Event of
Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 

Section 6.04. WAIVER OF PAST DEFAULTS; RESCISSION OF ACCELERATION. 

Holders of a majority in aggregate principal amount of the then outstanding Securities of all series affected (treating all such series as a
single class) may, by notice to the Trustee, on behalf of the Holders of all of the Securities of all such series, waive an existing Default or Event of Default and its consequences hereunder (including in connection with an offer to purchase or
exchange), except a continuing Default or Event of Default in the payment of the principal of, premium, if any, interest on, or any sinking fund payment with respect to, the Securities of such series, and except a continuing Default or Event of
Default under any provision of this Indenture that, under Section 9.02, cannot be modified or waived without the consent of a greater number of Holders or of each Holder affected. Upon any such waiver, such Default or Event of Default shall be
deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. The Holders of a majority in aggregate principal amount of
the then outstanding Securities of all series affected (treating all such series as a single class) may also rescind an acceleration and its consequences with respect to such series, including any related payment default that resulted from such
acceleration, but not including any other payment default. 
 Section 6.05. CONTROL BY MAJORITY. 

Holders of a majority in principal amount of the then outstanding Securities of all series with respect to which an Event of Default shall have
occurred and be continuing (treating all such series as a single class) may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it; provided
that 
 (i)    such direction shall not be in conflict with any law or with this Indenture; 

(ii)    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction; and 
 (iii)    the Trustee need not take any action which might involve it in personal
liability or be unduly prejudicial to the Holders of Securities of such series not joining therein. 

  
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 Section 6.06. LIMITATION ON SUITS. 

A Holder of a Security of any series may pursue a remedy with respect to this Indenture or the Securities of such series only if: 

(a)    the Holder of a Security of any or all series affected gives to the Trustee written notice of a continuing Event of
Default; 
 (b)    the Holders of at least 25% in principal amount of the then outstanding Securities of all affected
series (treating all such series as a single class) make a written request to the Trustee to pursue the remedy; 

(c)    such Holder or Holders offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense; 
 (d)    the Trustee does not comply with the request within 60 days after
receipt of the request and the offer and, if requested, the provision of indemnity; and 
 (e)    during such 60-day period the Holders of a majority in principal amount of the then outstanding Securities of all such series (treating all such series as a single class) do not give the Trustee a direction inconsistent with
the request. 
 A Holder of a Security may not use this Indenture to prejudice the rights of another Holder of a Security or to obtain a
preference or priority over another Holder of a Security. 
 Section 6.07. RIGHTS OF HOLDERS OF SECURITIES TO RECEIVE PAYMENT. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Security of any series to receive payment of principal,
premium, if any, and interest on such Security, on or after the respective due dates expressed in such Security (including in connection with an offer to purchase), or to bring 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 6.08. COLLECTION SUIT BY TRUSTEE. 

If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing with respect to any series of Securities, the
Trustee is authorized to recover judgment in its own name and as Trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and interest remaining unpaid on such Securities and interest on overdue
principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel. 
 Section 6.09. TRUSTEE MAY FILE PROOFS OF CLAIM. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Securities of any series allowed in any judicial proceedings relative to
the Company (or any other obligor upon the Securities), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in
any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it
for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by
a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any

  
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plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10. PRIORITIES. 
 If the
Trustee collects any money or other property pursuant to this Article, it shall pay out the money or other property in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation,
expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to
Holders of Securities for amounts due and unpaid on the Securities for principal, premium, if any, interest and any other amounts, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities for
principal, premium, if any, interest and other amounts, respectively; and 
 Third: to the Company or to such party as a court of
competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to Holders of Securities pursuant
to this Section 6.10. 
 Section 6.11. UNDERTAKING FOR COSTS. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder of a Security pursuant to
Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Securities of any series. 

ARTICLE 7. 
 TRUSTEE 

Section 7.01. DUTIES OF TRUSTEE. 

(a)    If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers
vested in it by this Indenture or an indenture supplemental hereto, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of its own affairs. 

(b)    Except during the continuance of an Event of Default: 

(i)    the duties of the Trustee shall be determined solely by the express provisions of this Indenture or
an indenture supplemental hereto, and the Trustee need perform only those duties that are specifically set forth in this Indenture or an indenture supplemental hereto and no others, and no implied covenants or obligations shall be read into this
Indenture or an indenture supplemental hereto against the Trustee; and 
 (ii)    in the absence of bad
faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

  
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 (c)    The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(i)    this paragraph does not limit the effect of paragraph (b) of this Section; 

(ii)    the Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it is proven that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii)    the Trustee shall not be liable with respect to any action it takes or omits to take in good faith
in accordance with a direction received by it pursuant to Section 6.05 hereof. 
 (d)    Whether or not therein
expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section. 

(e)    No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability.
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee security and indemnity
satisfactory to it against any losses, costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 

(f)    The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing
with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 Section 7.02.
RIGHTS OF TRUSTEE. 
 (a)    The Trustee may conclusively rely upon any document believed by it to be genuine and to
have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 

(b)    Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of
Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel, and the written advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c)    The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence
of any agent appointed with due care. 
 (d)    The Trustee shall not be liable for any action it takes or omits to take
in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 

(e)    Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company
shall be sufficient if signed by an Officer of the Company. 
 Section 7.03. INDIVIDUAL RIGHTS OF TRUSTEE. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or
any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (within the meaning of TIA § 310(b)) it must eliminate such conflicting interest
within 90 days after the default referred to in such § 310(b), apply to the SEC for permission to continue as trustee, or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11
hereof. 

  
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 Section 7.04. TRUSTEE’S DISCLAIMER. 

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Securities; it
shall not be accountable for the Company’s use of the proceeds from the Securities or any money paid to the Company or upon the Company’s direction under any provision of this Indenture; it shall not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee; and it shall not be responsible for any statement or recital herein or any statement in the Securities or any other document in connection with the sale of the Securities
or pursuant to this Indenture other than its certificate of authentication. 
 Section 7.05. NOTICE OF DEFAULTS. 

If a Default or Event of Default occurs and is continuing and if a Responsible Officer of the Trustee has actual knowledge of such Default or
Event of Default, the Trustee shall mail to Holders of Securities a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, or interest on, any
Security, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Securities. 

Section 7.06. REPORTS BY TRUSTEE TO HOLDERS OF THE SECURITIES. 

On or before July 31 of each year, beginning with the July 31 following the date on which Securities are first issued under this
Indenture, and for so long as Securities remain outstanding, the Trustee shall mail to the Holders of the Securities a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a)
has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b)(2). The Trustee shall also transmit by mail all reports as required by TIA § 313(c). A copy
of each report at the time of its mailing to the Holders of Securities shall be mailed to the Company and filed with the SEC and each stock exchange on which the Securities are listed in accordance with TIA § 313(d). The Company shall promptly
notify the Trustee when the Securities are listed on any stock exchange. 
 Section 7.07. COMPENSATION AND INDEMNITY. 

The Company shall pay to the Trustee from time to time such compensation for its acceptance of this Indenture and services hereunder as the
Company and Trustee have separately agreed. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

The Company shall indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection
with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 7.07) and defending itself against any claim (whether asserted by
the Company or any Holder or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or
willful misconduct. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the
claim, and the Trustee shall cooperate in the defense. The Trustee may have separate counsel, and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which
consent shall not be unreasonably withheld. 
 The obligations of the Company under this Section 7.07 shall survive the satisfaction
and discharge of this Indenture and the removal or resignation of the Trustee. 
 To secure the Company’s payment obligations in this
Section, the Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium, if any, and interest on particular Securities. Such lien shall survive
the satisfaction and discharge of this Indenture. 

  
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 When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.01(e) or (f) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

Section 7.08. REPLACEMENT OF TRUSTEE. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section. 
 The Trustee may resign with respect to one or more or all series of Securities at
any time and be discharged from the trust hereby created by so notifying the Company in writing. The Holders of a majority in principal amount of the then outstanding Securities of any series may remove the Trustee with respect to such series by so
notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 
 (a)    the Trustee ceases to
be eligible in accordance with Section 7.10 hereof; 
 (b)    the Trustee is adjudged bankrupt or insolvent or an
order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
 (c)    a custodian or public
officer takes charge of the Trustee or its property; or 
 (d)    the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities of a series may appoint a successor Trustee to replace the successor Trustee appointed by
the Company with respect to that series of Securities. 
 If a successor Trustee does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of at least 10% in principal amount of the then outstanding Securities may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after written request by any Holder of a Security who has been a Holder of a Security for at least six months, ceases to be
eligible in accordance with Section 7.10, such Holder of a Security may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders
of the Securities. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the lien provided for in
Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 

If a successor Trustee is appointed with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and
each successor Trustee with respect to the Securities of 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 retiring 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 

  
 24 

 
nothing herein or in such supplemental indenture shall constitute such Trustees as co-trustees of the same trust and that each such Trustee shall be
Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee. 

Section 7.09. SUCCESSOR TRUSTEE BY MERGER, ETC. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee. 
 Section 7.10. ELIGIBILITY; DISQUALIFICATION.

 There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States
of America or of any state thereof that is authorized under such laws to exercise corporate trust powers, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least
$50,000,000 as set forth in its most recent published annual report of condition. 
 This Indenture shall always have a Trustee who
satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b); provided, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other
securities, or certificates of interest or participation in other securities, of the Company are outstanding, if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 

Section 7.11. PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY. 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship described in TIA § 311(b). A Trustee who has resigned or
been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8. 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01. OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE. 

(a)    The Company may, at the option of its Board of Trustees evidenced by a resolution set forth in an Officers’
Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof, with such modifications thereto as may be specified pursuant to Section 2.02 in the Board Resolution, Officer’s Certificate or supplemental indenture
establishing a particular series of Securities, be applied to all outstanding Securities of one or more series upon compliance with the conditions set forth below in this Article 8. 

(b)    As an alternative to having Section 8.02 or 8.03 be applied to all outstanding Securities of one or more
series, the Company may terminate its obligations under the Securities of one or more series and its obligations under this Indenture in respect of such series of Securities (except those obligations referred to in the penultimate paragraph of this
Section 8.01(b), and any obligation of the Company to convert or exchange Securities of such series as expressly provided for in the Board Resolution, Officer’s Certificate or indenture supplemental hereto establishing such
Series) (1) if (i) all Securities of such series theretofore authenticated and delivered (except lost, stolen or destroyed Securities that have been replaced or paid and Securities for whose payment cash in United States dollars has theretofore
been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust as provided in Section 8.06) have been delivered to the Trustee for cancellation; (ii) the Company
has paid all sums payable by it hereunder or under the applicable Board Resolution, Officer’s Certificate or indenture supplemental hereto in respect of such series of Securities; and (iii) the Company shall have delivered to the Trustee
an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the satisfaction and discharge of this Indenture have been complied with; or (2) if (i) either (A) in the case of a series of
Securities redeemable prior to its stated maturity, the Company shall, pursuant to Article 3, have given notice to the Trustee and mailed a notice of redemption to each Holder of Securities of such series of the redemption of all of such Securities
under arrangements satisfactory to the Trustee for the giving of such notice or (B) all Securities of such series have otherwise become due and payable hereunder or will become due and payable within one year; (ii) the Company shall have
irrevocably deposited or caused to be deposited with 

  
 25 

 
the Trustee (or a trustee satisfactory to the Trustee, under the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee), as trust funds in trust solely for the
benefit of the Holders of Securities of such series for that purpose, cash in United States dollars in such amount as is sufficient without consideration of reinvestment of interest or other earnings on such cash, to pay the entire indebtedness on
such Securities not theretofore delivered to the Trustee for cancellation, for the principal of, premium, if any, and interest on the outstanding Securities of such series to the date of such deposit (in the case of Securities which have become due
and payable) or to the stated maturity or redemption date, as the case may be; (iii) no Default or Event of Default with respect to this Indenture or the Securities shall have occurred and be continuing on the date of such deposit or shall
occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company is bound; (iv) the Company shall have paid all other sums payable by it
hereunder in respect of Securities of such series; and (v) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the satisfaction and
discharge of this Indenture have been complied with. 
 Notwithstanding the foregoing paragraph, the Company’s obligations in Sections
2.07, 2.08, 2.09, 2.10, 4.01, including any provision of the applicable Board Resolution, Officer’s Certificate or indenture supplemental hereto relating to the payment of principal, premium or interest, 4.02, 7.07, 8.06 and 8.07 shall survive
with respect to the Securities of the applicable series until they are no longer outstanding pursuant to the last paragraph of Section 2.10. After the Securities of the applicable series are no longer outstanding, the Company’s obligations
in Sections 7.07, 8.06 and 8.07 shall survive in respect of Securities of the applicable series. 
 After such delivery or irrevocable
deposit, the Trustee upon request shall acknowledge in writing the discharge of the Company’s obligations under the Securities of the applicable series and the Company’s obligations under this Indenture with respect to the Securities of
such series, except for those surviving obligations specified above. 
 Section 8.02. LEGAL DEFEASANCE AND DISCHARGE. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02 relating to one or more
series of Securities, the Company shall, upon the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Securities of such series on the date the
conditions set forth in Section 8.04 are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by
the outstanding Securities of the applicable series, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b)
below, and to have satisfied all of its other obligations under the Securities of the applicable series and under the provisions of this Indenture applicable to such series (and the Trustee, on demand of and at the expense of the Company, shall
execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Securities of the applicable series to
receive solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such Section, payments in respect of the principal of, premium, if any, and interest, on such Securities when such payments are due,
(b) the Company’s obligations with respect to such Securities under Article 2 and Section 4.02 hereof, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder, and the Company’s obligations in
connection therewith and (d) this Article 8. Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 

Section 8.03. COVENANT DEFEASANCE. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 relating to one or more
series of Securities, the Company shall, upon the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Sections 4.03, 4.04, 4.05 and 4.06 hereof with respect to the
outstanding Securities of the applicable series, and under any other covenants specified in the Board Resolution, Officer’s Certificate or supplemental indenture establishing the applicable series as covenants to which this Section 8.03
applies, on and after the date the conditions set forth below in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Securities of the applicable series shall thereafter be

  
 26 

 
deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder. For this purpose, Covenant Defeasance means that, with respect to the “outstanding” Securities of the applicable series, the
Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason
of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture and such Securities shall be unaffected thereby. 
 Section 8.04. CONDITIONS TO LEGAL OR COVENANT DEFEASANCE. 

The following shall be the conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Securities of one or
more series: 
 In order to exercise either Legal Defeasance or Covenant Defeasance: 

(a)    the Company must irrevocably deposit with the Trustee, (or another trustee satisfying the requirements of
Section 7.10, who shall agree to comply with the provisions of this Article 8 applicable to it) in trust, for the benefit of the Holders of the Securities of the applicable series, (i) an amount of cash in United States dollars, (ii) non-callable U.S. Government Obligations which, through scheduled payment of principal and interest in respect thereof in accordance with their terms, will provide, not later than one Business Day before
the due date of any payment of principal of, premium, if any, or interest on the Securities of such series, cash in an amount, or (iii) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public
accountants, to pay the principal of, interest and premium, if any, on the outstanding Securities of the applicable series on the Stated Maturity or on the applicable redemption date, as the case may be, and any mandatory sinking fund payments
applicable to the Securities of such series on the day on which such payments are due, and the Company must specify whether the Securities of the applicable series are being defeased to maturity or to a particular redemption date; 

(b)    in the case of an election under Section 8.02 hereof, the Company shall have delivered to the Trustee an
Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date of this Indenture,
there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Securities of the applicable series will not recognize
income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance
had not occurred; 
 (c)    in the case of an election under Section 8.03 hereof, the Company shall have delivered
to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the Holders of the outstanding Securities of the applicable series will not recognize income, gain or loss for federal income tax purposes
as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(d)    no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a
Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) or insofar as Sections 6.01(e) or (f) hereof are concerned, at any time in the period ending on the 91st day after the date of deposit (or greater
period of time in which any such deposit of trust funds may remain subject to Bankruptcy Law insofar as those apply to the deposit by the Company); and 

(e)    the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

  
 27 

 Section 8.05. DEPOSITED MONEY AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER
MISCELLANEOUS PROVISIONS. 
 Subject to Section 8.06 hereof, all money and non-callable U.S.
Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of
the outstanding Securities of the applicable series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other
funds except to the extent required by law. 
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of the outstanding Securities of the applicable series. 
 Anything in this
Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or non-callable U.S. Government Obligations held by it as
provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under
Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance of the applicable series. 

Section 8.06. REPAYMENT TO COMPANY. 

Any money and U.S. Government Obligations deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment
of the principal of, premium or interest on any Security and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Security shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such money and U.S. Government
Obligations, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be
published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 8.07. REINSTATEMENT. 

If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable U.S.
Government Obligations deposited pursuant to Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, or if any
amounts previously applied are required to be returned to the Company or to any trustee in connection with any proceeding referred to in Section 6.01(d) or (e) then the obligations of the Company under this Indenture and the Securities
shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof,
as the case may be; provided, however, that, if the Company makes any payment of principal of, premium or interest on any Security following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holder of
such Security to receive such payment from the money held by the Trustee or Paying Agent. 

  
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 ARTICLE 9. 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01. WITHOUT CONSENT OF HOLDERS OF SECURITIES. 

Notwithstanding Section 9.02 of this Indenture, the Company and the Trustee may amend or supplement this Indenture or the Securities
without the consent of any Holder of a Security: 
 (a)    to evidence the succession of another Person to the Company,
or successive successions, and the assumption by the successor Person of the covenants, agreements and obligations of the Company pursuant to Article 5 hereof; 

(b)    to add to the covenants of the Company such further covenants, restrictions or conditions for the protection of the
Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities stating that such covenants are expressly being included for the benefit of such series) as the Board of Trustees and
the Trustee shall consider to be for the protection of the Holders of such Securities, and to make the occurrence, or the occurrence and continuance, of a default in any of such additional covenants, restrictions or conditions a Default or an Event
of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth; provided, however, that in respect of any such additional covenant, restriction or condition 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 default or may limit the remedies available to the
Trustee upon such default; 
 (c)    to provide for the issuance under this Indenture of Securities in coupon form
(including Securities registrable as to principal only) and to provide for exchangeability of such Securities with the Securities issued hereunder in fully registered form and to make all appropriate changes for such purpose; 

(d)    to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture
which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture, or to make such other provisions in regard to matters or questions arising under this Indenture; provided that any such action shall
not adversely affect the interests of the Holders of the Securities; 
 (e)    to evidence and provide for the
acceptance of appointment hereunder by a successor trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one trustee, pursuant to the requirements of Section 7.08; 
 (f)    to add
guarantees with respect to the Securities of any series; 
 (g)    to secure the Securities of any series; 

(h)    comply with any requirement of the SEC in connection with the qualification of this Indenture under the Trust
Indenture Act or with the rules of any applicable securities depositary; 
 (i)    add additional Events of Default with
respect to the Securities of any or all series; 
 (j)    to make any change that does not adversely affect the rights
of any Holder; or 
 (k)    to provide for the issuance of and establish the form and terms and conditions of the
Securities of any series, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the Holders of any series of Securities. 

Upon the request of the Company accompanied by a copy of a Board Resolution, certified by the Secretary or an Assistant Secretary of the
Company to have been duly adopted by the Board of Trustees and to be in full force and effect on the date of the certificate, authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents
described in Section 7.02 hereof, the Trustee shall join with the Company in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 

  
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 Section 9.02. WITH CONSENT OF HOLDERS OF SECURITIES. 

Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture, or the Securities of
any series may be amended or supplemented, with the consent of the Holders of a majority in principal amount of the Securities then outstanding of all series affected by such supplemental indenture (treated as a single class) (including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in
the payment of the principal of, premium or interest on the Securities) or compliance with any provision of this Indenture or the Securities of such series may be waived with the consent of the Holders of a majority in principal amount of the
Securities then outstanding of all series affected by such waiver (treated as a single class) (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for the Securities). 

Upon the request of the Company accompanied by a copy of a Board Resolution, certified by the Secretary or an Assistant Secretary of the
Company to have been duly adopted by the Board of Trustees and to be in full force and effect on the date of the certificate, authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence
satisfactory to the Trustee of the consent of the Holders of Securities of each such series as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02(b) hereof, the Trustee shall join with the Company in the
execution of such amended or supplemental indenture unless such amended or 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 amended or supplemental indenture. 
 It shall not be necessary for the consent of the Holders of
Securities under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall mail to the Holders of Securities
of such series affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended
or supplemental indenture or waiver. 
 However, without the consent of each Holder of Securities affected, an amendment or waiver may not
(with respect to any Securities held by a non-consenting Holder): 

(a)    reduce the principal amount of the Securities whose Holders must consent to an amendment, supplement or waiver;

 (b)    reduce the principal of or change the fixed maturity of the principal of, premium, if any, or mandatory
sinking fund obligation, if any, with respect to any Securities of any series or alter the provisions with respect to the redemption of the Securities; 

(c)    reduce the rate of or change the time for payment of interest, including default interest, on any Security of any
series; 
 (d)    waive a Default or Event of Default in the payment of principal of or interest or premium on the
Securities of any series (except a rescission of acceleration of maturity of the Securities by the Holders of a majority in aggregate principal amount of the Securities of one or more affected series and a waiver of the payment default that resulted
from such acceleration); 
 (e)    make any Security of any series payable in currency other than that stated in the
Securities of such series; 

  
 30 

 (f)    make any change in the provisions of this Indenture relating to
waivers of past Defaults or the rights of Holders of Securities to receive payments of principal of or interest or premium on the Securities; 

(g)    waive a redemption payment with respect to any Security; or 

(h)     make any change in Section 6.04 or 6.07 hereof or in the amendment and waiver provisions of Section 9.01
or this Section 9.02. 
 Section 9.03. COMPLIANCE WITH TRUST INDENTURE ACT. 

Every amendment or supplement to this Indenture or the Securities shall be set forth in an amended or supplemental indenture that complies with
the TIA as then in effect. 
 Section 9.04. REVOCATION AND EFFECT OF CONSENTS. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder of
a Security and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Securities, even if notation of the consent is not made on any Securities. However, any such Holder of a
Security or subsequent Holder of a Security may revoke the consent as to its Securities if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver
becomes effective in accordance with its terms and thereafter binds every Holder. 
 Section 9.05. NOTATION ON OR EXCHANGE OF SECURITIES. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Securities thereafter authenticated. The Company
in exchange for all Securities may issue and the Trustee shall authenticate new Securities that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or to issue new Securities shall not affect the validity and effect of such amendment, supplement or
waiver. 
 Section 9.06. TRUSTEE TO SIGN AMENDMENTS, ETC. 

The Company may not sign an amendment or supplemental indenture until its Board of Trustees approves it. The Trustee shall sign any amendment
or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing or
refusing to sign such amendment or supplemental indenture, the Trustee shall be entitled to receive and, subject to Section 7.01 hereof, shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel as
conclusive evidence that such amendment or supplemental indenture is authorized or permitted by this Indenture, that it is not inconsistent herewith, and that it will be valid and binding upon the Company in accordance with its terms. 

ARTICLE 10. 
 MEETINGS OF HOLDERS

 Section 10.01. PURPOSES FOR WHICH MEETING MAY BE CALLED. 

A meeting of Holders of Securities of any series may be called at any time and from time to time pursuant to this Article 10 to make, give or
take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities of such series. 

  
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 Section 10.02. CALL, NOTICE AND PLACE OF MEETINGS. 

(a)    The Trustee may at any time call a meeting of Holders of Securities of any one or more series for any purpose
specified in Section 10.01, to be held at such time and at such place in the Borough of Manhattan, The City of New York, or in such other place as the Trustee shall determine. Notice of every meeting of Holders of Securities of any one or more
series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 11.02, not less than 20 nor more than 180 days prior to the
date fixed for the meeting. 
 (b)    In case at any time the Company, by or pursuant to a Board Resolution, or the
Holders of at least 25% in principal amount of the outstanding Securities of any one or more series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 10.01 by
written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice of such meeting within 20 days after receipt of such request or shall not thereafter proceed to cause the
meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time and the place for such meeting and may call such meeting for such purposes
by giving notice thereof as provided in clause (a) of this Section. 
 Section 10.03. PERSONS ENTITLED TO VOTE AT MEETINGS. 

To be entitled to vote at any meeting of Holders of Securities of any one or more series, a Person shall be (a) a Holder of one or more
outstanding Securities of such a series, or (b) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more outstanding Securities of such series by such Holder or Holders. The only Persons who shall be
entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the
Company and its counsel. 
 Section 10.04. QUORUM; ACTION. 

The Persons entitled to vote a majority in principal amount of the outstanding Securities of a series shall constitute a quorum for a meeting
of Holders of Securities of such series; provided, however, that if the meeting is of the Holders of more than one series of Securities, a quorum shall consist of Persons entitled to vote a majority in principal amount of the outstanding Securities
of all such series (voting as a single class); and provided further that if any action is to be taken at such meeting with respect to a consent or waiver which this Indenture (or any Board Resolution, Officer’s Certificate or indenture
supplemental hereto establishing a series of Securities hereunder) expressly provides may be given by the Holders of more or less than a majority in principal amount of the outstanding Securities of a series, the Persons entitled to vote such
percentage in principal amount of the outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of
Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a
quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of
any such adjourned meeting shall be given as provided in Section 10.02(a), except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening
of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the outstanding Securities of such series which shall constitute a quorum. 

Except as otherwise provided in Section 6.02 or 9.02 (or in any Board Resolution, Officer’s Certificate or indenture supplemental
hereto establishing a series of Securities hereunder), any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in
principal amount of the outstanding Securities of that series (or, if applicable, of all series participating in the meeting (voting as a single class)); provided, however, that, except as otherwise provided in Section 6.02 or 9.02 (or in any
Board Resolution, Officer’s Certificate or indenture supplemental hereto establishing a series of Securities hereunder), any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which
this Indenture or any supplemental indenture expressly provides may be made, given or taken by the Holders of a specified percentage in principal amount of the outstanding Securities of a series may be adopted at a meeting or an adjourned meeting
duly 

  
 32 

 
reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the outstanding Securities of such series (or,
if applicable, of all series participating in the meeting (voting as a single class)). 
 Any resolution passed or decision taken at any
meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders of Securities of such series, whether or not such Holders were present or represented at the meeting. 

Section 10.05. DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF MEETINGS. 

(a)    Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may
deem advisable for any meeting of Holders of Securities of one or more series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such
regulations, the holding of Securities shall be proved in the manner specified in Section 1.05 and the appointment of any proxy shall be proved in the manner specified in Section 1.05. Such regulations may provide that written instruments
appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 1.05 or other proof. 

(b)    The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting
shall have been called by the Company or by Holders of Securities as provided in Section 10.02(b), in which case the Company or the Holders of Securities of the series calling the meeting (voting as a single class if there is more than one such
series), as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote at least a majority in principal amount of the
outstanding Securities of such series (voting as a single class if there is more than one such series) represented at the meeting. 

(c)    At any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each $25
principal amount of the outstanding Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not outstanding and ruled by the chairman of
the meeting to be not outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy. 

(d)    Any meeting of Holders of Securities of any series duly called pursuant to Section 10.02 at which a quorum is
present may be adjourned from time to time by Persons entitled to vote at least a majority in principal amount of the outstanding Securities of such series (voting as a single class if there is more than one such series) represented at the meeting;
and the meeting may be held as so adjourned without further notice. 
 Section 10.06. COUNTING VOTES AND RECORDING ACTION OF MEETINGS. 

(a)    The vote upon any resolution submitted to any meeting of Holders of Securities of any one or more series shall be by
written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the outstanding Securities of such series held or
represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified
written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities of any one or more series shall be prepared by the secretary of the meeting and there shall
be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that
said notice was given as provided in Section 10.02 and, if applicable, Section 10.04. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to
the Company, and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

  
 33 

 Section 10.07. ARTICLE SUBJECT TO OTHER PROVISIONS. 

Each provision of this Article 10 (whether or not expressly so stated) is subject to any other provision of this Indenture (or any Board
Resolution, Officer’s Certificate or supplemental indenture establishing a series of Securities hereunder) that provides that Securities of different series constitute a single class. 

ARTICLE 11. 
 MISCELLANEOUS 

Section 11.01. TRUST INDENTURE ACT CONTROLS. 

This Indenture is subject to the provisions of the TIA that are required to be part of this Indenture and shall, to the extent applicable, be
governed by such provisions. If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision shall control. 

Section 11.02. NOTICES. 
 Any notice
or communication by the Company or the Trustee to the other is duly given if in writing and delivered in person or mailed by first class mail (registered or certified, return receipt requested), telecopier or overnight air courier guaranteeing next
day delivery, to the others’ address: 
 If to the Company: 

Pennsylvania Real Estate Investment Trust 

The Bellevue 

200 S. Broad Street 

Philadelphia, PA 19102 

Facsimile No. (215) 875-0700 

Attention: General Counsel 

If to the Trustee: 
  

                    
                             

                    
                             

                    
                             

                    
                             

The Company or the Trustee, by notice to the others may designate additional or different addresses for subsequent notices or communications.

 All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand,
if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged or confirmed, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight
air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder shall be mailed by first class mail or by overnight
courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a
notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
 If a notice or
communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

  
 34 

 If the Company mails a notice or communication to Holders, it shall mail a copy to the
Trustee and each Agent at the same time. 
 Section 11.03. COMMUNICATION BY HOLDERS OF SECURITIES WITH OTHER HOLDERS OF SECURITIES. 

Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Securities.
The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 11.04. CERTIFICATE AND OPINION AS
TO CONDITIONS PRECEDENT. 
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the
Company shall furnish to the Trustee: 
 (a)    an Officers’ Certificate in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the
proposed action have been satisfied; and 
 (b)    an Opinion of Counsel in form and substance reasonably satisfactory
to the Trustee (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 11.05. STATEMENTS REQUIRED IN CERTIFICATE OR OPINION. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and 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 or she 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 satisfied; and 

(d)    a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

 Section 11.06. RULES BY TRUSTEE AND AGENTS. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 11.07. NO PERSONAL LIABILITY OF TRUSTEES, OFFICERS, EMPLOYEES AND STOCKHOLDERS. 

No past, present or future trustee, officer, employee, incorporator or stockholder of the Company, as such, shall have any liability for any
obligations of the Company under the Securities, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the Securities. 

  
 35 

 Section 11.08. GOVERNING LAW. 

THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE AND ENFORCE THIS INDENTURE AND THE SECURITIES. 

Section 11.09. NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 11.10. SUCCESSORS. 

All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in this Indenture
shall bind its successors. 
 Section 11.11. SEVERABILITY. 

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 11.12. COUNTERPART ORIGINALS. 

The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. This Indenture will be effective when each party shall have signed and delivered (including delivery by facsimile transmission), one or more counterparts to the other, but it shall not be necessary for both parties to sign the same
counterpart. 
 Section 11.13. TABLE OF CONTENTS, HEADINGS, ETC. 

The Table of Contents and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not
to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
 [Signature Page
Follows] 

  
 36 

 SIGNATURES 

IN WITNESS WHEREOF, the parties have executed this Indenture as of the date first written above. 

 

			
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

 
			
		
	By	 	  

	Name:	 	
	Title:	 	

  

			
	                                    
                                         
                              ,
	as Trustee
		
	By	 	
                     
                                       

	Name:	 	
	Title:	 	

  
 37 

 EXHIBIT A-1 

(Face of Note) 
 % [Series
     ] Senior Note due [                    ] 

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

CUSIP: 
  

			
	No:	  	$        

 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 

promises to pay to                      or registered
assigns, the principal sum of                      

Dollars on          . 

Interest Payment Dates:                      . 

Record Dates:                      . 

 

			
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
		
	By	 	
                     
                                       

	Name:	 	
	Title:	 	

  

			
	This is one of the
	 Notes referred to in the

within-mentioned Indenture:

	
	                                    
                                         
                        ,
	as Trustee
		
	By	 	
                     
                                       

		 	Authorized Officer

  
 38 

 (Back of Note) 

% [Series                    ] Senior Note
due [                    ] 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1.    INTEREST. Pennsylvania Real Estate Investment Trust, a Pennsylvania business trust (the “Company”),
promises to pay interest on the principal amount of this Note at    % per annum from [                    ] until maturity. The
Company will pay interest [                    ]
on                    and                    of
each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has
been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date,
interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall
be                    . The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 2.    METHOD OF PAYMENT. The Company will pay interest on the
Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on
the                or                    next preceding the Interest
Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.14 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal,
premium and interest at the office or agency of the Company maintained for such purpose within or without the City and State of New York, provided that payment by wire transfer of immediately available funds will be required with respect to
principal of and interest and premium on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall be in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts. 
 3.    PAYING
AGENT AND REGISTRAR. Initially,                    , the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may
change any Paying Agent or Registrar without notice to any Holder. The Company may act in any such capacity. 

4.    INDENTURE. The Company issued the Notes under an Indenture dated as
of                    (the “Indenture”) between the Company and the Trustee. The terms of the Notes include those stated in the Indenture
and in [a Supplemental Indenture] [resolutions of [the [                    ] Committee of] the Company’s Board of Trustees] [an Officer’s
Certificate] dated                    , and those terms made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15
U.S. Code §§ 77aaa-77bbbb) (the “TIA”). The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. The Notes are general obligations of the Company.
“Notes” means this Note and all other Notes of the series of which this Note is a part. The Notes are “Securities” within the meaning of the Indenture, and references in the Indenture to “Securities” (including terms
such as “Global Securities”) include the Notes (and any “Global Notes” as used herein). 

5.    OPTIONAL REDEMPTION. 

[(a)] The Notes will not be redeemable at the Company’s option prior
to                    . The Notes may be redeemed, in whole or in part, at the option of the Company on or
after                    , at the redemption prices specified below (expressed as percentages of the principal amount thereof), in each case,
together with accrued and unpaid interest thereon to the date of redemption, upon not less than 30 nor more than 60 days’ notice, if redeemed during the twelve-month period beginning
on                    of the years indicated below: 
  

					
	 Year
	  	Redemption
Price	 
		  			

 [(b) Notwithstanding the foregoing, prior
to                , the Company may, on any one or more occasions, use the net proceeds of one or more offerings of its capital stock to redeem up
to    % of the aggregate 

  
 39 

 
principal amount of all Notes that had been issued under the Indenture up to the time of redemption at a redemption price of    % the principal amount of the Notes redeemed,
plus accrued and unpaid interest, to the date of redemption; provided that, after any such redemption, the aggregate principal amount of the Notes outstanding (excluding Notes held by the Company and its Subsidiaries) must equal at least
    % of the Notes that had been issued under the Indenture up to the time of redemption; and provided further, that any such redemption shall occur within 90 days of the date of closing of such offering of Capital Stock of the
Company.] 
 6.    MANDATORY REDEMPTION. [The Company shall not be required to make mandatory redemption or
sinking fund payments with respect to the Notes.] or [Describe mandatory redemption or sinking fund provisions.] 

7.    NOTICE OF REDEMPTION. Notice of Redemption will be mailed at least 30 days but not more than 60 days before
the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 

8.    DENOMINATION, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in all appropriate
denominations. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and
the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not transfer or exchange any Note selected for redemption, except for the unredeemed portion of any Note being redeemed in
part. Also, it need not transfer or exchange any Note for a period of 15 days before a selection of Notes to be redeemed. 

9.    PERSONS DEEMED OWNERS. The registered Holder of a Note will be treated as its owner for all purposes. 

10.    AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture or the Notes may be amended
or supplemented with the consent of the Holders of a majority in principal amount of the then outstanding Notes and other series of Securities affected (treating the Notes and such other series as a single class), and any existing default or
compliance with any provision of the Indenture, the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes and other series of Securities affected (treating the Notes and such other series
as a single class). Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated
Notes, to provide for Notes in coupon form, to provide for a successor Trustee, to provide for the assumption of the Company’s obligations to Holders of the Notes in case of a merger or consolidation, to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not adversely affect the rights under the Indenture of any such Holder, or to comply with the requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the TIA. 
 11.    DEFAULTS AND REMEDIES. Each of the following constitutes an Event of Default:
(i) default by the Company in the payment of interest on the Notes when the same becomes due and payable and default continues for a period of 30 days; (ii) default by the Company in the payment of the principal of or premium, if any, on
the Notes when the same becomes due and payable at maturity, upon redemption or otherwise; (iii) failure by the Company for 60 days after notice to comply with any of its other agreements in the Indenture or the Notes and (iv) certain
events of bankruptcy or insolvency with respect to the Company. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes and other series of Securities affected
(treating the Notes and such other series as a single class) may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with
respect to the Company, all outstanding Notes will become due and payable without further action or notice. Holders of the Notes may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders
of a majority in principal amount of the then outstanding Notes and other series of Securities affected (treating the Notes and such other series as a single class) may direct the Trustee in its exercise of any trust or power. The Trustee may
withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The
Holders of a majority in aggregate principal amount of the Notes and other series of Securities affected (treating the Notes and such other 

  
 40 

 
series as a single class) then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the
Indenture except a continuing Default or Event of Default in the payment of principal, interest or premium on the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company
is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

12.    TRUSTEE DEALINGS WITH THE COMPANY. The Trustee, in its individual or any other capacity, may make loans to,
accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 

13.    NO RECOURSE AGAINST OTHERS. No trustee, officer, employee, incorporator or stockholder of the Company shall
have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for the issuance of the Notes. 

14.    AUTHENTICATION. This Note shall not be valid until authenticated by the manual signature of the Trustee or
an authenticating agent. 
 15.    ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or
an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

16.    CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Pennsylvania Real Estate Investment Trust 

The Bellevue 

200 S. Broad Street 

Philadelphia, PA 19102 

Attention: General Counsel 

  
 41 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 

	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	
	  

	
	  

	
	  

	 (Print or type assignee’s name, address and zip code)

 and irrevocably appoint
                     to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

 

							
	Date:                     	 		 		 	
				
		 		 	Your	 	
		 		 	Signature:	 	  

		 		 	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee. 

  
 42 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a certificated Note, or exchanges of a
part of another Global Note or certificated Note for an interest in this Global Note, have been made: 
  

															
	 Date of

Exchange
	  	Amount of
decrease in
Principal
Amount of this
Global Note	 	  	Amount of
increase in
Principal
Amount of this
Global Note	 	  	Principal
Amount of
this Global Note
following such
decrease
(or increase)	 	  	 Signature of
authorized
officer of
Trustee
or
Note Custodian

		  				  				  				  	

  
 43

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